4 Smallcap Stocks With PE Between 20 and 30 to Watch for Future Multibagger Potential: Kalpataru Projects, VA Tech Wabag, CARE Ratings and ICRA

Stocks with PE between 20 and 30 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Kalpataru Projects, VA Tech Wabag, CARE Ratings and ICRA meet that test, with market caps from Rs 4,390 crore to Rs 23,797 crore and Kalpataru Projects offering the strongest latest-quarter profit growth at 45.85%. Each of these companies has a market capitalisation below Rs 30,000 crore and a price to earnings ratio between 20 and 30, 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 below Rs 30,000 crore and a price to earnings ratio between 20 and 30, 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 below Rs 30,000 crore. Investors screening stocks with PE between 20 and 30 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 26 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Stocks With PE Between 20 and 30 and Why Do They Attract Multibagger Interest?

Stocks with PE between 20 and 30 are shares that trade at 20 to 30 times earnings, a valuation zone that is neither deeply discounted nor stretched for smaller companies that keep growing. The four here cover engineering and construction, water treatment and credit ratings.

A PE in this range means investors are paying a fair price for growth that has already been delivered. Within stocks with PE between 20 and 30, the four companies show rising profit. For stocks with PE between 20 and 30, both FY26 and the latest quarter showed growth. Whichever way you read stocks with PE between 20 and 30, the common thread is rising profit backed by complete financial data. For stocks with PE between 20 and 30, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of stocks with PE between 20 and 30, using FY26 and latest quarter data. Prices move daily, so recheck the figures for stocks with PE between 20 and 30 before you decide.

Stocks With PE Between 20 and 30 at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 26 October 2026. Kalpataru Projects has the lowest PE of the group at 21.09, while CARE Ratings posts the highest return on equity at 18.36%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Kalpataru Projects International	1,295.90	23,797	21.09	22.89	13.37%	0.46	1,007.10 to 1,490.00
VA Tech Wabag	1,707.40	10,591	26.87	22.80	14.42%	0.09	1,033.00 to 2,319.00
CARE Ratings	1,580	4,720	26.19	33.26	18.36%	0.03	1,392.70 to 1,838.00
ICRA	4,492.90	4,390	22.37	33.26	15.37%	0.02	4,198.20 to 6,620.00

Kalpataru Projects: Revenue Up 21.76% in FY26

Kalpataru Projects International executes transmission, railway, building and water projects in India and abroad. It reported FY26 revenue of Rs 27,247.93 crore, up 21.76% year on year, and net profit of Rs 1,030.63 crore, up 81.68%. Net profit has compounded at 17.81% a year since FY22, while revenue has grown 16.35% a year. Operating margin was 9.48% in FY26. The debt-to-equity ratio is 0.46.

In the June 2026 quarter, revenue rose 4.81% to Rs 6,485.17 crore and net profit grew 45.85% to Rs 311.53 crore. The stock trades at a PE of 21.09 against an industry PE of 22.89, below the sector average, with a return on equity of 13.37%.

VA Tech Wabag: 29.36% Profit CAGR Since FY22

VA Tech Wabag designs and builds water and wastewater treatment plants, desalination plants and recycling systems for cities and industry. It reported FY26 revenue of Rs 4,038.50 crore, up 20.96% year on year, and net profit of Rs 369.80 crore, up 25.44%. Net profit has compounded at 29.36% a year since FY22, while revenue has grown 7.61% a year. Operating margin was 14.39% in FY26. The debt-to-equity ratio is 0.09, which keeps interest costs low.

The stock trades at a PE of 26.87 against an industry PE of 22.80, with a return on equity of 14.42%. In the June 2026 quarter, revenue rose 25.96% to Rs 938.80 crore and net profit grew 36.93% to Rs 90.10 crore. The share price has gained 462.01% over five years and 34.66% over the past year. Domestic institutions raised their holding from 3.67% in June 2025 to 6.33% in June 2026.

CARE Ratings: 22.62% Profit CAGR Since FY22

CARE Ratings is a credit rating agency that rates debt instruments and bank facilities and also offers analytics and advisory services. It reported FY26 revenue of Rs 527.89 crore, up 16.51% year on year, and net profit of Rs 173.70 crore, up 24.07%. Net profit has compounded at 22.62% a year since FY22, while revenue has grown 17.73% a year. Operating margin was 53.32% in FY26. The debt-to-equity ratio is 0.03, which keeps interest costs low.

In the June 2026 quarter, revenue rose 17.54% to Rs 126.48 crore and net profit grew 24.49% to Rs 32.99 crore. The share price has gained 122.33% over five years. Domestic institutions raised their holding from 31.60% in September 2025 to 32.22% in September 2026. The stock trades at a PE of 26.19 against an industry PE of 33.26, below the sector average, with a return on equity of 18.36%.

ICRA: Debt-to-Equity of 0.02

ICRA is a credit rating and research company promoted by Moody's, and it also offers analytics, consulting and risk management services. It reported FY26 revenue of Rs 674.53 crore, up 17.22% year on year, and net profit of Rs 182.53 crore, up 6.62%. Net profit has compounded at 12.60% a year since FY22, while revenue has grown 15.15% a year. Operating margin was 47.23% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.

The stock trades at a PE of 22.37 against an industry PE of 33.26, below the sector average, with a return on equity of 15.37%. The dividend yield is 2.31%. In the June 2026 quarter, revenue rose 28.32% to Rs 191 crore and net profit grew 32.04% to Rs 56.46 crore. Foreign investors raised their holding from 6.87% in September 2025 to 8.00% in September 2026.

Stocks With PE Between 20 and 30: Financial Comparison on Growth and Margins

The table compares scale and growth across these stocks with PE between 20 and 30. 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)
Kalpataru Projects	27,247.93	1,030.63	21.76%	16.35%	17.81%	9.97%
VA Tech Wabag	4,038.50	369.80	20.96%	7.61%	29.36%	15.45%
CARE Ratings	527.89	173.70	16.51%	17.73%	22.62%	44.26%
ICRA	674.53	182.53	17.22%	15.15%	12.60%	53.32%

Check the Univest Screener for live data on these stocks with PE between 20 and 30

Institutional Holding in Kalpataru Projects, VA Tech Wabag, CARE Ratings and ICRA

Institutional holding shows who is backing these stocks with PE between 20 and 30 alongside the promoter. The table uses the latest reported quarter for each. CARE Ratings has the deepest institutional backing, with FII and DII together holding 55.82% as of September 2026. Domestic institutions increased their holding over the past year in VA Tech Wabag (from 3.67% to 6.33%) and CARE Ratings (from 31.60% to 32.22%).

Stock	Promoter	FII	DII	Public	Quarter
Kalpataru Projects	33.58%	10.78%	44.83%	10.81%	June 2026
VA Tech Wabag	19.08%	18.26%	6.33%	56.34%	June 2026
CARE Ratings	Nil	23.60%	32.22%	44.17%	September 2026
ICRA	51.87%	8.00%	20.12%	20.01%	September 2026

Risks to Weigh in Stocks With PE Between 20 and 30

Being careful with stocks with PE between 20 and 30 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: VA Tech Wabag trades at a PE of 26.87 against an industry PE of 22.80, 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 With PE Between 20 and 30

Picking from stocks with PE between 20 and 30 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 (22.80 to 33.26) 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 with PE between 20 and 30, Kalpataru Projects stands out for the strongest latest-quarter profit growth at 45.85%, VA Tech Wabag for the fastest profit growth, 29.36% a year since FY22, CARE Ratings for the highest return on equity at 18.36% and ICRA for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.02. 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 with PE between 20 and 30 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 With PE Between 20 and 30 to Watch

Which are the best stocks with PE between 20 and 30 to watch for multibagger potential?

Ans. Kalpataru Projects, VA Tech Wabag, CARE Ratings and ICRA are the 4 names this list highlights, with market caps of Rs 23,797 crore, Rs 10,591 crore, Rs 4,720 crore and Rs 4,390 crore respectively. Kalpataru Projects is notable for the strongest latest-quarter profit growth at 45.85%. VA Tech Wabag stands out for the fastest profit growth, 29.36% a year since FY22. CARE Ratings offers the highest return on equity at 18.36%. ICRA brings a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.02. These are watchlist names for stocks with PE between 20 and 30, not recommendations, so match each one to your own risk profile and time horizon.

Is CARE Ratings a good stock for long-term investors?

Ans. CARE Ratings has a return on equity of 18.36%, a PE of 26.19 against an industry PE of 33.26 and a market cap of Rs 4,720 crore. Net profit has compounded at 22.62% a year since FY22, and FY26 revenue rose 16.51% while June 2026 quarter net profit grew 24.49%. Long-term returns in stocks with PE between 20 and 30 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can VA Tech Wabag become a multibagger from here?

Ans. VA Tech Wabag has already gained 462.01% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with PE between 20 and 30 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 29.36% a year since FY22, and FY26 revenue rose 20.96%. At a PE of 26.87 against an industry PE of 22.80, valuation should be checked against that growth before investing.

What is the market cap of Kalpataru Projects, VA Tech Wabag, CARE Ratings and ICRA?

Ans. As of 26 October 2026, Kalpataru Projects has a market cap of Rs 23,797 crore, VA Tech Wabag has a market cap of Rs 10,591 crore, CARE Ratings has a market cap of Rs 4,720 crore and ICRA has a market cap of Rs 4,390 crore. All of them qualify as smallcaps. 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 with PE between 20 and 30.

What are the risks of investing in stocks with PE between 20 and 30?

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. VA Tech Wabag trades at a PE of 26.87 against an industry PE of 22.80, so earnings growth needs to hold up.

Is Kalpataru Projects trading below its industry PE?

Ans. Kalpataru Projects trades at a PE of 21.09 against an industry PE of 22.89. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 17.81% a year since FY22 and FY26 revenue rose 21.76%) and balance sheet strength before drawing a conclusion.

How much do institutions hold in Kalpataru Projects, VA Tech Wabag, CARE Ratings and ICRA?

Ans. As of the latest reported quarter, FII and DII together hold 55.61% of Kalpataru Projects (10.78% and 44.83%), 24.59% of VA Tech Wabag (18.26% and 6.33%), 55.82% of CARE Ratings (23.60% and 32.22%) and 28.12% of ICRA (8.00% and 20.12%). Rising institutional holding is a useful signal in stocks with PE between 20 and 30, though it should be read with earnings trends rather than on its own.