4 Midcap Stocks to Buy Now to Watch for Future Multibagger Potential: Lupin, Ashok Leyland, Coforge and Federal Bank

Stocks to buy now to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Lupin, Ashok Leyland, Coforge and Federal Bank meet that test, with market caps from Rs 83,333 crore to Rs 89,592 crore and Lupin offering the largest market cap at Rs 89,592 crore. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a positive one-year return and a return on equity above 12 per cent, 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 positive one-year return and a return on equity above 12 per cent, 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 stocks to buy now usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 22 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Stocks to Buy Now and Why Do They Attract Multibagger Interest?

Stocks to buy now are shares of mid-sized companies that combine price momentum with solid returns. The four here cover pharmaceuticals, commercial vehicles, IT services and banking.

Momentum backed by earnings is more durable than momentum alone. For stocks to buy now, rising profit adds to the case. Investors researching stocks to buy now get a fuller picture by reading growth and valuation together. The table below lines up stocks to buy now on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use stocks to buy now as a starting point for your own research.

Stocks to Buy Now at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 22 October 2026. Federal Bank has the lowest PE of the group at 15.47, while Ashok Leyland posts the highest return on equity at 24.37%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
Lupin	1,922	89,592	16.14	36.42	23.76%	3.99	1,900.00 to 2,529.50
Ashok Leyland	146.03	86,933	23.31	23.62	24.37%	6.10	134.21 to 215.42
Coforge	1,908.80	86,393	44.99	17.66	16.31%	3.28	1,008.10 to 2,021.20
Federal Bank	347.80	83,333	15.47	11.94	12.60%	2.02	211.52 to 371.70

Lupin: Revenue Up 26.76% in FY26

Lupin is a global pharmaceutical company with a large presence in the United States, India and other markets across generics, branded drugs and respiratory products. It reported FY26 revenue of Rs 29,038.95 crore, up 26.76% year on year, and net profit of Rs 5,355.47 crore, up 61.98%. Revenue has compounded at 14.98% a year since FY22. Operating margin was 31.06% in FY26. The debt-to-equity ratio is 0.29.

In the June 2026 quarter, revenue rose 32.45% to Rs 8,407.21 crore and net profit grew 16.01% to Rs 1,416.98 crore. The share price has gained 111.00% over five years. Foreign investors raised their holding from 21.25% in June 2025 to 22.42% in June 2026. The stock trades at a PE of 16.14 against an industry PE of 36.42, below the sector average, with a return on equity of 23.76%.

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.

The stock trades at a PE of 23.31 against an industry PE of 23.62, below the sector average, with a return on equity of 24.37%. The dividend yield is 2.36%. 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.

Coforge: 23.72% Profit CAGR Since FY22

Coforge is an IT services company serving clients in travel, banking, insurance and other industries. It reported FY26 revenue of Rs 16,475.90 crore, up 34.63% year on year, and net profit of Rs 1,674.50 crore, up 73.79%. Net profit has compounded at 23.72% a year since FY22, while revenue has grown 26.26% a year. Operating margin was 17.40% in FY26. The debt-to-equity ratio is 0.08, which keeps interest costs low.

In the June 2026 quarter, revenue rose 49.19% to Rs 5,554.50 crore and net profit grew 49.19% to Rs 531.70 crore. The share price has gained 73.24% over five years and 10.25% over the past year. The stock trades at a PE of 44.99 against an industry PE of 17.66, with a return on equity of 16.31%.

Federal Bank: 22.90% Profit CAGR Since FY22

Federal Bank is a Kerala-based private sector bank with a strong NRI deposit base and a growing retail, small business and digital franchise. It reported FY26 total income of Rs 34,272.42 crore, up 7.00% year on year, and net profit of Rs 4,483.38 crore, up 6.71%. Net profit has compounded at 22.90% a year since FY22, while total income has grown 20.05% a year.

The stock trades at a PE of 15.47 against an industry PE of 11.94, with a return on equity of 12.60%. In the September 2026 quarter, total income rose 19.01% to Rs 9,903.41 crore and net profit grew 53.42% to Rs 1,564.06 crore. The share price has gained 259.57% over five years and 57.58% over the past year. Domestic institutions raised their holding from 48.17% in June 2025 to 49.28% in June 2026.

Stocks to Buy Now: Financial Comparison on Growth and Margins

The table compares scale and growth across these stocks to buy now. 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
Lupin	29,038.95	5,355.47	26.76%	14.98%	32.45%
Ashok Leyland	56,946.90	3,720.98	16.47%	21.28%	12.29%
Coforge	16,475.90	1,674.50	34.63%	26.26%	49.19%
Federal Bank	34,272.42	4,483.38	7.00%	20.05%	19.01%

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Institutional Holding in Lupin, Ashok Leyland, Coforge and Federal Bank

Institutional holding shows who is backing these stocks to buy now alongside the promoter. The table uses the latest reported quarter for each. Federal Bank has the deepest institutional backing, with FII and DII together holding 76.99% as of June 2026. Domestic institutions increased their holding over the past year in Ashok Leyland (from 13.61% to 15.76%) and Federal Bank (from 48.17% to 49.28%).

Stock	Promoter	FII	DII	Public	Quarter
Lupin	46.85%	22.42%	24.65%	6.08%	June 2026
Ashok Leyland	51.51%	20.68%	15.76%	12.05%	June 2026
Coforge	Nil	24.31%	42.62%	33.07%	June 2026
Federal Bank	Nil	27.71%	49.28%	23.01%	June 2026

Risks to Weigh in Stocks to Buy Now

Being careful with stocks to buy now 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: Coforge trades at a PE of 44.99 against an industry PE of 17.66, 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 Stocks to Buy Now

Picking from stocks to buy now 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 (11.94 to 36.42) 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 stocks to buy now, Lupin stands out for the largest market cap at Rs 89,592 crore, Ashok Leyland for the highest return on equity at 24.37%, Coforge for the fastest profit growth, 23.72% a year since FY22 and Federal Bank for the biggest five-year price gain at 259.57%. 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 stocks to buy now 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 Stocks to Buy Now to Watch

Which are the best stocks to buy now to watch for multibagger potential?

Ans. Lupin, Ashok Leyland, Coforge and Federal Bank are the 4 names this list highlights, with market caps of Rs 89,592 crore, Rs 86,933 crore, Rs 86,393 crore and Rs 83,333 crore respectively. Lupin is notable for the largest market cap at Rs 89,592 crore. Ashok Leyland stands out for the highest return on equity at 24.37%. Coforge offers the fastest profit growth, 23.72% a year since FY22. Federal Bank brings the biggest five-year price gain at 259.57%. These are watchlist names for stocks to buy now, 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 23.31 against an industry PE of 23.62 and a market cap of Rs 86,933 crore. FY26 revenue rose 16.47%, and June 2026 quarter net profit grew 1.53%. Long-term returns in stocks to buy now depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Coforge become a multibagger from here?

Ans. Coforge has already gained 73.24% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks to buy now requires earnings to keep growing faster than the market for several years. Net profit has compounded at 23.72% a year since FY22, and FY26 revenue rose 34.63%. At a PE of 44.99 against an industry PE of 17.66, valuation should be checked against that growth before investing.

What is the market cap of Lupin, Ashok Leyland, Coforge and Federal Bank?

Ans. As of 22 October 2026, Lupin has a market cap of Rs 89,592 crore, Ashok Leyland has a market cap of Rs 86,933 crore, Coforge has a market cap of Rs 86,393 crore and Federal Bank has a market cap of Rs 83,333 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 stocks to buy now.

What are the risks of investing in stocks to buy now?

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. Coforge trades at a PE of 44.99 against an industry PE of 17.66, so earnings growth needs to hold up.

Why is Coforge trading at a PE of 44.99?

Ans. Coforge's PE of 44.99 compares with an industry PE of 17.66. The market is paying a premium for a return on equity of 16.31%, profit growth of 23.72% a year since FY22 and latest-quarter profit growth of 49.19%, which also means the stock is more sensitive if growth slows. Investors in stocks to buy now who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.

How much do institutions hold in Lupin, Ashok Leyland, Coforge and Federal Bank?

Ans. As of the latest reported quarter, FII and DII together hold 47.07% of Lupin (22.42% and 24.65%), 36.44% of Ashok Leyland (20.68% and 15.76%), 66.93% of Coforge (24.31% and 42.62%) and 76.99% of Federal Bank (27.71% and 49.28%). Rising institutional holding is a useful signal in stocks to buy now, though it should be read with earnings trends rather than on its own.