4 Midcap Stocks With PE Between 10 and 20 to Watch for Future Multibagger Potential: Lupin, Federal Bank, Waaree Energies and Patanjali Foods
- October 27, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Lupin Rs 1,959.90. Federal Bank Rs 344.40. Waaree Energies Rs 2,319. Patanjali Foods Rs 347.45. Market caps from Rs 38,216 crore to Rs 91,359 crore. Data as of 26 Oct 2026.
Quick Answer
Lupin, Federal Bank, Waaree Energies and Patanjali Foods are the 4 picks in this stocks with PE between 10 and 20 watchlist, with market caps between Rs 38,216 crore and Rs 91,359 crore. Lupin stands out for the largest market cap at Rs 91,359 crore, while Federal Bank offers the fastest profit growth, 22.90% a year since FY22. PE ratios run from 15.32 to 19.40, so compare each one with its industry PE before investing. All figures are as of 26 October 2026.
Stocks with PE between 10 and 20 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Lupin, Federal Bank, Waaree Energies and Patanjali Foods meet that test, with market caps from Rs 38,216 crore to Rs 91,359 crore and Lupin offering the largest market cap at Rs 91,359 crore. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a price to earnings ratio between 10 and 20, 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 price to earnings ratio between 10 and 20, 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 stocks with PE between 10 and 20 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 Stocks With PE Between 10 and 20 and Why Do They Attract Multibagger Interest?
Stocks with PE between 10 and 20 are shares that trade at 10 to 20 times earnings, a modest valuation range that leaves room for the share price to catch up with profit growth. The four here cover pharmaceuticals, private banking, solar modules and packaged foods.
A PE in this range means investors are paying a reasonable price for each rupee of earnings while profit keeps rising. For stocks with PE between 10 and 20, both FY26 and the latest quarter showed growth. For stocks with PE between 10 and 20, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of stocks with PE between 10 and 20, using FY26 and latest quarter data. Prices move daily, so recheck the figures for stocks with PE between 10 and 20 before you decide.
Stocks With PE Between 10 and 20 at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 26 October 2026. Federal Bank has the lowest PE of the group at 15.32, while Waaree Energies posts the highest return on equity at 25.71%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Lupin | 1,959.90 | 91,359 | 16.46 | 36.42 | 23.76% | 4.07 | 1,900.00 to 2,529.50 |
| Federal Bank | 344.40 | 82,518 | 15.32 | 11.94 | 12.60% | 2.00 | 211.52 to 371.70 |
| Waaree Energies | 2,319 | 70,098 | 17.51 | 45.89 | 25.71% | 4.85 | 2,281.80 to 3,718.80 |
| Patanjali Foods | 347.45 | 38,216 | 19.40 | 34.68 | 15.37% | 2.91 | 328.20 to 614.05 |
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%.
Federal Bank: 22.90% Profit CAGR Since FY22
Federal Bank is a Kerala-based private sector bank with a strong NRI deposit base and a growing retail, small business and digital franchise. It reported FY26 total income of Rs 34,272.42 crore, up 7.00% year on year, and net profit of Rs 4,483.38 crore, up 6.71%. Net profit has compounded at 22.90% a year since FY22, while total income has grown 20.05% a year.
The stock trades at a PE of 15.32 against an industry PE of 11.94, with a return on equity of 12.60%. In the September 2026 quarter, total income rose 19.01% to Rs 9,903.41 crore and net profit grew 53.42% to Rs 1,564.06 crore. The share price has gained 259.57% over five years and 57.58% over the past year. Domestic institutions raised their holding from 48.17% in June 2025 to 49.28% in June 2026.
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.
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. 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%.
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 19.40 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.
Stocks With PE Between 10 and 20: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with PE between 10 and 20. 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) |
|---|---|---|---|---|---|
| Lupin | 29,038.95 | 5,355.47 | 26.76% | 32.45% | 61.98% |
| Federal Bank | 34,272.42 | 4,483.38 | 7.00% | 19.01% | 6.71% |
| Waaree Energies | 27,244.92 | 3,884.15 | 83.52% | 76.25% | 101.45% |
| Patanjali Foods | 40,347.78 | 1,814.47 | 19.05% | 29.19% | 39.50% |
Check the Univest Screener for live data on these stocks with PE between 10 and 20
Institutional Holding in Lupin, Federal Bank, Waaree Energies and Patanjali Foods
Institutional holding shows who is backing these stocks with PE between 10 and 20 alongside the promoter. The table uses the latest reported quarter for each. Federal Bank has the deepest institutional backing, with FII and DII together holding 76.99% as of June 2026. Domestic institutions increased their holding over the past year in Federal Bank (from 48.17% to 49.28%), Waaree Energies (from 2.82% to 4.09%) and Patanjali Foods (from 11.85% to 12.51%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Lupin | 46.85% | 22.42% | 24.65% | 6.08% | June 2026 |
| Federal Bank | Nil | 27.71% | 49.28% | 23.01% | June 2026 |
| Waaree Energies | 64.12% | 8.57% | 4.09% | 23.22% | September 2026 |
| Patanjali Foods | 68.25% | 7.24% | 12.51% | 12.00% | September 2026 |
Risks to Weigh in Stocks With PE Between 10 and 20
Being careful with stocks with PE between 10 and 20 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: Federal Bank trades at a PE of 15.32 against an industry PE of 11.94, 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 Stocks With PE Between 10 and 20
Picking from stocks with PE between 10 and 20 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 (11.94 to 45.89) 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.
Download the Univest iOS App or Univest Android App to track Lupin, Federal Bank, Waaree Energies and Patanjali Foods live prices.
Conclusion
Among stocks with PE between 10 and 20, Lupin stands out for the largest market cap at Rs 91,359 crore, Federal Bank for the fastest profit growth, 22.90% a year since FY22, Waaree Energies for the highest return on equity at 25.71% and Patanjali Foods for the strongest latest-quarter profit growth at 86.14%. 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 stocks with PE between 10 and 20 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 Stocks With PE Between 10 and 20 to Watch
Which are the best stocks with PE between 10 and 20 to watch for multibagger potential?
Ans. Lupin, Federal Bank, Waaree Energies and Patanjali Foods are the 4 names this list highlights, with market caps of Rs 91,359 crore, Rs 82,518 crore, Rs 70,098 crore and Rs 38,216 crore respectively. Lupin is notable for the largest market cap at Rs 91,359 crore. Federal Bank stands out for the fastest profit growth, 22.90% a year since FY22. Waaree Energies offers the highest return on equity at 25.71%. Patanjali Foods brings the strongest latest-quarter profit growth at 86.14%. These are watchlist names for stocks with PE between 10 and 20, 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 stocks with PE between 10 and 20 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Federal Bank become a multibagger from here?
Ans. Federal Bank has already gained 259.57% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with PE between 10 and 20 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 22.90% a year since FY22, and FY26 revenue rose 7.00%. At a PE of 15.32 against an industry PE of 11.94, valuation should be checked against that growth before investing.
What is the market cap of Lupin, Federal Bank, Waaree Energies and Patanjali Foods?
Ans. As of 26 October 2026, Lupin has a market cap of Rs 91,359 crore, Federal Bank has a market cap of Rs 82,518 crore, Waaree Energies has a market cap of Rs 70,098 crore and Patanjali Foods has a market cap of Rs 38,216 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 stocks with PE between 10 and 20.
What are the risks of investing in stocks with PE between 10 and 20?
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. Federal Bank trades at a PE of 15.32 against an industry PE of 11.94, so earnings growth needs to hold up.
Why is Federal Bank trading at a PE of 15.32?
Ans. Federal Bank’s PE of 15.32 compares with an industry PE of 11.94. The market is paying a premium for profit growth of 22.90% a year since FY22 and latest-quarter profit growth of 53.42%, which also means the stock is more sensitive if growth slows. Investors in stocks with PE between 10 and 20 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, Federal Bank, Waaree Energies and Patanjali Foods?
Ans. As of the latest reported quarter, FII and DII together hold 47.07% of Lupin (22.42% and 24.65%), 76.99% of Federal Bank (27.71% and 49.28%), 12.66% of Waaree Energies (8.57% and 4.09%) and 19.75% of Patanjali Foods (7.24% and 12.51%). Rising institutional holding is a useful signal in stocks with PE between 10 and 20, though it should be read with earnings trends rather than on its own.
