4 Midcap Low Price to Book Stocks to Watch for Future Multibagger Potential: Coforge, NMDC, NALCO and Patanjali Foods
- October 26, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Coforge Rs 1,900.50. NMDC Rs 66.35. NALCO Rs 301.75. Patanjali Foods Rs 349.75. Market caps from Rs 38,469 crore to Rs 86,017 crore. Data as of 23 Oct 2026.
Quick Answer
Coforge, NMDC, NALCO and Patanjali Foods are the 4 picks in this low price to book stocks watchlist, with market caps between Rs 38,469 crore and Rs 86,017 crore. Coforge stands out for the fastest profit growth, 23.72% a year since FY22, while NMDC offers the lowest PE of the group at 8.05. PE ratios run from 8.05 to 44.79, so compare each one with its industry PE before investing. All figures are as of 23 October 2026.
Low price to book stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Coforge, NMDC, NALCO and Patanjali Foods meet that test, with market caps from Rs 38,469 crore to Rs 86,017 crore and Coforge offering the fastest profit growth, 23.72% a year since FY22. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a price-to-book ratio below 3.5 and a return on equity of at least 15 per cent, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a price-to-book ratio below 3.5 and a return on equity of at least 15 per cent, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap between Rs 30,000 crore and Rs 1 lakh crore. Investors screening low price to book stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 23 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Low Price to Book Stocks and Why Do They Attract Multibagger Interest?
Low price to book stocks are shares of mid sized companies that trade at a modest multiple of their book value yet earn strong returns on equity. The four here cover IT services, iron ore, aluminium and packaged foods.
A modest price-to-book ratio with strong returns points to value that the market has not fully priced in. For low price to book stocks, both FY26 and the latest quarter showed growth. A sensible way to study low price to book stocks is to look at profit growth, returns and valuation side by side. Below, each of low price to book stocks gets its own breakdown of growth, returns and valuation. Treat low price to book stocks as a research list, since share prices and rankings change with every earnings season.
Low Price to Book Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 23 October 2026. NMDC has the lowest PE of the group at 8.05, while NALCO posts the highest return on equity at 26.83%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Coforge | 1,900.50 | 86,017 | 44.79 | 17.66 | 16.31% | 0.08 | 1,008.10 to 2,021.20 |
| NMDC | 66.35 | 60,062 | 8.05 | 10.06 | 21.87% | 0.19 | 66.35 to 97.49 |
| National Aluminium Company | 301.75 | 57,000 | 8.45 | 12.46 | 26.83% | 0.00 | 222.71 to 445.15 |
| Patanjali Foods | 349.75 | 38,469 | 19.53 | 34.68 | 15.37% | 0.21 | 328.20 to 614.05 |
Coforge: 23.72% Profit CAGR Since FY22
Coforge is an IT services company serving clients in travel, banking, insurance and other industries. It reported FY26 revenue of Rs 16,475.90 crore, up 34.63% year on year, and net profit of Rs 1,674.50 crore, up 73.79%. Net profit has compounded at 23.72% a year since FY22, while revenue has grown 26.26% a year. Operating margin was 17.40% in FY26. The debt-to-equity ratio is 0.08, which keeps interest costs low.
In the June 2026 quarter, revenue rose 49.19% to Rs 5,554.50 crore and net profit grew 49.19% to Rs 531.70 crore. The share price has gained 73.24% over five years and 10.25% over the past year. The stock trades at a PE of 44.79 against an industry PE of 17.66, with a return on equity of 16.31%.
NMDC: Revenue Up 31.61% in FY26
NMDC is a government-owned miner and India’s largest iron ore producer. It reported FY26 revenue of Rs 33,559.27 crore, up 31.61% year on year, and net profit of Rs 7,415.37 crore, up 13.39%. Revenue has compounded at 5.90% a year since FY22. Operating margin was 33.51% in FY26. The debt-to-equity ratio is 0.19.
The stock trades at a PE of 8.05 against an industry PE of 10.06, below the sector average, with a return on equity of 21.87%. The dividend yield is 5.13%. In the June 2026 quarter, revenue rose 1.47% to Rs 7,142.54 crore and net profit grew 1.94% to Rs 2,005.71 crore. Foreign investors raised their holding from 12.21% in June 2025 to 13.59% in June 2026.
NALCO: Return on Equity of 26.83%
National Aluminium Company is a government-owned, integrated bauxite-to-aluminium producer with operations in Odisha. It reported FY26 revenue of Rs 18,508.88 crore, up 7.96% year on year, and net profit of Rs 5,797.01 crore, up 10.04%. Net profit has compounded at 18.38% a year since FY22, while revenue has grown 6.33% a year. Operating margin was 48.16% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
In the June 2026 quarter, revenue rose 39.31% to Rs 5,475.68 crore and net profit grew 90.87% to Rs 2,003.14 crore. The share price has gained 160.35% over five years and 39.86% over the past year. Foreign investors raised their holding from 15.06% in June 2025 to 21.99% in June 2026. The stock trades at a PE of 8.45 against an industry PE of 12.46, below the sector average, with a return on equity of 26.83%. The dividend yield is 3.70%.
Patanjali Foods: Quarterly Profit Up 86.14%
Patanjali Foods refines and sells edible oils and food products under brands such as Ruchi Gold and also runs an oil palm business. It reported FY26 revenue of Rs 40,347.78 crore, up 19.05% year on year, and net profit of Rs 1,814.47 crore, up 39.50%. Operating margin was 4.83% in FY26. The debt-to-equity ratio is 0.21.
The stock trades at a PE of 19.53 against an industry PE of 34.68, below the sector average, with a return on equity of 15.37%. In the June 2026 quarter, revenue rose 29.19% to Rs 11,341.89 crore and net profit grew 86.14% to Rs 335.73 crore. Domestic institutions raised their holding from 11.85% in September 2025 to 12.51% in September 2026.
Low Price to Book Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these low price to book 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) | Latest Quarter Revenue Growth | Net Profit Growth (YoY) | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Coforge | 16,475.90 | 1,674.50 | 34.63% | 49.19% | 73.79% | 18.63% |
| NMDC | 33,559.27 | 7,415.37 | 31.61% | 1.47% | 13.39% | 41.43% |
| NALCO | 18,508.88 | 5,797.01 | 7.96% | 39.31% | 10.04% | 54.34% |
| Patanjali Foods | 40,347.78 | 1,814.47 | 19.05% | 29.19% | 39.50% | 4.83% |
Check the Univest Screener for live data on these low price to book stocks
Institutional Holding in Coforge, NMDC, NALCO and Patanjali Foods
Institutional holding shows who is backing these low price to book stocks alongside the promoter. The table uses the latest reported quarter for each. Coforge has the deepest institutional backing, with FII and DII together holding 66.93% as of June 2026. Domestic institutions increased their holding over the past year in Patanjali Foods (from 11.85% to 12.51%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Coforge | Nil | 24.31% | 42.62% | 33.07% | June 2026 |
| NMDC | 60.79% | 13.59% | 13.81% | 11.80% | June 2026 |
| NALCO | 51.28% | 21.99% | 11.22% | 15.51% | June 2026 |
| Patanjali Foods | 68.25% | 7.24% | 12.51% | 12.00% | September 2026 |
Risks to Weigh in Low Price to Book Stocks
Being careful with low price to book 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: Coforge trades at a PE of 44.79 against an industry PE of 17.66, 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 Low Price to Book Stocks
Picking from low price to book 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 (10.06 to 34.68) 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 low price to book stocks, Coforge stands out for the fastest profit growth, 23.72% a year since FY22, NMDC for the lowest PE of the group at 8.05, NALCO for the highest return on equity at 26.83% and Patanjali Foods for 19.05% 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 low price to book 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 Low Price to Book Stocks to Watch
Which are the best low price to book stocks to watch for multibagger potential?
Ans. Coforge, NMDC, NALCO and Patanjali Foods are the 4 names this list highlights, with market caps of Rs 86,017 crore, Rs 60,062 crore, Rs 57,000 crore and Rs 38,469 crore respectively. Coforge is notable for the fastest profit growth, 23.72% a year since FY22. NMDC stands out for the lowest PE of the group at 8.05. NALCO offers the highest return on equity at 26.83%. Patanjali Foods brings 19.05% revenue growth in FY26. These are watchlist names for low price to book stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is NALCO a good stock for long-term investors?
Ans. NALCO has a return on equity of 26.83%, a PE of 8.45 against an industry PE of 12.46 and a market cap of Rs 57,000 crore. Net profit has compounded at 18.38% a year since FY22, and FY26 revenue rose 7.96% while June 2026 quarter net profit grew 90.87%. Long-term returns in low price to book stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Coforge become a multibagger from here?
Ans. Coforge has already gained 73.24% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in low price to book 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 34.63%. At a PE of 44.79 against an industry PE of 17.66, valuation should be checked against that growth before investing.
What is the market cap of Coforge, NMDC, NALCO and Patanjali Foods?
Ans. As of 23 October 2026, Coforge has a market cap of Rs 86,017 crore, NMDC has a market cap of Rs 60,062 crore, NALCO has a market cap of Rs 57,000 crore and Patanjali Foods has a market cap of Rs 38,469 crore. All of them qualify as midcaps. 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 low price to book stocks.
What are the risks of investing in low price to book 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. Coforge trades at a PE of 44.79 against an industry PE of 17.66, so earnings growth needs to hold up.
Why is Coforge trading at a PE of 44.79?
Ans. Coforge’s PE of 44.79 compares with an industry PE of 17.66. The market is paying a premium for a return on equity of 16.31%, profit growth of 23.72% a year since FY22 and latest-quarter profit growth of 49.19%, which also means the stock is more sensitive if growth slows. Investors in low price to book 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 Coforge, NMDC, NALCO and Patanjali Foods?
Ans. As of the latest reported quarter, FII and DII together hold 66.93% of Coforge (24.31% and 42.62%), 27.40% of NMDC (13.59% and 13.81%), 33.21% of NALCO (21.99% and 11.22%) and 19.75% of Patanjali Foods (7.24% and 12.51%). Rising institutional holding is a useful signal in low price to book stocks, though it should be read with earnings trends rather than on its own.
