4 Largecap Debt to Equity Above 1 Stocks to Watch for Future Multibagger Potential: L&T, M&M, NTPC and TVS Motor

Debt to equity above 1 stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. L&T, M&M, NTPC and TVS Motor meet that test, with market caps from Rs 2.04 lakh crore to Rs 5.23 lakh crore and L&T offering the largest market cap at Rs 5,22,688 crore. Each of these companies has a debt to equity ratio above 1, 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 debt to equity ratio above 1, 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 debt to equity above 1 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.

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What Are Debt to Equity Above 1 Stocks and Why Do They Attract Multibagger Interest?

Debt to equity above 1 stocks are shares of large companies that use more debt than shareholder money to fund growth, a model common in infrastructure, finance and capital heavy businesses. The four here cover engineering and construction, utility vehicles, power generation and two wheelers.

Debt funded growth can raise returns for shareholders when the borrowing earns more than it costs, and rising profit shows that is happening. Investors should still watch interest cover. For debt to equity above 1 stocks, both FY26 and the latest quarter showed growth. For debt to equity above 1 stocks, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of debt to equity above 1 stocks, using FY26 and latest quarter data. Prices move daily, so recheck the figures for debt to equity above 1 stocks before you decide.

Debt to Equity Above 1 Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 28 October 2026. NTPC has the lowest PE of the group at 10.79, while TVS Motor posts the highest return on equity at 31.56%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
Larsen & Toubro	3,801.30	5,22,688	26.63	22.89	14.72%	4.79	3,288.10 to 4,440.00
Mahindra & Mahindra	2,869.90	3,48,769	17.22	23.82	18.37%	3.75	2,744.30 to 3,839.90
NTPC	303.75	3,05,632	10.79	21.61	13.31%	1.51	298.00 to 414.40
TVS Motor Company	4,239.90	2,04,088	56.67	23.62	31.56%	21.27	3,228.00 to 4,484.50

L&T: Five-Year Gain of 104.68%

Larsen & Toubro is the largest engineering and construction company in India, with additional businesses in IT services and infrastructure projects. It reported FY26 revenue of Rs 2,91,635.04 crore, up 12.23% year on year, and net profit of Rs 19,159.40 crore, up 8.32%. Net profit has compounded at 16.81% a year since FY22, while revenue has grown 16.41% a year. Operating margin was 14.13% in FY26.

In the June 2026 quarter, revenue rose 8.12% to Rs 70,318.47 crore and net profit grew 15.20% to Rs 4,982.85 crore. The share price has gained 104.68% over five years. The stock trades at a PE of 26.63 against an industry PE of 22.89, with a return on equity of 14.72%.

M&M: 26.58% Profit CAGR Since FY22

Mahindra & Mahindra is one of the largest SUV makers in India and the country's largest tractor maker, with financial services and electric vehicles in its portfolio. It reported FY26 revenue of Rs 2,02,084.34 crore, up 25.21% year on year, and net profit of Rs 18,621.71 crore, up 32.32%. Net profit has compounded at 26.58% a year since FY22, while revenue has grown 22.04% a year. Operating margin was 21.19% in FY26.

The stock trades at a PE of 17.22 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%. In the June 2026 quarter, revenue rose 27.47% to Rs 59,203.60 crore and net profit grew 37.04% to Rs 5,997.56 crore. The share price has gained 220.52% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026.

NTPC: Five-Year Gain of 110.40%

NTPC is India's largest power generation company and is growing its renewable energy portfolio. It reported FY26 revenue of Rs 1,89,798.56 crore and net profit of Rs 30,009.98 crore, up 48.19%. Net profit has compounded at 18.01% a year since FY22, while revenue has grown 8.89% a year. Operating margin was 32.45% in FY26.

In the June 2026 quarter, revenue rose 6.94% to Rs 51,141.51 crore and net profit grew 12.90% to Rs 6,896.44 crore. The share price has gained 110.40% over five years. Domestic institutions raised their holding from 28.92% in June 2025 to 29.44% in June 2026. The stock trades at a PE of 10.79 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.86%.

TVS Motor: 44.50% Profit CAGR Since FY22

TVS Motor Company makes motorcycles, scooters, mopeds and electric two-wheelers, with a growing export business. It reported FY26 revenue of Rs 56,091.53 crore, up 27.02% year on year, and net profit of Rs 3,186.43 crore, up 35.60%. Net profit has compounded at 44.50% a year since FY22, while revenue has grown 23.15% a year. Operating margin was 14.85% in FY26.

The stock trades at a PE of 56.67 against an industry PE of 23.62, with a return on equity of 31.56%. In the June 2026 quarter, revenue rose 34.32% to Rs 16,453.72 crore and net profit grew 64.52% to Rs 1,057.61 crore. The share price has gained 598.75% over five years and 14.49% over the past year. Domestic institutions raised their holding from 18.81% in June 2025 to 21.13% in June 2026.

Debt to Equity Above 1 Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these debt to equity above 1 stocks. 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)	4-Year Revenue CAGR	4-Year Net Profit CAGR	Latest Quarter Revenue Growth	Operating Margin (Latest Quarter)
L&T	2,91,635.04	19,159.40	16.41%	16.81%	8.12%	15.49%
M&M	2,02,084.34	18,621.71	22.04%	26.58%	27.47%	20.77%
NTPC	1,89,798.56	30,009.98	8.89%	18.01%	6.94%	35.04%
TVS Motor	56,091.53	3,186.43	23.15%	44.50%	34.32%	15.35%

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Institutional Holding in L&T, M&M, NTPC and TVS Motor

Institutional holding shows who is backing these debt to equity above 1 stocks alongside the promoter. The table uses the latest reported quarter for each. M&M has the deepest institutional backing, with FII and DII together holding 67.54% as of June 2026. Domestic institutions increased their holding over the past year in M&M (from 29.59% to 32.65%), NTPC (from 28.92% to 29.44%) and TVS Motor (from 18.81% to 21.13%).

Stock	Promoter	FII	DII	Public	Quarter
L&T	Nil	19.13%	43.02%	37.85%	June 2026
M&M	18.45%	34.89%	32.65%	14.01%	June 2026
NTPC	51.10%	16.30%	29.44%	3.15%	June 2026
TVS Motor	50.27%	20.45%	21.13%	8.15%	June 2026

Risks to Weigh in Debt to Equity Above 1 Stocks

Being careful with debt to equity above 1 stocks 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: TVS Motor trades at a PE of 56.67 against an industry PE of 23.62, 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 Debt to Equity Above 1 Stocks

Picking from debt to equity above 1 stocks comes down to four checks, applied in order.

1. Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
2. Compare each PE with the industry PE (21.61 to 23.82) and ask whether the growth rate justifies any gap.
3. Track net profit growth, the operating margin and the return on equity in every quarterly result.
4. Stagger entries across quarters and review institutional holding every reporting season.

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Conclusion

Among debt to equity above 1 stocks, L&T stands out for the largest market cap at Rs 5,22,688 crore, M&M for 25.21% revenue growth in FY26, NTPC for the lowest PE of the group at 10.79 and TVS Motor for the highest return on equity at 31.56%. 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 debt to equity above 1 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.

Frequently Asked Questions on Debt to Equity Above 1 Stocks to Watch

Which are the best debt to equity above 1 stocks to watch for multibagger potential?

Ans. L&T, M&M, NTPC and TVS Motor are the 4 names this list highlights, with market caps of Rs 5,22,688 crore, Rs 3,48,769 crore, Rs 3,05,632 crore and Rs 2,04,088 crore respectively. L&T is notable for the largest market cap at Rs 5,22,688 crore. M&M stands out for 25.21% revenue growth in FY26. NTPC offers the lowest PE of the group at 10.79. TVS Motor brings the highest return on equity at 31.56%. These are watchlist names for debt to equity above 1 stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is TVS Motor a good stock for long-term investors?

Ans. TVS Motor has a return on equity of 31.56%, a PE of 56.67 against an industry PE of 23.62 and a market cap of Rs 2,04,088 crore. Net profit has compounded at 44.50% a year since FY22, and FY26 revenue rose 27.02% while June 2026 quarter net profit grew 64.52%. Long-term returns in debt to equity above 1 stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can M&M become a multibagger from here?

Ans. M&M has already gained 220.52% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in debt to equity above 1 stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.58% a year since FY22, and FY26 revenue rose 25.21%. At a PE of 17.22 against an industry PE of 23.82, valuation should be checked against that growth before investing.

What is the market cap of L&T, M&M, NTPC and TVS Motor?

Ans. As of 28 October 2026, L&T has a market cap of Rs 5,22,688 crore, M&M has a market cap of Rs 3,48,769 crore, NTPC has a market cap of Rs 3,05,632 crore and TVS Motor has a market cap of Rs 2,04,088 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 debt to equity above 1 stocks.

What are the risks of investing in debt to equity above 1 stocks?

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. TVS Motor trades at a PE of 56.67 against an industry PE of 23.62, so earnings growth needs to hold up.

Why is TVS Motor trading at a PE of 56.67?

Ans. TVS Motor's PE of 56.67 compares with an industry PE of 23.62. The market is paying a premium for a return on equity of 31.56%, profit growth of 44.50% a year since FY22 and latest-quarter profit growth of 64.52%, which also means the stock is more sensitive if growth slows. Investors in debt to equity above 1 stocks who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.

How much do institutions hold in L&T, M&M, NTPC and TVS Motor?

Ans. As of the latest reported quarter, FII and DII together hold 62.15% of L&T (19.13% and 43.02%), 67.54% of M&M (34.89% and 32.65%), 45.74% of NTPC (16.30% and 29.44%) and 41.58% of TVS Motor (20.45% and 21.13%). Rising institutional holding is a useful signal in debt to equity above 1 stocks, though it should be read with earnings trends rather than on its own.