4 Largecap FII Backed Low PE and Low Price to Book Stocks to Watch for Future Multibagger Potential: HDFC Bank, ICICI Bank, M&M and Tata Steel

FII backed low PE and low price to book stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. HDFC Bank, ICICI Bank, M&M and Tata Steel meet that test, with market caps from Rs 2.43 lakh crore to Rs 12.68 lakh crore and HDFC Bank offering the lowest PE of the group at 15.38. Each of these companies has a foreign institutional holding of at least 15 per cent, a price to earnings ratio below 30 and a price to book ratio below 5, 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 foreign institutional holding of at least 15 per cent, a price to earnings ratio below 30 and a price to book ratio below 5, 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 FII backed low PE and low price to book stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 9 November 2026 and are drawn from NSE and BSE data and company filings.

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What Are FII Backed Low PE and Low Price to Book Stocks and Why Do They Attract Multibagger Interest?

FII backed low PE and low price to book stocks are shares of large companies in which foreign institutions own at least fifteen per cent of the business while the price to earnings ratio is below thirty and the price to book ratio is below five. The four here cover private banking, utility vehicles and steel.

Foreign funds apply strict checks before they buy, and a large stake in a company that is priced reasonably against both its earnings and its book value shows that global money sees quality without an extreme price tag. Within FII backed low PE and low price to book stocks, the four companies show rising profit. In FII backed low PE and low price to book stocks, each of the four also posted growth in the latest quarter. For FII backed low PE and low price to book stocks, both FY26 and the latest quarter showed growth. Whichever way you read FII backed low PE and low price to book stocks, the common thread is rising profit backed by complete financial data. Investors researching FII backed low PE and low price to book stocks get a fuller picture by reading growth and valuation together. The table below lines up FII backed low PE and low price to book stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use FII backed low PE and low price to book stocks as a starting point for your own research.

FII Backed Low PE and Low Price to Book Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 9 November 2026. HDFC Bank has the lowest PE of the group at 15.38, while M&M posts the highest return on equity at 18.37%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
HDFC Bank	784.10	12,68,284	15.38	11.94	13.14%	2.11	680.20 to 1,020.50
ICICI Bank	1,565	10,75,990	18.01	12.05	15.00%	2.88	1,187.60 to 1,565.00
Mahindra & Mahindra	3,267.80	3,97,124	19.61	23.82	18.37%	4.27	2,744.30 to 3,839.90
Tata Steel	190.20	2,43,113	21.59	22.42	10.56%	2.42	160.06 to 224.40

HDFC Bank: 20.04% Profit CAGR Since FY22

HDFC Bank is India's largest private sector bank by assets and serves retail, business and corporate customers through a wide branch and digital network. It reported FY26 total income of Rs 4,95,462.81 crore, up 5.21% year on year, and net profit of Rs 79,219.46 crore, up 7.87%. Net profit has compounded at 20.04% a year since FY22, while total income has grown 31.11% a year.

In the September 2026 quarter, total income rose 9.11% to Rs 1,29,358.69 crore and net profit grew 5.76% to Rs 21,537.09 crore. Domestic institutions raised their holding from 36.26% in September 2025 to 43.63% in September 2026. The stock trades at a PE of 15.38 against an industry PE of 11.94, with a return on equity of 13.14%. The dividend yield is 1.89%.

ICICI Bank: 22.29% Profit CAGR Since FY22

ICICI Bank is one of the largest private sector banks in India, with a strong retail and digital franchise. It reported FY26 total income of Rs 3,12,118.36 crore, up 5.95% year on year, and net profit of Rs 57,673.39 crore, up 5.98%. Net profit has compounded at 22.29% a year since FY22, while total income has grown 18.64% a year.

The stock trades at a PE of 18.01 against an industry PE of 12.05, with a return on equity of 15.00%. In the June 2026 quarter, total income rose 6.86% to Rs 79,689.22 crore and net profit grew 12.62% to Rs 16,209.74 crore. The share price has gained 85.57% over five years. Foreign investors raised their holding from 45.56% in September 2025 to 50.44% in September 2026.

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.

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 226.46% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026. The stock trades at a PE of 19.61 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%.

Tata Steel: Market Cap of Rs 2,43,113 Crore

Tata Steel is one of the world's major steel makers, with operations in India, the UK and the Netherlands. It reported FY26 revenue of Rs 2,33,541.72 crore, up 6.12% year on year, and net profit of Rs 10,885.82 crore, up 242.99%. Operating margin was 15.12% in FY26.

The stock trades at a PE of 21.59 against an industry PE of 22.42, below the sector average. The dividend yield is 2.06%. In the June 2026 quarter, revenue rose 14.14% to Rs 61,026.97 crore and net profit grew 18.82% to Rs 2,385.24 crore. Domestic institutions raised their holding from 26.25% in June 2025 to 26.62% in June 2026.

FII Backed Low PE and Low Price to Book Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these FII backed low PE and low price to book stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.

Stock	Total Income (Rs Cr)	Net Profit (Rs Cr)	Income Growth (YoY)	Latest Quarter Income Growth	Net Profit Growth (YoY)
HDFC Bank	4,95,462.81	79,219.46	5.21%	9.11%	7.87%
ICICI Bank	3,12,118.36	57,673.39	5.95%	6.86%	5.98%
M&M	2,02,084.34	18,621.71	25.21%	27.47%	32.32%
Tata Steel	2,33,541.72	10,885.82	6.12%	14.14%	242.99%

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Institutional Holding in HDFC Bank, ICICI Bank, M&M and Tata Steel

Institutional holding shows who is backing these FII backed low PE and low price to book stocks alongside the promoter. The table uses the latest reported quarter for each. ICICI Bank has the deepest institutional backing, with FII and DII together holding 92.22% as of September 2026. Domestic institutions increased their holding over the past year in HDFC Bank (from 36.26% to 43.63%), M&M (from 29.59% to 32.65%) and Tata Steel (from 26.25% to 26.62%). Keeping an eye on the Nifty 100 alongside this list shows whether these shares are moving with the wider market.

Stock	Promoter	FII	DII	Public	Quarter
HDFC Bank	Nil	39.40%	43.63%	16.97%	September 2026
ICICI Bank	Nil	50.44%	41.78%	7.78%	September 2026
M&M	18.45%	34.89%	32.65%	14.01%	June 2026
Tata Steel	32.95%	19.37%	26.62%	21.06%	June 2026

Risks to Weigh in FII Backed Low PE and Low Price to Book Stocks

Being careful with FII backed low PE and low price to book 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: ICICI Bank trades at a PE of 18.01 against an industry PE of 12.05, 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 FII Backed Low PE and Low Price to Book Stocks

Picking from FII backed low PE and low price to book stocks comes down to four checks, applied in order.

1. Check asset quality and net interest margin first, then return on equity and price to book. Debt-to-equity does not apply to lenders.
2. Compare each PE with the industry PE (11.94 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 FII backed low PE and low price to book stocks, HDFC Bank stands out for the lowest PE of the group at 15.38, ICICI Bank for 5.95% revenue growth in FY26, M&M for the highest return on equity at 18.37% and Tata Steel for 6.12% 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 FII backed low PE and low price to book 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 FII Backed Low PE and Low Price to Book Stocks to Watch

Which are the best FII backed low PE and low price to book stocks to watch for multibagger potential?

Ans. HDFC Bank, ICICI Bank, M&M and Tata Steel are the 4 names this list highlights, with market caps of Rs 12,68,284 crore, Rs 10,75,990 crore, Rs 3,97,124 crore and Rs 2,43,113 crore respectively. HDFC Bank is notable for the lowest PE of the group at 15.38. ICICI Bank stands out for 5.95% revenue growth in FY26. M&M offers the highest return on equity at 18.37%. Tata Steel brings 6.12% revenue growth in FY26. These are watchlist names for FII backed low PE and low price to book stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is M&M a good stock for long-term investors?

Ans. M&M has a return on equity of 18.37%, a PE of 19.61 against an industry PE of 23.82 and a market cap of Rs 3,97,124 crore. Net profit has compounded at 26.58% a year since FY22, and FY26 revenue rose 25.21% while June 2026 quarter net profit grew 37.04%. Long-term returns in FII backed low PE and low price to book stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can ICICI Bank become a multibagger from here?

Ans. ICICI Bank has already gained 85.57% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in FII backed low PE and low price to book stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 22.29% a year since FY22, and FY26 revenue rose 5.95%. At a PE of 18.01 against an industry PE of 12.05, valuation should be checked against that growth before investing.

What is the market cap of HDFC Bank, ICICI Bank, M&M and Tata Steel?

Ans. As of 9 November 2026, HDFC Bank has a market cap of Rs 12,68,284 crore, ICICI Bank has a market cap of Rs 10,75,990 crore, M&M has a market cap of Rs 3,97,124 crore and Tata Steel has a market cap of Rs 2,43,113 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 FII backed low PE and low price to book stocks.

What are the risks of investing in FII backed low PE and low price to book 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. ICICI Bank trades at a PE of 18.01 against an industry PE of 12.05, so earnings growth needs to hold up.

Why is ICICI Bank trading at a PE of 18.01?

Ans. ICICI Bank's PE of 18.01 compares with an industry PE of 12.05. The market is paying a premium for a return on equity of 15.00%, profit growth of 22.29% a year since FY22 and latest-quarter profit growth of 12.62%, which also means the stock is more sensitive if growth slows. Investors in FII backed low PE and low price to book 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 HDFC Bank, ICICI Bank, M&M and Tata Steel?

Ans. As of the latest reported quarter, FII and DII together hold 83.03% of HDFC Bank (39.40% and 43.63%), 92.22% of ICICI Bank (50.44% and 41.78%), 67.54% of M&M (34.89% and 32.65%) and 45.99% of Tata Steel (19.37% and 26.62%). Rising institutional holding is a useful signal in FII backed low PE and low price to book stocks, though it should be read with earnings trends rather than on its own.