4 Midcap Quarterly Operating Margin Above 20 Per Cent Stocks to Watch for Future Multibagger Potential: Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma
- October 28, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Max Healthcare Rs 845. Sona BLW Rs 851.85. Navin Fluorine Rs 8,254. Ajanta Pharma Rs 3,353.60. Market caps from Rs 42,214 crore to Rs 86,261 crore. Data as of 27 Oct 2026.
Quick Answer
Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma are the 4 picks in this quarterly operating margin above 20 per cent stocks watchlist, with market caps between Rs 42,214 crore and Rs 86,261 crore. Max Healthcare stands out for the biggest five-year price gain at 149.91%, while Sona BLW offers a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.07. PE ratios run from 37.20 to 80.84, so compare each one with its industry PE before investing. All figures are as of 27 October 2026.
Quarterly operating margin above 20 per cent stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma meet that test, with market caps from Rs 42,214 crore to Rs 86,261 crore and Max Healthcare offering the biggest five-year price gain at 149.91%. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a latest quarter operating profit margin above 20 per cent, 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 market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a latest quarter operating profit margin above 20 per cent, 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, 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 quarterly operating margin above 20 per cent stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 27 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Quarterly Operating Margin Above 20 Per Cent Stocks and Why Do They Attract Multibagger Interest?
Quarterly operating margin above 20 per cent stocks are shares of mid sized companies that kept more than 20 paise of operating profit from every rupee of sales in the latest quarter, a margin that shows strong pricing power and cost control. The four here cover hospitals, auto components, specialty chemicals and pharmaceuticals.
A margin above 20 per cent in the latest quarter shows that a business is earning well on its sales right now, not just on paper last year. Within quarterly operating margin above 20 per cent stocks, the four companies show rising profit. For quarterly operating margin above 20 per cent stocks, both FY26 and the latest quarter showed growth. Whichever way you read quarterly operating margin above 20 per cent stocks, the common thread is rising profit backed by complete financial data. With quarterly operating margin above 20 per cent stocks, comparing valuation, growth and balance sheet strength together works better than relying on one number. Every company in the table below passed a rising-profit check, and the figures for quarterly operating margin above 20 per cent stocks are complete. Read each company’s latest results and exchange filings before acting on quarterly operating margin above 20 per cent stocks.
Quarterly Operating Margin Above 20 Per Cent Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 27 October 2026. Ajanta Pharma combines the lowest PE of the group, 37.20, with the highest return on equity, 23.33%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Max Healthcare Institute | 845 | 86,261 | 59.20 | 60.75 | 13.42% | 0.32 | 815.00 to 1,221.90 |
| Sona BLW Precision Forgings | 851.85 | 55,454 | 80.84 | 37.33 | 10.70% | 0.07 | 434.40 to 851.85 |
| Navin Fluorine International | 8,254 | 42,813 | 54.22 | 36.42 | 16.69% | 0.32 | 4,772.20 to 8,949.50 |
| Ajanta Pharma | 3,353.60 | 42,214 | 37.20 | 36.35 | 23.33% | 0.06 | 2,380.20 to 3,796.00 |
Max Healthcare: 24.26% Profit CAGR Since FY22
Max Healthcare Institute runs a network of multi-speciality hospitals in Delhi NCR, Mumbai and other cities. It reported FY26 revenue of Rs 8,536.07 crore, up 18.82% year on year, and net profit of Rs 1,442.41 crore, up 34.07%. Net profit has compounded at 24.26% a year since FY22, while revenue has grown 20.42% a year. Operating margin was 28.15% in FY26. The debt-to-equity ratio is 0.32.
In the June 2026 quarter, revenue rose 16.60% to Rs 2,406.69 crore and net profit grew 4.87% to Rs 322.96 crore. The share price has gained 149.91% over five years. Domestic institutions raised their holding from 17.42% in June 2025 to 29.96% in June 2026. The stock trades at a PE of 59.20 against an industry PE of 60.75, below the sector average, with a return on equity of 13.42%.
Sona BLW: Revenue Up 24.19% in FY26
Sona BLW makes differential gears, motors and drive systems for electric and conventional vehicles for customers around the world. It reported FY26 revenue of Rs 4,572.11 crore, up 24.19% year on year, and net profit of Rs 629.19 crore, up 4.92%. Net profit has compounded at 14.86% a year since FY22, while revenue has grown 20.75% a year. Operating margin was 25.91% in FY26. The debt-to-equity ratio is 0.07, which keeps interest costs low.
The stock trades at a PE of 80.84 against an industry PE of 37.33. In the June 2026 quarter, revenue rose 49.27% to Rs 1,336.07 crore and net profit grew 46.67% to Rs 178.51 crore. The share price is up 70.74% over the past year. Domestic institutions raised their holding from 34.59% in June 2025 to 41.61% in June 2026.
Navin Fluorine: 26.02% Profit CAGR Since FY22
Navin Fluorine International makes specialty fluorochemicals, refrigerant gases and contract research and manufacturing services. It reported FY26 revenue of Rs 3,379.19 crore, up 41.20% year on year, and net profit of Rs 663.56 crore, up 129.92%. Net profit has compounded at 26.02% a year since FY22, while revenue has grown 22.66% a year. Operating margin was 34.41% in FY26. The debt-to-equity ratio is 0.32.
In the June 2026 quarter, revenue rose 46.11% to Rs 1,080.17 crore and net profit grew 107.66% to Rs 243.31 crore. The share price has gained 111.47% over five years and 61.62% over the past year. Foreign investors raised their holding from 21.98% in July 2025 to 23.73% in June 2026. The stock trades at a PE of 54.22 against an industry PE of 36.42, with a return on equity of 16.69%.
Ajanta Pharma: Return on Equity of 23.33%
Ajanta Pharma sells branded generics in ophthalmology, dermatology, cardiology and pain management in India, Africa and Asia. It reported FY26 revenue of Rs 5,624.93 crore, up 18.60% year on year, and net profit of Rs 1,056 crore, up 14.73%. Net profit has compounded at 10.33% a year since FY22, while revenue has grown 12.94% a year. Operating margin was 28.74% in FY26. The debt-to-equity ratio is 0.06, which keeps interest costs low.
The stock trades at a PE of 37.20 against an industry PE of 36.35, with a return on equity of 23.33%. In the June 2026 quarter, revenue rose 27.68% to Rs 1,696.86 crore and net profit grew 30.89% to Rs 334.22 crore. The share price has gained 125.31% over five years and 35.42% over the past year. Domestic institutions raised their holding from 17.90% in September 2025 to 21.94% in September 2026.
Quarterly Operating Margin Above 20 Per Cent Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these quarterly operating margin above 20 per cent 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) |
|---|---|---|---|---|---|---|
| Max Healthcare | 8,536.07 | 1,442.41 | 18.82% | 20.42% | 24.26% | 27.00% |
| Sona BLW | 4,572.11 | 629.19 | 24.19% | 20.75% | 14.86% | 25.23% |
| Navin Fluorine | 3,379.19 | 663.56 | 41.20% | 22.66% | 26.02% | 37.52% |
| Ajanta Pharma | 5,624.93 | 1,056 | 18.60% | 12.94% | 10.33% | 30.41% |
Institutional Holding in Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma
Institutional holding shows who is backing these quarterly operating margin above 20 per cent stocks alongside the promoter. The table uses the latest reported quarter for each. Max Healthcare has the deepest institutional backing, with FII and DII together holding 71.74% as of June 2026. Domestic institutions increased their holding over the past year in Max Healthcare (from 17.42% to 29.96%), Sona BLW (from 34.59% to 41.61%) and Ajanta Pharma (from 17.90% to 21.94%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Max Healthcare | 23.71% | 41.78% | 29.96% | 4.56% | June 2026 |
| Sona BLW | 28.01% | 23.61% | 41.61% | 6.77% | June 2026 |
| Navin Fluorine | 27.08% | 23.73% | 28.46% | 20.73% | June 2026 |
| Ajanta Pharma | 63.47% | 7.63% | 21.94% | 6.96% | September 2026 |
Risks to Weigh in Quarterly Operating Margin Above 20 Per Cent Stocks
Being careful with quarterly operating margin above 20 per cent 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: Sona BLW trades at a PE of 80.84 against an industry PE of 37.33, 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 Quarterly Operating Margin Above 20 Per Cent Stocks
Picking from quarterly operating margin above 20 per cent 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 (36.35 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 quarterly operating margin above 20 per cent stocks, Max Healthcare stands out for the biggest five-year price gain at 149.91%, Sona BLW for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.07, Navin Fluorine for the fastest profit growth, 26.02% a year since FY22 and Ajanta Pharma for the highest return on equity at 23.33%. 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 quarterly operating margin above 20 per cent 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 Quarterly Operating Margin Above 20 Per Cent Stocks to Watch
Which are the best quarterly operating margin above 20 per cent stocks to watch for multibagger potential?
Ans. Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma are the 4 names this list highlights, with market caps of Rs 86,261 crore, Rs 55,454 crore, Rs 42,813 crore and Rs 42,214 crore respectively. Max Healthcare is notable for the biggest five-year price gain at 149.91%. Sona BLW stands out for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.07. Navin Fluorine offers the fastest profit growth, 26.02% a year since FY22. Ajanta Pharma brings the highest return on equity at 23.33%. These are watchlist names for quarterly operating margin above 20 per cent stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Ajanta Pharma a good stock for long-term investors?
Ans. Ajanta Pharma has a return on equity of 23.33%, a PE of 37.20 against an industry PE of 36.35 and a market cap of Rs 42,214 crore. Net profit has compounded at 10.33% a year since FY22, and FY26 revenue rose 18.60% while June 2026 quarter net profit grew 30.89%. Long-term returns in quarterly operating margin above 20 per cent stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Navin Fluorine become a multibagger from here?
Ans. Navin Fluorine has already gained 111.47% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in quarterly operating margin above 20 per cent stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.02% a year since FY22, and FY26 revenue rose 41.20%. At a PE of 54.22 against an industry PE of 36.42, valuation should be checked against that growth before investing.
What is the market cap of Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma?
Ans. As of 27 October 2026, Max Healthcare has a market cap of Rs 86,261 crore, Sona BLW has a market cap of Rs 55,454 crore, Navin Fluorine has a market cap of Rs 42,813 crore and Ajanta Pharma has a market cap of Rs 42,214 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 quarterly operating margin above 20 per cent stocks.
What are the risks of investing in quarterly operating margin above 20 per cent 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. Sona BLW trades at a PE of 80.84 against an industry PE of 37.33, so earnings growth needs to hold up.
Why is Sona BLW trading at a PE of 80.84?
Ans. Sona BLW’s PE of 80.84 compares with an industry PE of 37.33. The market is paying a premium for profit growth of 14.86% a year since FY22, latest-quarter profit growth of 46.67% and FY26 revenue growth of 24.19%, which also means the stock is more sensitive if growth slows. Investors in quarterly operating margin above 20 per cent 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 Max Healthcare, Sona BLW, Navin Fluorine and Ajanta Pharma?
Ans. As of the latest reported quarter, FII and DII together hold 71.74% of Max Healthcare (41.78% and 29.96%), 65.22% of Sona BLW (23.61% and 41.61%), 52.19% of Navin Fluorine (23.73% and 28.46%) and 29.57% of Ajanta Pharma (7.63% and 21.94%). Rising institutional holding is a useful signal in quarterly operating margin above 20 per cent stocks, though it should be read with earnings trends rather than on its own.
