4 Smallcap Stocks With Price-to-Book of 2-4 to Watch for Future Multibagger Potential: ACME Solar, Kalpataru Projects, Capri Global and Anant Raj

Stocks with price-to-book of 2-4 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. ACME Solar, Kalpataru Projects, Capri Global and Anant Raj meet that test, with market caps from Rs 20,103 crore to Rs 28,830 crore and ACME Solar offering the largest market cap at Rs 28,830 crore. Each of these companies has a market capitalisation below Rs 30,000 crore and a price-to-book ratio between 2 and 4, 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-book ratio between 2 and 4, 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 price-to-book of 2-4 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 21 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Stocks With Price-to-Book of 2-4 and Why Do They Attract Multibagger Interest?

Stocks with price-to-book of 2-4 are shares of smaller companies valued at two to four times book value. The four here cover renewable power, infrastructure construction, finance and real estate.

A moderate book multiple with rising profit gives growth a fair base to work from. For stocks with price-to-book of 2-4, latest quarter profit also rose. A sensible way to study stocks with price-to-book of 2-4 is to look at profit growth, returns and valuation side by side. Below, each of stocks with price-to-book of 2-4 gets its own breakdown of growth, returns and valuation. Treat stocks with price-to-book of 2-4 as a research list, since share prices and rankings change with every earnings season.

Stocks With Price-to-Book of 2-4 at a Glance: Price, Market Cap, PE, ROE and Price to Book

Prices are closing prices as of 21 October 2026. Capri Global has the lowest PE of the group at 21.14, while Kalpataru Projects posts the highest return on equity at 13.37%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Price to Book	52-Week Range (Rs)
ACME Solar Holdings	388.80	28,830	47.87	22.80	9.86%	3.67	195.90 to 476.90
Kalpataru Projects International	1,302.80	23,924	21.20	22.89	13.37%	3.08	1,007.10 to 1,490.00
Capri Global Capital	237.17	23,837	21.14	17.97	13.18%	3.31	151.10 to 287.45
Anant Raj	472	20,103	34.63	32.13	9.59%	3.48	403.00 to 700.00

ACME Solar: 68.33% Profit CAGR Since FY22

ACME Solar Holdings develops and operates solar, wind and hybrid power projects, with battery storage in its pipeline. It reported FY26 revenue of Rs 2,507.08 crore, up 59.16% year on year, and net profit of Rs 497.88 crore, up 98.50%. Net profit has compounded at 68.33% a year since FY22, while revenue has grown 7.29% a year. Operating margin was 112.08% in FY26.

In the June 2026 quarter, revenue rose 63.32% to Rs 953.77 crore and net profit grew 79.89% to Rs 235.33 crore. The share price is up 45.44% over the past year. Domestic institutions raised their holding from 6.61% in June 2025 to 19.10% in June 2026. The stock trades at a PE of 47.87 against an industry PE of 22.80.

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.

The stock trades at a PE of 21.20 against an industry PE of 22.89, below the sector average, with a return on equity of 13.37%. 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.

Capri Global: 46.68% Profit CAGR Since FY22

Capri Global Capital is a non-banking finance company that offers housing loans, construction finance, gold loans and loans to small businesses. It reported FY26 revenue of Rs 4,742.01 crore, up 45.87% year on year, and net profit of Rs 949.15 crore, up 98.35%. Net profit has compounded at 46.68% a year since FY22, while revenue has grown 48.25% a year. Operating margin was 65.31% in FY26.

In the June 2026 quarter, revenue rose 57.33% to Rs 1,581.21 crore and net profit grew 102.05% to Rs 353.38 crore. The share price has gained 101.76% over five years and 27.72% over the past year. Foreign investors raised their holding from 4.83% in September 2025 to 13.00% in September 2026. The stock trades at a PE of 21.14 against an industry PE of 17.97, with a return on equity of 13.18%.

Anant Raj: 83.84% Profit CAGR Since FY22

Anant Raj develops residential and commercial real estate in the Delhi NCR region and has built a data centre business. It reported FY26 revenue of Rs 2,579.08 crore, up 22.80% year on year, and net profit of Rs 553.66 crore, up 31.34%. Net profit has compounded at 83.84% a year since FY22, while revenue has grown 50.61% a year. Operating margin was 28.79% in FY26. The debt-to-equity ratio is 0.12, which keeps interest costs low.

The stock trades at a PE of 34.63 against an industry PE of 32.13. In the June 2026 quarter, revenue rose 8.03% to Rs 650.75 crore and net profit grew 17.23% to Rs 146.13 crore. The share price has gained 611.84% over five years. Promoters hold 57.42%, which keeps ownership stable.

Stocks With Price-to-Book of 2-4: Financial Comparison on Growth and Margins

The table compares scale and growth across these stocks with price-to-book of 2-4. 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)
ACME Solar	2,507.08	497.88	59.16%	7.29%	68.33%	96.86%
Kalpataru Projects	27,247.93	1,030.63	21.76%	16.35%	17.81%	9.97%
Capri Global	4,742.01	949.15	45.87%	48.25%	46.68%	68.84%
Anant Raj	2,579.08	553.66	22.80%	50.61%	83.84%	32.11%

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Institutional Holding in ACME Solar, Kalpataru Projects, Capri Global and Anant Raj

Institutional holding shows who is backing these stocks with price-to-book of 2-4 alongside the promoter. The table uses the latest reported quarter for each. Kalpataru Projects has the deepest institutional backing, with FII and DII together holding 55.61% as of June 2026. Domestic institutions increased their holding over the past year in ACME Solar (from 6.61% to 19.10%).

Stock	Promoter	FII	DII	Public	Quarter
ACME Solar	71.40%	4.39%	19.10%	5.11%	June 2026
Kalpataru Projects	33.58%	10.78%	44.83%	10.81%	June 2026
Capri Global	59.92%	13.00%	17.04%	10.04%	September 2026
Anant Raj	57.42%	10.74%	4.61%	27.22%	June 2026

Risks to Weigh in Stocks With Price-to-Book of 2-4

Being careful with stocks with price-to-book of 2-4 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: ACME Solar trades at a PE of 47.87 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 Price-to-Book of 2-4

Picking from stocks with price-to-book of 2-4 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 (17.97 to 32.13) 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 price-to-book of 2-4, ACME Solar stands out for the largest market cap at Rs 28,830 crore, Kalpataru Projects for 21.76% revenue growth in FY26, Capri Global for the strongest latest-quarter profit growth at 102.05% and Anant Raj for the fastest profit growth, 83.84% a year since FY22. 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 price-to-book of 2-4 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 Price-to-Book of 2-4 to Watch

Which are the best stocks with price-to-book of 2-4 to watch for multibagger potential?

Ans. ACME Solar, Kalpataru Projects, Capri Global and Anant Raj are the 4 names this list highlights, with market caps of Rs 28,830 crore, Rs 23,924 crore, Rs 23,837 crore and Rs 20,103 crore respectively. ACME Solar is notable for the largest market cap at Rs 28,830 crore. Kalpataru Projects stands out for 21.76% revenue growth in FY26. Capri Global offers the strongest latest-quarter profit growth at 102.05%. Anant Raj brings the fastest profit growth, 83.84% a year since FY22. These are watchlist names for stocks with price-to-book of 2-4, not recommendations, so match each one to your own risk profile and time horizon.

Is Kalpataru Projects a good stock for long-term investors?

Ans. Kalpataru Projects has a return on equity of 13.37%, a PE of 21.20 against an industry PE of 22.89 and a market cap of Rs 23,924 crore. Net profit has compounded at 17.81% a year since FY22, and FY26 revenue rose 21.76% while June 2026 quarter net profit grew 45.85%. Long-term returns in stocks with price-to-book of 2-4 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Anant Raj become a multibagger from here?

Ans. Anant Raj has already gained 611.84% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with price-to-book of 2-4 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 83.84% a year since FY22, and FY26 revenue rose 22.80%. At a PE of 34.63 against an industry PE of 32.13, valuation should be checked against that growth before investing.

What is the market cap of ACME Solar, Kalpataru Projects, Capri Global and Anant Raj?

Ans. As of 21 October 2026, ACME Solar has a market cap of Rs 28,830 crore, Kalpataru Projects has a market cap of Rs 23,924 crore, Capri Global has a market cap of Rs 23,837 crore and Anant Raj has a market cap of Rs 20,103 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 price-to-book of 2-4.

What are the risks of investing in stocks with price-to-book of 2-4?

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. ACME Solar trades at a PE of 47.87 against an industry PE of 22.80, so earnings growth needs to hold up.

Why is ACME Solar trading at a PE of 47.87?

Ans. ACME Solar's PE of 47.87 compares with an industry PE of 22.80. The market is paying a premium for profit growth of 68.33% a year since FY22, latest-quarter profit growth of 79.89% and FY26 revenue growth of 59.16%, which also means the stock is more sensitive if growth slows. Investors in stocks with price-to-book of 2-4 who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.

How much do institutions hold in ACME Solar, Kalpataru Projects, Capri Global and Anant Raj?

Ans. As of the latest reported quarter, FII and DII together hold 23.49% of ACME Solar (4.39% and 19.10%), 55.61% of Kalpataru Projects (10.78% and 44.83%), 30.04% of Capri Global (13.00% and 17.04%) and 15.35% of Anant Raj (10.74% and 4.61%). Rising institutional holding is a useful signal in stocks with price-to-book of 2-4, though it should be read with earnings trends rather than on its own.