Under Rs 120 Stocks to Buy in November 2026: 5 Names on the Watchlist
- November 12, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
BoM Rs 90.20. NMDC Rs 71.70. NTPC Green Rs 83.50. RCF Rs 108.91. South Indian Bank Rs 60.46. NSE closing prices, 11 Nov 2026.
Quick Answer
Five under Rs 120 stocks to buy on the November 2026 watchlist are Bank of Maharashtra, NMDC, NTPC Green Energy, Rashtriya Chemicals and Fertilizers and South Indian Bank. All five grew revenue in their latest full year, and all five also grew net profit. Bank of Maharashtra has both the lowest P/E at 7.77 and the highest return on equity at 22.53%. Check each valuation against your own risk appetite before acting.
The under Rs 120 stocks to buy in November 2026 start with five listed names: Bank of Maharashtra, NMDC, NTPC Green Energy, Rashtriya Chemicals and Fertilizers and South Indian Bank. Stocks under Rs 120 include a public sector bank, an iron ore miner, a renewable power producer, a fertiliser maker and a private sector bank, priced from about Rs 60 to Rs 109. NMDC is part of the Nifty Metal index.
This article ranks none of them as a sure thing. It lays out the numbers each company has reported, how the shares are priced today and what an investor should check before adding any of these under Rs 120 stocks to buy to a portfolio. All prices are NSE closing prices of 11 November 2026, and financials come from company filings.
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Which Are the Best Under Rs 120 Stocks to Buy in November 2026?
The best under Rs 120 stocks to buy in November 2026 for a watchlist are Bank of Maharashtra, NMDC, NTPC Green Energy, Rashtriya Chemicals and Fertilizers and South Indian Bank. They were picked because each has complete reported financials, profit in the latest quarter and an NSE listing. The table puts their market data side by side.
| Company | CMP (Rs) | Market Cap | P/E | ROE | Dividend Yield |
|---|---|---|---|---|---|
| Bank of Maharashtra | 90.20 | Rs 62,225 crore | 7.77 | 22.53% | 1.48% |
| NMDC | 71.70 | Rs 59,485 crore | 7.98 | 21.87% | 5.17% |
| NTPC Green Energy | 83.50 | Rs 70,722 crore | 116.57 | 2.76% | 0.00% |
| Rashtriya Chemicals and Fertilizers | 108.91 | Rs 5,299 crore | 11.87 | 8.35% | 2.44% |
| South Indian Bank | 60.46 | Rs 14,811 crore | 9.35 | 13.13% | 0.80% |
On valuation, Bank of Maharashtra, NMDC, Rashtriya Chemicals and Fertilizers and South Indian Bank trade below the industry P/E; NTPC Green Energy carries a premium. Valuation is the first filter for any under Rs 120 stocks to buy list, and it is covered again in the risk section.
Why These Under Rs 120 Stocks to Buy Are in Focus
A low share price does not mean a stock is inexpensive, because value depends on earnings and the number of shares. The list covers a public sector bank, the country’s largest iron ore miner, a renewable power producer, a fertiliser and chemicals maker and a private sector bank from Kerala, all of which closed below Rs 120 on the NSE on 11 November. Investors searching for the best stocks under Rs 120 in India should check earnings, valuation and debt.
Bank of Maharashtra: The Growing Public Sector Bank Among Under Rs 120 Stocks to Buy
Bank of Maharashtra is a public sector bank with a strong presence in Maharashtra and a growing loan book. At Rs 90.20, the stock has a market capitalisation of Rs 62,225 crore and trades at 7.77 times earnings, while the industry P/E is 11.45.
Reported numbers show FY26 revenue of Rs 32,824 crore, up 15.6% year on year, with net profit at Rs 7,017 crore, up 26.6%. The September 2026 quarter added revenue of Rs 9,736 crore (up 22.1%) and net profit of Rs 2,310 crore (up 41.4%).
Return on equity is 22.53%, and the dividend yield is 1.48%. Promoters hold 73.60%, foreign institutions 6.51% and domestic institutions 13.77% as of September 2026. Domestic institutional holding has risen from 10.05% to 13.77% over the last year.
NMDC: The Iron Ore Miner Among Under Rs 120 Stocks to Buy
NMDC is a government-owned iron ore miner and one of India’s largest. Its market capitalisation is Rs 59,485 crore, the share price is Rs 71.70 and the P/E of 7.98 compares with an industry P/E of 9.52.
Over FY26, net profit rose 13.4% to Rs 7,415 crore on revenue of Rs 33,559 crore, which was up 31.6%. The latest quarter, the June 2026 quarter, brought revenue of Rs 7,143 crore, up 1.5% year on year, and net profit of Rs 2,006 crore, up 1.9%.
Return on equity is 21.87%, debt-to-equity is 0.19, and the dividend yield is 5.17%. Promoters hold 60.79%, foreign institutions 14.91% and domestic institutions 12.51% as of September 2026. Foreign institutional holding has risen from 13.04% to 14.91% over the last year.
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NTPC Green Energy: The Green Power Arm of NTPC Among Under Rs 120 Stocks to Buy
NTPC Green Energy is the renewable energy arm of NTPC, building solar and wind capacity. The stock trades at Rs 83.50 with a market capitalisation of Rs 70,722 crore and a P/E of 116.57, against an industry P/E of 19.93.
FY26 revenue rose 23.1% to Rs 3,035 crore and net profit rose 10.0% to Rs 521 crore. In the June 2026 quarter, revenue grew 49.2% year on year to Rs 1,122 crore, while net profit grew 38.3% to Rs 305 crore.
Return on equity is 2.76%, debt-to-equity is 1.67, and the dividend yield is negligible. Promoters hold 89.01%, foreign institutions 1.58% and domestic institutions 5.29% as of September 2026. A point to keep in view: at a P/E of 116.57, expectations are already high, and debt is higher than most names on this list.
Rashtriya Chemicals and Fertilizers: The Government-Owned Fertiliser Maker Among Under Rs 120 Stocks to Buy
Rashtriya Chemicals and Fertilizers is a government-owned producer of urea and complex fertilisers. At Rs 108.91, the stock has a market capitalisation of Rs 5,299 crore and trades at 11.87 times earnings, while the industry P/E is 20.30.
Reported numbers show FY26 revenue of Rs 18,691 crore, up 9.3% year on year, with net profit at Rs 427 crore, up 76.3%. The June 2026 quarter added revenue of Rs 3,621 crore (up 6.2%) and net profit of Rs 73.5 crore (up 35.1%).
Return on equity is 8.35%, debt-to-equity is 0.81, and the dividend yield is 2.44%. Promoters hold 75.00%, foreign institutions 1.40% and domestic institutions 0.32% as of September 2026.
South Indian Bank: The Kerala-Based Private Bank Among Under Rs 120 Stocks to Buy
South Indian Bank is a Kerala-based private bank with a growing retail franchise. Its market capitalisation is Rs 14,811 crore, the share price is Rs 60.46 and the P/E of 9.35 compares with an industry P/E of 11.45.
Over FY26, net profit rose 11.7% to Rs 1,456 crore on revenue of Rs 11,855 crore, which was up 5.6%. The latest quarter, the September 2026 quarter, brought revenue of Rs 3,264 crore, up 11.7% year on year, and net profit of Rs 426 crore, up 21.3%.
Return on equity is 13.13%, and the dividend yield is 0.80%. The company has no identified promoter, with foreign institutions holding 25.57% and domestic institutions 16.78% as of September 2026. Domestic institutional holding has risen from 11.92% to 16.78% over the last year.
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Growth Snapshot: Latest Full Year and Latest Quarter
The table compares year-on-year growth in revenue and net profit for all five under Rs 120 stocks, using filed results.
| Company | Full-Year Revenue Growth | Full-Year Profit Growth | Latest Quarter | Quarter Revenue Growth | Quarter Profit Growth |
|---|---|---|---|---|---|
| Bank of Maharashtra | 15.6% | 26.6% | Sep 2026 | 22.1% | 41.4% |
| NMDC | 31.6% | 13.4% | Jun 2026 | 1.5% | 1.9% |
| NTPC Green Energy | 23.1% | 10.0% | Jun 2026 | 49.2% | 38.3% |
| Rashtriya Chemicals and Fertilizers | 9.3% | 76.3% | Jun 2026 | 6.2% | 35.1% |
| South Indian Bank | 5.6% | 11.7% | Sep 2026 | 11.7% | 21.3% |
Factors That Move Under Rs 120 Stocks to Buy
Four factors tend to drive under Rs 120 stocks, and each one is worth checking before a purchase.
- Earnings growth: Profit should be rising.
- Sector mix: Banking, mining, renewables and fertilisers differ.
- Dividends: NMDC yields about 5.2%.
- Valuation: P/E runs from about 8 to 117.
Risks to Keep in Mind Before Buying Under Rs 120 Stocks
The first risk is that a low share price says little about value, so earnings and valuation matter more. The second is that NTPC Green Energy trades at a P/E near 117 while Bank of Maharashtra trades near 8, and NTPC Green Energy carries the highest borrowings among the non-bank companies. Check results every quarter.
On the numbers, NTPC Green Energy trades at the highest P/E on this list at 116.57, so its earnings need to keep growing to support the price. Under Rs 120 stocks to buy can still fall when markets turn weak, and a staggered entry has historically suited investors better than a lump-sum purchase.
How to Choose Under Rs 120 Stocks to Buy
- Look at earnings: Price alone is not a signal.
- Check P/E: Bank of Maharashtra trades lowest.
- Read dividends: NMDC yields the most.
- Diversify: Spread across the four sectors.
How to Invest in Under Rs 120 Stocks
- Shortlist two or three companies from this list that match your risk appetite.
- Open the Univest Screener and compare P/E, ROE and debt for each stock.
- Check the latest quarterly results and shareholding pattern on NSE or BSE.
- Decide an amount you can hold for three to five years and split it into two or three purchases.
- Review the holding after every quarterly result instead of reacting to daily price moves.
Conclusion
Bank of Maharashtra offers both the lowest P/E on this list at 7.77 and the highest return on equity at 22.53%, and Rashtriya Chemicals and Fertilizers posted the fastest net profit growth in its latest full year at 76.3%. Among the best under Rs 120 stocks in India, these five give investors a spread of size, valuation and growth, so the right pick depends on risk appetite and holding period. Spread the entry, keep position sizes sensible and consult a SEBI-registered advisor before investing in any of these under Rs 120 stocks to buy.
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 Under Rs 120 Stocks to Buy
Which are the best under Rs 120 stocks to buy in November 2026?
Ans. The five under Rs 120 stocks on the November 2026 watchlist are Bank of Maharashtra, NMDC, NTPC Green Energy, Rashtriya Chemicals and Fertilizers and South Indian Bank. Bank of Maharashtra has both the lowest P/E at 7.77 and the highest ROE at 22.53%, and Rashtriya Chemicals and Fertilizers grew net profit 76.3% in its latest full year. This is educational content, not investment advice, so please consult a SEBI-registered advisor.
Is NTPC Green Energy a good stock to buy from this Under Rs 120 list?
Ans. NTPC Green Energy is the largest company on this list with a market capitalisation of Rs 70,722 crore and a P/E of 116.57 against an industry P/E of 19.93. Its FY26 revenue rose 23.1% and net profit rose 10.0%, with return on equity at 2.76%. Whether it suits you depends on your risk appetite and holding period, so please consult a SEBI-registered advisor before investing.
Are these under Rs 120 stocks expensive right now?
Ans. Valuations vary across the group. Bank of Maharashtra trades at a P/E of 7.77, NMDC trades at a P/E of 7.98, NTPC Green Energy trades at a P/E of 116.57, Rashtriya Chemicals and Fertilizers trades at a P/E of 11.87, South Indian Bank trades at a P/E of 9.35, against industry multiples ranging from 9.52 to 20.30. Higher multiples reflect faster growth but also leave less room for earnings misses, so entry price deserves attention.
Which of these under Rs 120 stocks pay a dividend?
Ans. Dividend yields on this list are Bank of Maharashtra 1.48%, NMDC 5.17%, Rashtriya Chemicals and Fertilizers 2.44%, South Indian Bank 0.80%. Yields differ widely across the group, so check payout history and earnings cover before relying on any of them for income, since payouts can change with company profits.
Which stock on this list has the highest return on equity?
Ans. Bank of Maharashtra has the highest ROE on this list at 22.53%, followed by NMDC at 21.87% and South Indian Bank at 13.13%. A higher ROE shows a company earns more profit on shareholder capital, but it should be read alongside valuation and debt.
What are the risks of investing in under Rs 120 stocks?
Ans. The main risks are low prices that say little about value, an extreme valuation at one name and iron ore price swings. On this list, NTPC Green Energy trades at the highest P/E of 116.57, which leaves less room for earnings disappointments. Staggered buying and a long holding period can help manage these risks.
How can I invest in under Rs 120 stocks in India?
Ans. You can buy these stocks directly on NSE or BSE through a demat account, and compare them first on the Univest Screener using P/E, ROE and debt. Many investors split the amount across two or three purchases and review the holding after each quarterly result. Sector-themed mutual funds and ETFs are another route for investors who prefer diversification.