4 Midcap 20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks to Watch for Future Multibagger Potential: Waaree, Kalyan, Apar Industries and Narayana Health
- November 13, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Waaree Rs 2,572. Kalyan Rs 710.90. Apar Industries Rs 14,358. Narayana Health Rs 1,840.10. Market caps from Rs 37,231 crore to Rs 77,746 crore. Data as of 12 Nov 2026.
Quick Answer
Waaree, Kalyan, Apar Industries and Narayana Health are the 4 picks in this 20 per cent revenue CAGR and growth promoter backed stocks watchlist, with market caps between Rs 37,231 crore and Rs 77,746 crore. Waaree stands out for the highest return on equity at 25.71%, while Kalyan offers the fastest profit growth, 56.69% a year since FY22. PE ratios run from 19.43 to 62.01, so compare each one with its industry PE before investing. All figures are as of 12 November 2026.
20 per cent revenue CAGR and growth promoter backed stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Waaree, Kalyan, Apar Industries and Narayana Health meet that test, with market caps from Rs 37,231 crore to Rs 77,746 crore and Waaree offering the highest return on equity at 25.71%. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a four year revenue CAGR of at least 20 per cent, FY26 revenue growth of at least 20 per cent and a promoter holding of at least 50 per cent, 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 a four year revenue CAGR of at least 20 per cent, FY26 revenue growth of at least 20 per cent and a promoter holding of at least 50 per cent, 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 20 per cent revenue CAGR and growth promoter backed stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 12 November 2026 and are drawn from NSE and BSE data and company filings.
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What Are 20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks and Why Do They Attract Multibagger Interest?
20 per cent revenue CAGR and growth promoter backed stocks are shares of mid sized companies whose sales have compounded at twenty per cent or more a year over four years, whose sales grew by twenty per cent or more in FY26 and in which the promoters own at least half of the business. The four here cover cables and conductors, solar modules, jewellery retail and hospitals.
A four year compounding record and a strong latest year together show that demand for the business is steady and not a one year spike, and a large promoter stake shows that the owners have their own wealth tied to the company. Within 20 per cent revenue CAGR and growth promoter backed stocks, the four companies show rising profit. In 20 per cent revenue CAGR and growth promoter backed stocks, each of the four also posted growth in the latest quarter. For 20 per cent revenue CAGR and growth promoter backed stocks, both FY26 and the latest quarter showed growth. Whichever way you read 20 per cent revenue CAGR and growth promoter backed stocks, the common thread is rising profit backed by complete financial data. For 20 per cent revenue CAGR and growth promoter backed stocks, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of 20 per cent revenue CAGR and growth promoter backed stocks, using FY26 and latest quarter data. Prices move daily, so recheck the figures for 20 per cent revenue CAGR and growth promoter backed stocks before you decide.
20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 12 November 2026. Waaree combines the lowest PE of the group, 19.43, with the highest return on equity, 25.71%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Waaree Energies | 2,572 | 77,746 | 19.43 | 45.89 | 25.71% | 0.22 | 2,238.00 to 3,718.80 |
| Kalyan Jewellers India | 710.90 | 74,295 | 51.79 | 46.75 | 21.41% | 0.97 | 327.05 to 710.90 |
| Apar Industries | 14,358 | 73,264 | 62.01 | 46.39 | 18.11% | 0.18 | 6,801.00 to 19,265.00 |
| Narayana Hrudayalaya | 1,840.10 | 37,231 | 45.59 | 60.75 | 17.76% | 1.29 | 1,589.00 to 2,093.30 |
Waaree: 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.
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. The stock trades at a PE of 19.43 against an industry PE of 45.89, below the sector average, with a return on equity of 25.71%.
Kalyan: 56.69% Profit CAGR Since FY22
Kalyan Jewellers is one of the largest jewellery retailers in India, with showrooms across India and the Middle East. It reported FY26 revenue of Rs 35,950.88 crore, up 42.72% year on year, and net profit of Rs 1,350.39 crore, up 89.09%. Net profit has compounded at 56.69% a year since FY22, while revenue has grown 34.90% a year. Operating margin was 7.62% in FY26.
The stock trades at a PE of 51.79 against an industry PE of 46.75, with a return on equity of 21.41%. In the June 2026 quarter, revenue rose 45.52% to Rs 10,644.67 crore and net profit grew 32.03% to Rs 348.67 crore. The share price has gained 647.75% over five years and 19.61% over the past year. Promoters hold 62.85%, which keeps ownership stable.
Apar Industries: 39.67% Profit CAGR Since FY22
Apar Industries makes conductors, specialty cables and transformer oils, and earns a large share of revenue from exports. It reported FY26 revenue of Rs 22,966.89 crore, up 22.95% year on year, and net profit of Rs 976.93 crore, up 18.95%. Net profit has compounded at 39.67% a year since FY22, while revenue has grown 25.19% a year. Operating margin was 8.49% in FY26. The debt-to-equity ratio is 0.18.
In the June 2026 quarter, revenue rose 29.16% to Rs 6,624.71 crore and net profit grew 77.80% to Rs 467.45 crore. The share price has gained 2361.05% over five years and 108.77% over the past year. Domestic institutions raised their holding from 22.64% in September 2025 to 24.88% in August 2026. The stock trades at a PE of 62.01 against an industry PE of 46.39, with a return on equity of 18.11%.
Narayana Health: 24.06% Profit CAGR Since FY22
Narayana Health runs a network of multi-speciality hospitals, with a strong cardiac care franchise and a presence in India and the Cayman Islands. It reported FY26 revenue of Rs 7,996.25 crore, up 43.43% year on year, and net profit of Rs 810.46 crore, up 2.61%. Net profit has compounded at 24.06% a year since FY22, while revenue has grown 20.95% a year. Operating margin was 21.25% in FY26.
The stock trades at a PE of 45.59 against an industry PE of 60.75, below the sector average, with a return on equity of 17.76%. In the June 2026 quarter, revenue rose 77.60% to Rs 2,719.11 crore and net profit grew 5.37% to Rs 207.27 crore. The share price has gained 236.19% over five years. Domestic institutions raised their holding from 7.76% in September 2025 to 10.68% in September 2026.
20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these 20 per cent revenue CAGR and growth promoter backed 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) |
|---|---|---|---|---|---|---|
| Waaree | 27,244.92 | 3,884.15 | 83.52% | 74.31% | 76.25% | 20.31% |
| Kalyan | 35,950.88 | 1,350.39 | 42.72% | 34.90% | 45.52% | 6.50% |
| Apar Industries | 22,966.89 | 976.93 | 22.95% | 25.19% | 29.16% | 12.05% |
| Narayana Health | 7,996.25 | 810.46 | 43.43% | 20.95% | 77.60% | 18.75% |
Institutional Holding in Waaree, Kalyan, Apar Industries and Narayana Health
Institutional holding shows who is backing these 20 per cent revenue CAGR and growth promoter backed stocks alongside the promoter. The table uses the latest reported quarter for each. Apar Industries has the deepest institutional backing, with FII and DII together holding 36.24% as of August 2026. Domestic institutions increased their holding over the past year in Waaree (from 2.82% to 4.09%), Apar Industries (from 22.64% to 24.88%) and Narayana Health (from 7.76% to 10.68%). Keeping an eye on the Nifty Midcap 100 alongside this list shows whether these shares are moving with the wider market.
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Waaree | 64.12% | 8.57% | 4.09% | 23.22% | September 2026 |
| Kalyan | 62.85% | 13.83% | 14.41% | 8.91% | September 2026 |
| Apar Industries | 55.42% | 11.36% | 24.88% | 8.34% | August 2026 |
| Narayana Health | 63.27% | 9.01% | 10.68% | 17.04% | September 2026 |
Risks to Weigh in 20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks
Being careful with 20 per cent revenue CAGR and growth promoter backed 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: Apar Industries trades at a PE of 62.01 against an industry PE of 46.39, 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 20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks
Picking from 20 per cent revenue CAGR and growth promoter backed 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 (45.89 to 60.75) 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 20 per cent revenue CAGR and growth promoter backed stocks, Waaree stands out for the highest return on equity at 25.71%, Kalyan for the fastest profit growth, 56.69% a year since FY22, Apar Industries for the biggest five-year price gain at 2361.05% and Narayana Health for 43.43% 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 20 per cent revenue CAGR and growth promoter backed 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 20 Per Cent Revenue CAGR and Growth Promoter Backed Stocks to Watch
Which are the best 20 per cent revenue CAGR and growth promoter backed stocks to watch for multibagger potential?
Ans. Waaree, Kalyan, Apar Industries and Narayana Health are the 4 names this list highlights, with market caps of Rs 77,746 crore, Rs 74,295 crore, Rs 73,264 crore and Rs 37,231 crore respectively. Waaree is notable for the highest return on equity at 25.71%. Kalyan stands out for the fastest profit growth, 56.69% a year since FY22. Apar Industries offers the biggest five-year price gain at 2361.05%. Narayana Health brings 43.43% revenue growth in FY26. These are watchlist names for 20 per cent revenue CAGR and growth promoter backed stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Waaree a good stock for long-term investors?
Ans. Waaree has a return on equity of 25.71%, a PE of 19.43 against an industry PE of 45.89 and a market cap of Rs 77,746 crore. FY26 revenue rose 83.52%, and June 2026 quarter net profit grew 15.39%. Long-term returns in 20 per cent revenue CAGR and growth promoter backed stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Kalyan become a multibagger from here?
Ans. Kalyan has already gained 647.75% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in 20 per cent revenue CAGR and growth promoter backed stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 56.69% a year since FY22, and FY26 revenue rose 42.72%. At a PE of 51.79 against an industry PE of 46.75, valuation should be checked against that growth before investing.
What is the market cap of Waaree, Kalyan, Apar Industries and Narayana Health?
Ans. As of 12 November 2026, Waaree has a market cap of Rs 77,746 crore, Kalyan has a market cap of Rs 74,295 crore, Apar Industries has a market cap of Rs 73,264 crore and Narayana Health has a market cap of Rs 37,231 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 20 per cent revenue CAGR and growth promoter backed stocks.
What are the risks of investing in 20 per cent revenue CAGR and growth promoter backed 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. Apar Industries trades at a PE of 62.01 against an industry PE of 46.39, so earnings growth needs to hold up.
Why is Apar Industries trading at a PE of 62.01?
Ans. Apar Industries’ PE of 62.01 compares with an industry PE of 46.39. The market is paying a premium for a return on equity of 18.11%, profit growth of 39.67% a year since FY22 and latest-quarter profit growth of 77.80%, which also means the stock is more sensitive if growth slows. Investors in 20 per cent revenue CAGR and growth promoter backed 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 Waaree, Kalyan, Apar Industries and Narayana Health?
Ans. As of the latest reported quarter, FII and DII together hold 12.66% of Waaree (8.57% and 4.09%), 28.24% of Kalyan (13.83% and 14.41%), 36.24% of Apar Industries (11.36% and 24.88%) and 19.69% of Narayana Health (9.01% and 10.68%). Rising institutional holding is a useful signal in 20 per cent revenue CAGR and growth promoter backed stocks, though it should be read with earnings trends rather than on its own.
