4 Largecap ICICI Prudential Mutual Fund Stocks to Watch for Future Multibagger Potential: HAL, UltraTech Cement, Bajaj Finserv and Apollo Hospitals

ICICI Prudential mutual fund stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. HAL, UltraTech Cement, Bajaj Finserv and Apollo Hospitals meet that test, with market caps from Rs 1.22 lakh crore to Rs 3.31 lakh crore and HAL offering the highest return on equity at 22.21%. Each of these companies has ICICI Prudential Mutual Fund or one of its schemes listed among its top domestic institutional holders, 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 ICICI Prudential Mutual Fund or one of its schemes listed among its top domestic institutional holders, 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 ICICI Prudential mutual fund 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 ICICI Prudential Mutual Fund Stocks and Why Do They Attract Multibagger Interest?

ICICI Prudential mutual fund stocks are shares of large companies in which ICICI Prudential Mutual Fund or one of its schemes is named among the top domestic institutional holders in the latest shareholding pattern. The four here cover defence aerospace, cement, financial services and hospitals.

When a leading fund house like ICICI Prudential Mutual Fund holds a large stake, it shows that its research teams have studied the business closely and backed it with investors money. For ICICI Prudential mutual fund stocks, both FY26 and the latest quarter showed growth. For ICICI Prudential mutual fund stocks, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of ICICI Prudential mutual fund stocks, using FY26 and latest quarter data. Prices move daily, so recheck the figures for ICICI Prudential mutual fund stocks before you decide.

ICICI Prudential Mutual Fund Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 28 October 2026. Bajaj Finserv has the lowest PE of the group at 13.06, while HAL posts the highest return on equity at 22.21%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
Hindustan Aeronautics	4,850	3,31,342	35.55	48.59	22.21%	8.08	3,479.10 to 5,149.90
UltraTech Cement	11,104	3,20,895	37.44	29.41	10.66%	4.19	10,325.00 to 13,110.00
Bajaj Finserv	1,652.40	2,69,583	13.06	17.68	12.58%	3.46	1,597.00 to 2,195.00
Apollo Hospitals Enterprise	8,137	1,22,091	56.21	60.75	20.48%	12.88	6,696.50 to 9,070.50

HAL: Return on Equity of 22.21%

Hindustan Aeronautics is India'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.

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. 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%.

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.

The stock trades at a PE of 37.44 against an industry PE of 29.41. The dividend yield is 2.20%. 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.

Bajaj Finserv: 24.02% Profit CAGR Since FY22

Bajaj Finserv is a financial services holding company with interests in lending through Bajaj Finance and in general and life insurance. It reported FY26 total income of Rs 1,50,530.38 crore, up 13.23% year on year, and net profit of Rs 19,669.47 crore, up 12.03%. Net profit has compounded at 24.02% a year since FY22, while total income has grown 21.78% a year.

In the June 2026 quarter, total income rose 19.08% to Rs 42,036.90 crore and net profit grew 18.15% to Rs 6,296.67 crore. Domestic institutions raised their holding from 10.09% in June 2025 to 12.10% in June 2026. The stock trades at a PE of 13.06 against an industry PE of 17.68, below the sector average, with a return on equity of 12.58%.

Apollo Hospitals: Return on Equity of 20.48%

Apollo Hospitals Enterprise runs one of India's largest hospital networks and also operates pharmacies and a digital health platform. It reported FY26 revenue of Rs 25,420.10 crore, up 15.58% year on year, and net profit of Rs 2,002.70 crore, up 33.06%. Net profit has compounded at 16.13% a year since FY22, while revenue has grown 14.59% a year. Operating margin was 15.80% in FY26.

The stock trades at a PE of 56.21 against an industry PE of 60.75, below the sector average, with a return on equity of 20.48%. In the June 2026 quarter, revenue rose 20.57% to Rs 7,092.30 crore and net profit grew 38.41% to Rs 610.40 crore. The share price has gained 83.08% over five years. Domestic institutions raised their holding from 21.12% in September 2025 to 22.07% in September 2026.

ICICI Prudential Mutual Fund Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these ICICI Prudential mutual fund 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
HAL	36,787.95	9,115.52	9.68%	9.48%	15.74%
UltraTech Cement	89,089.04	8,188.35	16.15%	13.81%	3.36%
Bajaj Finserv	1,50,530.38	19,669.47	13.23%	21.78%	24.02%
Apollo Hospitals	25,420.10	2,002.70	15.58%	14.59%	16.13%

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Institutional Holding in HAL, UltraTech Cement, Bajaj Finserv and Apollo Hospitals

Institutional holding shows who is backing these ICICI Prudential mutual fund stocks alongside the promoter. The table uses the latest reported quarter for each. Apollo Hospitals has the deepest institutional backing, with FII and DII together holding 65.25% as of September 2026. Domestic institutions increased their holding over the past year in HAL (from 8.71% to 12.56%), UltraTech Cement (from 16.65% to 20.86%), Bajaj Finserv (from 10.09% to 12.10%) and Apollo Hospitals (from 21.12% to 22.07%).

Stock	Promoter	FII	DII	Public	Quarter
HAL	71.64%	9.42%	12.56%	6.38%	September 2026
UltraTech Cement	58.48%	12.69%	20.86%	7.97%	September 2026
Bajaj Finserv	58.71%	6.91%	12.10%	22.28%	June 2026
Apollo Hospitals	28.02%	43.18%	22.07%	6.72%	September 2026

Risks to Weigh in ICICI Prudential Mutual Fund Stocks

Being careful with ICICI Prudential mutual fund 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: UltraTech Cement trades at a PE of 37.44 against an industry PE of 29.41, 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 ICICI Prudential Mutual Fund Stocks

Picking from ICICI Prudential mutual fund 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 (17.68 to 60.75) 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 ICICI Prudential mutual fund stocks, HAL stands out for the highest return on equity at 22.21%, UltraTech Cement for 16.15% revenue growth in FY26, Bajaj Finserv for the fastest profit growth, 24.02% a year since FY22 and Apollo Hospitals for the strongest latest-quarter profit growth at 38.41%. 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 ICICI Prudential mutual fund 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 ICICI Prudential Mutual Fund Stocks to Watch

Which are the best ICICI Prudential mutual fund stocks to watch for multibagger potential?

Ans. HAL, UltraTech Cement, Bajaj Finserv and Apollo Hospitals are the 4 names this list highlights, with market caps of Rs 3,31,342 crore, Rs 3,20,895 crore, Rs 2,69,583 crore and Rs 1,22,091 crore respectively. HAL is notable for the highest return on equity at 22.21%. UltraTech Cement stands out for 16.15% revenue growth in FY26. Bajaj Finserv offers the fastest profit growth, 24.02% a year since FY22. Apollo Hospitals brings the strongest latest-quarter profit growth at 38.41%. These are watchlist names for ICICI Prudential mutual fund stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is HAL a good stock for long-term investors?

Ans. HAL has a return on equity of 22.21%, a PE of 35.55 against an industry PE of 48.59 and a market cap of Rs 3,31,342 crore. Net profit has compounded at 15.74% a year since FY22, and FY26 revenue rose 9.68% while June 2026 quarter net profit grew 14.88%. Long-term returns in ICICI Prudential mutual fund stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Bajaj Finserv become a multibagger from here?

Ans. Bajaj Finserv has a market cap of Rs 2,69,583 crore. A multibagger outcome in ICICI Prudential mutual fund stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 24.02% a year since FY22, and FY26 revenue rose 13.23%. At a PE of 13.06 against an industry PE of 17.68, valuation should be checked against that growth before investing.

What is the market cap of HAL, UltraTech Cement, Bajaj Finserv and Apollo Hospitals?

Ans. As of 28 October 2026, HAL has a market cap of Rs 3,31,342 crore, UltraTech Cement has a market cap of Rs 3,20,895 crore, Bajaj Finserv has a market cap of Rs 2,69,583 crore and Apollo Hospitals has a market cap of Rs 1,22,091 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 ICICI Prudential mutual fund stocks.

What are the risks of investing in ICICI Prudential mutual fund 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. UltraTech Cement trades at a PE of 37.44 against an industry PE of 29.41, so earnings growth needs to hold up.

Why is UltraTech Cement trading at a PE of 37.44?

Ans. UltraTech Cement's PE of 37.44 compares with an industry PE of 29.41. The market is paying a premium for latest-quarter profit growth of 17.24% and FY26 revenue growth of 16.15%, which also means the stock is more sensitive if growth slows. Investors in ICICI Prudential mutual fund 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 HAL, UltraTech Cement, Bajaj Finserv and Apollo Hospitals?

Ans. As of the latest reported quarter, FII and DII together hold 21.98% of HAL (9.42% and 12.56%), 33.55% of UltraTech Cement (12.69% and 20.86%), 19.01% of Bajaj Finserv (6.91% and 12.10%) and 65.25% of Apollo Hospitals (43.18% and 22.07%). Rising institutional holding is a useful signal in ICICI Prudential mutual fund stocks, though it should be read with earnings trends rather than on its own.