4 Top Stocks With PE Between 15 and 20 to Watch for Future Multibagger Potential: M&M, Lupin, Force Motors and Time Technoplast

Stocks with PE between 15 and 20 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. M&M, Lupin, Force Motors and Time Technoplast meet that test, with market caps from Rs 8,804 crore to Rs 3.48 lakh crore and M&M offering the fastest profit growth, 26.58% a year since FY22. Each of these companies trades at a PE ratio between 15 and 20 while net profit grew by more than 20 per cent in FY26.

This list covers companies with a PE ratio between 15 and 20 and net profit growth above 20 per cent in FY26, ranked by market capitalisation. Not every name here is a largecap, so the list takes the leading companies of the sector by market capitalisation. Investors screening stocks with PE between 15 and 20 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 20 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Stocks With PE Between 15 and 20 and Why Do They Attract Multibagger Interest?

Stocks with PE between 15 and 20 are shares that carry a moderate valuation while profit grows at a healthy pace. The four here cover vehicles, pharmaceuticals and industrial products.

Fast profit growth at a moderate multiple is a combination investors often search for. Among stocks with PE between 15 and 20, companies with high returns on equity are the ones investors compare in stocks with PE between 15 and 20. This guide looks at stocks with PE between 15 and 20 using FY26 results and the latest quarterly numbers. Every one of stocks with PE between 15 and 20 below has complete, verifiable data.

Stocks With PE Between 15 and 20 at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 20 October 2026. Lupin has the lowest PE of the group at 16.14, while Force Motors posts the highest return on equity at 25.19%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
Mahindra & Mahindra	2,907	3,48,064	17.19	23.82	18.37%	1.44	2,744.30 to 3,839.90
Lupin	1,939.20	89,592	16.14	36.42	23.76%	0.29	1,900.00 to 2,529.50
Force Motors	17,563	23,126	18.47	23.62	25.19%	0.00	15,982.00 to 26,450.00
Time Technoplast	174.13	8,804	17.68	36.61	11.46%	0.18	154.00 to 227.50

M&M: 26.58% Profit CAGR Since FY22

Mahindra & Mahindra is one of the largest SUV makers in India and the country's largest tractor maker, with financial services and electric vehicles in its portfolio. It reported FY26 revenue of Rs 2,02,084.34 crore, up 25.21% year on year, and net profit of Rs 18,621.71 crore, up 32.32%. Net profit has compounded at 26.58% a year since FY22, while revenue has grown 22.04% a year. Operating margin was 21.19% in FY26.

In the June 2026 quarter, revenue rose 27.47% to Rs 59,203.60 crore and net profit grew 37.04% to Rs 5,997.56 crore. The share price has gained 220.52% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026. The stock trades at a PE of 17.19 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%.

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.

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%. 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.

Force Motors: Return on Equity of 25.19%

Force Motors makes commercial vehicles such as the Traveller and Gurkha and supplies engines and axles to other automakers. It reported FY26 revenue of Rs 9,167.51 crore, up 12.79% year on year, and net profit of Rs 1,211.75 crore, up 51.31%. Revenue has compounded at 29.18% a year since FY22. Operating margin was 17.59% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.

In the June 2026 quarter, revenue rose 6.71% to Rs 2,478.11 crore and net profit grew 22.81% to Rs 216.59 crore. The share price has gained 1046.45% over five years. Promoters hold 61.63%, which keeps ownership stable. The stock trades at a PE of 18.47 against an industry PE of 23.62, below the sector average, with a return on equity of 25.19%.

Time Technoplast: 25.49% Profit CAGR Since FY22

Time Technoplast makes polymer and composite products including industrial containers, composite cylinders and automotive components. It reported FY26 revenue of Rs 6,114.40 crore, up 11.94% year on year, and net profit of Rs 476.61 crore, up 20.83%. Net profit has compounded at 25.49% a year since FY22, while revenue has grown 13.74% a year. Operating margin was 14.76% in FY26. The debt-to-equity ratio is 0.18.

The stock trades at a PE of 17.68 against an industry PE of 36.61, below the sector average. In the June 2026 quarter, revenue rose 25.13% to Rs 1,693.80 crore and net profit grew 22.07% to Rs 117.86 crore. The share price has gained 383.36% over five years. Domestic institutions raised their holding from 16.63% in November 2025 to 17.85% in September 2026.

Stocks With PE Between 15 and 20: Financial Comparison on Growth and Margins

The table compares scale and growth across these stocks with PE between 15 and 20. 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)
M&M	2,02,084.34	18,621.71	25.21%	22.04%	27.47%	20.77%
Lupin	29,038.95	5,355.47	26.76%	14.98%	32.45%	31.40%
Force Motors	9,167.51	1,211.75	12.79%	29.18%	6.71%	15.19%
Time Technoplast	6,114.40	476.61	11.94%	13.74%	25.13%	13.32%

Check the Univest Screener for live data on these stocks with PE between 15 and 20

Institutional Holding in M&M, Lupin, Force Motors and Time Technoplast

Institutional holding shows who is backing these stocks with PE between 15 and 20 alongside the promoter. The table uses the latest reported quarter for each. M&M has the deepest institutional backing, with FII and DII together holding 67.54% as of June 2026. Domestic institutions increased their holding over the past year in M&M (from 29.59% to 32.65%) and Time Technoplast (from 16.63% to 17.85%).

Stock	Promoter	FII	DII	Public	Quarter
M&M	18.45%	34.89%	32.65%	14.01%	June 2026
Lupin	46.85%	22.42%	24.65%	6.08%	June 2026
Force Motors	61.63%	9.52%	1.46%	27.39%	June 2026
Time Technoplast	47.47%	9.16%	17.85%	25.52%	September 2026

Risks to Weigh in Stocks With PE Between 15 and 20

Being careful with stocks with PE between 15 and 20 means looking at what can slow the story as well as what can speed it up. Four points matter most:

• PE changes whenever the price or earnings change.
• Cyclical profit can distort the ratio.
• 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 Stocks With PE Between 15 and 20

Picking from stocks with PE between 15 and 20 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 the PE ratio, net profit growth and the return on equity in every result.
4. Stagger entries across quarters and review institutional holding every reporting season.

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Conclusion

Among stocks with PE between 15 and 20, M&M stands out for the fastest profit growth, 26.58% a year since FY22, Lupin for the lowest PE of the group at 16.14, Force Motors for the highest return on equity at 25.19% and Time Technoplast for 11.94% revenue growth in FY26. 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 15 and 20 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 15 and 20 to Watch

Which are the best stocks with PE between 15 and 20 to watch for multibagger potential?

Ans. M&M, Lupin, Force Motors and Time Technoplast are the 4 names this list highlights, with market caps of Rs 3,48,064 crore, Rs 89,592 crore, Rs 23,126 crore and Rs 8,804 crore respectively. M&M is notable for the fastest profit growth, 26.58% a year since FY22. Lupin stands out for the lowest PE of the group at 16.14. Force Motors offers the highest return on equity at 25.19%. Time Technoplast brings 11.94% revenue growth in FY26. These are watchlist names for stocks with PE between 15 and 20, not recommendations, so match each one to your own risk profile and time horizon.

Is Force Motors a good stock for long-term investors?

Ans. Force Motors has a return on equity of 25.19%, a PE of 18.47 against an industry PE of 23.62 and a market cap of Rs 23,126 crore. FY26 revenue rose 12.79%, and June 2026 quarter net profit grew 22.81%. Long-term returns in stocks with PE between 15 and 20 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can M&M become a multibagger from here?

Ans. M&M has already gained 220.52% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with PE between 15 and 20 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.58% a year since FY22, and FY26 revenue rose 25.21%. At a PE of 17.19 against an industry PE of 23.82, valuation should be checked against that growth before investing.

What is the market cap of M&M, Lupin, Force Motors and Time Technoplast?

Ans. As of 20 October 2026, M&M has a market cap of Rs 3,48,064 crore, Lupin has a market cap of Rs 89,592 crore, Force Motors has a market cap of Rs 23,126 crore and Time Technoplast has a market cap of Rs 8,804 crore. M&M is the largest of the group. 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 15 and 20.

What are the risks of investing in stocks with PE between 15 and 20?

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 Lupin trading below its industry PE?

Ans. Lupin trades at a PE of 16.14 against an industry PE of 36.42. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (FY26 revenue rose 26.76% and June 2026 quarter net profit grew 16.01%) and balance sheet strength before drawing a conclusion.

How much do institutions hold in M&M, Lupin, Force Motors and Time Technoplast?

Ans. As of the latest reported quarter, FII and DII together hold 67.54% of M&M (34.89% and 32.65%), 47.07% of Lupin (22.42% and 24.65%), 10.98% of Force Motors (9.52% and 1.46%) and 27.01% of Time Technoplast (9.16% and 17.85%). Rising institutional holding is a useful signal in stocks with PE between 15 and 20, though it should be read with earnings trends rather than on its own.