4 Midcap Revenue Growth Above 20 Per Cent Stocks to Watch for Future Multibagger Potential: Lupin, Waaree Energies, Sona BLW and Narayana Health
- October 27, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Lupin Rs 1,959.90. Waaree Energies Rs 2,319. Sona BLW Rs 781.90. Narayana Health Rs 1,662.30. Market caps from Rs 33,634 crore to Rs 91,359 crore. Data as of 26 Oct 2026.
Quick Answer
Lupin, Waaree Energies, Sona BLW and Narayana Health are the 4 picks in this revenue growth above 20 per cent stocks watchlist, with market caps between Rs 33,634 crore and Rs 91,359 crore. Lupin stands out for the lowest PE of the group at 16.46, while Waaree Energies offers the highest return on equity at 25.71%. PE ratios run from 16.46 to 74.20, so compare each one with its industry PE before investing. All figures are as of 26 October 2026.
Revenue growth 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. Lupin, Waaree Energies, Sona BLW and Narayana Health meet that test, with market caps from Rs 33,634 crore to Rs 91,359 crore and Lupin offering the lowest PE of the group at 16.46. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and FY26 revenue growth 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 FY26 revenue growth 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 revenue growth 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 26 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Revenue Growth Above 20 Per Cent Stocks and Why Do They Attract Multibagger Interest?
Revenue growth above 20 per cent stocks are shares of mid sized companies whose sales grew by more than 20 per cent in FY26, a pace that shows strong demand for their products and services. The four here cover pharmaceuticals, solar modules, auto components and hospitals.
Sales growing faster than a fifth in a year is a clear sign that a company is winning customers and gaining market share. For revenue growth above 20 per cent stocks, both FY26 and the latest quarter showed growth. Whichever way you read revenue growth above 20 per cent stocks, the common thread is rising profit backed by complete financial data. For revenue growth above 20 per cent stocks, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of revenue growth above 20 per cent stocks, using FY26 and latest quarter data. Prices move daily, so recheck the figures for revenue growth above 20 per cent stocks before you decide.
Revenue Growth Above 20 Per Cent Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 26 October 2026. Lupin has the lowest PE of the group at 16.46, while Waaree Energies posts the highest return on equity at 25.71%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Lupin | 1,959.90 | 91,359 | 16.46 | 36.42 | 23.76% | 0.29 | 1,900.00 to 2,529.50 |
| Waaree Energies | 2,319 | 70,098 | 17.51 | 45.89 | 25.71% | 0.22 | 2,281.80 to 3,718.80 |
| Sona BLW Precision Forgings | 781.90 | 50,901 | 74.20 | 37.33 | 10.70% | 0.07 | 434.40 to 844.00 |
| Narayana Hrudayalaya | 1,662.30 | 33,634 | 41.18 | 60.75 | 17.76% | 1.29 | 1,589.00 to 2,093.30 |
Lupin: Revenue Up 26.76% in FY26
Lupin is a global pharmaceutical company with a large presence in the United States, India and other markets across generics, branded drugs and respiratory products. It reported FY26 revenue of Rs 29,038.95 crore, up 26.76% year on year, and net profit of Rs 5,355.47 crore, up 61.98%. Revenue has compounded at 14.98% a year since FY22. Operating margin was 31.06% in FY26. The debt-to-equity ratio is 0.29.
In the June 2026 quarter, revenue rose 32.45% to Rs 8,407.21 crore and net profit grew 16.01% to Rs 1,416.98 crore. The share price has gained 111.00% over five years. Foreign investors raised their holding from 21.25% in June 2025 to 22.42% in June 2026. The stock trades at a PE of 16.46 against an industry PE of 36.42, below the sector average, with a return on equity of 23.76%.
Waaree Energies: Revenue Up 83.52% in FY26
Waaree Energies is one of India’s largest solar module makers by capacity and manufactures solar cells and modules. It reported FY26 revenue of Rs 27,244.92 crore, up 83.52% year on year, and net profit of Rs 3,884.15 crore, up 101.45%. Revenue has compounded at 74.31% a year since FY22. Operating margin was 23.82% in FY26. The debt-to-equity ratio is 0.22.
The stock trades at a PE of 17.51 against an industry PE of 45.89, below the sector average, with a return on equity of 25.71%. In the June 2026 quarter, revenue rose 76.25% to Rs 8,102.60 crore and net profit grew 15.39% to Rs 891.87 crore. Domestic institutions raised their holding from 2.82% in September 2025 to 4.09% in September 2026.
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.
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. The stock trades at a PE of 74.20 against an industry PE of 37.33.
Narayana Health: 24.06% Profit CAGR Since FY22
Narayana Health runs a network of multi-speciality hospitals, with a strong cardiac care franchise and a presence in India and the Cayman Islands. It reported FY26 revenue of Rs 7,996.25 crore, up 43.43% year on year, and net profit of Rs 810.46 crore, up 2.61%. Net profit has compounded at 24.06% a year since FY22, while revenue has grown 20.95% a year. Operating margin was 21.25% in FY26.
The stock trades at a PE of 41.18 against an industry PE of 60.75, below the sector average, with a return on equity of 17.76%. In the June 2026 quarter, revenue rose 77.60% to Rs 2,719.11 crore and net profit grew 5.37% to Rs 207.27 crore. The share price has gained 225.59% over five years. Domestic institutions raised their holding from 7.76% in September 2025 to 10.68% in September 2026.
Revenue Growth Above 20 Per Cent Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these revenue growth 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 | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Lupin | 29,038.95 | 5,355.47 | 26.76% | 14.98% | 32.45% | 31.40% |
| Waaree Energies | 27,244.92 | 3,884.15 | 83.52% | 74.31% | 76.25% | 20.31% |
| Sona BLW | 4,572.11 | 629.19 | 24.19% | 20.75% | 49.27% | 25.23% |
| Narayana Health | 7,996.25 | 810.46 | 43.43% | 20.95% | 77.60% | 18.75% |
Check the Univest Screener for live data on these revenue growth above 20 per cent stocks
Institutional Holding in Lupin, Waaree Energies, Sona BLW and Narayana Health
Institutional holding shows who is backing these revenue growth above 20 per cent stocks alongside the promoter. The table uses the latest reported quarter for each. Sona BLW has the deepest institutional backing, with FII and DII together holding 65.22% as of June 2026. Domestic institutions increased their holding over the past year in Waaree Energies (from 2.82% to 4.09%), Sona BLW (from 34.59% to 41.61%) and Narayana Health (from 7.76% to 10.68%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Lupin | 46.85% | 22.42% | 24.65% | 6.08% | June 2026 |
| Waaree Energies | 64.12% | 8.57% | 4.09% | 23.22% | September 2026 |
| Sona BLW | 28.01% | 23.61% | 41.61% | 6.77% | June 2026 |
| Narayana Health | 63.27% | 9.01% | 10.68% | 17.04% | September 2026 |
Risks to Weigh in Revenue Growth Above 20 Per Cent Stocks
Being careful with revenue growth 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 74.20 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 Revenue Growth Above 20 Per Cent Stocks
Picking from revenue growth 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 (36.42 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 revenue growth above 20 per cent stocks, Lupin stands out for the lowest PE of the group at 16.46, Waaree Energies for the highest return on equity at 25.71%, Sona BLW for the strongest latest-quarter profit growth at 46.67% and Narayana Health for the fastest profit growth, 24.06% 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 revenue growth 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 Revenue Growth Above 20 Per Cent Stocks to Watch
Which are the best revenue growth above 20 per cent stocks to watch for multibagger potential?
Ans. Lupin, Waaree Energies, Sona BLW and Narayana Health are the 4 names this list highlights, with market caps of Rs 91,359 crore, Rs 70,098 crore, Rs 50,901 crore and Rs 33,634 crore respectively. Lupin is notable for the lowest PE of the group at 16.46. Waaree Energies stands out for the highest return on equity at 25.71%. Sona BLW offers the strongest latest-quarter profit growth at 46.67%. Narayana Health brings the fastest profit growth, 24.06% a year since FY22. These are watchlist names for revenue growth above 20 per cent stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Waaree Energies a good stock for long-term investors?
Ans. Waaree Energies has a return on equity of 25.71%, a PE of 17.51 against an industry PE of 45.89 and a market cap of Rs 70,098 crore. FY26 revenue rose 83.52%, and June 2026 quarter net profit grew 15.39%. Long-term returns in revenue growth 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 Narayana Health become a multibagger from here?
Ans. Narayana Health has already gained 225.59% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in revenue growth above 20 per cent stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 24.06% a year since FY22, and FY26 revenue rose 43.43%. At a PE of 41.18 against an industry PE of 60.75, valuation should be checked against that growth before investing.
What is the market cap of Lupin, Waaree Energies, Sona BLW and Narayana Health?
Ans. As of 26 October 2026, Lupin has a market cap of Rs 91,359 crore, Waaree Energies has a market cap of Rs 70,098 crore, Sona BLW has a market cap of Rs 50,901 crore and Narayana Health has a market cap of Rs 33,634 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 revenue growth above 20 per cent stocks.
What are the risks of investing in revenue growth 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 74.20 against an industry PE of 37.33, so earnings growth needs to hold up.
Why is Sona BLW trading at a PE of 74.20?
Ans. Sona BLW’s PE of 74.20 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 revenue growth 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 Lupin, Waaree Energies, Sona BLW and Narayana Health?
Ans. As of the latest reported quarter, FII and DII together hold 47.07% of Lupin (22.42% and 24.65%), 12.66% of Waaree Energies (8.57% and 4.09%), 65.22% of Sona BLW (23.61% and 41.61%) and 19.69% of Narayana Health (9.01% and 10.68%). Rising institutional holding is a useful signal in revenue growth above 20 per cent stocks, though it should be read with earnings trends rather than on its own.
