4 Largecap Stocks With PE of 15-25 to Watch for Future Multibagger Potential: ICICI Bank, TCS, M&M and Bajaj Auto
- October 23, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
ICICI Bank Rs 1,398.50. TCS Rs 2,506.90. M&M Rs 2,864.10. Bajaj Auto Rs 10,155. Market caps from Rs 2.81 lakh crore to Rs 9.62 lakh crore. Data as of 21 Oct 2026.
Quick Answer
ICICI Bank, TCS, M&M and Bajaj Auto are the 4 picks in this stocks with PE of 15-25 watchlist, with market caps between Rs 2.81 lakh crore and Rs 9.62 lakh crore. ICICI Bank stands out for the largest market cap at Rs 9,61,516 crore, while TCS offers the highest return on equity at 43.37%. PE ratios run from 16.06 to 24.36, so compare each one with its industry PE before investing. All figures are as of 21 October 2026.
Stocks with PE of 15-25 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. ICICI Bank, TCS, M&M and Bajaj Auto meet that test, with market caps from Rs 2.81 lakh crore to Rs 9.62 lakh crore and ICICI Bank offering the largest market cap at Rs 9,61,516 crore. Each of these companies has a PE ratio between 15 and 25, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a PE ratio between 15 and 25, rising profit in FY26 and the latest quarter, market capitalisation above Rs 1,00,000 crore, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening stocks with PE of 15-25 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 21 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Stocks With PE of 15-25 and Why Do They Attract Multibagger Interest?
Stocks with PE of 15-25 are shares of very large companies that trade at moderate multiples of earnings. The four here cover private banking, IT services, automobiles and two-wheelers.
A moderate multiple with rising profit leaves room for growth to drive returns. For stocks with PE of 15-25, latest quarter profit also rose. Investors researching stocks with PE of 15-25 get a fuller picture by reading growth and valuation together. The table below lines up stocks with PE of 15-25 on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use stocks with PE of 15-25 as a starting point for your own research.
Stocks With PE of 15-25 at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 21 October 2026. TCS combines the lowest PE of the group, 16.06, with the highest return on equity, 43.37%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| ICICI Bank | 1,398.50 | 9,61,516 | 16.09 | 12.05 | 15.00% | 2.57 | 1,187.60 to 1,480.00 |
| Tata Consultancy Services | 2,506.90 | 8,32,884 | 16.06 | 18.27 | 43.37% | 7.00 | 1,976.80 to 3,350.00 |
| Mahindra & Mahindra | 2,864.10 | 3,48,064 | 17.19 | 23.82 | 18.37% | 3.74 | 2,744.30 to 3,839.90 |
| Bajaj Auto | 10,155 | 2,81,374 | 24.36 | 23.82 | 27.67% | 7.25 | 8,605.00 to 12,470.00 |
ICICI Bank: 22.29% Profit CAGR Since FY22
ICICI Bank is one of the largest private sector banks in India, with a strong retail and digital franchise. It reported FY26 total income of Rs 3,12,118.36 crore, up 5.95% year on year, and net profit of Rs 57,673.39 crore, up 5.98%. Net profit has compounded at 22.29% a year since FY22, while total income has grown 18.64% a year.
In the June 2026 quarter, total income rose 6.86% to Rs 79,689.22 crore and net profit grew 12.62% to Rs 16,209.74 crore. The share price has gained 85.57% over five years. Foreign investors raised their holding from 45.56% in September 2025 to 50.44% in September 2026. The stock trades at a PE of 16.09 against an industry PE of 12.05, with a return on equity of 15.00%.
TCS: Return on Equity of 43.37%
TCS is India’s largest IT services company by market capitalisation and runs large AI and data practices for global clients. It reported FY26 revenue of Rs 2,71,423 crore, up 4.68% year on year, and net profit of Rs 49,454 crore, up 1.35%. Net profit has compounded at 6.49% a year since FY22, while revenue has grown 8.51% a year. Operating margin was 27.07% in FY26. The debt-to-equity ratio is 0.10, which keeps interest costs low.
The stock trades at a PE of 16.06 against an industry PE of 18.27, below the sector average, with a return on equity of 43.37%. The dividend yield is 4.78%. In the September 2026 quarter, revenue rose 11.79% to Rs 74,525 crore and net profit grew 14.86% to Rs 13,934 crore. Domestic institutions raised their holding from 12.01% in June 2025 to 13.47% in June 2026.
M&M: 26.58% Profit CAGR Since FY22
Mahindra & Mahindra is one of the largest SUV makers in India and the country’s largest tractor maker, with financial services and electric vehicles in its portfolio. It reported FY26 revenue of Rs 2,02,084.34 crore, up 25.21% year on year, and net profit of Rs 18,621.71 crore, up 32.32%. Net profit has compounded at 26.58% a year since FY22, while revenue has grown 22.04% a year. Operating margin was 21.19% in FY26.
In the June 2026 quarter, revenue rose 27.47% to Rs 59,203.60 crore and net profit grew 37.04% to Rs 5,997.56 crore. The share price has gained 220.52% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026. The stock trades at a PE of 17.19 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%.
Bajaj Auto: Revenue Up 24.05% in FY26
Bajaj Auto makes motorcycles, three-wheelers and electric two-wheelers, and has a large export business. It reported FY26 revenue of Rs 65,087.22 crore, up 24.05% year on year, and net profit of Rs 10,574.50 crore, up 44.37%. Net profit has compounded at 14.44% a year since FY22, while revenue has grown 17.26% a year. Operating margin was 25.06% in FY26.
The stock trades at a PE of 24.36 against an industry PE of 23.82, with a return on equity of 27.67%. In the June 2026 quarter, revenue rose 64.02% to Rs 22,376.69 crore and net profit grew 44.26% to Rs 3,188.75 crore. The share price has gained 165.89% over five years and 13.76% over the past year. Domestic institutions raised their holding from 12.09% in June 2025 to 13.54% in June 2026.
Stocks With PE of 15-25: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with PE of 15-25. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.
| Stock | Total Income (Rs Cr) | Net Profit (Rs Cr) | Income Growth (YoY) | 4-Year Income CAGR | 4-Year Net Profit CAGR |
|---|---|---|---|---|---|
| ICICI Bank | 3,12,118.36 | 57,673.39 | 5.95% | 18.64% | 22.29% |
| TCS | 2,71,423 | 49,454 | 4.68% | 8.51% | 6.49% |
| M&M | 2,02,084.34 | 18,621.71 | 25.21% | 22.04% | 26.58% |
| Bajaj Auto | 65,087.22 | 10,574.50 | 24.05% | 17.26% | 14.44% |
Check the Univest Screener for live data on these stocks with PE of 15-25
Institutional Holding in ICICI Bank, TCS, M&M and Bajaj Auto
Institutional holding shows who is backing these stocks with PE of 15-25 alongside the promoter. The table uses the latest reported quarter for each. ICICI Bank has the deepest institutional backing, with FII and DII together holding 92.22% as of September 2026. Domestic institutions increased their holding over the past year in TCS (from 12.01% to 13.47%), M&M (from 29.59% to 32.65%) and Bajaj Auto (from 12.09% to 13.54%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| ICICI Bank | Nil | 50.44% | 41.78% | 7.78% | September 2026 |
| TCS | 71.77% | 9.06% | 13.47% | 5.70% | June 2026 |
| M&M | 18.45% | 34.89% | 32.65% | 14.01% | June 2026 |
| Bajaj Auto | 55.01% | 9.01% | 13.54% | 22.44% | June 2026 |
Risks to Weigh in Stocks With PE of 15-25
Being careful with stocks with PE of 15-25 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: ICICI Bank trades at a PE of 16.09 against an industry PE of 12.05, 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 Stocks With PE of 15-25
Picking from stocks with PE of 15-25 comes down to four checks, applied in order.
- Check asset quality and net interest margin first, then return on equity and price to book. Debt-to-equity does not apply to lenders.
- Compare each PE with the industry PE (12.05 to 23.82) 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 stocks with PE of 15-25, ICICI Bank stands out for the largest market cap at Rs 9,61,516 crore, TCS for the highest return on equity at 43.37%, M&M for the fastest profit growth, 26.58% a year since FY22 and Bajaj Auto for the strongest latest-quarter profit growth at 44.26%. 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 stocks with PE of 15-25 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 Stocks With PE of 15-25 to Watch
Which are the best stocks with PE of 15-25 to watch for multibagger potential?
Ans. ICICI Bank, TCS, M&M and Bajaj Auto are the 4 names this list highlights, with market caps of Rs 9,61,516 crore, Rs 8,32,884 crore, Rs 3,48,064 crore and Rs 2,81,374 crore respectively. ICICI Bank is notable for the largest market cap at Rs 9,61,516 crore. TCS stands out for the highest return on equity at 43.37%. M&M offers the fastest profit growth, 26.58% a year since FY22. Bajaj Auto brings the strongest latest-quarter profit growth at 44.26%. These are watchlist names for stocks with PE of 15-25, not recommendations, so match each one to your own risk profile and time horizon.
Is TCS a good stock for long-term investors?
Ans. TCS has a return on equity of 43.37%, a PE of 16.06 against an industry PE of 18.27 and a market cap of Rs 8,32,884 crore. Net profit has compounded at 6.49% a year since FY22, and FY26 revenue rose 4.68% while September 2026 quarter net profit grew 14.86%. Long-term returns in stocks with PE of 15-25 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can M&M become a multibagger from here?
Ans. M&M has already gained 220.52% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with PE of 15-25 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.58% a year since FY22, and FY26 revenue rose 25.21%. At a PE of 17.19 against an industry PE of 23.82, valuation should be checked against that growth before investing.
What is the market cap of ICICI Bank, TCS, M&M and Bajaj Auto?
Ans. As of 21 October 2026, ICICI Bank has a market cap of Rs 9,61,516 crore, TCS has a market cap of Rs 8,32,884 crore, M&M has a market cap of Rs 3,48,064 crore and Bajaj Auto has a market cap of Rs 2,81,374 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 stocks with PE of 15-25.
What are the risks of investing in stocks with PE of 15-25?
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. ICICI Bank trades at a PE of 16.09 against an industry PE of 12.05, so earnings growth needs to hold up.
Why is ICICI Bank trading at a PE of 16.09?
Ans. ICICI Bank’s PE of 16.09 compares with an industry PE of 12.05. The market is paying a premium for a return on equity of 15.00%, profit growth of 22.29% a year since FY22 and latest-quarter profit growth of 12.62%, which also means the stock is more sensitive if growth slows. Investors in stocks with PE of 15-25 who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in ICICI Bank, TCS, M&M and Bajaj Auto?
Ans. As of the latest reported quarter, FII and DII together hold 92.22% of ICICI Bank (50.44% and 41.78%), 22.53% of TCS (9.06% and 13.47%), 67.54% of M&M (34.89% and 32.65%) and 22.55% of Bajaj Auto (9.01% and 13.54%). Rising institutional holding is a useful signal in stocks with PE of 15-25, though it should be read with earnings trends rather than on its own.
