4 Top Low PE Stocks With Revenue Growth Above 20 Per Cent to Watch for Future Multibagger Potential: M&M, Bajaj Auto, Lupin and Waaree Energies

Low PE stocks with revenue growth above 20 per cent to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. M&M, Bajaj Auto, Lupin and Waaree Energies meet that test, with market caps from Rs 71,640 crore to Rs 3.48 lakh crore and M&M offering the fastest profit growth, 26.58% a year since FY22. Each of these companies has a PE ratio below 25 and FY26 revenue growth of at least 20 per cent, and net profit rose in FY26 and in the latest quarter.

This list covers companies with a PE ratio below 25 and FY26 revenue growth of at least 20 per cent, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. The companies here range from midcaps to largecaps in size. Investors screening low PE stocks with revenue growth above 20 per cent 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 Low PE Stocks With Revenue Growth Above 20 Per Cent and Why Do They Attract Multibagger Interest?

Low PE stocks with revenue growth above 20 per cent are shares of fast growing businesses that still trade at moderate multiples. The four here cover vehicles, motorcycles, pharmaceuticals and solar manufacturing.

Fast sales growth at a modest multiple leaves room for the price to catch up. For low PE stocks with revenue growth above 20 per cent, FY26 profit also rose. Whichever way you read low PE stocks with revenue growth above 20 per cent, the common thread is rising profit backed by complete financial data. Each of low PE stocks with revenue growth above 20 per cent also has complete FY26 and latest quarter figures. With low PE stocks with revenue growth above 20 per cent, comparing valuation, growth and balance sheet strength together works better than relying on one number. Every company in the table below passed a rising-profit check, and the figures for low PE stocks with revenue growth above 20 per cent are complete. Read each company's latest results and exchange filings before acting on low PE stocks with revenue growth above 20 per cent.

Low PE Stocks With Revenue Growth Above 20 Per Cent at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 20 October 2026. Lupin has the lowest PE of the group at 16.14, while Bajaj Auto posts the highest return on equity at 27.67%.

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
Bajaj Auto	10,287	2,81,374	24.36	23.82	27.67%	0.58	8,605.00 to 12,470.00
Lupin	1,939.20	89,592	16.14	36.42	23.76%	0.29	1,900.00 to 2,529.50
Waaree Energies	2,515	71,640	17.90	45.89	25.71%	0.22	2,281.80 to 3,718.80

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%.

Bajaj Auto: Revenue Up 24.05% in FY26

Bajaj Auto makes motorcycles, three-wheelers and electric two-wheelers, and has a large export business. It reported FY26 revenue of Rs 65,087.22 crore, up 24.05% year on year, and net profit of Rs 10,574.50 crore, up 44.37%. Net profit has compounded at 14.44% a year since FY22, while revenue has grown 17.26% a year. Operating margin was 25.06% in FY26.

The stock trades at a PE of 24.36 against an industry PE of 23.82, with a return on equity of 27.67%. In the June 2026 quarter, revenue rose 64.02% to Rs 22,376.69 crore and net profit grew 44.26% to Rs 3,188.75 crore. The share price has gained 165.89% over five years and 13.76% over the past year. Domestic institutions raised their holding from 12.09% in June 2025 to 13.54% in June 2026.

Lupin: Revenue Up 26.76% in FY26

Lupin is a global pharmaceutical company with a large presence in the United States, India and other markets across generics, branded drugs and respiratory products. It reported FY26 revenue of Rs 29,038.95 crore, up 26.76% year on year, and net profit of Rs 5,355.47 crore, up 61.98%. Revenue has compounded at 14.98% a year since FY22. Operating margin was 31.06% in FY26. The debt-to-equity ratio is 0.29.

In the June 2026 quarter, revenue rose 32.45% to Rs 8,407.21 crore and net profit grew 16.01% to Rs 1,416.98 crore. The share price has gained 111.00% over five years. Foreign investors raised their holding from 21.25% in June 2025 to 22.42% in June 2026. The stock trades at a PE of 16.14 against an industry PE of 36.42, below the sector average, with a return on equity of 23.76%.

Waaree Energies: Revenue Up 83.52% in FY26

Waaree Energies is one of India's largest solar module makers by capacity and manufactures solar cells and modules. It reported FY26 revenue of Rs 27,244.92 crore, up 83.52% year on year, and net profit of Rs 3,884.15 crore, up 101.45%. Revenue has compounded at 74.31% a year since FY22. Operating margin was 23.82% in FY26. The debt-to-equity ratio is 0.22.

The stock trades at a PE of 17.90 against an industry PE of 45.89, below the sector average, with a return on equity of 25.71%. In the June 2026 quarter, revenue rose 76.25% to Rs 8,102.60 crore and net profit grew 15.39% to Rs 891.87 crore. Domestic institutions raised their holding from 2.82% in September 2025 to 4.09% in September 2026.

Low PE Stocks With Revenue Growth Above 20 Per Cent: Financial Comparison on Growth and Margins

The table compares scale and growth across these low PE stocks with revenue growth above 20 per cent. 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)
M&M	2,02,084.34	18,621.71	25.21%	22.04%	27.47%	20.77%
Bajaj Auto	65,087.22	10,574.50	24.05%	17.26%	64.02%	24.99%
Lupin	29,038.95	5,355.47	26.76%	14.98%	32.45%	31.40%
Waaree Energies	27,244.92	3,884.15	83.52%	74.31%	76.25%	20.31%

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Institutional Holding in M&M, Bajaj Auto, Lupin and Waaree Energies

Institutional holding shows who is backing these low PE stocks with revenue growth above 20 per cent 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%), Bajaj Auto (from 12.09% to 13.54%) and Waaree Energies (from 2.82% to 4.09%).

Stock	Promoter	FII	DII	Public	Quarter
M&M	18.45%	34.89%	32.65%	14.01%	June 2026
Bajaj Auto	55.01%	9.01%	13.54%	22.44%	June 2026
Lupin	46.85%	22.42%	24.65%	6.08%	June 2026
Waaree Energies	64.12%	8.57%	4.09%	23.22%	September 2026

Risks to Weigh in Low PE Stocks With Revenue Growth Above 20 Per Cent

Being careful with low PE stocks with revenue growth above 20 per cent 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: Bajaj Auto trades at a PE of 24.36 against an industry PE of 23.82, 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 PE Stocks With Revenue Growth Above 20 Per Cent

Picking from low PE stocks with revenue growth above 20 per cent 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 (23.82 to 45.89) 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 PE stocks with revenue growth above 20 per cent, M&M stands out for the fastest profit growth, 26.58% a year since FY22, Bajaj Auto for the highest return on equity at 27.67%, Lupin for the lowest PE of the group at 16.14 and Waaree Energies for 83.52% 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 low PE stocks with revenue growth above 20 per cent 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 PE Stocks With Revenue Growth Above 20 Per Cent to Watch

Which are the best low PE stocks with revenue growth above 20 per cent to watch for multibagger potential?

Ans. M&M, Bajaj Auto, Lupin and Waaree Energies are the 4 names this list highlights, with market caps of Rs 3,48,064 crore, Rs 2,81,374 crore, Rs 89,592 crore and Rs 71,640 crore respectively. M&M is notable for the fastest profit growth, 26.58% a year since FY22. Bajaj Auto stands out for the highest return on equity at 27.67%. Lupin offers the lowest PE of the group at 16.14. Waaree Energies brings 83.52% revenue growth in FY26. These are watchlist names for low PE stocks with revenue growth above 20 per cent, not recommendations, so match each one to your own risk profile and time horizon.

Is Bajaj Auto a good stock for long-term investors?

Ans. Bajaj Auto has a return on equity of 27.67%, a PE of 24.36 against an industry PE of 23.82 and a market cap of Rs 2,81,374 crore. Net profit has compounded at 14.44% a year since FY22, and FY26 revenue rose 24.05% while June 2026 quarter net profit grew 44.26%. Long-term returns in low PE stocks with revenue growth above 20 per cent 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 low PE stocks with revenue growth above 20 per cent 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, Bajaj Auto, Lupin and Waaree Energies?

Ans. As of 20 October 2026, M&M has a market cap of Rs 3,48,064 crore, Bajaj Auto has a market cap of Rs 2,81,374 crore, Lupin has a market cap of Rs 89,592 crore and Waaree Energies has a market cap of Rs 71,640 crore. M&M is the largest of the group. 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 PE stocks with revenue growth above 20 per cent.

What are the risks of investing in low PE stocks with revenue growth above 20 per cent?

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. Bajaj Auto trades at a PE of 24.36 against an industry PE of 23.82, so earnings growth needs to hold up.

Is Lupin trading below its industry PE?

Ans. Lupin trades at a PE of 16.14 against an industry PE of 36.42. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (FY26 revenue rose 26.76% and June 2026 quarter net profit grew 16.01%) and balance sheet strength before drawing a conclusion.

How much do institutions hold in M&M, Bajaj Auto, Lupin and Waaree Energies?

Ans. As of the latest reported quarter, FII and DII together hold 67.54% of M&M (34.89% and 32.65%), 22.55% of Bajaj Auto (9.01% and 13.54%), 47.07% of Lupin (22.42% and 24.65%) and 12.66% of Waaree Energies (8.57% and 4.09%). Rising institutional holding is a useful signal in low PE stocks with revenue growth above 20 per cent, though it should be read with earnings trends rather than on its own.