4 Largecap GST Cut Beneficiary Stocks to Watch for Future Multibagger Potential: UltraTech Cement, Bajaj Auto, TVS Motor and Hero MotoCorp

GST cut beneficiary stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. UltraTech Cement, Bajaj Auto, TVS Motor and Hero MotoCorp meet that test, with market caps from Rs 1.04 lakh crore to Rs 3.17 lakh crore and UltraTech Cement offering the largest market cap at Rs 3,16,676 crore. GST on motorcycles up to 350 cc and on cement was cut from 28 per cent to 18 per cent in September 2025, which lowered prices for buyers.

This list covers two-wheeler and cement companies that gained from the September 2025 GST rate cut, with rising profit and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening GST cut beneficiary stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 20 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are GST Cut Beneficiary Stocks and Why Do They Attract Multibagger Interest?

GST cut beneficiary stocks are shares of companies that sell products on which the GST rate came down from 28 per cent to 18 per cent in September 2025. The four here are three two-wheeler makers and India's largest cement company.

Lower tax lowers the price of vehicles and building material for buyers, which can lift volumes. Among GST cut beneficiary stocks, companies with rising sales and profit are the ones investors compare in GST cut beneficiary stocks. This guide looks at GST cut beneficiary stocks using FY26 results and the latest quarterly numbers. Every one of GST cut beneficiary stocks below has complete, verifiable data.

GST Cut Beneficiary Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 20 October 2026. Hero MotoCorp has the lowest PE of the group at 18.97, 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)
UltraTech Cement	10,650	3,16,676	36.95	29.41	10.66%	4.13	10,325.00 to 13,110.00
Bajaj Auto	10,287	2,81,374	24.36	23.82	27.67%	7.25	8,605.00 to 12,470.00
TVS Motor Company	4,074	1,91,289	53.12	23.62	31.56%	19.94	3,228.00 to 4,484.50
Hero MotoCorp	5,230	1,04,083	18.97	23.62	26.57%	4.82	4,671.50 to 6,388.50

UltraTech Cement: Profit Compounding at 3.36% a Year

UltraTech Cement is the largest cement producer in India by capacity, with plants and grinding units across the country. It reported FY26 revenue of Rs 89,089.04 crore, up 16.15% year on year, and net profit of Rs 8,188.35 crore, up 35.58%. Revenue has compounded at 13.81% a year since FY22. Operating margin was 19.71% in FY26. The debt-to-equity ratio is 0.31.

In the June 2026 quarter, revenue rose 15.49% to Rs 24,778.47 crore and net profit grew 17.24% to Rs 2,603.72 crore. Domestic institutions raised their holding from 16.65% in September 2025 to 20.86% in September 2026. The stock trades at a PE of 36.95 against an industry PE of 29.41. The dividend yield is 2.23%.

Bajaj Auto: Revenue Up 24.05% in FY26

Bajaj Auto makes motorcycles, three-wheelers and electric two-wheelers, and has a large export business. It reported FY26 revenue of Rs 65,087.22 crore, up 24.05% year on year, and net profit of Rs 10,574.50 crore, up 44.37%. Net profit has compounded at 14.44% a year since FY22, while revenue has grown 17.26% a year. Operating margin was 25.06% in FY26.

The stock trades at a PE of 24.36 against an industry PE of 23.82, with a return on equity of 27.67%. In the June 2026 quarter, revenue rose 64.02% to Rs 22,376.69 crore and net profit grew 44.26% to Rs 3,188.75 crore. The share price has gained 165.89% over five years and 13.76% over the past year. Domestic institutions raised their holding from 12.09% in June 2025 to 13.54% in June 2026.

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.

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. The stock trades at a PE of 53.12 against an industry PE of 23.62, with a return on equity of 31.56%.

Hero MotoCorp: 25.49% Profit CAGR Since FY22

Hero MotoCorp is among the largest two-wheeler makers in the world by volume, selling motorcycles and scooters. It reported FY26 revenue of Rs 48,469.37 crore, up 15.49% year on year, and net profit of Rs 5,775.70 crore, up 31.99%. Net profit has compounded at 25.49% a year since FY22, while revenue has grown 12.64% a year. Operating margin was 17.65% in FY26. The debt-to-equity ratio is 0.04, which keeps interest costs low.

The stock trades at a PE of 18.97 against an industry PE of 23.62, below the sector average, with a return on equity of 26.57%. The dividend yield is 3.56%. Revenue for the June 2026 quarter rose 35.35% to Rs 13,586.09 crore, at an operating margin of 16.47%. The share price has gained 79.11% over five years. Foreign investors raised their holding from 27.05% in June 2025 to 31.09% in June 2026.

GST Cut Beneficiary Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these GST cut beneficiary 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)	Revenue Growth (YoY)	4-Year Revenue CAGR	4-Year Net Profit CAGR	Operating Margin (Latest Quarter)
UltraTech Cement	89,089.04	8,188.35	16.15%	13.81%	3.36%	20.83%
Bajaj Auto	65,087.22	10,574.50	24.05%	17.26%	14.44%	24.99%
TVS Motor	56,091.53	3,186.43	27.02%	23.15%	44.50%	15.35%
Hero MotoCorp	48,469.37	5,775.70	15.49%	12.64%	25.49%	16.47%

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Institutional Holding in UltraTech Cement, Bajaj Auto, TVS Motor and Hero MotoCorp

Institutional holding shows who is backing these GST cut beneficiary stocks alongside the promoter. The table uses the latest reported quarter for each. Hero MotoCorp has the deepest institutional backing, with FII and DII together holding 55.45% as of June 2026. Domestic institutions increased their holding over the past year in UltraTech Cement (from 16.65% to 20.86%), Bajaj Auto (from 12.09% to 13.54%) and TVS Motor (from 18.81% to 21.13%).

Stock	Promoter	FII	DII	Public	Quarter
UltraTech Cement	58.48%	12.69%	20.86%	7.97%	September 2026
Bajaj Auto	55.01%	9.01%	13.54%	22.44%	June 2026
TVS Motor	50.27%	20.45%	21.13%	8.15%	June 2026
Hero MotoCorp	34.73%	31.09%	24.36%	9.83%	June 2026

Risks to Weigh in GST Cut Beneficiary Stocks

Being careful with GST cut beneficiary stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:

• Demand depends on incomes and the festive season.
• Input costs can affect margins.
• Valuation: TVS Motor trades at a PE of 53.12 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 GST Cut Beneficiary Stocks

Picking from GST cut beneficiary 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 (23.62 to 29.41) and ask whether the growth rate justifies any gap.
3. Track volume growth, the operating margin and net profit growth in every quarterly result.
4. Stagger entries across quarters and review institutional holding every reporting season.

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Conclusion

Among GST cut beneficiary stocks, UltraTech Cement stands out for the largest market cap at Rs 3,16,676 crore, Bajaj Auto for 24.05% revenue growth in FY26, TVS Motor for the highest return on equity at 31.56% and Hero MotoCorp for the lowest PE of the group at 18.97. 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 GST cut beneficiary 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 GST Cut Beneficiary Stocks to Watch

Which are the best GST cut beneficiary stocks to watch for multibagger potential?

Ans. UltraTech Cement, Bajaj Auto, TVS Motor and Hero MotoCorp are the 4 names this list highlights, with market caps of Rs 3,16,676 crore, Rs 2,81,374 crore, Rs 1,91,289 crore and Rs 1,04,083 crore respectively. UltraTech Cement is notable for the largest market cap at Rs 3,16,676 crore. Bajaj Auto stands out for 24.05% revenue growth in FY26. TVS Motor offers the highest return on equity at 31.56%. Hero MotoCorp brings the lowest PE of the group at 18.97. These are watchlist names for GST cut beneficiary 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 53.12 against an industry PE of 23.62 and a market cap of Rs 1,91,289 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 GST cut beneficiary stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Hero MotoCorp become a multibagger from here?

Ans. Hero MotoCorp has already gained 79.11% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in GST cut beneficiary stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 25.49% a year since FY22, and FY26 revenue rose 15.49%. At a PE of 18.97 against an industry PE of 23.62, valuation should be checked against that growth before investing.

What is the market cap of UltraTech Cement, Bajaj Auto, TVS Motor and Hero MotoCorp?

Ans. As of 20 October 2026, UltraTech Cement has a market cap of Rs 3,16,676 crore, Bajaj Auto has a market cap of Rs 2,81,374 crore, TVS Motor has a market cap of Rs 1,91,289 crore and Hero MotoCorp has a market cap of Rs 1,04,083 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 GST cut beneficiary stocks.

What are the risks of investing in GST cut beneficiary stocks?

Ans. The main risks are weaker demand, higher input costs and valuations. Companies with strong brands and wide distribution handle these better. TVS Motor trades at a PE of 53.12 against an industry PE of 23.62, so earnings growth needs to hold up.

Why is TVS Motor trading at a PE of 53.12?

Ans. TVS Motor's PE of 53.12 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 GST cut beneficiary 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 UltraTech Cement, Bajaj Auto, TVS Motor and Hero MotoCorp?

Ans. As of the latest reported quarter, FII and DII together hold 33.55% of UltraTech Cement (12.69% and 20.86%), 22.55% of Bajaj Auto (9.01% and 13.54%), 41.58% of TVS Motor (20.45% and 21.13%) and 55.45% of Hero MotoCorp (31.09% and 24.36%). Rising institutional holding is a useful signal in GST cut beneficiary stocks, though it should be read with earnings trends rather than on its own.