4 Largecap Value Stocks to Watch for Future Multibagger Potential: HDFC Bank, ICICI Bank, SBI and LIC
- October 23, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
HDFC Bank Rs 694.05. ICICI Bank Rs 1,398.50. SBI Rs 970. LIC Rs 387.50. Market caps from Rs 4.98 lakh crore to Rs 11.23 lakh crore. Data as of 22 Oct 2026.
Quick Answer
HDFC Bank, ICICI Bank, SBI and LIC are the 4 picks in this value stocks watchlist, with market caps between Rs 4.98 lakh crore and Rs 11.23 lakh crore. HDFC Bank stands out for the largest market cap at Rs 11,22,628 crore, while ICICI Bank offers 5.95% revenue growth in FY26. PE ratios run from 8.30 to 16.09, so compare each one with its industry PE before investing. All figures are as of 22 October 2026.
Value stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. HDFC Bank, ICICI Bank, SBI and LIC meet that test, with market caps from Rs 4.98 lakh crore to Rs 11.23 lakh crore and HDFC Bank offering the largest market cap at Rs 11,22,628 crore. Each of these companies has a PE ratio below 20 and a price-to-book ratio below 3, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a PE ratio below 20 and a price-to-book ratio below 3, 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 value stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 22 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Value Stocks and Why Do They Attract Multibagger Interest?
Value stocks are shares of large companies priced at modest multiples of earnings and book value. The four here cover private banking, public sector banking and insurance.
Modest multiples with rising profit leave room for the price to catch up with earnings. For value stocks, latest quarter profit also rose. A sensible way to study value stocks is to look at profit growth, returns and valuation side by side. Below, each of value stocks gets its own breakdown of growth, returns and valuation. Treat value stocks as a research list, since share prices and rankings change with every earnings season.
Value Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 22 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 | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| HDFC Bank | 694.05 | 11,22,628 | 13.61 | 11.94 | 13.14% | 1.87 | 681.90 to 1,020.50 |
| ICICI Bank | 1,398.50 | 9,61,516 | 16.09 | 12.05 | 15.00% | 2.57 | 1,187.60 to 1,480.00 |
| State Bank of India | 970 | 8,80,754 | 9.82 | 12.05 | 14.29% | 1.50 | 877.05 to 1,234.70 |
| Life Insurance Corporation of India | 387.50 | 4,98,410 | 8.30 | 10.47 | 32.53% | 2.81 | 360.75 to 468.48 |
HDFC Bank: 20.04% Profit CAGR Since FY22
HDFC Bank is India’s largest private sector bank by assets and serves retail, business and corporate customers through a wide branch and digital network. It reported FY26 total income of Rs 4,95,462.81 crore, up 5.21% year on year, and net profit of Rs 79,219.46 crore, up 7.87%. Net profit has compounded at 20.04% a year since FY22, while total income has grown 31.11% a year.
In the September 2026 quarter, total income rose 9.11% to Rs 1,29,358.69 crore and net profit grew 5.76% to Rs 21,537.09 crore. Domestic institutions raised their holding from 36.26% in September 2025 to 43.63% in September 2026. The stock trades at a PE of 13.61 against an industry PE of 11.94, with a return on equity of 13.14%. The dividend yield is 2.13%.
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.
The stock trades at a PE of 16.09 against an industry PE of 12.05, with a return on equity of 15.00%. 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.
SBI: 23.72% Profit CAGR Since FY22
State Bank of India is the country’s largest lender, with a branch network that reaches every part of India. It reported FY26 total income of Rs 7,12,643.53 crore, up 7.43% year on year, and net profit of Rs 85,168.47 crore, up 7.78%. Net profit has compounded at 23.72% a year since FY22, while total income has grown 15.03% a year.
In the June 2026 quarter, total income rose 7.83% to Rs 1,80,061.86 crore and net profit grew 13.65% to Rs 24,579.04 crore. The share price has gained 92.86% over five years. Foreign investors raised their holding from 9.98% in July 2025 to 10.81% in June 2026. The stock trades at a PE of 9.82 against an industry PE of 12.05, below the sector average, with a return on equity of 14.29%. The dividend yield is 1.82%.
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.
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%. 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.
Value Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these value stocks. 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 |
|---|---|---|---|---|---|
| HDFC Bank | 4,95,462.81 | 79,219.46 | 5.21% | 31.11% | 20.04% |
| ICICI Bank | 3,12,118.36 | 57,673.39 | 5.95% | 18.64% | 22.29% |
| SBI | 7,12,643.53 | 85,168.47 | 7.43% | 15.03% | 23.72% |
| LIC | 9,90,211.25 | 57,453.15 | 10.23% | 7.96% | 93.19% |
Check the Univest Screener for live data on these value stocks
Institutional Holding in HDFC Bank, ICICI Bank, SBI and LIC
Institutional holding shows who is backing these value stocks 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 HDFC Bank (from 36.26% to 43.63%) and LIC (from 1.36% to 6.17%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| HDFC Bank | Nil | 39.40% | 43.63% | 16.97% | September 2026 |
| ICICI Bank | Nil | 50.44% | 41.78% | 7.78% | September 2026 |
| SBI | 55.47% | 10.81% | 26.64% | 7.08% | June 2026 |
| LIC | 90.00% | 1.55% | 6.17% | 2.28% | September 2026 |
Risks to Weigh in Value Stocks
Being careful with value 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: 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 Value Stocks
Picking from value stocks 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 (10.47 to 12.05) 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 value stocks, HDFC Bank stands out for the largest market cap at Rs 11,22,628 crore, ICICI Bank for 5.95% revenue growth in FY26, SBI for the biggest five-year price gain at 92.86% and LIC for the highest return on equity at 32.53%. 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 value 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 Value Stocks to Watch
Which are the best value stocks to watch for multibagger potential?
Ans. HDFC Bank, ICICI Bank, SBI and LIC are the 4 names this list highlights, with market caps of Rs 11,22,628 crore, Rs 9,61,516 crore, Rs 8,80,754 crore and Rs 4,98,410 crore respectively. HDFC Bank is notable for the largest market cap at Rs 11,22,628 crore. ICICI Bank stands out for 5.95% revenue growth in FY26. SBI offers the biggest five-year price gain at 92.86%. LIC brings the highest return on equity at 32.53%. These are watchlist names for value stocks, 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 value stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can SBI become a multibagger from here?
Ans. SBI has already gained 92.86% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in value stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 23.72% a year since FY22, and FY26 revenue rose 7.43%. At a PE of 9.82 against an industry PE of 12.05, valuation should be checked against that growth before investing.
What is the market cap of HDFC Bank, ICICI Bank, SBI and LIC?
Ans. As of 22 October 2026, HDFC Bank has a market cap of Rs 11,22,628 crore, ICICI Bank has a market cap of Rs 9,61,516 crore, SBI has a market cap of Rs 8,80,754 crore and LIC has a market cap of Rs 4,98,410 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 value stocks.
What are the risks of investing in value 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. 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 value 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 HDFC Bank, ICICI Bank, SBI and LIC?
Ans. As of the latest reported quarter, FII and DII together hold 83.03% of HDFC Bank (39.40% and 43.63%), 92.22% of ICICI Bank (50.44% and 41.78%), 37.45% of SBI (10.81% and 26.64%) and 7.72% of LIC (1.55% and 6.17%). Rising institutional holding is a useful signal in value stocks, though it should be read with earnings trends rather than on its own.
