3 Top Make in India Stocks to Watch for Future Multibagger Potential: HAL, CG Power and Syrma SGS
- October 21, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
HAL Rs 4,959. CG Power Rs 855. Syrma SGS Rs 1,547.60. Market caps from Rs 32,631 crore to Rs 3.33 lakh crore. Data as of 20 Oct 2026.
Quick Answer
HAL, CG Power and Syrma SGS are the 3 picks in this Make in India stocks watchlist, with market caps between Rs 32,631 crore and Rs 3.33 lakh crore. HAL stands out for the highest return on equity at 22.21%, while CG Power offers a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.01. PE ratios run from 35.73 to 103.94, so compare each one with its industry PE before investing. All figures are as of 20 October 2026.
Make in India stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. HAL, CG Power and Syrma SGS meet that test, with market caps from Rs 32,631 crore to Rs 3.33 lakh crore and HAL offering the highest return on equity at 22.21%. These companies build aircraft, power equipment and electronics in India, which links their growth to local manufacturing demand.
This list covers manufacturers with local production, rising profit and complete, verifiable financials, ranked by market capitalisation. Not every name here is a largecap, so the list takes the leading companies of the sector by market capitalisation. Investors screening Make in India stocks 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 Make in India Stocks and Why Do They Attract Multibagger Interest?
Make in India stocks are shares of companies that design and build products in India. The three here cover aircraft and helicopters, power and industrial equipment, and electronics manufacturing.
Government support for local production and rising demand for power, defence and electronics all feed orders to domestic makers. Among Make in India stocks, companies with a strong order book and growing profit are the ones investors compare in Make in India stocks.
Make in India Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 20 October 2026. HAL combines the lowest PE of the group, 35.73, with the highest return on equity, 22.21%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Hindustan Aeronautics | 4,959 | 3,33,050 | 35.73 | 48.59 | 22.21% | 0.00 | 3,479.10 to 5,149.90 |
| CG Power and Industrial Solutions | 855 | 1,28,873 | 103.94 | 45.89 | 15.13% | 0.01 | 525.50 to 980.90 |
| Syrma SGS Technology | 1,547.60 | 32,631 | 81.24 | 80.10 | 11.10% | 0.14 | 634.50 to 1,822.60 |
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.
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. The stock trades at a PE of 35.73 against an industry PE of 48.59, below the sector average, with a return on equity of 22.21%.
CG Power: Revenue Up 25.73% in FY26
CG Power and Industrial Solutions makes transformers, motors, drives and railway signalling products, and has entered semiconductor assembly. It reported FY26 revenue of Rs 12,662.22 crore, up 25.73% year on year, and net profit of Rs 1,196.73 crore, up 23.00%. Net profit has compounded at 17.42% a year since FY22, while revenue has grown 23.06% a year. Operating margin was 14.88% in FY26. The debt-to-equity ratio is 0.01, which keeps interest costs low.
The stock trades at a PE of 103.94 against an industry PE of 45.89, with a return on equity of 15.13%. In the June 2026 quarter, revenue rose 15.76% to Rs 3,364.39 crore and net profit grew 15.52% to Rs 308.28 crore. The share price has gained 563.19% over five years. Domestic institutions raised their holding from 16.33% in July 2025 to 18.30% in June 2026.
Syrma SGS: 45.84% Profit CAGR Since FY22
Syrma SGS Technology makes electronic products under contract for automotive, industrial, healthcare and consumer customers. It reported FY26 revenue of Rs 4,856.87 crore, up 26.61% year on year, and net profit of Rs 345.81 crore, up 87.48%. Net profit has compounded at 45.84% a year since FY22, while revenue has grown 39.45% a year. Operating margin was 11.99% in FY26. The debt-to-equity ratio is 0.14, which keeps interest costs low.
In the June 2026 quarter, revenue rose 67.05% to Rs 1,603.68 crore and net profit grew 111.72% to Rs 105.69 crore. The share price has gained 443.96% over five years and 112.17% over the past year. Foreign investors raised their holding from 7.06% in August 2025 to 7.52% in June 2026. The stock trades at a PE of 81.24 against an industry PE of 80.10.
Make in India Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these Make in India 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 | 4-Year Net Profit CAGR | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| HAL | 36,787.95 | 9,115.52 | 9.68% | 9.48% | 15.74% | 44.22% |
| CG Power | 12,662.22 | 1,196.73 | 25.73% | 23.06% | 17.42% | 14.66% |
| Syrma SGS | 4,856.87 | 345.81 | 26.61% | 39.45% | 45.84% | 11.12% |
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Institutional Holding in HAL, CG Power and Syrma SGS
Institutional holding shows who is backing these Make in India stocks alongside the promoter. The table uses the latest reported quarter for each. CG Power has the deepest institutional backing, with FII and DII together holding 30.27% as of June 2026. Domestic institutions increased their holding over the past year in HAL (from 8.71% to 12.56%) and CG Power (from 16.33% to 18.30%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| HAL | 71.64% | 9.42% | 12.56% | 6.38% | September 2026 |
| CG Power | 56.36% | 11.97% | 18.30% | 13.37% | June 2026 |
| Syrma SGS | 42.28% | 7.52% | 15.90% | 34.30% | June 2026 |
Risks to Weigh in Make in India Stocks
Being careful with Make in India stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:
- Large orders take time to turn into revenue.
- Policy support can change over time.
- Valuation: CG Power trades at a PE of 103.94 against an industry PE of 45.89, so earnings need to keep growing to support the price.
- Concentration: Holding all 3 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between Make in India Stocks
Picking from Make in India 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 (45.89 to 80.10) and ask whether the growth rate justifies any gap.
- Track the order book, the operating margin and net profit growth in every quarterly result.
- Stagger entries across quarters and review institutional holding every reporting season.
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Conclusion
Among Make in India stocks, HAL stands out for the highest return on equity at 22.21%, CG Power for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.01 and Syrma SGS for the fastest profit growth, 45.84% 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 Make in India 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 Make in India Stocks to Watch
Which are the best Make in India stocks to watch for multibagger potential?
Ans. HAL, CG Power and Syrma SGS are the 3 names this list highlights, with market caps of Rs 3,33,050 crore, Rs 1,28,873 crore and Rs 32,631 crore respectively. HAL is notable for the highest return on equity at 22.21%. CG Power stands out for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.01. Syrma SGS offers the fastest profit growth, 45.84% a year since FY22. These are watchlist names for Make in India stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is HAL a good stock for long-term investors?
Ans. HAL has a return on equity of 22.21%, a PE of 35.73 against an industry PE of 48.59 and a market cap of Rs 3,33,050 crore. Net profit has compounded at 15.74% a year since FY22, and FY26 revenue rose 9.68% while June 2026 quarter net profit grew 14.88%. Long-term returns in Make in India stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Syrma SGS become a multibagger from here?
Ans. Syrma SGS has already gained 443.96% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in Make in India stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 45.84% a year since FY22, and FY26 revenue rose 26.61%. At a PE of 81.24 against an industry PE of 80.10, valuation should be checked against that growth before investing.
What is the market cap of HAL, CG Power and Syrma SGS?
Ans. As of 20 October 2026, HAL has a market cap of Rs 3,33,050 crore, CG Power has a market cap of Rs 1,28,873 crore and Syrma SGS has a market cap of Rs 32,631 crore. HAL is the largest of the group. 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 Make in India stocks.
What are the risks of investing in Make in India 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. CG Power trades at a PE of 103.94 against an industry PE of 45.89, so earnings growth needs to hold up.
Why is CG Power trading at a PE of 103.94?
Ans. CG Power’s PE of 103.94 compares with an industry PE of 45.89. The market is paying a premium for a return on equity of 15.13%, profit growth of 17.42% a year since FY22 and latest-quarter profit growth of 15.52%, which also means the stock is more sensitive if growth slows. Investors in Make in India 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 HAL, CG Power and Syrma SGS?
Ans. As of the latest reported quarter, FII and DII together hold 21.98% of HAL (9.42% and 12.56%), 30.27% of CG Power (11.97% and 18.30%) and 23.42% of Syrma SGS (7.52% and 15.90%). Rising institutional holding is a useful signal in Make in India stocks, though it should be read with earnings trends rather than on its own.
