3 Largecap Maharatna PSU Stocks to Watch for Future Multibagger Potential: ONGC, BHEL and GAIL
- October 19, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
ONGC Rs 222. BHEL Rs 434.60. GAIL Rs 168.10. Market caps from Rs 1.10 lakh crore to Rs 2.83 lakh crore. Data as of 16 Oct 2026.
Quick Answer
ONGC, BHEL and GAIL are the 3 picks in this Maharatna PSU stocks watchlist, with market caps between Rs 1.10 lakh crore and Rs 2.83 lakh crore. ONGC stands out for the lowest PE of the group at 6.32, while BHEL offers the fastest profit growth, 37.73% a year since FY22. PE ratios run from 6.32 to 52.56, so compare each one with its industry PE before investing. All figures are as of 16 October 2026.
Maharatna PSU stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. ONGC, BHEL and GAIL meet that test, with market caps from Rs 1.10 lakh crore to Rs 2.83 lakh crore and ONGC offering the lowest PE of the group at 6.32. Maharatna is the top category for state-owned companies, giving them greater freedom to invest and expand.
This list covers listed Maharatna PSU companies with complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening Maharatna PSU stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 16 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Maharatna PSU Stocks and Why Do They Attract Multibagger Interest?
Maharatna PSU stocks are shares of the largest government-owned companies, which hold the Maharatna status. The status lets them take larger investment decisions on their own, which helps them grow faster.
These companies work in oil and gas, gas transmission and power equipment, areas that India needs for growth. Businesses with large asset bases, regular dividends and steady orders are the ones investors compare in Maharatna PSU stocks.
Maharatna PSU Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 16 October 2026. ONGC combines the lowest PE of the group, 6.32, with the highest return on equity, 11.14%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Oil and Natural Gas Corporation | 222 | 2,83,245 | 6.32 | 7.16 | 11.14% | 0.47 | 218.53 to 307.50 |
| Bharat Heavy Electricals | 434.60 | 1,51,365 | 52.56 | 45.89 | 10.76% | 0.23 | 229.54 to 464.00 |
| GAIL (India) | 168.10 | 1,09,870 | 11.13 | 14.30 | 8.51% | 0.28 | 134.36 to 186.87 |
ONGC: Profit Compounding at 0.25% a Year
ONGC is India’s largest crude oil and natural gas producer, owned by the Government of India, with an overseas arm in ONGC Videsh. It reported FY26 revenue of Rs 6,21,019.28 crore and net profit of Rs 49,793.10 crore, up 29.91%. Revenue has compounded at 5.64% a year since FY22. Operating margin was 17.82% in FY26. The debt-to-equity ratio is 0.47.
Revenue for the June 2026 quarter rose 25.48% to Rs 2,07,775.93 crore, at an operating margin of 9.44%. Foreign investors raised their holding from 7.09% in June 2025 to 8.01% in June 2026. The stock trades at a PE of 6.32 against an industry PE of 7.16, below the sector average. The dividend yield is 3.22%.
BHEL: 37.73% Profit CAGR Since FY22
Bharat Heavy Electricals is a government-owned maker of power generation, transmission, industrial and transportation equipment. It reported FY26 revenue of Rs 34,589.83 crore, up 20.08% year on year, and net profit of Rs 1,600.26 crore, up 199.73%. Net profit has compounded at 37.73% a year since FY22, while revenue has grown 12.54% a year. Operating margin was 10.18% in FY26. The debt-to-equity ratio is 0.23.
The stock trades at a PE of 52.56 against an industry PE of 45.89. In the September 2026 quarter, revenue rose 24.28% to Rs 9,553.01 crore and net profit grew 118.98% to Rs 820.94 crore. The share price has gained 488.34% over five years and 86.13% over the past year. Domestic institutions raised their holding from 18.62% in September 2025 to 21.88% in September 2026.
GAIL: Quarterly Profit Up 96.08%
GAIL (India) is the country’s largest natural gas marketing and transmission company and also has a petrochemicals business. It reported FY26 revenue of Rs 1,43,107.86 crore and net profit of Rs 7,581.52 crore. Revenue has compounded at 11.10% a year since FY22. Operating margin was 10.22% in FY26. The debt-to-equity ratio is 0.28.
In the June 2026 quarter, revenue rose 16.61% to Rs 41,482.65 crore and net profit grew 96.08% to Rs 4,670.99 crore. The share price has gained 57.43% over five years. Promoters hold 51.79%, which keeps ownership stable. The stock trades at a PE of 11.13 against an industry PE of 14.30, below the sector average. The dividend yield is 3.29%.
Maharatna PSU Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these Maharatna PSU 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) | 4-Year Revenue CAGR | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|
| ONGC | 6,21,019.28 | 49,793.10 | 5.64% | 25.48% | 9.44% |
| BHEL | 34,589.83 | 1,600.26 | 12.54% | 24.28% | 13.94% |
| GAIL | 1,43,107.86 | 7,581.52 | 11.10% | 16.61% | 18.31% |
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Institutional Holding in ONGC, BHEL and GAIL
Institutional holding shows who is backing these Maharatna PSU stocks alongside the promoter. The table uses the latest reported quarter for each. GAIL has the deepest institutional backing, with FII and DII together holding 34.19% as of June 2026. Domestic institutions increased their holding over the past year in BHEL (from 18.62% to 21.88%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| ONGC | 58.89% | 8.01% | 19.31% | 13.79% | June 2026 |
| BHEL | 58.17% | 9.94% | 21.88% | 10.02% | September 2026 |
| GAIL | 51.79% | 14.99% | 19.20% | 14.02% | June 2026 |
Risks to Weigh in Maharatna PSU Stocks
Being careful with Maharatna PSU stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:
- PSU earnings can be influenced by government policy and energy prices.
- Capital spending cycles can affect results.
- Valuation: BHEL trades at a PE of 52.56 against an industry PE of 45.89, so earnings need to keep growing to support the price.
- Concentration: Holding all 3 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between Maharatna PSU Stocks
Picking from Maharatna PSU 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 revenue growth, the operating margin and the dividend payout in every quarterly result.
- Stagger entries across quarters and review institutional holding every reporting season.
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Conclusion
Among Maharatna PSU stocks, ONGC stands out for the lowest PE of the group at 6.32, BHEL for the fastest profit growth, 37.73% a year since FY22 and GAIL for 16.61% revenue growth in the June 2026 quarter. 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 Maharatna PSU 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 Maharatna PSU Stocks to Watch
Which are the best Maharatna PSU stocks to watch for multibagger potential?
Ans. ONGC, BHEL and GAIL are the 3 names this list highlights, with market caps of Rs 2,83,245 crore, Rs 1,51,365 crore and Rs 1,09,870 crore respectively. ONGC is notable for the lowest PE of the group at 6.32. BHEL stands out for the fastest profit growth, 37.73% a year since FY22. GAIL offers 16.61% revenue growth in the June 2026 quarter. These are watchlist names for Maharatna PSU stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is ONGC a good stock for long-term investors?
Ans. ONGC has a return on equity of 11.14%, a PE of 6.32 against an industry PE of 7.16 and a market cap of Rs 2,83,245 crore. June 2026 quarter revenue grew 25.48%. Long-term returns in Maharatna PSU stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can BHEL become a multibagger from here?
Ans. BHEL has already gained 488.34% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in Maharatna PSU stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 37.73% a year since FY22, and FY26 revenue rose 20.08%. At a PE of 52.56 against an industry PE of 45.89, valuation should be checked against that growth before investing.
What is the market cap of ONGC, BHEL and GAIL?
Ans. As of 16 October 2026, ONGC has a market cap of Rs 2,83,245 crore, BHEL has a market cap of Rs 1,51,365 crore and GAIL has a market cap of Rs 1,09,870 crore. All of them qualify as largecaps. 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 Maharatna PSU stocks.
What are the risks of investing in Maharatna PSU stocks?
Ans. The main risks are changes in oil and gas prices, government policy decisions and delays in project execution. Companies with large order books and regular dividends handle these better. BHEL trades at a PE of 52.56 against an industry PE of 45.89, so earnings growth needs to hold up.
Is ONGC trading below its industry PE?
Ans. ONGC trades at a PE of 6.32 against an industry PE of 7.16. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (June 2026 quarter revenue grew 25.48%) and balance sheet strength before drawing a conclusion.
How much do institutions hold in ONGC, BHEL and GAIL?
Ans. As of the latest reported quarter, FII and DII together hold 27.32% of ONGC (8.01% and 19.31%), 31.82% of BHEL (9.94% and 21.88%) and 34.19% of GAIL (14.99% and 19.20%). Rising institutional holding is a useful signal in Maharatna PSU stocks, though it should be read with earnings trends rather than on its own.
