4 Midcap SBI Mutual Fund Stocks to Watch for Future Multibagger Potential: Ashok Leyland, Dabur, Navin Fluorine and Astral

SBI mutual fund stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Ashok Leyland, Dabur, Navin Fluorine and Astral meet that test, with market caps from Rs 36,939 crore to Rs 86,231 crore and Ashok Leyland offering the highest return on equity at 24.37%. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and SBI Mutual Fund or one of its schemes listed among its top domestic institutional holders, 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 SBI Mutual Fund or one of its schemes listed among its top domestic institutional holders, 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 SBI mutual fund stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 28 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are SBI Mutual Fund Stocks and Why Do They Attract Multibagger Interest?

SBI mutual fund stocks are shares of mid sized companies in which SBI Mutual Fund or one of its schemes is named among the top domestic institutional holders in the latest shareholding pattern. The four here cover commercial vehicles, household products, specialty chemicals and pipes.

When a leading fund house like SBI Mutual Fund holds a large stake, it shows that its research teams have studied the business closely and backed it with investors money. For SBI mutual fund stocks, both FY26 and the latest quarter showed growth. With SBI mutual fund 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 SBI mutual fund stocks are complete. Read each company's latest results and exchange filings before acting on SBI mutual fund stocks.

SBI Mutual Fund Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 28 October 2026. Ashok Leyland combines the lowest PE of the group, 23.12, with the highest return on equity, 24.37%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
Ashok Leyland	144.85	86,231	23.12	23.62	24.37%	6.05	134.21 to 215.42
Dabur India	360	67,255	34.56	34.68	16.59%	5.89	357.80 to 534.00
Navin Fluorine International	8,501	44,095	55.84	36.42	16.69%	11.09	4,772.20 to 8,949.50
Astral	1,360.60	36,939	64.16	36.61	13.18%	9.10	1,311.60 to 1,768.70

Ashok Leyland: Return on Equity of 24.37%

Ashok Leyland makes trucks, buses and defence vehicles and is among the largest commercial vehicle makers in India. It reported FY26 revenue of Rs 56,946.90 crore, up 16.47% year on year, and net profit of Rs 3,720.98 crore, up 10.00%. Revenue has compounded at 21.28% a year since FY22. Operating margin was 19.17% in FY26.

In the June 2026 quarter, revenue rose 12.29% to Rs 13,258.24 crore and net profit grew 1.53% to Rs 667.77 crore. The share price has gained 106.37% over five years. Domestic institutions raised their holding from 13.61% in July 2025 to 15.76% in June 2026. The stock trades at a PE of 23.12 against an industry PE of 23.62, below the sector average, with a return on equity of 24.37%. The dividend yield is 2.38%.

Dabur: Profit Compounding at 1.77% a Year

Dabur India is a leading Ayurveda and natural health care company with brands in hair care, oral care, juices and health supplements. It reported FY26 revenue of Rs 13,792.34 crore, up 5.18% year on year, and net profit of Rs 1,868.69 crore, up 7.37%. Revenue has compounded at 5.15% a year since FY22. Operating margin was 23.00% in FY26. The debt-to-equity ratio is 0.11, which keeps interest costs low.

The stock trades at a PE of 34.56 against an industry PE of 34.68, below the sector average, with a return on equity of 16.59%. The dividend yield is 2.18%. In the June 2026 quarter, revenue rose 10.95% to Rs 3,936.95 crore and net profit grew 15.32% to Rs 586.16 crore. Domestic institutions raised their holding from 16.24% in June 2025 to 18.72% in June 2026.

Navin Fluorine: 26.02% Profit CAGR Since FY22

Navin Fluorine International makes specialty fluorochemicals, refrigerant gases and contract research and manufacturing services. It reported FY26 revenue of Rs 3,379.19 crore, up 41.20% year on year, and net profit of Rs 663.56 crore, up 129.92%. Net profit has compounded at 26.02% a year since FY22, while revenue has grown 22.66% a year. Operating margin was 34.41% in FY26. The debt-to-equity ratio is 0.32.

In the June 2026 quarter, revenue rose 46.11% to Rs 1,080.17 crore and net profit grew 107.66% to Rs 243.31 crore. The share price has gained 111.47% over five years and 61.62% over the past year. Foreign investors raised their holding from 21.98% in July 2025 to 23.73% in June 2026. The stock trades at a PE of 55.84 against an industry PE of 36.42, with a return on equity of 16.69%.

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 64.16 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.

SBI Mutual Fund Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these SBI mutual fund 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	Latest Quarter Revenue Growth	Operating Margin (Latest Quarter)
Ashok Leyland	56,946.90	3,720.98	16.47%	21.28%	12.29%	20.01%
Dabur	13,792.34	1,868.69	5.18%	5.15%	10.95%	24.27%
Navin Fluorine	3,379.19	663.56	41.20%	22.66%	46.11%	37.52%
Astral	6,615.90	534.70	12.64%	10.55%	16.09%	15.46%

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Institutional Holding in Ashok Leyland, Dabur, Navin Fluorine and Astral

Institutional holding shows who is backing these SBI mutual fund stocks alongside the promoter. The table uses the latest reported quarter for each. Navin Fluorine has the deepest institutional backing, with FII and DII together holding 52.19% as of June 2026. Domestic institutions increased their holding over the past year in Ashok Leyland (from 13.61% to 15.76%), Dabur (from 16.24% to 18.72%) and Astral (from 14.90% to 21.31%).

Stock	Promoter	FII	DII	Public	Quarter
Ashok Leyland	51.51%	20.68%	15.76%	12.05%	June 2026
Dabur	66.24%	9.66%	18.72%	5.37%	June 2026
Navin Fluorine	27.08%	23.73%	28.46%	20.73%	June 2026
Astral	54.22%	13.89%	21.31%	10.58%	June 2026

Risks to Weigh in SBI Mutual Fund Stocks

Being careful with SBI mutual fund 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 64.16 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 SBI Mutual Fund Stocks

Picking from SBI mutual fund 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 (23.62 to 36.61) 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 SBI mutual fund stocks, Ashok Leyland stands out for the highest return on equity at 24.37%, Dabur for 5.18% revenue growth in FY26, Navin Fluorine for the fastest profit growth, 26.02% a year since FY22 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 SBI mutual fund 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 SBI Mutual Fund Stocks to Watch

Which are the best SBI mutual fund stocks to watch for multibagger potential?

Ans. Ashok Leyland, Dabur, Navin Fluorine and Astral are the 4 names this list highlights, with market caps of Rs 86,231 crore, Rs 67,255 crore, Rs 44,095 crore and Rs 36,939 crore respectively. Ashok Leyland is notable for the highest return on equity at 24.37%. Dabur stands out for 5.18% revenue growth in FY26. Navin Fluorine offers the fastest profit growth, 26.02% a year since FY22. Astral brings a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.06. These are watchlist names for SBI mutual fund stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is Ashok Leyland a good stock for long-term investors?

Ans. Ashok Leyland has a return on equity of 24.37%, a PE of 23.12 against an industry PE of 23.62 and a market cap of Rs 86,231 crore. FY26 revenue rose 16.47%, and June 2026 quarter net profit grew 1.53%. Long-term returns in SBI mutual fund stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Navin Fluorine become a multibagger from here?

Ans. Navin Fluorine has already gained 111.47% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in SBI mutual fund stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.02% a year since FY22, and FY26 revenue rose 41.20%. At a PE of 55.84 against an industry PE of 36.42, valuation should be checked against that growth before investing.

What is the market cap of Ashok Leyland, Dabur, Navin Fluorine and Astral?

Ans. As of 28 October 2026, Ashok Leyland has a market cap of Rs 86,231 crore, Dabur has a market cap of Rs 67,255 crore, Navin Fluorine has a market cap of Rs 44,095 crore and Astral has a market cap of Rs 36,939 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 SBI mutual fund stocks.

What are the risks of investing in SBI mutual fund 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 64.16 against an industry PE of 36.61, so earnings growth needs to hold up.

Why is Astral trading at a PE of 64.16?

Ans. Astral's PE of 64.16 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 SBI mutual fund 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 Ashok Leyland, Dabur, Navin Fluorine and Astral?

Ans. As of the latest reported quarter, FII and DII together hold 36.44% of Ashok Leyland (20.68% and 15.76%), 28.38% of Dabur (9.66% and 18.72%), 52.19% of Navin Fluorine (23.73% and 28.46%) and 35.20% of Astral (13.89% and 21.31%). Rising institutional holding is a useful signal in SBI mutual fund stocks, though it should be read with earnings trends rather than on its own.