4 Midcap Low PEG Ratio and Below Industry PE Stocks to Watch for Future Multibagger Potential: Mazagon Dock, Oberoi Realty, NALCO and Aegis Logistics

Low PEG ratio and below industry PE stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Mazagon Dock, Oberoi Realty, NALCO and Aegis Logistics meet that test, with market caps from Rs 43,794 crore to Rs 77,781 crore and Mazagon Dock offering the fastest profit growth, 44.01% 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 PEG ratio below 1.5 and a price to earnings ratio below the industry average, 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 PEG ratio below 1.5 and a price to earnings ratio below the industry average, 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 low PEG ratio and below industry PE stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 29 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Low PEG Ratio and Below Industry PE Stocks and Why Do They Attract Multibagger Interest?

Low PEG ratio and below industry PE stocks are shares of mid sized companies that trade at a lower earnings multiple than their industry and still grow profit faster than that multiple, which is a double sign of value. The four here cover shipbuilding, aluminium, gas logistics and real estate.

When a share trades below its industry multiple and its growth rate is higher than the multiple, the market is pricing the company less richly than its peers despite its growth. Within low PEG ratio and below industry PE stocks, the four companies show rising profit. In low PEG ratio and below industry PE stocks, each of the four also posted growth in the latest quarter. For low PEG ratio and below industry PE stocks, both FY26 and the latest quarter showed growth. Whichever way you read low PEG ratio and below industry PE stocks, the common thread is rising profit backed by complete financial data. Investors researching low PEG ratio and below industry PE stocks get a fuller picture by reading growth and valuation together. The table below lines up low PEG ratio and below industry PE stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use low PEG ratio and below industry PE stocks as a starting point for your own research.

Low PEG Ratio and Below Industry PE Stocks at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 29 October 2026. NALCO combines the lowest PE of the group, 9.06, with the highest return on equity, 26.83%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Mazagon Dock Shipbuilders	1,762.70	77,781	27.25	48.92	26.48%	0.05	1,732.80 to 2,881.80
Oberoi Realty	1,640	61,662	23.45	31.94	13.99%	0.16	1,391.20 to 1,986.10
National Aluminium Company	323.50	61,109	9.06	12.46	26.83%	0.00	222.71 to 445.15
Aegis Logistics	1,178.70	43,794	29.68	54.37	14.83%	0.69	576.10 to 1,528.70

Mazagon Dock: 44.01% Profit CAGR Since FY22

Mazagon Dock Shipbuilders builds warships and submarines for the Indian Navy and is a key defence shipyard. It reported FY26 revenue of Rs 14,145.71 crore, up 12.77% year on year, and net profit of Rs 2,421.88 crore, up 6.35%. Net profit has compounded at 44.01% a year since FY22, while revenue has grown 23.18% a year. Operating margin was 26.20% in FY26. The debt-to-equity ratio is 0.05, which keeps interest costs low.

In the June 2026 quarter, revenue rose 10.40% to Rs 3,255.88 crore and net profit grew 22.12% to Rs 512.04 crore. The share price has gained 1461.53% over five years. Promoters hold 81.22%, which keeps ownership stable. The stock trades at a PE of 27.25 against an industry PE of 48.92, below the sector average, with a return on equity of 26.48%.

Oberoi Realty: 24.40% Profit CAGR Since FY22

Oberoi Realty develops premium residential, office, retail and hotel projects, mainly in Mumbai. It reported FY26 revenue of Rs 6,304.27 crore, up 15.16% year on year, and net profit of Rs 2,507.43 crore, up 12.67%. Net profit has compounded at 24.40% a year since FY22, while revenue has grown 23.02% a year. Operating margin was 60.69% in FY26. The debt-to-equity ratio is 0.16.

The stock trades at a PE of 23.45 against an industry PE of 31.94, below the sector average, with a return on equity of 13.99%. In the June 2026 quarter, revenue rose 26.79% to Rs 1,361.69 crore and net profit grew 29.02% to Rs 543.51 crore. The share price has gained 93.04% over five years. Domestic institutions raised their holding from 10.80% in June 2025 to 14.83% in June 2026.

NALCO: Return on Equity of 26.83%

National Aluminium Company is a government-owned, integrated bauxite-to-aluminium producer with operations in Odisha. It reported FY26 revenue of Rs 18,508.88 crore, up 7.96% year on year, and net profit of Rs 5,797.01 crore, up 10.04%. Net profit has compounded at 18.38% a year since FY22, while revenue has grown 6.33% a year. Operating margin was 48.16% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.

In the June 2026 quarter, revenue rose 39.31% to Rs 5,475.68 crore and net profit grew 90.87% to Rs 2,003.14 crore. The share price has gained 160.35% over five years and 39.86% over the past year. Foreign investors raised their holding from 15.06% in June 2025 to 21.99% in June 2026. The stock trades at a PE of 9.06 against an industry PE of 12.46, below the sector average, with a return on equity of 26.83%. The dividend yield is 3.45%.

Aegis Logistics: 30.21% Profit CAGR Since FY22

Aegis Logistics stores and handles liquid and gas products at port terminals and distributes LPG. It reported FY26 revenue of Rs 8,659.79 crore, up 24.21% year on year, and net profit of Rs 1,106.63 crore, up 40.54%. Net profit has compounded at 30.21% a year since FY22, while revenue has grown 16.70% a year. Operating margin was 21.34% in FY26.

The stock trades at a PE of 29.68 against an industry PE of 54.37, below the sector average, with a return on equity of 14.83%. In the June 2026 quarter, revenue rose 38.23% to Rs 2,463.17 crore and net profit grew 210.70% to Rs 544.84 crore. The share price has gained 505.66% over five years and 70.64% over the past year. Foreign investors raised their holding from 16.88% in September 2025 to 19.13% in September 2026.

Low PEG Ratio and Below Industry PE Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these low PEG ratio and below industry PE 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)
Mazagon Dock	14,145.71	2,421.88	12.77%	23.18%	44.01%	25.82%
Oberoi Realty	6,304.27	2,507.43	15.16%	23.02%	24.40%	61.42%
NALCO	18,508.88	5,797.01	7.96%	6.33%	18.38%	54.34%
Aegis Logistics	8,659.79	1,106.63	24.21%	16.70%	30.21%	34.79%

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Institutional Holding in Mazagon Dock, Oberoi Realty, NALCO and Aegis Logistics

Institutional holding shows who is backing these low PEG ratio and below industry PE stocks alongside the promoter. The table uses the latest reported quarter for each. NALCO has the deepest institutional backing, with FII and DII together holding 33.21% as of June 2026. Domestic institutions increased their holding over the past year in Oberoi Realty (from 10.80% to 14.83%).

Stock	Promoter	FII	DII	Public	Quarter
Mazagon Dock	81.22%	1.72%	5.01%	12.04%	June 2026
Oberoi Realty	67.70%	15.11%	14.83%	2.36%	June 2026
NALCO	51.28%	21.99%	11.22%	15.51%	June 2026
Aegis Logistics	58.10%	19.13%	4.01%	18.77%	September 2026

Risks to Weigh in Low PEG Ratio and Below Industry PE Stocks

Being careful with low PEG ratio and below industry PE 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: A low PE can also reflect slower growth, so compare each PE with the growth rate instead of reading it alone.
• 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 PEG Ratio and Below Industry PE Stocks

Picking from low PEG ratio and below industry PE 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 (12.46 to 54.37) 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 PEG ratio and below industry PE stocks, Mazagon Dock stands out for the fastest profit growth, 44.01% a year since FY22, Oberoi Realty for 15.16% revenue growth in FY26, NALCO for the highest return on equity at 26.83% and Aegis Logistics for the strongest latest-quarter profit growth at 210.70%. 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 PEG ratio and below industry PE 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 Low PEG Ratio and Below Industry PE Stocks to Watch

Which are the best low PEG ratio and below industry PE stocks to watch for multibagger potential?

Ans. Mazagon Dock, Oberoi Realty, NALCO and Aegis Logistics are the 4 names this list highlights, with market caps of Rs 77,781 crore, Rs 61,662 crore, Rs 61,109 crore and Rs 43,794 crore respectively. Mazagon Dock is notable for the fastest profit growth, 44.01% a year since FY22. Oberoi Realty stands out for 15.16% revenue growth in FY26. NALCO offers the highest return on equity at 26.83%. Aegis Logistics brings the strongest latest-quarter profit growth at 210.70%. These are watchlist names for low PEG ratio and below industry PE stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is NALCO a good stock for long-term investors?

Ans. NALCO has a return on equity of 26.83%, a PE of 9.06 against an industry PE of 12.46 and a market cap of Rs 61,109 crore. Net profit has compounded at 18.38% a year since FY22, and FY26 revenue rose 7.96% while June 2026 quarter net profit grew 90.87%. Long-term returns in low PEG ratio and below industry PE stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Mazagon Dock become a multibagger from here?

Ans. Mazagon Dock has already gained 1461.53% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in low PEG ratio and below industry PE stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 44.01% a year since FY22, and FY26 revenue rose 12.77%. At a PE of 27.25 against an industry PE of 48.92, valuation should be checked against that growth before investing.

What is the market cap of Mazagon Dock, Oberoi Realty, NALCO and Aegis Logistics?

Ans. As of 29 October 2026, Mazagon Dock has a market cap of Rs 77,781 crore, Oberoi Realty has a market cap of Rs 61,662 crore, NALCO has a market cap of Rs 61,109 crore and Aegis Logistics has a market cap of Rs 43,794 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 low PEG ratio and below industry PE stocks.

What are the risks of investing in low PEG ratio and below industry PE 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. Comparing each PE with growth gives a fuller picture than the PE alone.

Is NALCO trading below its industry PE?

Ans. NALCO trades at a PE of 9.06 against an industry PE of 12.46. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 18.38% a year since FY22 and FY26 revenue rose 7.96%) and balance sheet strength before drawing a conclusion.

How much do institutions hold in Mazagon Dock, Oberoi Realty, NALCO and Aegis Logistics?

Ans. As of the latest reported quarter, FII and DII together hold 6.73% of Mazagon Dock (1.72% and 5.01%), 29.94% of Oberoi Realty (15.11% and 14.83%), 33.21% of NALCO (21.99% and 11.22%) and 23.14% of Aegis Logistics (19.13% and 4.01%). Rising institutional holding is a useful signal in low PEG ratio and below industry PE stocks, though it should be read with earnings trends rather than on its own.