4 Largecap Unchanged Promoter Holding Stocks to Watch for Future Multibagger Potential: TCS, HAL, Divi’s Labs and Cummins India
- October 29, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
TCS Rs 2,460. HAL Rs 4,850. Divi’s Labs Rs 9,558.50. Cummins India Rs 4,620. Market caps from Rs 1.39 lakh crore to Rs 8.17 lakh crore. Data as of 28 Oct 2026.
Quick Answer
TCS, HAL, Divi’s Labs and Cummins India are the 4 picks in this unchanged promoter holding stocks watchlist, with market caps between Rs 1.39 lakh crore and Rs 8.17 lakh crore. TCS stands out for the highest return on equity at 43.37%, while HAL offers the biggest five-year price gain at 607.71%. PE ratios run from 15.76 to 85.60, so compare each one with its industry PE before investing. All figures are as of 28 October 2026.
Unchanged promoter holding stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. TCS, HAL, Divi’s Labs and Cummins India meet that test, with market caps from Rs 1.39 lakh crore to Rs 8.17 lakh crore and TCS offering the highest return on equity at 43.37%. Each of these companies has a promoter holding that stayed unchanged in the latest quarter, 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 promoter holding that stayed unchanged in the latest quarter, 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, 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 unchanged promoter holding stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 28 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Unchanged Promoter Holding Stocks and Why Do They Attract Multibagger Interest?
Unchanged promoter holding stocks are shares of large companies whose promoters neither sold nor added shares in the latest quarter, a steady stance that shows continued commitment to the business. The four here cover IT services, aerospace and defence, pharmaceutical ingredients and engines.
When promoters hold on to their full stake through a quarter, it shows confidence in the long term path of the company, which is a quiet but useful signal for shareholders. For unchanged promoter holding stocks, both FY26 and the latest quarter showed growth. Investors researching unchanged promoter holding stocks get a fuller picture by reading growth and valuation together. The table below lines up unchanged promoter holding stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use unchanged promoter holding stocks as a starting point for your own research.
Unchanged Promoter Holding Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 28 October 2026. TCS combines the lowest PE of the group, 15.76, with the highest return on equity, 43.37%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Tata Consultancy Services | 2,460 | 8,17,302 | 15.76 | 18.27 | 43.37% | 0.10 | 1,976.80 to 3,350.00 |
| Hindustan Aeronautics | 4,850 | 3,31,342 | 35.55 | 48.59 | 22.21% | 0.00 | 3,479.10 to 5,149.90 |
| Divi’s Laboratories | 9,558.50 | 2,50,368 | 85.60 | 36.42 | 15.32% | 0.00 | 5,647.50 to 9,740.00 |
| Cummins India | 4,620 | 1,38,686 | 58.59 | 45.93 | 27.87% | 0.00 | 3,883.10 to 6,100.00 |
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.
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. The stock trades at a PE of 15.76 against an industry PE of 18.27, below the sector average, with a return on equity of 43.37%. The dividend yield is 4.87%.
HAL: Return on Equity of 22.21%
Hindustan Aeronautics is India’s state-owned aerospace company that designs, makes and services fighter jets, helicopters, engines and avionics. It reported FY26 revenue of Rs 36,787.95 crore, up 9.68% year on year, and net profit of Rs 9,115.52 crore, up 8.98%. Net profit has compounded at 15.74% a year since FY22, while revenue has grown 9.48% a year. Operating margin was 40.89% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
The stock trades at a PE of 35.55 against an industry PE of 48.59, below the sector average, with a return on equity of 22.21%. In the June 2026 quarter, revenue rose 15.26% to Rs 6,415.41 crore and net profit grew 14.88% to Rs 1,589.66 crore. The share price has gained 607.71% over five years. Domestic institutions raised their holding from 8.71% in September 2025 to 12.56% in September 2026.
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 85.60 against an industry PE of 36.42, with a return on equity of 15.32%.
Cummins India: 26.11% Profit CAGR Since FY22
Cummins India makes engines and power generation equipment and exports a share of its output. It reported FY26 revenue of Rs 12,660.53 crore, up 16.82% year on year, and net profit of Rs 2,361.75 crore, up 18.09%. Net profit has compounded at 26.11% a year since FY22, while revenue has grown 18.53% a year. Operating margin was 27.15% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
The stock trades at a PE of 58.59 against an industry PE of 45.93, with a return on equity of 27.87%. In the June 2026 quarter, revenue rose 17.19% to Rs 3,563.35 crore and net profit grew 0.89% to Rs 609.30 crore. The share price has gained 408.59% over five years and 16.98% over the past year. Foreign investors raised their holding from 17.50% in June 2025 to 21.19% in June 2026.
Unchanged Promoter Holding Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these unchanged promoter holding 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) |
|---|---|---|---|---|---|---|
| TCS | 2,71,423 | 49,454 | 4.68% | 8.51% | 11.79% | 27.53% |
| HAL | 36,787.95 | 9,115.52 | 9.68% | 9.48% | 15.26% | 44.22% |
| Divi’s Labs | 11,067 | 2,568 | 13.95% | 5.09% | 24.32% | 42.82% |
| Cummins India | 12,660.53 | 2,361.75 | 16.82% | 18.53% | 17.19% | 24.99% |
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Institutional Holding in TCS, HAL, Divi’s Labs and Cummins India
Institutional holding shows who is backing these unchanged promoter holding stocks alongside the promoter. The table uses the latest reported quarter for each. Cummins India has the deepest institutional backing, with FII and DII together holding 40.35% as of June 2026. Domestic institutions increased their holding over the past year in TCS (from 12.01% to 13.47%) and HAL (from 8.71% to 12.56%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| TCS | 71.77% | 9.06% | 13.47% | 5.70% | June 2026 |
| HAL | 71.64% | 9.42% | 12.56% | 6.38% | September 2026 |
| Divi’s Labs | 51.88% | 20.38% | 19.17% | 8.58% | September 2026 |
| Cummins India | 51.00% | 21.19% | 19.16% | 8.66% | June 2026 |
Risks to Weigh in Unchanged Promoter Holding Stocks
Being careful with unchanged promoter holding 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: Divi’s Labs trades at a PE of 85.60 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 Unchanged Promoter Holding Stocks
Picking from unchanged promoter holding 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 (18.27 to 48.59) 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 unchanged promoter holding stocks, TCS stands out for the highest return on equity at 43.37%, HAL for the biggest five-year price gain at 607.71%, Divi’s Labs for the strongest latest-quarter profit growth at 65.50% and Cummins India for the fastest profit growth, 26.11% a year since FY22. 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 unchanged promoter holding 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 Unchanged Promoter Holding Stocks to Watch
Which are the best unchanged promoter holding stocks to watch for multibagger potential?
Ans. TCS, HAL, Divi’s Labs and Cummins India are the 4 names this list highlights, with market caps of Rs 8,17,302 crore, Rs 3,31,342 crore, Rs 2,50,368 crore and Rs 1,38,686 crore respectively. TCS is notable for the highest return on equity at 43.37%. HAL stands out for the biggest five-year price gain at 607.71%. Divi’s Labs offers the strongest latest-quarter profit growth at 65.50%. Cummins India brings the fastest profit growth, 26.11% a year since FY22. These are watchlist names for unchanged promoter holding stocks, 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 15.76 against an industry PE of 18.27 and a market cap of Rs 8,17,302 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 unchanged promoter holding stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Cummins India become a multibagger from here?
Ans. Cummins India has already gained 408.59% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in unchanged promoter holding stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.11% a year since FY22, and FY26 revenue rose 16.82%. At a PE of 58.59 against an industry PE of 45.93, valuation should be checked against that growth before investing.
What is the market cap of TCS, HAL, Divi’s Labs and Cummins India?
Ans. As of 28 October 2026, TCS has a market cap of Rs 8,17,302 crore, HAL has a market cap of Rs 3,31,342 crore, Divi’s Labs has a market cap of Rs 2,50,368 crore and Cummins India has a market cap of Rs 1,38,686 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 unchanged promoter holding stocks.
What are the risks of investing in unchanged promoter holding 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. Divi’s Labs trades at a PE of 85.60 against an industry PE of 36.42, so earnings growth needs to hold up.
Why is Divi’s Labs trading at a PE of 85.60?
Ans. Divi’s Labs’ PE of 85.60 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 unchanged promoter holding 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 TCS, HAL, Divi’s Labs and Cummins India?
Ans. As of the latest reported quarter, FII and DII together hold 22.53% of TCS (9.06% and 13.47%), 21.98% of HAL (9.42% and 12.56%), 39.55% of Divi’s Labs (20.38% and 19.17%) and 40.35% of Cummins India (21.19% and 19.16%). Rising institutional holding is a useful signal in unchanged promoter holding stocks, though it should be read with earnings trends rather than on its own.
