4 Largecap Norway Wealth Fund Stocks to Watch for Future Multibagger Potential: Divi's Labs, CG Power, Polycab and Apollo Hospitals

Norway wealth fund stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Divi's Labs, CG Power, Polycab and Apollo Hospitals meet that test, with market caps from Rs 1.22 lakh crore to Rs 2.50 lakh crore and Divi's Labs offering the strongest latest-quarter profit growth at 65.50%. Each of these companies has the Government Pension Fund Global of Norway listed among its top foreign 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 the Government Pension Fund Global of Norway listed among its top foreign 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 Norway wealth 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 Norway Wealth Fund Stocks and Why Do They Attract Multibagger Interest?

Norway wealth fund stocks are shares of large companies in which the Government Pension Fund Global, the sovereign wealth fund of Norway and one of the largest investors in the world, is named among the top foreign holders. The four here cover pharmaceutical ingredients, electrical equipment, cables and hospitals.

When a global sovereign wealth fund with a very long horizon holds a large stake in an Indian company, it is a strong vote of confidence in the business and its governance. For Norway wealth fund stocks, both FY26 and the latest quarter showed growth. Investors researching Norway wealth fund stocks get a fuller picture by reading growth and valuation together. The table below lines up Norway wealth fund stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use Norway wealth fund stocks as a starting point for your own research.

Norway Wealth Fund Stocks at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 28 October 2026. Polycab combines the lowest PE of the group, 42.66, with the highest return on equity, 22.25%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Divi's Laboratories	9,558.50	2,50,368	85.60	36.42	15.32%	0.00	5,647.50 to 9,740.00
CG Power and Industrial Solutions	832.30	1,31,270	105.87	45.89	15.13%	0.01	525.50 to 980.90
Polycab India	7,680	1,23,928	42.66	49.96	22.25%	0.02	6,663.00 to 10,126.00
Apollo Hospitals Enterprise	8,137	1,22,091	56.21	60.75	20.48%	0.90	6,696.50 to 9,070.50

Divi's Labs: Debt-to-Equity of 0.00

Divi's Laboratories makes active pharmaceutical ingredients and intermediates and runs a large custom synthesis business for global drug companies. It reported FY26 revenue of Rs 11,067 crore, up 13.95% year on year, and net profit of Rs 2,568 crore, up 17.21%. Revenue has compounded at 5.09% a year since FY22. Operating margin was 36.70% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.

In the June 2026 quarter, revenue rose 24.32% to Rs 3,144 crore and net profit grew 65.50% to Rs 902 crore. The share price has gained 71.04% over five years and 38.43% over the past year. Foreign investors raised their holding from 19.39% in September 2025 to 20.38% in September 2026. The stock trades at a PE of 85.60 against an industry PE of 36.42, with a return on equity of 15.32%.

CG Power: Revenue Up 25.73% in FY26

CG Power and Industrial Solutions makes transformers, motors, drives and railway signalling products, and has entered semiconductor assembly. It reported FY26 revenue of Rs 12,662.22 crore, up 25.73% year on year, and net profit of Rs 1,196.73 crore, up 23.00%. Net profit has compounded at 17.42% a year since FY22, while revenue has grown 23.06% a year. Operating margin was 14.88% in FY26. The debt-to-equity ratio is 0.01, which keeps interest costs low.

The stock trades at a PE of 105.87 against an industry PE of 45.89, with a return on equity of 15.13%. In the June 2026 quarter, revenue rose 15.76% to Rs 3,364.39 crore and net profit grew 15.52% to Rs 308.28 crore. The share price has gained 563.19% over five years. Domestic institutions raised their holding from 16.33% in July 2025 to 18.30% in June 2026.

Polycab: 33.79% Profit CAGR Since FY22

Polycab India is a leading maker of wires and cables in India, with a growing fast-moving electrical goods business. It reported FY26 revenue of Rs 29,120.04 crore, up 28.76% year on year, and net profit of Rs 2,708.43 crore, up 32.41%. Net profit has compounded at 33.79% a year since FY22, while revenue has grown 24.06% a year. Operating margin was 14.69% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.

In the June 2026 quarter, revenue rose 38.90% to Rs 8,314.65 crore and net profit grew 32.84% to Rs 796.65 crore. The share price has gained 230.55% over five years. Foreign investors raised their holding from 11.44% in June 2025 to 19.00% in June 2026. The stock trades at a PE of 42.66 against an industry PE of 49.96, below the sector average, with a return on equity of 22.25%.

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.

Norway Wealth Fund Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these Norway wealth 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	Latest Quarter Revenue Growth	Operating Margin (Latest Quarter)
Divi's Labs	11,067	2,568	13.95%	5.09%	24.32%	42.82%
CG Power	12,662.22	1,196.73	25.73%	23.06%	15.76%	14.66%
Polycab	29,120.04	2,708.43	28.76%	24.06%	38.90%	15.12%
Apollo Hospitals	25,420.10	2,002.70	15.58%	14.59%	20.57%	16.39%

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Institutional Holding in Divi's Labs, CG Power, Polycab and Apollo Hospitals

Institutional holding shows who is backing these Norway wealth 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 CG Power (from 16.33% to 18.30%) and Apollo Hospitals (from 21.12% to 22.07%).

Stock	Promoter	FII	DII	Public	Quarter
Divi's Labs	51.88%	20.38%	19.17%	8.58%	September 2026
CG Power	56.36%	11.97%	18.30%	13.37%	June 2026
Polycab	61.46%	19.00%	7.62%	11.92%	June 2026
Apollo Hospitals	28.02%	43.18%	22.07%	6.72%	September 2026

Risks to Weigh in Norway Wealth Fund Stocks

Being careful with Norway wealth 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: Divi's Labs trades at a PE of 85.60 against an industry PE of 36.42, 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 Norway Wealth Fund Stocks

Picking from Norway wealth 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 (36.42 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 Norway wealth fund stocks, Divi's Labs stands out for the strongest latest-quarter profit growth at 65.50%, CG Power for the biggest five-year price gain at 563.19%, Polycab for the highest return on equity at 22.25% and Apollo Hospitals for 15.58% 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 Norway wealth 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 Norway Wealth Fund Stocks to Watch

Which are the best Norway wealth fund stocks to watch for multibagger potential?

Ans. Divi's Labs, CG Power, Polycab and Apollo Hospitals are the 4 names this list highlights, with market caps of Rs 2,50,368 crore, Rs 1,31,270 crore, Rs 1,23,928 crore and Rs 1,22,091 crore respectively. Divi's Labs is notable for the strongest latest-quarter profit growth at 65.50%. CG Power stands out for the biggest five-year price gain at 563.19%. Polycab offers the highest return on equity at 22.25%. Apollo Hospitals brings 15.58% revenue growth in FY26. These are watchlist names for Norway wealth fund stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is Polycab a good stock for long-term investors?

Ans. Polycab has a return on equity of 22.25%, a PE of 42.66 against an industry PE of 49.96 and a market cap of Rs 1,23,928 crore. Net profit has compounded at 33.79% a year since FY22, and FY26 revenue rose 28.76% while June 2026 quarter net profit grew 32.84%. Long-term returns in Norway wealth fund stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can CG Power become a multibagger from here?

Ans. CG Power has already gained 563.19% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in Norway wealth fund stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 17.42% a year since FY22, and FY26 revenue rose 25.73%. At a PE of 105.87 against an industry PE of 45.89, valuation should be checked against that growth before investing.

What is the market cap of Divi's Labs, CG Power, Polycab and Apollo Hospitals?

Ans. As of 28 October 2026, Divi's Labs has a market cap of Rs 2,50,368 crore, CG Power has a market cap of Rs 1,31,270 crore, Polycab has a market cap of Rs 1,23,928 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 Norway wealth fund stocks.

What are the risks of investing in Norway wealth 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. Divi's Labs trades at a PE of 85.60 against an industry PE of 36.42, so earnings growth needs to hold up.

Why is Divi's Labs trading at a PE of 85.60?

Ans. Divi's Labs' PE of 85.60 compares with an industry PE of 36.42. The market is paying a premium for a return on equity of 15.32% and latest-quarter profit growth of 65.50%, which also means the stock is more sensitive if growth slows. Investors in Norway wealth 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 Divi's Labs, CG Power, Polycab and Apollo Hospitals?

Ans. As of the latest reported quarter, FII and DII together hold 39.55% of Divi's Labs (20.38% and 19.17%), 30.27% of CG Power (11.97% and 18.30%), 26.62% of Polycab (19.00% and 7.62%) and 65.25% of Apollo Hospitals (43.18% and 22.07%). Rising institutional holding is a useful signal in Norway wealth fund stocks, though it should be read with earnings trends rather than on its own.