4 Smallcap Stocks With PE Between 10 and 20 to Watch for Future Multibagger Potential: Force Motors, CESC, Paradeep Phosphates and Power Mech
- October 27, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Force Motors Rs 16,588. CESC Rs 124.75. Paradeep Phosphates Rs 137.89. Power Mech Rs 2,118.30. Market caps from Rs 6,801 crore to Rs 22,878 crore. Data as of 26 Oct 2026.
Quick Answer
Force Motors, CESC, Paradeep Phosphates and Power Mech are the 4 picks in this stocks with PE between 10 and 20 watchlist, with market caps between Rs 6,801 crore and Rs 22,878 crore. Force Motors stands out for the highest return on equity at 25.19%, while CESC offers the lowest PE of the group at 10.61. PE ratios run from 10.61 to 18.27, 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. Force Motors, CESC, Paradeep Phosphates and Power Mech meet that test, with market caps from Rs 6,801 crore to Rs 22,878 crore and Force Motors offering the highest return on equity at 25.19%. Each of these companies has a market capitalisation below Rs 30,000 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 below Rs 30,000 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 below Rs 30,000 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 utility vehicles, power distribution, fertilisers and engineering services.
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. Whichever way you read stocks with PE between 10 and 20, the common thread is rising profit backed by complete financial data. A sensible way to study stocks with PE between 10 and 20 is to look at profit growth, returns and valuation side by side. Below, each of stocks with PE between 10 and 20 gets its own breakdown of growth, returns and valuation. Treat stocks with PE between 10 and 20 as a research list, since share prices and rankings change with every earnings season.
Stocks With PE Between 10 and 20 at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 26 October 2026. CESC has the lowest PE of the group at 10.61, while Force Motors posts the highest return on equity at 25.19%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Force Motors | 16,588 | 22,878 | 18.27 | 23.62 | 25.19% | 0.00 | 15,982.00 to 26,450.00 |
| CESC | 124.75 | 17,293 | 10.61 | 22.18 | 12.31% | 1.73 | 124.75 to 204.50 |
| Paradeep Phosphates | 137.89 | 14,962 | 13.96 | 21.29 | 14.69% | 1.02 | 99.70 to 181.80 |
| Power Mech Projects | 2,118.30 | 6,801 | 16.17 | 22.80 | 14.45% | 0.26 | 1,717.70 to 3,007.50 |
Force Motors: Return on Equity of 25.19%
Force Motors makes commercial vehicles such as the Traveller and Gurkha and supplies engines and axles to other automakers. It reported FY26 revenue of Rs 9,167.51 crore, up 12.79% year on year, and net profit of Rs 1,211.75 crore, up 51.31%. Revenue has compounded at 29.18% a year since FY22. Operating margin was 17.59% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
In the June 2026 quarter, revenue rose 6.71% to Rs 2,478.11 crore and net profit grew 22.81% to Rs 216.59 crore. The share price has gained 1046.45% over five years. Promoters hold 61.63%, which keeps ownership stable. The stock trades at a PE of 18.27 against an industry PE of 23.62, below the sector average, with a return on equity of 25.19%.
CESC: Profit Compounding at 3.60% a Year
CESC generates and distributes power, with a distribution licence area in Kolkata, and is growing its renewable portfolio. It reported FY26 revenue of Rs 18,927.29 crore, up 8.93% year on year, and net profit of Rs 1,617.57 crore, up 13.20%. Revenue has compounded at 10.22% a year since FY22. Operating margin was 26.27% in FY26.
The stock trades at a PE of 10.61 against an industry PE of 22.18, below the sector average, with a return on equity of 12.31%. The dividend yield is 4.63%. In the June 2026 quarter, revenue rose 5.18% to Rs 5,559 crore and net profit grew 3.71% to Rs 419 crore. Domestic institutions raised their holding from 25.38% in June 2025 to 26.14% in June 2026.
Paradeep Phosphates: 25.75% Profit CAGR Since FY22
Paradeep Phosphates makes phosphatic fertilisers such as DAP and NPK complexes at its plant in Odisha. It reported FY26 revenue of Rs 21,972.92 crore, up 28.45% year on year, and net profit of Rs 996.36 crore, up 50.48%. Net profit has compounded at 25.75% a year since FY22, while revenue has grown 29.15% a year. Operating margin was 10.35% in FY26.
In the June 2026 quarter, revenue rose 35.44% to Rs 6,145.82 crore and net profit grew 23.93% to Rs 392.54 crore. Domestic institutions raised their holding from 12.99% in September 2025 to 20.26% in September 2026. The stock trades at a PE of 13.96 against an industry PE of 21.29, below the sector average, with a return on equity of 14.69%.
Power Mech: 31.31% Profit CAGR Since FY22
Power Mech Projects provides erection, commissioning and maintenance services for power plants and infrastructure projects. It reported FY26 revenue of Rs 6,107.25 crore, up 15.68% year on year, and net profit of Rs 411.68 crore, up 18.45%. Net profit has compounded at 31.31% a year since FY22, while revenue has grown 22.32% a year. Operating margin was 12.33% in FY26. The debt-to-equity ratio is 0.26.
The stock trades at a PE of 16.17 against an industry PE of 22.80, below the sector average, with a return on equity of 14.45%. In the June 2026 quarter, revenue rose 25.11% to Rs 1,632.36 crore and net profit grew 10.90% to Rs 89.33 crore. The share price has gained 343.10% over five years. Promoters hold 58.42%, which keeps ownership stable.
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) | 4-Year Revenue CAGR | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Force Motors | 9,167.51 | 1,211.75 | 12.79% | 29.18% | 6.71% | 15.19% |
| CESC | 18,927.29 | 1,617.57 | 8.93% | 10.22% | 5.18% | 20.95% |
| Paradeep Phosphates | 21,972.92 | 996.36 | 28.45% | 29.15% | 35.44% | 12.47% |
| Power Mech | 6,107.25 | 411.68 | 15.68% | 22.32% | 25.11% | 10.84% |
Check the Univest Screener for live data on these stocks with PE between 10 and 20
Institutional Holding in Force Motors, CESC, Paradeep Phosphates and Power Mech
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. CESC has the deepest institutional backing, with FII and DII together holding 37.61% as of June 2026. Domestic institutions increased their holding over the past year in CESC (from 25.38% to 26.14%) and Paradeep Phosphates (from 12.99% to 20.26%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Force Motors | 61.63% | 9.52% | 1.46% | 27.39% | June 2026 |
| CESC | 52.11% | 11.47% | 26.14% | 10.28% | June 2026 |
| Paradeep Phosphates | 57.85% | 4.79% | 20.26% | 17.10% | September 2026 |
| Power Mech | 58.42% | 6.34% | 20.76% | 14.49% | 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: A low PE can also reflect slower growth, so compare each PE with the growth rate instead of reading it alone.
- 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 (21.29 to 23.62) 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 Force Motors, CESC, Paradeep Phosphates and Power Mech live prices.
Conclusion
Among stocks with PE between 10 and 20, Force Motors stands out for the highest return on equity at 25.19%, CESC for the lowest PE of the group at 10.61, Paradeep Phosphates for the strongest latest-quarter profit growth at 23.93% and Power Mech for the fastest profit growth, 31.31% 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 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. Force Motors, CESC, Paradeep Phosphates and Power Mech are the 4 names this list highlights, with market caps of Rs 22,878 crore, Rs 17,293 crore, Rs 14,962 crore and Rs 6,801 crore respectively. Force Motors is notable for the highest return on equity at 25.19%. CESC stands out for the lowest PE of the group at 10.61. Paradeep Phosphates offers the strongest latest-quarter profit growth at 23.93%. Power Mech brings the fastest profit growth, 31.31% a year since FY22. 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 Force Motors a good stock for long-term investors?
Ans. Force Motors has a return on equity of 25.19%, a PE of 18.27 against an industry PE of 23.62 and a market cap of Rs 22,878 crore. FY26 revenue rose 12.79%, and June 2026 quarter net profit grew 22.81%. 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 Power Mech become a multibagger from here?
Ans. Power Mech has already gained 343.10% 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 31.31% a year since FY22, and FY26 revenue rose 15.68%. At a PE of 16.17 against an industry PE of 22.80, valuation should be checked against that growth before investing.
What is the market cap of Force Motors, CESC, Paradeep Phosphates and Power Mech?
Ans. As of 26 October 2026, Force Motors has a market cap of Rs 22,878 crore, CESC has a market cap of Rs 17,293 crore, Paradeep Phosphates has a market cap of Rs 14,962 crore and Power Mech has a market cap of Rs 6,801 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 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. Comparing each PE with growth gives a fuller picture than the PE alone.
Is CESC trading below its industry PE?
Ans. CESC trades at a PE of 10.61 against an industry PE of 22.18. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (FY26 revenue rose 8.93% and June 2026 quarter net profit grew 3.71%) and balance sheet strength before drawing a conclusion.
How much do institutions hold in Force Motors, CESC, Paradeep Phosphates and Power Mech?
Ans. As of the latest reported quarter, FII and DII together hold 10.98% of Force Motors (9.52% and 1.46%), 37.61% of CESC (11.47% and 26.14%), 25.05% of Paradeep Phosphates (4.79% and 20.26%) and 27.10% of Power Mech (6.34% and 20.76%). 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.
