4 Midcap DII Backed Quarterly Profit Growth Stocks to Watch for Future Multibagger Potential: Apar Industries, Oil India, Ajanta Pharma and Astral

DII backed quarterly profit growth stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Apar Industries, Oil India, Ajanta Pharma and Astral meet that test, with market caps from Rs 38,653 crore to Rs 81,632 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 latest quarter net profit growth of at least 20 per cent year on year, 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 latest quarter net profit growth of at least 20 per cent year on year, 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 quarterly profit growth stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 4 November 2026 and are drawn from NSE and BSE data and company filings.

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What Are DII Backed Quarterly Profit Growth Stocks and Why Do They Attract Multibagger Interest?

DII backed quarterly profit growth 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 whose net profit grew by twenty per cent or more in the latest quarter. The four here cover conductors and cables, oil and gas exploration, pharmaceuticals and pipes.

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

DII Backed Quarterly Profit Growth Stocks at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 4 November 2026. Oil India has the lowest PE of the group at 7.65, 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	15,998	81,632	69.09	46.39	18.11%	0.18	6,801.00 to 19,265.00
Oil India	458	72,925	7.65	7.16	11.41%	0.65	395.60 to 531.00
Ajanta Pharma	3,316.70	41,749	36.79	36.35	23.33%	0.06	2,380.20 to 3,796.00
Astral	1,423.70	38,653	67.14	36.61	13.18%	0.06	1,311.60 to 1,768.70

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 2361.05% over five years and 108.77% 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 69.09 against an industry PE of 46.39, with a return on equity of 18.11%.

Oil India: Quarterly Profit Up 96.77%

Oil India is a government-owned oil and gas exploration and production company with operations in Assam, Rajasthan and overseas blocks. It reported FY26 revenue of Rs 35,877.28 crore, up 4.97% year on year, and net profit of Rs 7,550.67 crore, up 7.26%. Revenue has compounded at 7.32% a year since FY22. Operating margin was 36.43% in FY26.

The stock trades at a PE of 7.65 against an industry PE of 7.16. The dividend yield is 2.56%. In the June 2026 quarter, revenue rose 46.98% to Rs 13,236.10 crore and net profit grew 96.77% to Rs 4,026.83 crore. The share price has gained 185.20% over five years. Domestic institutions raised their holding from 18.41% in June 2025 to 20.14% in June 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 125.11% over five years and 35.30% 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 36.79 against an industry PE of 36.35, with a return on equity of 23.33%.

Astral: Debt-to-Equity of 0.06

Astral makes CPVC and PVC pipes, fittings, adhesives and water tanks for plumbing and drainage in homes and buildings. It reported FY26 revenue of Rs 6,615.90 crore, up 12.64% year on year, and net profit of Rs 534.70 crore, up 3.04%. Revenue has compounded at 10.55% a year since FY22. Operating margin was 16.54% in FY26. The debt-to-equity ratio is 0.06, which keeps interest costs low.

The stock trades at a PE of 67.14 against an industry PE of 36.61, with a return on equity of 13.18%. In the June 2026 quarter, revenue rose 16.09% to Rs 1,590.80 crore and net profit grew 51.77% to Rs 120.20 crore. Domestic institutions raised their holding from 14.90% in June 2025 to 21.31% in June 2026.

DII Backed Quarterly Profit Growth Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these DII backed quarterly profit growth 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%
Oil India	35,877.28	7,550.67	4.97%	7.32%	2.96%	49.06%
Ajanta Pharma	5,624.93	1,056	18.60%	12.94%	10.33%	30.41%
Astral	6,615.90	534.70	12.64%	10.55%	2.19%	15.46%

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Institutional Holding in Apar Industries, Oil India, Ajanta Pharma and Astral

Institutional holding shows who is backing these DII backed quarterly profit growth stocks alongside the promoter. The table uses the latest reported quarter for each. Apar Industries has the deepest institutional backing, with FII and DII together holding 36.24% as of August 2026. Domestic institutions increased their holding over the past year in Apar Industries (from 22.64% to 24.88%), Oil India (from 18.41% to 20.14%), Ajanta Pharma (from 17.90% to 21.94%) and Astral (from 14.90% to 21.31%).

Stock	Promoter	FII	DII	Public	Quarter
Apar Industries	55.42%	11.36%	24.88%	8.34%	August 2026
Oil India	56.66%	7.28%	20.14%	15.93%	June 2026
Ajanta Pharma	63.47%	7.63%	21.94%	6.96%	September 2026
Astral	54.22%	13.89%	21.31%	10.58%	June 2026

Risks to Weigh in DII Backed Quarterly Profit Growth Stocks

Being careful with DII backed quarterly profit growth 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: Astral trades at a PE of 67.14 against an industry PE of 36.61, 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 Quarterly Profit Growth Stocks

Picking from DII backed quarterly profit growth 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 (7.16 to 46.39) 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 quarterly profit growth stocks, Apar Industries stands out for the fastest profit growth, 39.67% a year since FY22, Oil India for the strongest latest-quarter profit growth at 96.77%, Ajanta Pharma for the highest return on equity at 23.33% and Astral for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.06. 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 quarterly profit growth 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 Quarterly Profit Growth Stocks to Watch

Which are the best DII backed quarterly profit growth stocks to watch for multibagger potential?

Ans. Apar Industries, Oil India, Ajanta Pharma and Astral are the 4 names this list highlights, with market caps of Rs 81,632 crore, Rs 72,925 crore, Rs 41,749 crore and Rs 38,653 crore respectively. Apar Industries is notable for the fastest profit growth, 39.67% a year since FY22. Oil India stands out for the strongest latest-quarter profit growth at 96.77%. Ajanta Pharma offers the highest return on equity at 23.33%. Astral brings a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.06. These are watchlist names for DII backed quarterly profit growth 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 36.79 against an industry PE of 36.35 and a market cap of Rs 41,749 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 quarterly profit growth 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 2361.05% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in DII backed quarterly profit growth 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 69.09 against an industry PE of 46.39, valuation should be checked against that growth before investing.

What is the market cap of Apar Industries, Oil India, Ajanta Pharma and Astral?

Ans. As of 4 November 2026, Apar Industries has a market cap of Rs 81,632 crore, Oil India has a market cap of Rs 72,925 crore, Ajanta Pharma has a market cap of Rs 41,749 crore and Astral has a market cap of Rs 38,653 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 quarterly profit growth stocks.

What are the risks of investing in DII backed quarterly profit growth 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. Astral trades at a PE of 67.14 against an industry PE of 36.61, so earnings growth needs to hold up.

Why is Astral trading at a PE of 67.14?

Ans. Astral's PE of 67.14 compares with an industry PE of 36.61. The market is paying a premium for latest-quarter profit growth of 51.77%, which also means the stock is more sensitive if growth slows. Investors in DII backed quarterly profit growth 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, Oil India, Ajanta Pharma and Astral?

Ans. As of the latest reported quarter, FII and DII together hold 36.24% of Apar Industries (11.36% and 24.88%), 27.42% of Oil India (7.28% and 20.14%), 29.57% of Ajanta Pharma (7.63% and 21.94%) and 35.20% of Astral (13.89% and 21.31%). Rising institutional holding is a useful signal in DII backed quarterly profit growth stocks, though it should be read with earnings trends rather than on its own.