4 Smallcap Shares to Buy to Watch for Future Multibagger Potential: ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects
- October 23, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
ACME Solar Rs 388.80. Craftsman Automation Rs 10,998. IIFL Finance Rs 567.90. Kalpataru Projects Rs 1,302.80. Market caps from Rs 23,924 crore to Rs 28,830 crore. Data as of 22 Oct 2026.
Quick Answer
ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects are the 4 picks in this shares to buy watchlist, with market caps between Rs 23,924 crore and Rs 28,830 crore. ACME Solar stands out for the fastest profit growth, 68.33% a year since FY22, while Craftsman Automation offers the biggest five-year price gain at 332.22%. PE ratios run from 11.32 to 61.85, so compare each one with its industry PE before investing. All figures are as of 22 October 2026.
Shares to buy to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects meet that test, with market caps from Rs 23,924 crore to Rs 28,830 crore and ACME Solar offering the fastest profit growth, 68.33% a year since FY22. Each of these companies has a market capitalisation below Rs 30,000 crore and a positive one-year return and FY26 profit growth 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 below Rs 30,000 crore and a positive one-year return and FY26 profit growth 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 below Rs 30,000 crore. Investors screening shares to buy usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 22 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Shares to Buy and Why Do They Attract Multibagger Interest?
Shares to buy are shares of companies that combine a rising price with fast-growing profit. The four here cover renewable power, auto engineering, consumer finance and infrastructure construction.
Price strength backed by earnings is more durable than price strength alone. For shares to buy, both FY26 and the latest quarter showed growth. A sensible way to study shares to buy is to look at profit growth, returns and valuation side by side. Below, each of shares to buy gets its own breakdown of growth, returns and valuation. Treat shares to buy as a research list, since share prices and rankings change with every earnings season.
Shares to Buy at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 22 October 2026. IIFL Finance has the lowest PE of the group at 11.32, while Kalpataru Projects posts the highest return on equity at 13.37%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| ACME Solar Holdings | 388.80 | 28,830 | 47.87 | 22.80 | 9.86% | 3.67 | 195.90 to 476.90 |
| Craftsman Automation | 10,998 | 28,756 | 61.85 | 37.22 | 11.76% | 5.47 | 6,324.00 to 11,999.00 |
| IIFL Finance | 567.90 | 25,545 | 11.32 | 17.68 | 11.93% | 1.84 | 409.10 to 705.00 |
| Kalpataru Projects International | 1,302.80 | 23,924 | 21.20 | 22.89 | 13.37% | 3.08 | 1,007.10 to 1,490.00 |
ACME Solar: 68.33% Profit CAGR Since FY22
ACME Solar Holdings develops and operates solar, wind and hybrid power projects, with battery storage in its pipeline. It reported FY26 revenue of Rs 2,507.08 crore, up 59.16% year on year, and net profit of Rs 497.88 crore, up 98.50%. Net profit has compounded at 68.33% a year since FY22, while revenue has grown 7.29% a year. Operating margin was 112.08% in FY26.
In the June 2026 quarter, revenue rose 63.32% to Rs 953.77 crore and net profit grew 79.89% to Rs 235.33 crore. The share price is up 45.44% over the past year. Domestic institutions raised their holding from 6.61% in June 2025 to 19.10% in June 2026. The stock trades at a PE of 47.87 against an industry PE of 22.80.
Craftsman Automation: 23.87% Profit CAGR Since FY22
Craftsman Automation makes powertrain and engineering components, aluminium products and industrial machines. It reported FY26 revenue of Rs 8,130.63 crore, up 42.25% year on year, and net profit of Rs 383.99 crore, up 91.16%. Net profit has compounded at 23.87% a year since FY22, while revenue has grown 38.27% a year. Operating margin was 15.95% in FY26.
The stock trades at a PE of 61.85 against an industry PE of 37.22. In the June 2026 quarter, revenue rose 37.21% to Rs 2,454.66 crore and net profit grew 116.31% to Rs 150.55 crore. The share price has gained 332.22% over five years and 70.31% over the past year. Domestic institutions raised their holding from 22.67% in June 2025 to 32.90% in June 2026.
IIFL Finance: Revenue Up 30.64% in FY26
IIFL Finance is a diversified NBFC with a large gold loan, home loan and microfinance portfolio. It reported FY26 total income of Rs 13,373.83 crore, up 30.64% year on year, and net profit of Rs 1,816.70 crore, up 214.22%. Net profit has compounded at 11.20% a year since FY22, while total income has grown 17.47% a year.
In the September 2026 quarter, total income rose 28.38% to Rs 4,248.21 crore and net profit grew 92.61% to Rs 805.01 crore. The share price has gained 115.01% over five years and 23.21% over the past year. The stock trades at a PE of 11.32 against an industry PE of 17.68, below the sector average.
Kalpataru Projects: Revenue Up 21.76% in FY26
Kalpataru Projects International executes transmission, railway, building and water projects in India and abroad. It reported FY26 revenue of Rs 27,247.93 crore, up 21.76% year on year, and net profit of Rs 1,030.63 crore, up 81.68%. Net profit has compounded at 17.81% a year since FY22, while revenue has grown 16.35% a year. Operating margin was 9.48% in FY26. The debt-to-equity ratio is 0.46.
The stock trades at a PE of 21.20 against an industry PE of 22.89, below the sector average, with a return on equity of 13.37%. In the June 2026 quarter, revenue rose 4.81% to Rs 6,485.17 crore and net profit grew 45.85% to Rs 311.53 crore.
Shares to Buy: Financial Comparison on Growth and Margins
The table compares scale and growth across these shares to buy. 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 |
|---|---|---|---|---|---|
| ACME Solar | 2,507.08 | 497.88 | 59.16% | 7.29% | 68.33% |
| Craftsman Automation | 8,130.63 | 383.99 | 42.25% | 38.27% | 23.87% |
| IIFL Finance | 13,373.83 | 1,816.70 | 30.64% | 17.47% | 11.20% |
| Kalpataru Projects | 27,247.93 | 1,030.63 | 21.76% | 16.35% | 17.81% |
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Institutional Holding in ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects
Institutional holding shows who is backing these shares to buy alongside the promoter. The table uses the latest reported quarter for each. Kalpataru Projects has the deepest institutional backing, with FII and DII together holding 55.61% as of June 2026. Domestic institutions increased their holding over the past year in ACME Solar (from 6.61% to 19.10%) and Craftsman Automation (from 22.67% to 32.90%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| ACME Solar | 71.40% | 4.39% | 19.10% | 5.11% | June 2026 |
| Craftsman Automation | 42.41% | 17.28% | 32.90% | 7.41% | June 2026 |
| IIFL Finance | 24.76% | 25.64% | 7.85% | 41.75% | September 2026 |
| Kalpataru Projects | 33.58% | 10.78% | 44.83% | 10.81% | June 2026 |
Risks to Weigh in Shares to Buy
Being careful with shares to buy 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: ACME Solar trades at a PE of 47.87 against an industry PE of 22.80, 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 Shares to Buy
Picking from shares to buy 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 (17.68 to 37.22) 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 shares to buy, ACME Solar stands out for the fastest profit growth, 68.33% a year since FY22, Craftsman Automation for the biggest five-year price gain at 332.22%, IIFL Finance for the lowest PE of the group at 11.32 and Kalpataru Projects for 21.76% 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 shares to buy 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 Shares to Buy to Watch
Which are the best shares to buy to watch for multibagger potential?
Ans. ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects are the 4 names this list highlights, with market caps of Rs 28,830 crore, Rs 28,756 crore, Rs 25,545 crore and Rs 23,924 crore respectively. ACME Solar is notable for the fastest profit growth, 68.33% a year since FY22. Craftsman Automation stands out for the biggest five-year price gain at 332.22%. IIFL Finance offers the lowest PE of the group at 11.32. Kalpataru Projects brings 21.76% revenue growth in FY26. These are watchlist names for shares to buy, not recommendations, so match each one to your own risk profile and time horizon.
Is Kalpataru Projects a good stock for long-term investors?
Ans. Kalpataru Projects has a return on equity of 13.37%, a PE of 21.20 against an industry PE of 22.89 and a market cap of Rs 23,924 crore. Net profit has compounded at 17.81% a year since FY22, and FY26 revenue rose 21.76% while June 2026 quarter net profit grew 45.85%. Long-term returns in shares to buy depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can ACME Solar become a multibagger from here?
Ans. ACME Solar has a market cap of Rs 28,830 crore. A multibagger outcome in shares to buy requires earnings to keep growing faster than the market for several years. Net profit has compounded at 68.33% a year since FY22, and FY26 revenue rose 59.16%. At a PE of 47.87 against an industry PE of 22.80, valuation should be checked against that growth before investing.
What is the market cap of ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects?
Ans. As of 22 October 2026, ACME Solar has a market cap of Rs 28,830 crore, Craftsman Automation has a market cap of Rs 28,756 crore, IIFL Finance has a market cap of Rs 25,545 crore and Kalpataru Projects has a market cap of Rs 23,924 crore. All of them qualify as smallcaps. 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 shares to buy.
What are the risks of investing in shares to buy?
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. ACME Solar trades at a PE of 47.87 against an industry PE of 22.80, so earnings growth needs to hold up.
Why is ACME Solar trading at a PE of 47.87?
Ans. ACME Solar’s PE of 47.87 compares with an industry PE of 22.80. The market is paying a premium for profit growth of 68.33% a year since FY22, latest-quarter profit growth of 79.89% and FY26 revenue growth of 59.16%, which also means the stock is more sensitive if growth slows. Investors in shares to buy who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in ACME Solar, Craftsman Automation, IIFL Finance and Kalpataru Projects?
Ans. As of the latest reported quarter, FII and DII together hold 23.49% of ACME Solar (4.39% and 19.10%), 50.18% of Craftsman Automation (17.28% and 32.90%), 33.49% of IIFL Finance (25.64% and 7.85%) and 55.61% of Kalpataru Projects (10.78% and 44.83%). Rising institutional holding is a useful signal in shares to buy, though it should be read with earnings trends rather than on its own.
