4 Midcap DII Backed Low Debt Stocks to Watch for Future Multibagger Potential: Apar Industries, Mphasis, Ajanta Pharma and KEI Industries

DII backed low debt stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Apar Industries, Mphasis, Ajanta Pharma and KEI Industries meet that test, with market caps from Rs 37,742 crore to Rs 79,999 crore and Apar Industries offering the fastest profit growth, 39.67% a year since FY22. 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 debt to equity ratio below 0.3, 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 debt to equity ratio below 0.3, 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 low debt stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 30 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are DII Backed Low Debt Stocks and Why Do They Attract Multibagger Interest?

DII backed low debt 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 carry very little debt. The four here cover conductors, pharmaceuticals, cables and IT services.

Domestic funds invest money from Indian savers and study companies in depth, so a large DII stake in a company with little debt shows steady local trust in a sound balance sheet. For DII backed low debt stocks, both FY26 and the latest quarter showed growth. Whichever way you read DII backed low debt stocks, the common thread is rising profit backed by complete financial data. With DII backed low debt stocks, 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 DII backed low debt stocks are complete. Read each company's latest results and exchange filings before acting on DII backed low debt stocks.

DII Backed Low Debt Stocks at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 30 October 2026. Mphasis has the lowest PE of the group at 24.80, while Ajanta Pharma posts the highest return on equity at 23.33%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Apar Industries	15,678	79,999	67.71	46.39	18.11%	0.18	6,801.00 to 19,265.00
Mphasis	2,525.60	47,368	24.80	18.49	17.34%	0.24	2,013.00 to 2,975.00
Ajanta Pharma	3,508.80	44,167	38.92	36.35	23.33%	0.06	2,380.20 to 3,796.00
KEI Industries	3,770	37,742	37.86	49.96	13.78%	0.04	3,725.00 to 5,899.00

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.

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. The stock trades at a PE of 67.71 against an industry PE of 46.39, with a return on equity of 18.11%.

Mphasis: Profit Compounding at 6.81% a Year

Mphasis provides IT, cloud and application services to banking, insurance and technology clients. It reported FY26 revenue of Rs 16,205.54 crore, up 11.88% year on year, and net profit of Rs 1,862.60 crore, up 9.43%. Net profit has compounded at 6.81% a year since FY22, while revenue has grown 7.53% a year. Operating margin was 20.58% in FY26. The debt-to-equity ratio is 0.24.

The stock trades at a PE of 24.80 against an industry PE of 18.49, with a return on equity of 17.34%. The dividend yield is 2.49%. In the June 2026 quarter, revenue rose 17.14% to Rs 4,466.91 crore and net profit grew 10.82% to Rs 489.51 crore. Domestic institutions raised their holding from 37.07% in September 2025 to 45.85% in September 2026.

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.

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. The stock trades at a PE of 38.92 against an industry PE of 36.35, with a return on equity of 23.33%.

KEI Industries: 25.01% Profit CAGR Since FY22

KEI Industries makes power, control and instrumentation cables, including extra-high-voltage cables, and house wires. It reported FY26 revenue of Rs 11,906.32 crore, up 21.40% year on year, and net profit of Rs 918.43 crore, up 31.88%. Net profit has compounded at 25.01% a year since FY22, while revenue has grown 20.00% a year. Operating margin was 11.81% in FY26. The debt-to-equity ratio is 0.04, which keeps interest costs low.

The stock trades at a PE of 37.86 against an industry PE of 49.96, below the sector average, with a return on equity of 13.78%. In the June 2026 quarter, revenue rose 21.86% to Rs 3,204.91 crore and net profit grew 40.05% to Rs 274.14 crore. The share price has gained 360.93% over five years. Foreign investors raised their holding from 26.59% in June 2025 to 27.32% in June 2026.

DII Backed Low Debt Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these DII backed low debt 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)
Apar Industries	22,966.89	976.93	22.95%	25.19%	39.67%	12.05%
Mphasis	16,205.54	1,862.60	11.88%	7.53%	6.81%	20.04%
Ajanta Pharma	5,624.93	1,056	18.60%	12.94%	10.33%	30.41%
KEI Industries	11,906.32	918.43	21.40%	20.00%	25.01%	13.04%

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Institutional Holding in Apar Industries, Mphasis, Ajanta Pharma and KEI Industries

Institutional holding shows who is backing these DII backed low debt stocks alongside the promoter. The table uses the latest reported quarter for each. Mphasis has the deepest institutional backing, with FII and DII together holding 65.24% as of September 2026. Domestic institutions increased their holding over the past year in Apar Industries (from 22.64% to 24.88%), Mphasis (from 37.07% to 45.85%) and Ajanta Pharma (from 17.90% to 21.94%).

Stock	Promoter	FII	DII	Public	Quarter
Apar Industries	55.42%	11.36%	24.88%	8.34%	August 2026
Mphasis	30.53%	19.39%	45.85%	4.23%	September 2026
Ajanta Pharma	63.47%	7.63%	21.94%	6.96%	September 2026
KEI Industries	35.00%	27.32%	25.90%	11.78%	June 2026

Risks to Weigh in DII Backed Low Debt Stocks

Being careful with DII backed low debt 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: Apar Industries trades at a PE of 67.71 against an industry PE of 46.39, 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 Low Debt Stocks

Picking from DII backed low debt 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 (18.49 to 49.96) 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 low debt stocks, Apar Industries stands out for the fastest profit growth, 39.67% a year since FY22, Mphasis for the lowest PE of the group at 24.80, Ajanta Pharma for the highest return on equity at 23.33% and KEI Industries for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.04. 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 low debt 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 Low Debt Stocks to Watch

Which are the best DII backed low debt stocks to watch for multibagger potential?

Ans. Apar Industries, Mphasis, Ajanta Pharma and KEI Industries are the 4 names this list highlights, with market caps of Rs 79,999 crore, Rs 47,368 crore, Rs 44,167 crore and Rs 37,742 crore respectively. Apar Industries is notable for the fastest profit growth, 39.67% a year since FY22. Mphasis stands out for the lowest PE of the group at 24.80. Ajanta Pharma offers the highest return on equity at 23.33%. KEI Industries brings a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.04. These are watchlist names for DII backed low debt 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 38.92 against an industry PE of 36.35 and a market cap of Rs 44,167 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 low debt 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 low debt 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 67.71 against an industry PE of 46.39, valuation should be checked against that growth before investing.

What is the market cap of Apar Industries, Mphasis, Ajanta Pharma and KEI Industries?

Ans. As of 30 October 2026, Apar Industries has a market cap of Rs 79,999 crore, Mphasis has a market cap of Rs 47,368 crore, Ajanta Pharma has a market cap of Rs 44,167 crore and KEI Industries has a market cap of Rs 37,742 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 low debt stocks.

What are the risks of investing in DII backed low debt 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. Apar Industries trades at a PE of 67.71 against an industry PE of 46.39, so earnings growth needs to hold up.

Why is Apar Industries trading at a PE of 67.71?

Ans. Apar Industries' PE of 67.71 compares with an industry PE of 46.39. The market is paying a premium for a return on equity of 18.11%, profit growth of 39.67% a year since FY22 and latest-quarter profit growth of 77.80%, which also means the stock is more sensitive if growth slows. Investors in DII backed low debt 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 Apar Industries, Mphasis, Ajanta Pharma and KEI Industries?

Ans. As of the latest reported quarter, FII and DII together hold 36.24% of Apar Industries (11.36% and 24.88%), 65.24% of Mphasis (19.39% and 45.85%), 29.57% of Ajanta Pharma (7.63% and 21.94%) and 53.22% of KEI Industries (27.32% and 25.90%). Rising institutional holding is a useful signal in DII backed low debt stocks, though it should be read with earnings trends rather than on its own.