4 Largecap Low Price to Book Stocks to Watch for Future Multibagger Potential: ICICI Bank, LIC, PFC and Canara Bank

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. ICICI Bank, LIC, PFC and Canara Bank meet that test, with market caps from Rs 1.02 lakh crore to Rs 9.59 lakh crore and ICICI Bank offering the largest market cap at Rs 9,58,560 crore. Each of these companies has a price-to-book ratio below 3.5 and a return on equity of at least 15 per cent, and net profit rose in FY26 and in the latest quarter.

This list covers companies with a price-to-book ratio below 3.5 and a return on equity of at least 15 per cent, 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 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 23 October 2026 and are drawn from NSE and BSE data and company filings.

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

Low price to book stocks are shares of large companies that trade at a modest multiple of their book value yet earn strong returns on equity. The four here cover private banking, insurance, power financing and public sector banking.

A modest price-to-book ratio with strong returns points to value that the market has not fully priced in. For low price to book stocks, both FY26 and the latest quarter showed growth. A sensible way to study low price to book stocks is to look at profit growth, returns and valuation side by side. Below, each of low price to book stocks gets its own breakdown of growth, returns and valuation. Treat low price to book stocks as a research list, since share prices and rankings change with every earnings season.

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

Prices are closing prices as of 23 October 2026. PFC has the lowest PE of the group at 3.23, while LIC posts the highest return on equity at 32.53%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
ICICI Bank	1,394.20	9,58,560	16.04	12.05	15.00%	2.56	1,187.60 to 1,480.00
Life Insurance Corporation of India	381.50	4,90,693	8.17	10.47	32.53%	2.77	360.75 to 468.48
Power Finance Corporation	316	1,08,681	3.23	17.68	18.22%	0.76	313.35 to 486.50
Canara Bank	116.16	1,02,150	5.02	12.02	16.77%	0.84	116.16 to 162.89

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.

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. The stock trades at a PE of 16.04 against an industry PE of 12.05, with a return on equity of 15.00%.

LIC: 93.19% Profit CAGR Since FY22

LIC is India's largest life insurer and one of the biggest institutional investors in the stock market, with a vast agent network across the country. It reported FY26 revenue of Rs 9,90,211.25 crore, up 10.23% year on year, and net profit of Rs 57,453.15 crore, up 18.90%. Net profit has compounded at 93.19% a year since FY22, while revenue has grown 7.96% a year. Operating margin was 5.51% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.

The stock trades at a PE of 8.17 against an industry PE of 10.47, below the sector average, with a return on equity of 32.53%. In the June 2026 quarter, revenue rose 6.97% to Rs 2,41,166.45 crore and net profit grew 23.98% to Rs 13,584.25 crore. Domestic institutions raised their holding from 1.36% in September 2025 to 6.17% in September 2026.

PFC: Five-Year Gain of 179.34%

Power Finance Corporation is a government-owned lender that finances power generation, transmission, distribution and renewable energy projects. It reported FY26 total income of Rs 1,15,533.18 crore, up 8.38% year on year, and net profit of Rs 33,625.34 crore, up 10.19%. Net profit has compounded at 15.69% a year since FY22, while total income has grown 10.91% a year.

Net profit for the June 2026 quarter grew 0.18% to Rs 8,997.92 crore. The share price has gained 179.34% over five years. Foreign investors raised their holding from 18.66% in June 2025 to 20.54% in June 2026. The stock trades at a PE of 3.23 against an industry PE of 17.68, below the sector average, with a return on equity of 18.22%. The dividend yield is 5.63%.

Canara Bank: 34.48% Profit CAGR Since FY22

Canara Bank is a large government-owned bank with a wide branch network and a growing retail and digital business. It reported FY26 total income of Rs 1,53,083.22 crore, up 0.28% year on year, and net profit of Rs 18,951.23 crore, up 9.32%. Net profit has compounded at 34.48% a year since FY22, while total income has grown 12.89% a year.

The stock trades at a PE of 5.02 against an industry PE of 12.02, below the sector average, with a return on equity of 16.77%. The dividend yield is 3.73%. Net profit for the September 2026 quarter grew 6.50% to Rs 5,182.03 crore. The share price has gained 198.67% over five years. Foreign investors raised their holding from 11.90% in September 2025 to 12.27% in September 2026.

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

The table compares scale and growth across these 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)	4-Year Income CAGR	4-Year Net Profit CAGR
ICICI Bank	3,12,118.36	57,673.39	5.95%	18.64%	22.29%
LIC	9,90,211.25	57,453.15	10.23%	7.96%	93.19%
PFC	1,15,533.18	33,625.34	8.38%	10.91%	15.69%
Canara Bank	1,53,083.22	18,951.23	0.28%	12.89%	34.48%

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Institutional Holding in ICICI Bank, LIC, PFC and Canara Bank

Institutional holding shows who is backing these 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 LIC (from 1.36% to 6.17%).

Stock	Promoter	FII	DII	Public	Quarter
ICICI Bank	Nil	50.44%	41.78%	7.78%	September 2026
LIC	90.00%	1.55%	6.17%	2.28%	September 2026
PFC	55.99%	20.54%	14.51%	8.96%	June 2026
Canara Bank	62.93%	12.27%	12.38%	12.42%	September 2026

Risks to Weigh in Low Price to Book Stocks

Being careful with 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 16.04 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 Low Price to Book Stocks

Picking from 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 (10.47 to 17.68) 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 low price to book stocks, ICICI Bank stands out for the largest market cap at Rs 9,58,560 crore, LIC for the highest return on equity at 32.53%, PFC for the lowest PE of the group at 3.23 and Canara Bank for the biggest five-year price gain at 198.67%. 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 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 Low Price to Book Stocks to Watch

Which are the best low price to book stocks to watch for multibagger potential?

Ans. ICICI Bank, LIC, PFC and Canara Bank are the 4 names this list highlights, with market caps of Rs 9,58,560 crore, Rs 4,90,693 crore, Rs 1,08,681 crore and Rs 1,02,150 crore respectively. ICICI Bank is notable for the largest market cap at Rs 9,58,560 crore. LIC stands out for the highest return on equity at 32.53%. PFC offers the lowest PE of the group at 3.23. Canara Bank brings the biggest five-year price gain at 198.67%. These are watchlist names for low price to book stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is LIC a good stock for long-term investors?

Ans. LIC has a return on equity of 32.53%, a PE of 8.17 against an industry PE of 10.47 and a market cap of Rs 4,90,693 crore. Net profit has compounded at 93.19% a year since FY22, and FY26 revenue rose 10.23% while June 2026 quarter net profit grew 23.98%. Long-term returns in 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 Canara Bank become a multibagger from here?

Ans. Canara Bank has already gained 198.67% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in low price to book stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 34.48% a year since FY22, and FY26 revenue rose 0.28%. At a PE of 5.02 against an industry PE of 12.02, valuation should be checked against that growth before investing.

What is the market cap of ICICI Bank, LIC, PFC and Canara Bank?

Ans. As of 23 October 2026, ICICI Bank has a market cap of Rs 9,58,560 crore, LIC has a market cap of Rs 4,90,693 crore, PFC has a market cap of Rs 1,08,681 crore and Canara Bank has a market cap of Rs 1,02,150 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 low price to book stocks.

What are the risks of investing in 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 16.04 against an industry PE of 12.05, so earnings growth needs to hold up.

Why is ICICI Bank trading at a PE of 16.04?

Ans. ICICI Bank's PE of 16.04 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 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 ICICI Bank, LIC, PFC and Canara Bank?

Ans. As of the latest reported quarter, FII and DII together hold 92.22% of ICICI Bank (50.44% and 41.78%), 7.72% of LIC (1.55% and 6.17%), 35.05% of PFC (20.54% and 14.51%) and 24.65% of Canara Bank (12.27% and 12.38%). Rising institutional holding is a useful signal in low price to book stocks, though it should be read with earnings trends rather than on its own.