4 Largecap Stocks With Price-to-Book Between 10 and 20 to Watch for Future Multibagger Potential: Divi’s Labs, Pidilite, Polycab and Apollo Hospitals
- October 21, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Divi’s Labs Rs 9,087. Pidilite Rs 1,482.60. Polycab Rs 8,025. Apollo Hospitals Rs 7,700. Market caps from Rs 1.14 lakh crore to Rs 2.40 lakh crore. Data as of 20 Oct 2026.
Quick Answer
Divi’s Labs, Pidilite, Polycab and Apollo Hospitals are the 4 picks in this stocks with price-to-book between 10 and 20 watchlist, with market caps between Rs 1.14 lakh crore and Rs 2.40 lakh crore. Divi’s Labs stands out for the strongest latest-quarter profit growth at 65.50%, while Pidilite offers the highest return on equity at 22.61%. PE ratios run from 43.16 to 82.05, so compare each one with its industry PE before investing. All figures are as of 20 October 2026.
Stocks with price-to-book between 10 and 20 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Divi’s Labs, Pidilite, Polycab and Apollo Hospitals meet that test, with market caps from Rs 1.14 lakh crore to Rs 2.40 lakh crore and Divi’s Labs offering the strongest latest-quarter profit growth at 65.50%. Each of these companies trades at a price-to-book ratio between 10 and 20, and net profit grew by more than 10 per cent in FY26 and rose in the latest quarter.
This list covers companies with a price-to-book ratio between 10 and 20, FY26 profit growth above 10 per cent and rising profit in the latest quarter, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening stocks with price-to-book between 10 and 20 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 20 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Stocks With Price-to-Book Between 10 and 20 and Why Do They Attract Multibagger Interest?
Stocks with price-to-book between 10 and 20 are shares of businesses whose earning power and brands are worth far more than the assets on the balance sheet. The four here cover pharmaceutical ingredients, adhesives, cables and hospitals.
Companies in this range are usually asset-light or have strong pricing power. Studying stocks with price-to-book between 10 and 20 means checking that growth and returns justify the premium. A sensible way to study stocks with price-to-book between 10 and 20 is to look at profit growth, returns and valuation side by side. Below, each of stocks with price-to-book between 10 and 20 gets its own breakdown of growth, returns and valuation. Treat stocks with price-to-book between 10 and 20 as a research list, since share prices and rankings change with every earnings season.
Stocks With Price-to-Book Between 10 and 20 at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 20 October 2026. Polycab has the lowest PE of the group at 43.16, while Pidilite posts the highest return on equity at 22.61%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Divi’s Laboratories | 9,087 | 2,39,982 | 82.05 | 36.42 | 15.32% | 0.00 | 5,647.50 to 9,740.00 |
| Pidilite Industries | 1,482.60 | 1,53,351 | 57.31 | 36.15 | 22.61% | 0.04 | 1,259.00 to 1,707.50 |
| Polycab India | 8,025 | 1,25,388 | 43.16 | 49.96 | 22.25% | 0.02 | 6,663.00 to 10,126.00 |
| Apollo Hospitals Enterprise | 7,700 | 1,14,101 | 52.53 | 60.75 | 20.48% | 0.90 | 6,696.50 to 9,070.50 |
Divi’s Labs: Debt-to-Equity of 0.00
Divi’s Laboratories makes active pharmaceutical ingredients and intermediates and runs a large custom synthesis business for global drug companies. It reported FY26 revenue of Rs 11,067 crore, up 13.95% year on year, and net profit of Rs 2,568 crore, up 17.21%. Revenue has compounded at 5.09% a year since FY22. Operating margin was 36.70% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
In the June 2026 quarter, revenue rose 24.32% to Rs 3,144 crore and net profit grew 65.50% to Rs 902 crore. The share price has gained 71.04% over five years and 38.43% over the past year. Foreign investors raised their holding from 19.39% in September 2025 to 20.38% in September 2026. The stock trades at a PE of 82.05 against an industry PE of 36.42, with a return on equity of 15.32%.
Pidilite: Return on Equity of 22.61%
Pidilite Industries makes Fevicol, Dr. Fixit and other adhesives and construction chemicals. It reported FY26 revenue of Rs 14,867.01 crore, up 11.05% year on year, and net profit of Rs 2,470.72 crore, up 17.87%. Net profit has compounded at 19.62% a year since FY22, while revenue has grown 10.54% a year. Operating margin was 25.81% in FY26. The debt-to-equity ratio is 0.04, which keeps interest costs low.
The stock trades at a PE of 57.31 against an industry PE of 36.15, with a return on equity of 22.61%. In the June 2026 quarter, revenue rose 20.96% to Rs 4,643.55 crore and net profit grew 30.29% to Rs 883.51 crore. Domestic institutions raised their holding from 9.15% in June 2025 to 9.88% in June 2026.
Polycab: 33.79% Profit CAGR Since FY22
Polycab India is a leading maker of wires and cables in India, with a growing fast-moving electrical goods business. It reported FY26 revenue of Rs 29,120.04 crore, up 28.76% year on year, and net profit of Rs 2,708.43 crore, up 32.41%. Net profit has compounded at 33.79% a year since FY22, while revenue has grown 24.06% a year. Operating margin was 14.69% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.
In the June 2026 quarter, revenue rose 38.90% to Rs 8,314.65 crore and net profit grew 32.84% to Rs 796.65 crore. The share price has gained 230.55% over five years. Foreign investors raised their holding from 11.44% in June 2025 to 19.00% in June 2026. The stock trades at a PE of 43.16 against an industry PE of 49.96, below the sector average, with a return on equity of 22.25%.
Apollo Hospitals: Return on Equity of 20.48%
Apollo Hospitals Enterprise runs one of India’s largest hospital networks and also operates pharmacies and a digital health platform. It reported FY26 revenue of Rs 25,420.10 crore, up 15.58% year on year, and net profit of Rs 2,002.70 crore, up 33.06%. Net profit has compounded at 16.13% a year since FY22, while revenue has grown 14.59% a year. Operating margin was 15.80% in FY26.
The stock trades at a PE of 52.53 against an industry PE of 60.75, below the sector average, with a return on equity of 20.48%. In the June 2026 quarter, revenue rose 20.57% to Rs 7,092.30 crore and net profit grew 38.41% to Rs 610.40 crore. The share price has gained 83.08% over five years. Domestic institutions raised their holding from 21.12% in September 2025 to 22.07% in September 2026.
Stocks With Price-to-Book Between 10 and 20: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with price-to-book between 10 and 20. 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) |
|---|---|---|---|---|---|---|
| Divi’s Labs | 11,067 | 2,568 | 13.95% | 5.09% | 24.32% | 42.82% |
| Pidilite | 14,867.01 | 2,470.72 | 11.05% | 10.54% | 20.96% | 28.62% |
| Polycab | 29,120.04 | 2,708.43 | 28.76% | 24.06% | 38.90% | 15.12% |
| Apollo Hospitals | 25,420.10 | 2,002.70 | 15.58% | 14.59% | 20.57% | 16.39% |
Check the Univest Screener for live data on these stocks with price-to-book between 10 and 20
Institutional Holding in Divi’s Labs, Pidilite, Polycab and Apollo Hospitals
Institutional holding shows who is backing these stocks with price-to-book between 10 and 20 alongside the promoter. The table uses the latest reported quarter for each. Apollo Hospitals has the deepest institutional backing, with FII and DII together holding 65.25% as of September 2026. Domestic institutions increased their holding over the past year in Pidilite (from 9.15% to 9.88%) and Apollo Hospitals (from 21.12% to 22.07%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Divi’s Labs | 51.88% | 20.38% | 19.17% | 8.58% | September 2026 |
| Pidilite | 69.24% | 11.69% | 9.88% | 9.18% | June 2026 |
| Polycab | 61.46% | 19.00% | 7.62% | 11.92% | June 2026 |
| Apollo Hospitals | 28.02% | 43.18% | 22.07% | 6.72% | September 2026 |
Risks to Weigh in Stocks With Price-to-Book Between 10 and 20
Being careful with stocks with price-to-book between 10 and 20 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: Divi’s Labs trades at a PE of 82.05 against an industry PE of 36.42, 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 Price-to-Book Between 10 and 20
Picking from stocks with price-to-book between 10 and 20 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 (36.15 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 stocks with price-to-book between 10 and 20, Divi’s Labs stands out for the strongest latest-quarter profit growth at 65.50%, Pidilite for the highest return on equity at 22.61%, Polycab for the fastest profit growth, 33.79% a year since FY22 and Apollo Hospitals for 15.58% 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 stocks with price-to-book between 10 and 20 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 Between 10 and 20 to Watch
Which are the best stocks with price-to-book between 10 and 20 to watch for multibagger potential?
Ans. Divi’s Labs, Pidilite, Polycab and Apollo Hospitals are the 4 names this list highlights, with market caps of Rs 2,39,982 crore, Rs 1,53,351 crore, Rs 1,25,388 crore and Rs 1,14,101 crore respectively. Divi’s Labs is notable for the strongest latest-quarter profit growth at 65.50%. Pidilite stands out for the highest return on equity at 22.61%. Polycab offers the fastest profit growth, 33.79% a year since FY22. Apollo Hospitals brings 15.58% revenue growth in FY26. These are watchlist names for stocks with price-to-book between 10 and 20, not recommendations, so match each one to your own risk profile and time horizon.
Is Pidilite a good stock for long-term investors?
Ans. Pidilite has a return on equity of 22.61%, a PE of 57.31 against an industry PE of 36.15 and a market cap of Rs 1,53,351 crore. Net profit has compounded at 19.62% a year since FY22, and FY26 revenue rose 11.05% while June 2026 quarter net profit grew 30.29%. Long-term returns in stocks with price-to-book between 10 and 20 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Polycab become a multibagger from here?
Ans. Polycab has already gained 230.55% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with price-to-book between 10 and 20 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 33.79% a year since FY22, and FY26 revenue rose 28.76%. At a PE of 43.16 against an industry PE of 49.96, valuation should be checked against that growth before investing.
What is the market cap of Divi’s Labs, Pidilite, Polycab and Apollo Hospitals?
Ans. As of 20 October 2026, Divi’s Labs has a market cap of Rs 2,39,982 crore, Pidilite has a market cap of Rs 1,53,351 crore, Polycab has a market cap of Rs 1,25,388 crore and Apollo Hospitals has a market cap of Rs 1,14,101 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 between 10 and 20.
What are the risks of investing in stocks with price-to-book between 10 and 20?
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. Divi’s Labs trades at a PE of 82.05 against an industry PE of 36.42, so earnings growth needs to hold up.
Why is Divi’s Labs trading at a PE of 82.05?
Ans. Divi’s Labs’ PE of 82.05 compares with an industry PE of 36.42. The market is paying a premium for a return on equity of 15.32% and latest-quarter profit growth of 65.50%, which also means the stock is more sensitive if growth slows. Investors in stocks with price-to-book between 10 and 20 who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in Divi’s Labs, Pidilite, Polycab and Apollo Hospitals?
Ans. As of the latest reported quarter, FII and DII together hold 39.55% of Divi’s Labs (20.38% and 19.17%), 21.57% of Pidilite (11.69% and 9.88%), 26.62% of Polycab (19.00% and 7.62%) and 65.25% of Apollo Hospitals (43.18% and 22.07%). Rising institutional holding is a useful signal in stocks with price-to-book between 10 and 20, though it should be read with earnings trends rather than on its own.
