4 Midcap DII Backed Five-Year Winner Stocks to Watch for Future Multibagger Potential: Max Healthcare, Apar Industries, Radico Khaitan and Ajanta Pharma

DII backed five-year winner stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Max Healthcare, Apar Industries, Radico Khaitan and Ajanta Pharma meet that test, with market caps from Rs 41,787 crore to Rs 91,417 crore and Max Healthcare offering the largest market cap at Rs 91,417 crore. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a domestic institutional holding of at least 20 per cent and a five-year share price return of at least 100 per cent, 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 a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a domestic institutional holding of at least 20 per cent and a five-year share price return of at least 100 per cent, 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, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap between Rs 30,000 crore and Rs 1 lakh crore. Investors screening DII backed five-year winner stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 3 November 2026 and are drawn from NSE and BSE data and company filings.

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What Are DII Backed Five-Year Winner Stocks and Why Do They Attract Multibagger Interest?

DII backed five-year winner stocks are shares of mid sized companies in which domestic funds, insurers and mutual funds together own at least twenty per cent of the business and which have at least doubled investor money over five years. The four here cover private hospitals, conductors and cables, spirits and pharmaceuticals.

Domestic funds invest money from Indian savers and study companies in depth, so a large DII stake in a company with a proven five year record shows steady local trust in the long gains. Within DII backed five-year winner stocks, the four companies show rising profit. For DII backed five-year winner stocks, both FY26 and the latest quarter showed growth. Whichever way you read DII backed five-year winner stocks, the common thread is rising profit backed by complete financial data. A sensible way to study DII backed five-year winner stocks is to look at profit growth, returns and valuation side by side. Below, each of DII backed five-year winner stocks gets its own breakdown of growth, returns and valuation. Treat DII backed five-year winner stocks as a research list, since share prices and rankings change with every earnings season.

DII Backed Five-Year Winner Stocks at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 3 November 2026. Ajanta Pharma combines the lowest PE of the group, 36.82, with the highest return on equity, 23.33%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Max Healthcare Institute	895.50	91,417	62.74	60.75	13.42%	0.32	815.00 to 1,221.90
Apar Industries	15,523	79,208	67.04	46.39	18.11%	0.18	6,801.00 to 19,265.00
Radico Khaitan	4,250	59,742	84.91	54.95	18.23%	0.15	2,500.00 to 4,747.00
Ajanta Pharma	3,319.70	41,787	36.82	36.35	23.33%	0.06	2,380.20 to 3,796.00

Max Healthcare: 24.26% Profit CAGR Since FY22

Max Healthcare Institute runs a network of multi-speciality hospitals in Delhi NCR, Mumbai and other cities. It reported FY26 revenue of Rs 8,536.07 crore, up 18.82% year on year, and net profit of Rs 1,442.41 crore, up 34.07%. Net profit has compounded at 24.26% a year since FY22, while revenue has grown 20.42% a year. Operating margin was 28.15% in FY26. The debt-to-equity ratio is 0.32.

In the June 2026 quarter, revenue rose 16.60% to Rs 2,406.69 crore and net profit grew 4.87% to Rs 322.96 crore. The share price has gained 149.91% over five years. Domestic institutions raised their holding from 17.42% in June 2025 to 29.96% in June 2026. The stock trades at a PE of 62.74 against an industry PE of 60.75, with a return on equity of 13.42%.

Apar Industries: 39.67% Profit CAGR Since FY22

Apar Industries makes conductors, specialty cables and transformer oils, and earns a large share of revenue from exports. It reported FY26 revenue of Rs 22,966.89 crore, up 22.95% year on year, and net profit of Rs 976.93 crore, up 18.95%. Net profit has compounded at 39.67% a year since FY22, while revenue has grown 25.19% a year. Operating margin was 8.49% in FY26. The debt-to-equity ratio is 0.18.

The stock trades at a PE of 67.04 against an industry PE of 46.39, with a return on equity of 18.11%. In the June 2026 quarter, revenue rose 29.16% to Rs 6,624.71 crore and net profit grew 77.80% to Rs 467.45 crore. The share price has gained 2287.98% over five years and 102.57% over the past year. Domestic institutions raised their holding from 22.64% in September 2025 to 24.88% in August 2026.

Radico Khaitan: 24.88% Profit CAGR Since FY22

Radico Khaitan makes Indian-made foreign liquor and premium spirits, with brands including Magic Moments, 8PM and Rampur Single Malt. It reported FY26 revenue of Rs 6,062.27 crore, up 24.84% year on year, and net profit of Rs 604.48 crore, up 74.90%. Net profit has compounded at 24.88% a year since FY22, while revenue has grown 20.50% a year. Operating margin was 4.88% in FY26. The debt-to-equity ratio is 0.15, which keeps interest costs low.

In the June 2026 quarter, revenue rose 10.44% to Rs 5,869.46 crore and net profit grew 75.91% to Rs 229.60 crore. The share price has gained 299.58% over five years and 51.47% over the past year. Domestic institutions raised their holding from 25.47% in September 2025 to 27.17% in September 2026. The stock trades at a PE of 84.91 against an industry PE of 54.95, with a return on equity of 18.23%.

Ajanta Pharma: Return on Equity of 23.33%

Ajanta Pharma sells branded generics in ophthalmology, dermatology, cardiology and pain management in India, Africa and Asia. It reported FY26 revenue of Rs 5,624.93 crore, up 18.60% year on year, and net profit of Rs 1,056 crore, up 14.73%. Net profit has compounded at 10.33% a year since FY22, while revenue has grown 12.94% a year. Operating margin was 28.74% in FY26. The debt-to-equity ratio is 0.06, which keeps interest costs low.

The stock trades at a PE of 36.82 against an industry PE of 36.35, with a return on equity of 23.33%. In the June 2026 quarter, revenue rose 27.68% to Rs 1,696.86 crore and net profit grew 30.89% to Rs 334.22 crore. The share price has gained 125.31% over five years and 35.42% over the past year. Domestic institutions raised their holding from 17.90% in September 2025 to 21.94% in September 2026.

DII Backed Five-Year Winner Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these DII backed five-year winner 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	4-Year Net Profit CAGR	Operating Margin (Latest Quarter)
Max Healthcare	8,536.07	1,442.41	18.82%	20.42%	24.26%	27.00%
Apar Industries	22,966.89	976.93	22.95%	25.19%	39.67%	12.05%
Radico Khaitan	6,062.27	604.48	24.84%	20.50%	24.88%	6.10%
Ajanta Pharma	5,624.93	1,056	18.60%	12.94%	10.33%	30.41%

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Institutional Holding in Max Healthcare, Apar Industries, Radico Khaitan and Ajanta Pharma

Institutional holding shows who is backing these DII backed five-year winner stocks alongside the promoter. The table uses the latest reported quarter for each. Max Healthcare has the deepest institutional backing, with FII and DII together holding 71.74% as of June 2026. Domestic institutions increased their holding over the past year in Max Healthcare (from 17.42% to 29.96%), Apar Industries (from 22.64% to 24.88%), Radico Khaitan (from 25.47% to 27.17%) and Ajanta Pharma (from 17.90% to 21.94%).

Stock	Promoter	FII	DII	Public	Quarter
Max Healthcare	23.71%	41.78%	29.96%	4.56%	June 2026
Apar Industries	55.42%	11.36%	24.88%	8.34%	August 2026
Radico Khaitan	40.17%	19.43%	27.17%	13.23%	September 2026
Ajanta Pharma	63.47%	7.63%	21.94%	6.96%	September 2026

Risks to Weigh in DII Backed Five-Year Winner Stocks

Being careful with DII backed five-year winner 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: Radico Khaitan trades at a PE of 84.91 against an industry PE of 54.95, 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 DII Backed Five-Year Winner Stocks

Picking from DII backed five-year winner 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 (36.35 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 DII backed five-year winner stocks, Max Healthcare stands out for the largest market cap at Rs 91,417 crore, Apar Industries for the fastest profit growth, 39.67% a year since FY22, Radico Khaitan for 24.84% revenue growth in FY26 and Ajanta Pharma for the highest return on equity at 23.33%. 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 DII backed five-year winner 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 DII Backed Five-Year Winner Stocks to Watch

Which are the best DII backed five-year winner stocks to watch for multibagger potential?

Ans. Max Healthcare, Apar Industries, Radico Khaitan and Ajanta Pharma are the 4 names this list highlights, with market caps of Rs 91,417 crore, Rs 79,208 crore, Rs 59,742 crore and Rs 41,787 crore respectively. Max Healthcare is notable for the largest market cap at Rs 91,417 crore. Apar Industries stands out for the fastest profit growth, 39.67% a year since FY22. Radico Khaitan offers 24.84% revenue growth in FY26. Ajanta Pharma brings the highest return on equity at 23.33%. These are watchlist names for DII backed five-year winner stocks, not recommendations, so match each one to your own risk profile and time horizon.

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

Ans. Ajanta Pharma has a return on equity of 23.33%, a PE of 36.82 against an industry PE of 36.35 and a market cap of Rs 41,787 crore. Net profit has compounded at 10.33% a year since FY22, and FY26 revenue rose 18.60% while June 2026 quarter net profit grew 30.89%. Long-term returns in DII backed five-year winner stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Apar Industries become a multibagger from here?

Ans. Apar Industries has already gained 2287.98% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in DII backed five-year winner stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 39.67% a year since FY22, and FY26 revenue rose 22.95%. At a PE of 67.04 against an industry PE of 46.39, valuation should be checked against that growth before investing.

What is the market cap of Max Healthcare, Apar Industries, Radico Khaitan and Ajanta Pharma?

Ans. As of 3 November 2026, Max Healthcare has a market cap of Rs 91,417 crore, Apar Industries has a market cap of Rs 79,208 crore, Radico Khaitan has a market cap of Rs 59,742 crore and Ajanta Pharma has a market cap of Rs 41,787 crore. All of them qualify as midcaps. 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 DII backed five-year winner stocks.

What are the risks of investing in DII backed five-year winner 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. Radico Khaitan trades at a PE of 84.91 against an industry PE of 54.95, so earnings growth needs to hold up.

Why is Radico Khaitan trading at a PE of 84.91?

Ans. Radico Khaitan's PE of 84.91 compares with an industry PE of 54.95. The market is paying a premium for a return on equity of 18.23%, profit growth of 24.88% a year since FY22 and latest-quarter profit growth of 75.91%, which also means the stock is more sensitive if growth slows. Investors in DII backed five-year winner 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 Max Healthcare, Apar Industries, Radico Khaitan and Ajanta Pharma?

Ans. As of the latest reported quarter, FII and DII together hold 71.74% of Max Healthcare (41.78% and 29.96%), 36.24% of Apar Industries (11.36% and 24.88%), 46.60% of Radico Khaitan (19.43% and 27.17%) and 29.57% of Ajanta Pharma (7.63% and 21.94%). Rising institutional holding is a useful signal in DII backed five-year winner stocks, though it should be read with earnings trends rather than on its own.