4 Largecap NRI Stocks to Watch for Future Multibagger Potential: HDFC Bank, ICICI Bank, Infosys and M&M

NRI 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, Infosys and M&M meet that test, with market caps from Rs 3.48 lakh crore to Rs 11.23 lakh crore and HDFC Bank offering the lowest PE of the group at 13.61. Each of these companies has foreign institutional holding of at least 20 per cent and a return on equity above 12 per cent, and net profit rose in FY26 and in the latest quarter.

This list covers companies with foreign institutional holding of at least 20 per cent and a return on equity above 12 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 NRI stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 22 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are NRI Stocks and Why Do They Attract Multibagger Interest?

NRI stocks are shares of liquid, widely held companies that overseas investors favour. The four here cover two private banks, IT services and automobiles.

Heavy foreign fund ownership shows that global investors have already studied these businesses. For NRI stocks, rising profit adds to the case. For NRI stocks, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of NRI stocks, using FY26 and latest quarter data. Prices move daily, so recheck the figures for NRI stocks before you decide.

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

Prices are closing prices as of 22 October 2026. HDFC Bank has the lowest PE of the group at 13.61, while Infosys posts the highest return on equity at 33.24%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
HDFC Bank	694.05	11,22,628	13.61	11.94	13.14%	1.87	681.90 to 1,020.50
ICICI Bank	1,398.50	9,61,516	16.09	12.05	15.00%	2.57	1,187.60 to 1,480.00
Infosys	1,153.35	4,41,906	14.57	18.27	33.24%	5.12	980.40 to 1,728.00
Mahindra & Mahindra	2,864.10	3,48,064	17.19	23.82	18.37%	3.74	2,744.30 to 3,839.90

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 13.61 against an industry PE of 11.94, with a return on equity of 13.14%. The dividend yield is 2.13%.

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 16.09 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.

Infosys: Return on Equity of 33.24%

Infosys is a large IT services and consulting company that has built an AI-first offering around its Topaz platform. It reported FY26 revenue of Rs 1,82,972 crore, up 9.83% year on year, and net profit of Rs 29,474 crore, up 10.18%. Net profit has compounded at 7.41% a year since FY22, while revenue has grown 10.23% a year. Operating margin was 25.36% in FY26. The debt-to-equity ratio is 0.10, which keeps interest costs low.

In the June 2026 quarter, revenue rose 13.56% to Rs 49,195 crore and net profit grew 12.29% to Rs 7,775 crore. Domestic institutions raised their holding from 39.60% in June 2025 to 42.96% in June 2026. The stock trades at a PE of 14.57 against an industry PE of 18.27, below the sector average, with a return on equity of 33.24%. The dividend yield is 4.40%.

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.

The stock trades at a PE of 17.19 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%. 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 220.52% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026.

NRI Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these NRI 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
HDFC Bank	4,95,462.81	79,219.46	5.21%	31.11%	20.04%
ICICI Bank	3,12,118.36	57,673.39	5.95%	18.64%	22.29%
Infosys	1,82,972	29,474	9.83%	10.23%	7.41%
M&M	2,02,084.34	18,621.71	25.21%	22.04%	26.58%

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Institutional Holding in HDFC Bank, ICICI Bank, Infosys and M&M

Institutional holding shows who is backing these NRI 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%), Infosys (from 39.60% to 42.96%) and M&M (from 29.59% to 32.65%).

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
Infosys	13.82%	27.09%	42.96%	16.13%	June 2026
M&M	18.45%	34.89%	32.65%	14.01%	June 2026

Risks to Weigh in NRI Stocks

Being careful with NRI 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 16.09 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 NRI Stocks

Picking from NRI 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 NRI stocks, HDFC Bank stands out for the lowest PE of the group at 13.61, ICICI Bank for 5.95% revenue growth in FY26, Infosys for the highest return on equity at 33.24% and M&M for the fastest profit growth, 26.58% a year since FY22. 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 NRI 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 NRI Stocks to Watch

Which are the best NRI stocks to watch for multibagger potential?

Ans. HDFC Bank, ICICI Bank, Infosys and M&M are the 4 names this list highlights, with market caps of Rs 11,22,628 crore, Rs 9,61,516 crore, Rs 4,41,906 crore and Rs 3,48,064 crore respectively. HDFC Bank is notable for the lowest PE of the group at 13.61. ICICI Bank stands out for 5.95% revenue growth in FY26. Infosys offers the highest return on equity at 33.24%. M&M brings the fastest profit growth, 26.58% a year since FY22. These are watchlist names for NRI stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is Infosys a good stock for long-term investors?

Ans. Infosys has a return on equity of 33.24%, a PE of 14.57 against an industry PE of 18.27 and a market cap of Rs 4,41,906 crore. Net profit has compounded at 7.41% a year since FY22, and FY26 revenue rose 9.83% while June 2026 quarter net profit grew 12.29%. Long-term returns in NRI stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can M&M become a multibagger from here?

Ans. M&M has already gained 220.52% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in NRI stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.58% a year since FY22, and FY26 revenue rose 25.21%. At a PE of 17.19 against an industry PE of 23.82, valuation should be checked against that growth before investing.

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

Ans. As of 22 October 2026, HDFC Bank has a market cap of Rs 11,22,628 crore, ICICI Bank has a market cap of Rs 9,61,516 crore, Infosys has a market cap of Rs 4,41,906 crore and M&M has a market cap of Rs 3,48,064 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 NRI stocks.

What are the risks of investing in NRI 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 16.09 against an industry PE of 12.05, so earnings growth needs to hold up.

Why is ICICI Bank trading at a PE of 16.09?

Ans. ICICI Bank's PE of 16.09 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 NRI 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, Infosys and M&M?

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%), 70.05% of Infosys (27.09% and 42.96%) and 67.54% of M&M (34.89% and 32.65%). Rising institutional holding is a useful signal in NRI stocks, though it should be read with earnings trends rather than on its own.