4 Midcap High Margin and Reasonable Price to Book Stocks to Watch for Future Multibagger Potential: Oil India, Waaree Energies, NMDC and Mphasis
- November 4, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Oil India Rs 455.50. Waaree Energies Rs 2,318. NMDC Rs 68.20. Mphasis Rs 2,535.30. Market caps from Rs 47,549 crore to Rs 72,527 crore. Data as of 3 Nov 2026.
Quick Answer
Oil India, Waaree Energies, NMDC and Mphasis are the 4 picks in this high margin and reasonable price to book stocks watchlist, with market caps between Rs 47,549 crore and Rs 72,527 crore. Oil India stands out for the biggest five-year price gain at 183.64%, while Waaree Energies offers the highest return on equity at 25.71%. PE ratios run from 7.61 to 24.89, so compare each one with its industry PE before investing. All figures are as of 3 November 2026.
High margin and reasonable price to book stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Oil India, Waaree Energies, NMDC and Mphasis meet that test, with market caps from Rs 47,549 crore to Rs 72,527 crore and Oil India offering the biggest five-year price gain at 183.64%. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and an operating margin of at least 20 per cent and a price to book ratio below 5, a return on equity of at least 10 per cent and profit growth in FY26 and in the latest quarter, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and an operating margin of at least 20 per cent and a price to book ratio below 5, a return on equity of at least 10 per cent and profit growth in FY26 and in the latest quarter, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap between Rs 30,000 crore and Rs 1 lakh crore. Investors screening high margin and reasonable price to book stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 3 November 2026 and are drawn from NSE and BSE data and company filings.
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What Are High Margin and Reasonable Price to Book Stocks and Why Do They Attract Multibagger Interest?
High margin and reasonable price to book stocks are shares of mid sized companies that keep at least twenty paise of operating profit from every rupee of sales and whose shares trade below five times book value. The four here cover oil and gas exploration, solar modules, iron ore mining and IT services.
A high operating margin shows pricing power and cost control, and a price to book ratio below 5 shows that the market is not paying an extreme premium for that strength. For high margin and reasonable price to book stocks, both FY26 and the latest quarter showed growth. A sensible way to study high margin and reasonable price to book stocks is to look at profit growth, returns and valuation side by side. Below, each of high margin and reasonable price to book stocks gets its own breakdown of growth, returns and valuation. Treat high margin and reasonable price to book stocks as a research list, since share prices and rankings change with every earnings season.
High Margin and Reasonable Price to Book Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 3 November 2026. Oil India has the lowest PE of the group at 7.61, while Waaree Energies posts the highest return on equity at 25.71%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Oil India | 455.50 | 72,527 | 7.61 | 7.16 | 11.41% | 0.65 | 395.60 to 531.00 |
| Waaree Energies | 2,318 | 70,068 | 17.51 | 45.89 | 25.71% | 0.22 | 2,238.00 to 3,718.80 |
| NMDC | 68.20 | 61,736 | 8.28 | 10.06 | 21.87% | 0.19 | 66.35 to 97.49 |
| Mphasis | 2,535.30 | 47,549 | 24.89 | 18.49 | 17.34% | 0.24 | 2,013.00 to 2,975.00 |
Oil India: Quarterly Profit Up 96.77%
Oil India is a government-owned oil and gas exploration and production company with operations in Assam, Rajasthan and overseas blocks. It reported FY26 revenue of Rs 35,877.28 crore, up 4.97% year on year, and net profit of Rs 7,550.67 crore, up 7.26%. Revenue has compounded at 7.32% a year since FY22. Operating margin was 36.43% in FY26.
In the June 2026 quarter, revenue rose 46.98% to Rs 13,236.10 crore and net profit grew 96.77% to Rs 4,026.83 crore. The share price has gained 183.64% over five years. Domestic institutions raised their holding from 18.41% in June 2025 to 20.14% in June 2026. The stock trades at a PE of 7.61 against an industry PE of 7.16. The dividend yield is 2.58%.
Waaree Energies: Revenue Up 83.52% in FY26
Waaree Energies is one of India’s largest solar module makers by capacity and manufactures solar cells and modules. It reported FY26 revenue of Rs 27,244.92 crore, up 83.52% year on year, and net profit of Rs 3,884.15 crore, up 101.45%. Revenue has compounded at 74.31% a year since FY22. Operating margin was 23.82% in FY26. The debt-to-equity ratio is 0.22.
The stock trades at a PE of 17.51 against an industry PE of 45.89, below the sector average, with a return on equity of 25.71%. In the June 2026 quarter, revenue rose 76.25% to Rs 8,102.60 crore and net profit grew 15.39% to Rs 891.87 crore. Domestic institutions raised their holding from 2.82% in September 2025 to 4.09% in September 2026.
NMDC: Revenue Up 31.61% in FY26
NMDC is a government-owned miner and India’s largest iron ore producer. It reported FY26 revenue of Rs 33,559.27 crore, up 31.61% year on year, and net profit of Rs 7,415.37 crore, up 13.39%. Revenue has compounded at 5.90% a year since FY22. Operating margin was 33.51% in FY26. The debt-to-equity ratio is 0.19.
In the June 2026 quarter, revenue rose 1.47% to Rs 7,142.54 crore and net profit grew 1.94% to Rs 2,005.71 crore. Foreign investors raised their holding from 12.21% in June 2025 to 13.59% in June 2026. The stock trades at a PE of 8.28 against an industry PE of 10.06, below the sector average, with a return on equity of 21.87%. The dividend yield is 4.99%.
Mphasis: Profit Compounding at 6.81% a Year
Mphasis provides IT, cloud and application services to banking, insurance and technology clients. It reported FY26 revenue of Rs 16,205.54 crore, up 11.88% year on year, and net profit of Rs 1,862.60 crore, up 9.43%. Net profit has compounded at 6.81% a year since FY22, while revenue has grown 7.53% a year. Operating margin was 20.58% in FY26. The debt-to-equity ratio is 0.24.
The stock trades at a PE of 24.89 against an industry PE of 18.49, with a return on equity of 17.34%. The dividend yield is 2.48%. In the June 2026 quarter, revenue rose 17.14% to Rs 4,466.91 crore and net profit grew 10.82% to Rs 489.51 crore. Domestic institutions raised their holding from 37.07% in September 2025 to 45.85% in September 2026.
High Margin and Reasonable Price to Book Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these high margin and reasonable price to book stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.
| Stock | Revenue (Rs Cr) | Net Profit (Rs Cr) | Revenue Growth (YoY) | 4-Year Revenue CAGR | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Oil India | 35,877.28 | 7,550.67 | 4.97% | 7.32% | 46.98% | 49.06% |
| Waaree Energies | 27,244.92 | 3,884.15 | 83.52% | 74.31% | 76.25% | 20.31% |
| NMDC | 33,559.27 | 7,415.37 | 31.61% | 5.90% | 1.47% | 41.43% |
| Mphasis | 16,205.54 | 1,862.60 | 11.88% | 7.53% | 17.14% | 20.04% |
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Institutional Holding in Oil India, Waaree Energies, NMDC and Mphasis
Institutional holding shows who is backing these high margin and reasonable price to book stocks alongside the promoter. The table uses the latest reported quarter for each. Mphasis has the deepest institutional backing, with FII and DII together holding 65.24% as of September 2026. Domestic institutions increased their holding over the past year in Oil India (from 18.41% to 20.14%), Waaree Energies (from 2.82% to 4.09%) and Mphasis (from 37.07% to 45.85%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Oil India | 56.66% | 7.28% | 20.14% | 15.93% | June 2026 |
| Waaree Energies | 64.12% | 8.57% | 4.09% | 23.22% | September 2026 |
| NMDC | 60.79% | 13.59% | 13.81% | 11.80% | June 2026 |
| Mphasis | 30.53% | 19.39% | 45.85% | 4.23% | September 2026 |
Risks to Weigh in High Margin and Reasonable Price to Book Stocks
Being careful with high margin and reasonable price to book stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:
- Past growth may not repeat.
- Share prices can move sharply in either direction.
- Valuation: Mphasis trades at a PE of 24.89 against an industry PE of 18.49, so earnings need to keep growing to support the price.
- Concentration: Holding all 4 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between High Margin and Reasonable Price to Book Stocks
Picking from high margin and reasonable price to book stocks comes down to four checks, applied in order.
- Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
- Compare each PE with the industry PE (7.16 to 45.89) and ask whether the growth rate justifies any gap.
- Track net profit growth, the operating margin and the return on equity in every quarterly result.
- Stagger entries across quarters and review institutional holding every reporting season.
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Conclusion
Among high margin and reasonable price to book stocks, Oil India stands out for the biggest five-year price gain at 183.64%, Waaree Energies for the highest return on equity at 25.71%, NMDC for 31.61% revenue growth in FY26 and Mphasis for 11.88% revenue growth in FY26. Which one suits a portfolio depends on how much valuation risk it can carry, so staggering entries and reviewing each quarterly result is a sound habit. Investors comparing high margin and reasonable price to book stocks should rank them on growth, financial strength and the price paid, and anyone who wants personalised guidance can consult a SEBI-registered advisor before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on High Margin and Reasonable Price to Book Stocks to Watch
Which are the best high margin and reasonable price to book stocks to watch for multibagger potential?
Ans. Oil India, Waaree Energies, NMDC and Mphasis are the 4 names this list highlights, with market caps of Rs 72,527 crore, Rs 70,068 crore, Rs 61,736 crore and Rs 47,549 crore respectively. Oil India is notable for the biggest five-year price gain at 183.64%. Waaree Energies stands out for the highest return on equity at 25.71%. NMDC offers 31.61% revenue growth in FY26. Mphasis brings 11.88% revenue growth in FY26. These are watchlist names for high margin and reasonable price to book stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Waaree Energies a good stock for long-term investors?
Ans. Waaree Energies has a return on equity of 25.71%, a PE of 17.51 against an industry PE of 45.89 and a market cap of Rs 70,068 crore. FY26 revenue rose 83.52%, and June 2026 quarter net profit grew 15.39%. Long-term returns in high margin and reasonable price to book stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Mphasis become a multibagger from here?
Ans. Mphasis has a market cap of Rs 47,549 crore. A multibagger outcome in high margin and reasonable price to book stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 6.81% a year since FY22, and FY26 revenue rose 11.88%. At a PE of 24.89 against an industry PE of 18.49, valuation should be checked against that growth before investing.
What is the market cap of Oil India, Waaree Energies, NMDC and Mphasis?
Ans. As of 3 November 2026, Oil India has a market cap of Rs 72,527 crore, Waaree Energies has a market cap of Rs 70,068 crore, NMDC has a market cap of Rs 61,736 crore and Mphasis has a market cap of Rs 47,549 crore. All of them qualify as midcaps. Market cap changes daily with the share price, so check the latest figure on the Univest Screener or on NSE before taking a decision on high margin and reasonable price to book stocks.
What are the risks of investing in high margin and reasonable price to book stocks?
Ans. The main risks are market swings, slower growth than expected and valuations that already reflect good news. Companies with strong balance sheets and steady earnings handle these better. Mphasis trades at a PE of 24.89 against an industry PE of 18.49, so earnings growth needs to hold up.
Why is Mphasis trading at a PE of 24.89?
Ans. Mphasis’ PE of 24.89 compares with an industry PE of 18.49. The market is paying a premium for a return on equity of 17.34% and latest-quarter profit growth of 10.82%, which also means the stock is more sensitive if growth slows. Investors in high margin and reasonable price to book stocks who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in Oil India, Waaree Energies, NMDC and Mphasis?
Ans. As of the latest reported quarter, FII and DII together hold 27.42% of Oil India (7.28% and 20.14%), 12.66% of Waaree Energies (8.57% and 4.09%), 27.40% of NMDC (13.59% and 13.81%) and 65.24% of Mphasis (19.39% and 45.85%). Rising institutional holding is a useful signal in high margin and reasonable price to book stocks, though it should be read with earnings trends rather than on its own.
