4 Largecap Stocks With Price-to-Book Below 4 and Rising Profit to Watch for Future Multibagger Potential: LIC, M&M, NTPC and JSW Steel
- October 22, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
LIC Rs 392.05. M&M Rs 2,889. NTPC Rs 303. JSW Steel Rs 1,222.90. Market caps from Rs 2.94 lakh crore to Rs 4.98 lakh crore. Data as of 21 Oct 2026.
Quick Answer
LIC, M&M, NTPC and JSW Steel are the 4 picks in this stocks with price-to-book below 4 and rising profit watchlist, with market caps between Rs 2.94 lakh crore and Rs 4.98 lakh crore. LIC stands out for the highest return on equity at 32.53%, while M&M offers the biggest five-year price gain at 220.52%. PE ratios run from 8.30 to 17.19, so compare each one with its industry PE before investing. All figures are as of 21 October 2026.
Stocks with price-to-book below 4 and rising profit to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. LIC, M&M, NTPC and JSW Steel meet that test, with market caps from Rs 2.94 lakh crore to Rs 4.98 lakh crore and LIC offering the highest return on equity at 32.53%. Each of these companies has a price-to-book ratio below 4 and FY26 profit growth of at least 15 per cent, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a price-to-book ratio below 4 and FY26 profit growth of at least 15 per cent, 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 price-to-book below 4 and rising profit 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 Price-to-Book Below 4 and Rising Profit and Why Do They Attract Multibagger Interest?
Stocks with price-to-book below 4 and rising profit are shares that trade at a modest multiple of book value while growing profit at a healthy pace. The four here cover life insurance, vehicles, power generation and steel.
A modest book multiple with healthy growth suggests the market is not overpaying. For stocks with price-to-book below 4 and rising profit, latest quarter profit also rose. Whichever way you read stocks with price-to-book below 4 and rising profit, the common thread is rising profit backed by complete financial data. Investors researching stocks with price-to-book below 4 and rising profit get a fuller picture by reading growth and valuation together. The table below lines up stocks with price-to-book below 4 and rising profit on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use stocks with price-to-book below 4 and rising profit as a starting point for your own research.
Stocks With Price-to-Book Below 4 and Rising Profit at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 21 October 2026. LIC combines the lowest PE of the group, 8.30, with the highest return on equity, 32.53%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Life Insurance Corporation of India | 392.05 | 4,98,410 | 8.30 | 10.47 | 32.53% | 0.00 | 360.75 to 468.48 |
| Mahindra & Mahindra | 2,889 | 3,48,064 | 17.19 | 23.82 | 18.37% | 1.44 | 2,744.30 to 3,839.90 |
| NTPC | 303 | 3,04,475 | 10.75 | 21.61 | 13.31% | 1.33 | 303.00 to 414.40 |
| JSW Steel | 1,222.90 | 2,93,638 | 10.49 | 22.42 | 7.21% | 0.99 | 1,073.20 to 1,351.00 |
LIC: 93.19% Profit CAGR Since FY22
LIC is India’s largest life insurer and one of the biggest institutional investors in the stock market, with a vast agent network across the country. It reported FY26 revenue of Rs 9,90,211.25 crore, up 10.23% year on year, and net profit of Rs 57,453.15 crore, up 18.90%. Net profit has compounded at 93.19% a year since FY22, while revenue has grown 7.96% a year. Operating margin was 5.51% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
In the June 2026 quarter, revenue rose 6.97% to Rs 2,41,166.45 crore and net profit grew 23.98% to Rs 13,584.25 crore. Domestic institutions raised their holding from 1.36% in September 2025 to 6.17% in September 2026. The stock trades at a PE of 8.30 against an industry PE of 10.47, below the sector average, with a return on equity of 32.53%.
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.
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%. 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.
NTPC: Five-Year Gain of 110.40%
NTPC is India’s largest power generation company and is growing its renewable energy portfolio. It reported FY26 revenue of Rs 1,89,798.56 crore and net profit of Rs 30,009.98 crore, up 48.19%. Net profit has compounded at 18.01% a year since FY22, while revenue has grown 8.89% a year. Operating margin was 32.45% in FY26.
In the June 2026 quarter, revenue rose 6.94% to Rs 51,141.51 crore and net profit grew 12.90% to Rs 6,896.44 crore. The share price has gained 110.40% over five years. Domestic institutions raised their holding from 28.92% in June 2025 to 29.44% in June 2026. The stock trades at a PE of 10.75 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.87%.
JSW Steel: Quarterly Profit Up 112.58%
JSW Steel is one of India’s largest steel producers, with integrated plants across the country. It reported FY26 revenue of Rs 1,86,718 crore, up 10.15% year on year, and net profit of Rs 25,508 crore, up 630.68%. Net profit has compounded at 5.06% a year since FY22, while revenue has grown 6.00% a year. Operating margin was 16.56% in FY26.
The stock trades at a PE of 10.49 against an industry PE of 22.42, below the sector average. In the June 2026 quarter, revenue rose 10.55% to Rs 48,088 crore and net profit grew 112.58% to Rs 4,696 crore. The share price has gained 68.48% over five years. Domestic institutions raised their holding from 10.92% in June 2025 to 11.49% in June 2026.
Stocks With Price-to-Book Below 4 and Rising Profit: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with price-to-book below 4 and rising profit. 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 | 4-Year Net Profit CAGR | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| LIC | 9,90,211.25 | 57,453.15 | 7.96% | 93.19% | 6.97% | 12.00% |
| M&M | 2,02,084.34 | 18,621.71 | 22.04% | 26.58% | 27.47% | 20.77% |
| NTPC | 1,89,798.56 | 30,009.98 | 8.89% | 18.01% | 6.94% | 35.04% |
| JSW Steel | 1,86,718 | 25,508 | 6.00% | 5.06% | 10.55% | 21.45% |
Institutional Holding in LIC, M&M, NTPC and JSW Steel
Institutional holding shows who is backing these stocks with price-to-book below 4 and rising profit alongside the promoter. The table uses the latest reported quarter for each. M&M has the deepest institutional backing, with FII and DII together holding 67.54% as of June 2026. Domestic institutions increased their holding over the past year in LIC (from 1.36% to 6.17%), M&M (from 29.59% to 32.65%), NTPC (from 28.92% to 29.44%) and JSW Steel (from 10.92% to 11.49%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| LIC | 90.00% | 1.55% | 6.17% | 2.28% | September 2026 |
| M&M | 18.45% | 34.89% | 32.65% | 14.01% | June 2026 |
| NTPC | 51.10% | 16.30% | 29.44% | 3.15% | June 2026 |
| JSW Steel | 44.29% | 25.92% | 11.49% | 18.30% | June 2026 |
Risks to Weigh in Stocks With Price-to-Book Below 4 and Rising Profit
Being careful with stocks with price-to-book below 4 and rising profit 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: A low PE can also reflect slower growth, so compare each PE with the growth rate instead of reading it alone.
- 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 Price-to-Book Below 4 and Rising Profit
Picking from stocks with price-to-book below 4 and rising profit 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 (10.47 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 price-to-book below 4 and rising profit, LIC stands out for the highest return on equity at 32.53%, M&M for the biggest five-year price gain at 220.52%, NTPC for 6.94% revenue growth in the June 2026 quarter and JSW Steel for the strongest latest-quarter profit growth at 112.58%. 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 price-to-book below 4 and rising profit 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 Price-to-Book Below 4 and Rising Profit to Watch
Which are the best stocks with price-to-book below 4 and rising profit to watch for multibagger potential?
Ans. LIC, M&M, NTPC and JSW Steel are the 4 names this list highlights, with market caps of Rs 4,98,410 crore, Rs 3,48,064 crore, Rs 3,04,475 crore and Rs 2,93,638 crore respectively. LIC is notable for the highest return on equity at 32.53%. M&M stands out for the biggest five-year price gain at 220.52%. NTPC offers 6.94% revenue growth in the June 2026 quarter. JSW Steel brings the strongest latest-quarter profit growth at 112.58%. These are watchlist names for stocks with price-to-book below 4 and rising profit, not recommendations, so match each one to your own risk profile and time horizon.
Is LIC a good stock for long-term investors?
Ans. LIC has a return on equity of 32.53%, a PE of 8.30 against an industry PE of 10.47 and a market cap of Rs 4,98,410 crore. Net profit has compounded at 93.19% a year since FY22, and FY26 revenue rose 10.23% while June 2026 quarter net profit grew 23.98%. Long-term returns in stocks with price-to-book below 4 and rising profit 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 price-to-book below 4 and rising profit 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 LIC, M&M, NTPC and JSW Steel?
Ans. As of 21 October 2026, LIC has a market cap of Rs 4,98,410 crore, M&M has a market cap of Rs 3,48,064 crore, NTPC has a market cap of Rs 3,04,475 crore and JSW Steel has a market cap of Rs 2,93,638 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 price-to-book below 4 and rising profit.
What are the risks of investing in stocks with price-to-book below 4 and rising profit?
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. Comparing each PE with growth gives a fuller picture than the PE alone.
Is LIC trading below its industry PE?
Ans. LIC trades at a PE of 8.30 against an industry PE of 10.47. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 93.19% a year since FY22 and FY26 revenue rose 10.23%) and balance sheet strength before drawing a conclusion.
How much do institutions hold in LIC, M&M, NTPC and JSW Steel?
Ans. As of the latest reported quarter, FII and DII together hold 7.72% of LIC (1.55% and 6.17%), 67.54% of M&M (34.89% and 32.65%), 45.74% of NTPC (16.30% and 29.44%) and 37.41% of JSW Steel (25.92% and 11.49%). Rising institutional holding is a useful signal in stocks with price-to-book below 4 and rising profit, though it should be read with earnings trends rather than on its own.
