{"id":332387,"date":"2026-10-29T14:37:52","date_gmt":"2026-10-29T09:07:52","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=332387"},"modified":"2026-10-29T14:37:52","modified_gmt":"2026-10-29T09:07:52","slug":"largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/","title":{"rendered":"4 Largecap Unchanged Promoter Holding Stocks to Watch for Future Multibagger Potential: TCS, HAL, Divi&#8217;s Labs and Cummins India"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>TCS Rs 2,460. HAL Rs 4,850. Divi&#8217;s Labs Rs 9,558.50. Cummins India Rs 4,620. Market caps from Rs 1.39 lakh crore to Rs 8.17 lakh crore. Data as of 28 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">TCS, HAL, Divi&#8217;s Labs and Cummins India are the 4 picks in this unchanged promoter holding stocks watchlist, with market caps between Rs 1.39 lakh crore and Rs 8.17 lakh crore. TCS stands out for the highest return on equity at 43.37%, while HAL offers the biggest five-year price gain at 607.71%. PE ratios run from 15.76 to 85.60, so compare each one with its industry PE before investing. All figures are as of 28 October 2026.<\/p>\n<\/p><\/div>\n<p>Unchanged promoter holding stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. TCS, HAL, Divi&#8217;s Labs and Cummins India meet that test, with market caps from Rs 1.39 lakh crore to Rs 8.17 lakh crore and TCS offering the highest return on equity at 43.37%. Each of these companies has a promoter holding that stayed unchanged in the latest quarter, 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.<\/p>\n<p>This list covers companies with a promoter holding that stayed unchanged in the latest quarter, 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, market capitalisation above Rs 1,00,000 crore, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening unchanged promoter holding stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 28 October 2026 and are drawn from NSE and BSE data and company filings.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=unchanged-promoter-holding-stocks\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#What_Are_Unchanged_Promoter_Holding_Stocks_and_Why_Do_They_Attract_Multibagger_Interest\" title=\"What Are Unchanged Promoter Holding Stocks and Why Do They Attract Multibagger Interest?\">What Are Unchanged Promoter Holding Stocks and Why Do They Attract Multibagger Interest?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Unchanged_Promoter_Holding_Stocks_at_a_Glance_Price_Market_Cap_PE_and_ROE\" title=\"Unchanged Promoter Holding Stocks at a Glance: Price, Market Cap, PE and ROE\">Unchanged Promoter Holding Stocks at a Glance: Price, Market Cap, PE and ROE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#TCS_Return_on_Equity_of_4337\" title=\"TCS: Return on Equity of 43.37%\">TCS: Return on Equity of 43.37%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#HAL_Return_on_Equity_of_2221\" title=\"HAL: Return on Equity of 22.21%\">HAL: Return on Equity of 22.21%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Divis_Labs_Debt-to-Equity_of_000\" title=\"Divi&#8217;s Labs: Debt-to-Equity of 0.00\">Divi&#8217;s Labs: Debt-to-Equity of 0.00<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Cummins_India_2611_Profit_CAGR_Since_FY22\" title=\"Cummins India: 26.11% Profit CAGR Since FY22\">Cummins India: 26.11% Profit CAGR Since FY22<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Unchanged_Promoter_Holding_Stocks_Financial_Comparison_on_Growth_and_Margins\" title=\"Unchanged Promoter Holding Stocks: Financial Comparison on Growth and Margins\">Unchanged Promoter Holding Stocks: Financial Comparison on Growth and Margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Institutional_Holding_in_TCS_HAL_Divis_Labs_and_Cummins_India\" title=\"Institutional Holding in TCS, HAL, Divi&#8217;s Labs and Cummins India\">Institutional Holding in TCS, HAL, Divi&#8217;s Labs and Cummins India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Risks_to_Weigh_in_Unchanged_Promoter_Holding_Stocks\" title=\"Risks to Weigh in Unchanged Promoter Holding Stocks\">Risks to Weigh in Unchanged Promoter Holding Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#How_to_Choose_Between_Unchanged_Promoter_Holding_Stocks\" title=\"How to Choose Between Unchanged Promoter Holding Stocks\">How to Choose Between Unchanged Promoter Holding Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Frequently_Asked_Questions_on_Unchanged_Promoter_Holding_Stocks_to_Watch\" title=\"Frequently Asked Questions on Unchanged Promoter Holding Stocks to Watch\">Frequently Asked Questions on Unchanged Promoter Holding Stocks to Watch<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Which_are_the_best_unchanged_promoter_holding_stocks_to_watch_for_multibagger_potential\" title=\"Which are the best unchanged promoter holding stocks to watch for multibagger potential?\">Which are the best unchanged promoter holding stocks to watch for multibagger potential?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Is_TCS_a_good_stock_for_long-term_investors\" title=\"Is TCS a good stock for long-term investors?\">Is TCS a good stock for long-term investors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Can_Cummins_India_become_a_multibagger_from_here\" title=\"Can Cummins India become a multibagger from here?\">Can Cummins India become a multibagger from here?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#What_is_the_market_cap_of_TCS_HAL_Divis_Labs_and_Cummins_India\" title=\"What is the market cap of TCS, HAL, Divi&#8217;s Labs and Cummins India?\">What is the market cap of TCS, HAL, Divi&#8217;s Labs and Cummins India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#What_are_the_risks_of_investing_in_unchanged_promoter_holding_stocks\" title=\"What are the risks of investing in unchanged promoter holding stocks?\">What are the risks of investing in unchanged promoter holding stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#Why_is_Divis_Labs_trading_at_a_PE_of_8560\" title=\"Why is Divi&#8217;s Labs trading at a PE of 85.60?\">Why is Divi&#8217;s Labs trading at a PE of 85.60?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/largecap-unchanged-promoter-holding-stocks-to-watch-multibagger-potential\/#How_much_do_institutions_hold_in_TCS_HAL_Divis_Labs_and_Cummins_India\" title=\"How much do institutions hold in TCS, HAL, Divi&#8217;s Labs and Cummins India?\">How much do institutions hold in TCS, HAL, Divi&#8217;s Labs and Cummins India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Unchanged_Promoter_Holding_Stocks_and_Why_Do_They_Attract_Multibagger_Interest\"><\/span><strong>What Are Unchanged Promoter Holding Stocks and Why Do They Attract Multibagger Interest?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Unchanged promoter holding stocks are shares of large companies whose promoters neither sold nor added shares in the latest quarter, a steady stance that shows continued commitment to the business. The four here cover IT services, aerospace and defence, pharmaceutical ingredients and engines.<\/p>\n<p>When promoters hold on to their full stake through a quarter, it shows confidence in the long term path of the company, which is a quiet but useful signal for shareholders. For unchanged promoter holding stocks, both FY26 and the latest quarter showed growth. Investors researching unchanged promoter holding stocks get a fuller picture by reading growth and valuation together. The table below lines up unchanged promoter holding stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use unchanged promoter holding stocks as a starting point for your own research.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Unchanged_Promoter_Holding_Stocks_at_a_Glance_Price_Market_Cap_PE_and_ROE\"><\/span><strong>Unchanged Promoter Holding Stocks at a Glance: Price, Market Cap, PE and ROE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Prices are closing prices as of 28 October 2026. TCS combines the lowest PE of the group, 15.76, with the highest return on equity, 43.37%.<\/p>\n<table style=\"border-collapse:collapse;width:100%;margin:16px 0;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Stock<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">PE<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Industry PE<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">ROE<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Debt to Equity<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">52-Week Range (Rs)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\"><a href=\"https:\/\/univest.in\/stocks\/tcs\/tata-consultancy-services-ltd-share-price-today\">Tata Consultancy Services<\/a><\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">2,460<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">8,17,302<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">15.76<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">18.27<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">43.37%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">0.10<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">1,976.80 to 3,350.00<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\"><a href=\"https:\/\/univest.in\/stocks\/hal\/hindustan-aeronautics-ltd-share-price-today\">Hindustan Aeronautics<\/a><\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">4,850<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">3,31,342<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">35.55<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">48.59<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">22.21%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">0.00<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">3,479.10 to 5,149.90<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\"><a href=\"https:\/\/univest.in\/stocks\/divislab\/divi's-laboratories-ltd-share-price-today\">Divi&#8217;s Laboratories<\/a><\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">9,558.50<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">2,50,368<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">85.60<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">36.42<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">15.32%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">0.00<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">5,647.50 to 9,740.00<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\"><a href=\"https:\/\/univest.in\/stocks\/cumminsind\/cummins-india-ltd-share-price-today\">Cummins India<\/a><\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">4,620<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">1,38,686<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">58.59<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">45.93<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">27.87%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">0.00<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">3,883.10 to 6,100.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"TCS_Return_on_Equity_of_4337\"><\/span><strong>TCS: Return on Equity of 43.37%<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>TCS is India&#8217;s largest IT services company by market capitalisation and runs large AI and data practices for global clients. It reported FY26 revenue of Rs 2,71,423 crore, up 4.68% year on year, and net profit of Rs 49,454 crore, up 1.35%. Net profit has compounded at 6.49% a year since FY22, while revenue has grown 8.51% a year. Operating margin was 27.07% in FY26. The debt-to-equity ratio is 0.10, which keeps interest costs low.<\/p>\n<p>In the September 2026 quarter, revenue rose 11.79% to Rs 74,525 crore and net profit grew 14.86% to Rs 13,934 crore. Domestic institutions raised their holding from 12.01% in June 2025 to 13.47% in June 2026. The stock trades at a PE of 15.76 against an industry PE of 18.27, below the sector average, with a return on equity of 43.37%. The dividend yield is 4.87%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"HAL_Return_on_Equity_of_2221\"><\/span><strong>HAL: Return on Equity of 22.21%<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Hindustan Aeronautics is India&#8217;s state-owned aerospace company that designs, makes and services fighter jets, helicopters, engines and avionics. It reported FY26 revenue of Rs 36,787.95 crore, up 9.68% year on year, and net profit of Rs 9,115.52 crore, up 8.98%. Net profit has compounded at 15.74% a year since FY22, while revenue has grown 9.48% a year. Operating margin was 40.89% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.<\/p>\n<p>The stock trades at a PE of 35.55 against an industry PE of 48.59, below the sector average, with a return on equity of 22.21%. In the June 2026 quarter, revenue rose 15.26% to Rs 6,415.41 crore and net profit grew 14.88% to Rs 1,589.66 crore. The share price has gained 607.71% over five years. Domestic institutions raised their holding from 8.71% in September 2025 to 12.56% in September 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Divis_Labs_Debt-to-Equity_of_000\"><\/span><strong>Divi&#8217;s Labs: Debt-to-Equity of 0.00<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Divi&#8217;s Laboratories makes active pharmaceutical ingredients and intermediates and runs a large custom synthesis business for global drug companies. It reported FY26 revenue of Rs 11,067 crore, up 13.95% year on year, and net profit of Rs 2,568 crore, up 17.21%. Revenue has compounded at 5.09% a year since FY22. Operating margin was 36.70% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.<\/p>\n<p>In the June 2026 quarter, revenue rose 24.32% to Rs 3,144 crore and net profit grew 65.50% to Rs 902 crore. The share price has gained 71.04% over five years and 38.43% over the past year. Foreign investors raised their holding from 19.39% in September 2025 to 20.38% in September 2026. The stock trades at a PE of 85.60 against an industry PE of 36.42, with a return on equity of 15.32%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cummins_India_2611_Profit_CAGR_Since_FY22\"><\/span><strong>Cummins India: 26.11% Profit CAGR Since FY22<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cummins India makes engines and power generation equipment and exports a share of its output. It reported FY26 revenue of Rs 12,660.53 crore, up 16.82% year on year, and net profit of Rs 2,361.75 crore, up 18.09%. Net profit has compounded at 26.11% a year since FY22, while revenue has grown 18.53% a year. Operating margin was 27.15% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.<\/p>\n<p>The stock trades at a PE of 58.59 against an industry PE of 45.93, with a return on equity of 27.87%. In the June 2026 quarter, revenue rose 17.19% to Rs 3,563.35 crore and net profit grew 0.89% to Rs 609.30 crore. The share price has gained 408.59% over five years and 16.98% over the past year. Foreign investors raised their holding from 17.50% in June 2025 to 21.19% in June 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Unchanged_Promoter_Holding_Stocks_Financial_Comparison_on_Growth_and_Margins\"><\/span><strong>Unchanged Promoter Holding Stocks: Financial Comparison on Growth and Margins<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares scale and growth across these unchanged promoter holding stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.<\/p>\n<table style=\"border-collapse:collapse;width:100%;margin:16px 0;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Stock<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Revenue Growth (YoY)<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">4-Year Revenue CAGR<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Latest Quarter Revenue Growth<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Operating Margin (Latest Quarter)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">TCS<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">2,71,423<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">49,454<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">4.68%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">8.51%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">11.79%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">27.53%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">HAL<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">36,787.95<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">9,115.52<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">9.68%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">9.48%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">15.26%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">44.22%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">Divi&#8217;s Labs<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">11,067<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">2,568<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">13.95%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">5.09%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">24.32%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">42.82%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">Cummins India<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">12,660.53<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">2,361.75<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">16.82%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">18.53%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">17.19%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">24.99%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these unchanged promoter holding stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Institutional_Holding_in_TCS_HAL_Divis_Labs_and_Cummins_India\"><\/span><strong>Institutional Holding in TCS, HAL, Divi&#8217;s Labs and Cummins India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Institutional holding shows who is backing these unchanged promoter holding stocks alongside the promoter. The table uses the latest reported quarter for each. Cummins India has the deepest institutional backing, with FII and DII together holding 40.35% as of June 2026. Domestic institutions increased their holding over the past year in TCS (from 12.01% to 13.47%) and HAL (from 8.71% to 12.56%).<\/p>\n<table style=\"border-collapse:collapse;width:100%;margin:16px 0;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Stock<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Promoter<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">FII<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">DII<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Public<\/th>\n<th style=\"border:1px solid #BBBBBB;background:#1F4E79;color:#FFFFFF;padding:8px;text-align:left;\">Quarter<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">TCS<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">71.77%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">9.06%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">13.47%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">5.70%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">June 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">HAL<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">71.64%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">9.42%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">12.56%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">6.38%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">September 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">Divi&#8217;s Labs<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">51.88%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">20.38%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">19.17%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">8.58%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">September 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">Cummins India<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">51.00%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">21.19%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">19.16%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">8.66%<\/td>\n<td style=\"border:1px solid #BBBBBB;padding:8px;\">June 2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Weigh_in_Unchanged_Promoter_Holding_Stocks\"><\/span><strong>Risks to Weigh in Unchanged Promoter Holding Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Being careful with unchanged promoter holding stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:<\/p>\n<ul>\n<li>Past growth may not repeat.<\/li>\n<li>Share prices can move sharply in either direction.<\/li>\n<li><strong>Valuation:<\/strong> Divi&#8217;s Labs trades at a PE of 85.60 against an industry PE of 36.42, so earnings need to keep growing to support the price.<\/li>\n<li><strong>Concentration:<\/strong> Holding all 4 names puts the allocation in one sector, so size each position to match your risk appetite.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Choose_Between_Unchanged_Promoter_Holding_Stocks\"><\/span><strong>How to Choose Between Unchanged Promoter Holding Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Picking from unchanged promoter holding stocks comes down to four checks, applied in order.<\/p>\n<ol>\n<li>Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.<\/li>\n<li>Compare each PE with the industry PE (18.27 to 48.59) and ask whether the growth rate justifies any gap.<\/li>\n<li>Track net profit growth, the operating margin and the return on equity in every quarterly result.<\/li>\n<li>Stagger entries across quarters and review institutional holding every reporting season.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track TCS, HAL, Divi&#8217;s Labs and Cummins India live prices.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among unchanged promoter holding stocks, TCS stands out for the highest return on equity at 43.37%, HAL for the biggest five-year price gain at 607.71%, Divi&#8217;s Labs for the strongest latest-quarter profit growth at 65.50% and Cummins India for the fastest profit growth, 26.11% 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 unchanged promoter holding 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.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_on_Unchanged_Promoter_Holding_Stocks_to_Watch\"><\/span><strong>Frequently Asked Questions on Unchanged Promoter Holding Stocks to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_unchanged_promoter_holding_stocks_to_watch_for_multibagger_potential\"><\/span><strong>Which are the best unchanged promoter holding stocks to watch for multibagger potential?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> TCS, HAL, Divi&#8217;s Labs and Cummins India are the 4 names this list highlights, with market caps of Rs 8,17,302 crore, Rs 3,31,342 crore, Rs 2,50,368 crore and Rs 1,38,686 crore respectively. TCS is notable for the highest return on equity at 43.37%. HAL stands out for the biggest five-year price gain at 607.71%. Divi&#8217;s Labs offers the strongest latest-quarter profit growth at 65.50%. Cummins India brings the fastest profit growth, 26.11% a year since FY22. These are watchlist names for unchanged promoter holding stocks, not recommendations, so match each one to your own risk profile and time horizon.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_TCS_a_good_stock_for_long-term_investors\"><\/span><strong>Is TCS a good stock for long-term investors?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> TCS has a return on equity of 43.37%, a PE of 15.76 against an industry PE of 18.27 and a market cap of Rs 8,17,302 crore. Net profit has compounded at 6.49% a year since FY22, and FY26 revenue rose 4.68% while September 2026 quarter net profit grew 14.86%. Long-term returns in unchanged promoter holding stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_Cummins_India_become_a_multibagger_from_here\"><\/span><strong>Can Cummins India become a multibagger from here?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cummins India has already gained 408.59% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in unchanged promoter holding stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.11% a year since FY22, and FY26 revenue rose 16.82%. At a PE of 58.59 against an industry PE of 45.93, valuation should be checked against that growth before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_market_cap_of_TCS_HAL_Divis_Labs_and_Cummins_India\"><\/span><strong>What is the market cap of TCS, HAL, Divi&#8217;s Labs and Cummins India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> As of 28 October 2026, TCS has a market cap of Rs 8,17,302 crore, HAL has a market cap of Rs 3,31,342 crore, Divi&#8217;s Labs has a market cap of Rs 2,50,368 crore and Cummins India has a market cap of Rs 1,38,686 crore. All of them qualify as largecaps. 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 unchanged promoter holding stocks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_unchanged_promoter_holding_stocks\"><\/span><strong>What are the risks of investing in unchanged promoter holding stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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. Divi&#8217;s Labs trades at a PE of 85.60 against an industry PE of 36.42, so earnings growth needs to hold up.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_Divis_Labs_trading_at_a_PE_of_8560\"><\/span><strong>Why is Divi&#8217;s Labs trading at a PE of 85.60?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Divi&#8217;s Labs&#8217; PE of 85.60 compares with an industry PE of 36.42. The market is paying a premium for a return on equity of 15.32% and latest-quarter profit growth of 65.50%, which also means the stock is more sensitive if growth slows. Investors in unchanged promoter holding stocks who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_do_institutions_hold_in_TCS_HAL_Divis_Labs_and_Cummins_India\"><\/span><strong>How much do institutions hold in TCS, HAL, Divi&#8217;s Labs and Cummins India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> As of the latest reported quarter, FII and DII together hold 22.53% of TCS (9.06% and 13.47%), 21.98% of HAL (9.42% and 12.56%), 39.55% of Divi&#8217;s Labs (20.38% and 19.17%) and 40.35% of Cummins India (21.19% and 19.16%). Rising institutional holding is a useful signal in unchanged promoter holding stocks, though it should be read with earnings trends rather than on its own.<\/p>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best unchanged promoter holding stocks to watch for multibagger potential?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"TCS, HAL, Divi's Labs and Cummins India are the 4 names this list highlights, with market caps of Rs 8,17,302 crore, Rs 3,31,342 crore, Rs 2,50,368 crore and Rs 1,38,686 crore respectively. TCS is notable for the highest return on equity at 43.37%. HAL stands out for the biggest five-year price gain at 607.71%. Divi's Labs offers the strongest latest-quarter profit growth at 65.50%. Cummins India brings the fastest profit growth, 26.11% a year since FY22. 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