4 Largecap Stocks With Debt-to-Equity Between 1 and 2 to Watch for Future Multibagger Potential: M&M, NTPC, Torrent Pharma and Adani Energy Solutions

Stocks with debt-to-equity between 1 and 2 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. M&M, NTPC, Torrent Pharma and Adani Energy Solutions meet that test, with market caps from Rs 1.65 lakh crore to Rs 3.48 lakh crore and M&M offering the biggest five-year price gain at 220.52%. Each of these companies has a debt-to-equity ratio between 1 and 2, and net profit grew by at least 10 per cent in FY26 and rose in the latest quarter.

This list covers companies with a debt-to-equity ratio between 1 and 2, FY26 profit growth of at least 10 per cent, rising profit in the latest quarter and market capitalisation above Rs 1,00,000 crore. Each company has a market cap above Rs 1 lakh crore. Investors screening stocks with debt-to-equity between 1 and 2 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 Stocks With Debt-to-Equity Between 1 and 2 and Why Do They Attract Multibagger Interest?

Stocks with debt-to-equity between 1 and 2 are shares of companies that borrow to fund large plants, networks and financing books. The four here cover vehicles, power generation, pharmaceuticals and power transmission.

Borrowing at this level is normal for capital-heavy businesses when profit is growing. For stocks with debt-to-equity between 1 and 2, rising earnings show that the debt is being serviced comfortably. A sensible way to study stocks with debt-to-equity between 1 and 2 is to look at profit growth, returns and valuation side by side. Below, each of stocks with debt-to-equity between 1 and 2 gets its own breakdown of growth, returns and valuation. Treat stocks with debt-to-equity between 1 and 2 as a research list, since share prices and rankings change with every earnings season.

Stocks With Debt-to-Equity Between 1 and 2 at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 20 October 2026. NTPC has the lowest PE of the group at 10.75, while Torrent Pharma posts the highest return on equity at 25.49%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Mahindra & Mahindra	2,907	3,48,064	17.19	23.82	18.37%	1.44	2,744.30 to 3,839.90
NTPC	309	3,04,475	10.75	21.61	13.31%	1.33	305.70 to 414.40
Torrent Pharmaceuticals	4,558.70	1,75,196	81.26	36.42	25.49%	1.79	3,480.60 to 5,250.00
Adani Energy Solutions	1,364.90	1,65,429	53.53	22.18	8.98%	1.93	803.10 to 1,789.00

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.

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. 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%.

NTPC: Five-Year Gain of 110.40%

NTPC is India's largest power generation company and is growing its renewable energy portfolio. It reported FY26 revenue of Rs 1,89,798.56 crore and net profit of Rs 30,009.98 crore, up 48.19%. Net profit has compounded at 18.01% a year since FY22, while revenue has grown 8.89% a year. Operating margin was 32.45% in FY26.

The stock trades at a PE of 10.75 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.87%. In the June 2026 quarter, revenue rose 6.94% to Rs 51,141.51 crore and net profit grew 12.90% to Rs 6,896.44 crore. The share price has gained 110.40% over five years. Domestic institutions raised their holding from 28.92% in June 2025 to 29.44% in June 2026.

Torrent Pharma: 28.79% Profit CAGR Since FY22

Torrent Pharmaceuticals makes branded medicines for chronic therapies such as cardiac, gastro-intestinal and central nervous system care in India and overseas. It reported FY26 revenue of Rs 13,886.15 crore, up 20.34% year on year, and net profit of Rs 2,138.18 crore, up 11.87%. Net profit has compounded at 28.79% a year since FY22, while revenue has grown 12.38% a year. Operating margin was 22.70% in FY26.

In the June 2026 quarter, revenue rose 56.29% to Rs 4,909 crore and net profit grew 3.28% to Rs 566 crore. The share price has gained 194.63% over five years and 29.72% over the past year. Domestic institutions raised their holding from 9.28% in September 2025 to 12.87% in July 2026. The stock trades at a PE of 81.26 against an industry PE of 36.42, with a return on equity of 25.49%.

Adani Energy Solutions: Quarterly Profit Up 129.44%

Adani Energy Solutions builds and operates power transmission lines and runs electricity distribution and smart metering businesses. It reported FY26 revenue of Rs 28,325.16 crore, up 15.87% year on year, and net profit of Rs 2,392.75 crore, up 159.60%. Net profit has compounded at 17.96% a year since FY22, while revenue has grown 24.31% a year. Operating margin was 31.63% in FY26.

The stock trades at a PE of 53.53 against an industry PE of 22.18. In the June 2026 quarter, revenue rose 40.24% to Rs 9,852.20 crore and net profit grew 129.44% to Rs 1,236.56 crore. The share price is up 44.33% over the past year. Domestic institutions raised their holding from 10.14% in December 2025 to 13.61% in September 2026.

Stocks With Debt-to-Equity Between 1 and 2: Financial Comparison on Growth and Margins

The table compares scale and growth across these stocks with debt-to-equity between 1 and 2. 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)	4-Year Revenue CAGR	4-Year Net Profit CAGR	Latest Quarter Revenue Growth	Operating Margin (Latest Quarter)
M&M	2,02,084.34	18,621.71	22.04%	26.58%	27.47%	20.77%
NTPC	1,89,798.56	30,009.98	8.89%	18.01%	6.94%	35.04%
Torrent Pharma	13,886.15	2,138.18	12.38%	28.79%	56.29%	33.73%
Adani Energy Solutions	28,325.16	2,392.75	24.31%	17.96%	40.24%	32.73%

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Institutional Holding in M&M, NTPC, Torrent Pharma and Adani Energy Solutions

Institutional holding shows who is backing these stocks with debt-to-equity between 1 and 2 alongside the promoter. The table uses the latest reported quarter for each. M&M has the deepest institutional backing, with FII and DII together holding 67.54% as of June 2026. Domestic institutions increased their holding over the past year in M&M (from 29.59% to 32.65%), NTPC (from 28.92% to 29.44%), Torrent Pharma (from 9.28% to 12.87%) and Adani Energy Solutions (from 10.14% to 13.61%).

Stock	Promoter	FII	DII	Public	Quarter
M&M	18.45%	34.89%	32.65%	14.01%	June 2026
NTPC	51.10%	16.30%	29.44%	3.15%	June 2026
Torrent Pharma	60.78%	17.97%	12.87%	8.38%	July 2026
Adani Energy Solutions	73.39%	9.56%	13.61%	3.44%	September 2026

Risks to Weigh in Stocks With Debt-to-Equity Between 1 and 2

Being careful with stocks with debt-to-equity between 1 and 2 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: Adani Energy Solutions trades at a PE of 53.53 against an industry PE of 22.18, 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 Stocks With Debt-to-Equity Between 1 and 2

Picking from stocks with debt-to-equity between 1 and 2 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 (21.61 to 36.42) 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 stocks with debt-to-equity between 1 and 2, M&M stands out for the biggest five-year price gain at 220.52%, NTPC for the lowest PE of the group at 10.75, Torrent Pharma for the highest return on equity at 25.49% and Adani Energy Solutions for the strongest latest-quarter profit growth at 129.44%. 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 stocks with debt-to-equity between 1 and 2 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 Stocks With Debt-to-Equity Between 1 and 2 to Watch

Which are the best stocks with debt-to-equity between 1 and 2 to watch for multibagger potential?

Ans. M&M, NTPC, Torrent Pharma and Adani Energy Solutions are the 4 names this list highlights, with market caps of Rs 3,48,064 crore, Rs 3,04,475 crore, Rs 1,75,196 crore and Rs 1,65,429 crore respectively. M&M is notable for the biggest five-year price gain at 220.52%. NTPC stands out for the lowest PE of the group at 10.75. Torrent Pharma offers the highest return on equity at 25.49%. Adani Energy Solutions brings the strongest latest-quarter profit growth at 129.44%. These are watchlist names for stocks with debt-to-equity between 1 and 2, not recommendations, so match each one to your own risk profile and time horizon.

Is Torrent Pharma a good stock for long-term investors?

Ans. Torrent Pharma has a return on equity of 25.49%, a PE of 81.26 against an industry PE of 36.42 and a market cap of Rs 1,75,196 crore. Net profit has compounded at 28.79% a year since FY22, and FY26 revenue rose 20.34% while June 2026 quarter net profit grew 3.28%. Long-term returns in stocks with debt-to-equity between 1 and 2 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 stocks with debt-to-equity between 1 and 2 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 M&M, NTPC, Torrent Pharma and Adani Energy Solutions?

Ans. As of 20 October 2026, M&M has a market cap of Rs 3,48,064 crore, NTPC has a market cap of Rs 3,04,475 crore, Torrent Pharma has a market cap of Rs 1,75,196 crore and Adani Energy Solutions has a market cap of Rs 1,65,429 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 stocks with debt-to-equity between 1 and 2.

What are the risks of investing in stocks with debt-to-equity between 1 and 2?

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. Adani Energy Solutions trades at a PE of 53.53 against an industry PE of 22.18, so earnings growth needs to hold up.

Why is Adani Energy Solutions trading at a PE of 53.53?

Ans. Adani Energy Solutions' PE of 53.53 compares with an industry PE of 22.18. The market is paying a premium for profit growth of 17.96% a year since FY22, latest-quarter profit growth of 129.44% and FY26 revenue growth of 15.87%, which also means the stock is more sensitive if growth slows. Investors in stocks with debt-to-equity between 1 and 2 who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.

How much do institutions hold in M&M, NTPC, Torrent Pharma and Adani Energy Solutions?

Ans. As of the latest reported quarter, FII and DII together hold 67.54% of M&M (34.89% and 32.65%), 45.74% of NTPC (16.30% and 29.44%), 30.84% of Torrent Pharma (17.97% and 12.87%) and 23.17% of Adani Energy Solutions (9.56% and 13.61%). Rising institutional holding is a useful signal in stocks with debt-to-equity between 1 and 2, though it should be read with earnings trends rather than on its own.