Under Rs 390 Stocks to Buy in November 2026: 5 Names on the Watchlist

The under Rs 390 stocks to buy in November 2026 start with five listed names: Arvind Fashions, Gandhar Oil Refinery, Menon Bearings, Federal Bank and Transformers and Rectifiers India. Stocks under Rs 390 include an apparel brands company, a lubricants refiner, a bearings maker, a private sector bank and a transformer maker, priced from about Rs 263 to Rs 362. Federal Bank is part of the Bank Nifty index.

This article ranks none of them as a sure thing. It lays out the numbers each company has reported, how the shares are priced today and what an investor should check before adding any of these under Rs 390 stocks to buy to a portfolio. All prices are NSE closing prices of 11 November 2026, and financials come from company filings.

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Which Are the Best Under Rs 390 Stocks to Buy in November 2026?

The best under Rs 390 stocks to buy in November 2026 for a watchlist are Arvind Fashions, Gandhar Oil Refinery, Menon Bearings, Federal Bank and Transformers and Rectifiers India. They were picked because each has complete reported financials, profit in the latest quarter and an NSE listing. The table puts their market data side by side.

Company	CMP (Rs)	Market Cap	P/E	ROE	Dividend Yield
Arvind Fashions	349.45	Rs 4,803 crore	25.77	12.99%	0.45%
Gandhar Oil Refinery	263.07	Rs 2,427 crore	5.24	25.91%	0.30%
Menon Bearings	327.60	Rs 1,506 crore	34.27	20.64%	0.74%
Federal Bank	361.60	Rs 85,661 crore	15.90	12.60%	0.35%
Transformers and Rectifiers India	316.25	Rs 9,449 crore	30.18	18.42%	0.08%

On valuation, Arvind Fashions, Gandhar Oil Refinery and Transformers and Rectifiers India trade below the industry P/E; Menon Bearings sits close to it; Federal Bank carries a premium. Valuation is the first filter for any under Rs 390 stocks to buy list, and it is covered again in the risk section.

Why These Under Rs 390 Stocks to Buy Are in Focus

A low share price does not mean a stock is inexpensive, because value depends on earnings and the number of shares. The list covers an apparel brands company, a refiner of lubricants and white oils, a maker of bearings, a private sector bank from Kerala and a maker of power transformers, all of which closed below Rs 390 on the NSE on 11 November. Investors searching for the best stocks under Rs 390 in India should check earnings, valuation and debt.

Arvind Fashions: The Brand-Led Fashion Retailer Among Under Rs 390 Stocks to Buy

Arvind Fashions is a fashion company with licensed and owned brands such as US Polo Assn. and Arrow. At Rs 349.45, the stock has a market capitalisation of Rs 4,803 crore and trades at 25.77 times earnings, while the industry P/E is 44.21.

Reported numbers show FY26 revenue of Rs 5,307 crore, up 14.0% year on year, with net profit at Rs 185 crore, up 437.4%. The June 2026 quarter added revenue of Rs 1,286 crore (up 14.6%) and net profit of Rs 27.6 crore (up 11.1%).

Return on equity is 12.99%, debt-to-equity is 1.42, and the dividend yield is 0.45%. Promoters hold 35.08%, foreign institutions 11.92% and domestic institutions 26.74% as of September 2026. Domestic institutional holding has risen from 22.79% to 26.74% over the last year. A point to keep in view: debt is higher than most names on this list.

Gandhar Oil Refinery: The Specialty Oils Maker Among Under Rs 390 Stocks to Buy

Gandhar Oil Refinery is a maker of speciality oils such as white oils and transformer oils. Its market capitalisation is Rs 2,427 crore, the share price is Rs 263.07 and the P/E of 5.24 compares with an industry P/E of 14.94.

Over FY26, net profit rose 64.3% to Rs 137 crore on revenue of Rs 4,255 crore, which was up 8.8%. The latest quarter, the September 2026 quarter, brought revenue of Rs 1,850 crore, up 72.7% year on year, and net profit of Rs 186 crore, up 368.4%.

Return on equity is 25.91%, debt-to-equity is 0.14, and the dividend yield is 0.30%. Promoters hold 66.65%, foreign institutions 5.47% and domestic institutions 0.29% as of September 2026. Foreign institutional holding has risen from 0.17% to 5.47% over the last year.

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Menon Bearings: A Small-Cap Engine Bearing Maker Among Under Rs 390 Stocks to Buy

Menon Bearings is a maker of engine bearings, bushes and aluminium die castings, mainly for automakers. The stock trades at Rs 327.60 with a market capitalisation of Rs 1,506 crore and a P/E of 34.27, against an industry P/E of 36.13.

FY26 revenue rose 23.2% to Rs 300 crore and net profit rose 53.4% to Rs 38.2 crore. In the June 2026 quarter, revenue grew 37.0% year on year to Rs 94.3 crore, while net profit grew 67.4% to Rs 14.1 crore.

Return on equity is 20.64%, debt-to-equity is 0.25, and the dividend yield is 0.74%. Promoters hold 66.66%, foreign institutions 0.21% and domestic institutions 2.16% as of September 2026. Domestic institutional holding has risen from 0.00% to 2.16% over the last year.

Federal Bank: A Mid-Sized Private Bank Among Under Rs 390 Stocks to Buy

Federal Bank is a Kerala-based private bank with a growing retail, small-business and NRI franchise. At Rs 361.60, the stock has a market capitalisation of Rs 85,661 crore and trades at 15.90 times earnings, while the industry P/E is 11.43.

Reported numbers show FY26 revenue of Rs 34,272 crore, up 7.0% year on year, with net profit at Rs 4,483 crore, up 6.7%. The September 2026 quarter added revenue of Rs 9,903 crore (up 19.0%) and net profit of Rs 1,564 crore (up 53.4%).

Return on equity is 12.60%, and the dividend yield is 0.35%. The company has no identified promoter, with foreign institutions holding 28.55% and domestic institutions 49.28% as of September 2026. Foreign institutional holding has risen from 25.54% to 28.55% over the last year.

Transformers and Rectifiers India: The Transformer Maker Among Under Rs 390 Stocks to Buy

Transformers and Rectifiers India is a transformer manufacturer for utilities and industry. Its market capitalisation is Rs 9,449 crore, the share price is Rs 316.25 and the P/E of 30.18 compares with an industry P/E of 41.42.

Over FY26, net profit rose 25.8% to Rs 272 crore on revenue of Rs 2,570 crore, which was up 25.3%. The latest quarter, the September 2026 quarter, brought revenue of Rs 742 crore, up 56.6% year on year, and net profit of Rs 81.4 crore, up 117.9%.

Return on equity is 18.42%, debt-to-equity is 0.35, and the dividend yield is 0.08%. Promoters hold 64.36%, foreign institutions 6.99% and domestic institutions 1.19% as of September 2026.

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Growth Snapshot: Latest Full Year and Latest Quarter

The table compares year-on-year growth in revenue and net profit for all five under Rs 390 stocks, using filed results.

Company	Full-Year Revenue Growth	Full-Year Profit Growth	Latest Quarter	Quarter Revenue Growth	Quarter Profit Growth
Arvind Fashions	14.0%	437.4%	Jun 2026	14.6%	11.1%
Gandhar Oil Refinery	8.8%	64.3%	Sep 2026	72.7%	368.4%
Menon Bearings	23.2%	53.4%	Jun 2026	37.0%	67.4%
Federal Bank	7.0%	6.7%	Sep 2026	19.0%	53.4%
Transformers and Rectifiers India	25.3%	25.8%	Sep 2026	56.6%	117.9%

Factors That Move Under Rs 390 Stocks to Buy

Four factors tend to drive under Rs 390 stocks, and each one is worth checking before a purchase.

• Earnings growth: Profit should be rising.
• Sector mix: Apparel, refining, bearings, banking and transformers differ.
• Dividends: Menon Bearings yields about 0.7%.
• Valuation: P/E runs from about 5 to 34.

Risks to Keep in Mind Before Buying Under Rs 390 Stocks

The first risk is that a low share price says little about value, so earnings and valuation matter more. The second is that Menon Bearings is valued at only about Rs 1,500 crore and Gandhar Oil Refinery at about Rs 2,400 crore, so trading can be thin, and Arvind Fashions carries the highest borrowings of the four non-bank companies. Check results every quarter.

On the numbers, Menon Bearings trades at the highest P/E on this list at 34.27, so its earnings need to keep growing to support the price. Under Rs 390 stocks to buy can still fall when markets turn weak, and a staggered entry has historically suited investors better than a lump-sum purchase.

How to Choose Under Rs 390 Stocks to Buy

• Look at earnings: Price alone is not a signal.
• Check P/E: Gandhar Oil Refinery trades lowest.
• Read ROE: Gandhar Oil Refinery leads.
• Diversify: Spread across the five sectors.

How to Invest in Under Rs 390 Stocks

1. Shortlist two or three companies from this list that match your risk appetite.
2. Open the Univest Screener and compare P/E, ROE and debt for each stock.
3. Check the latest quarterly results and shareholding pattern on NSE or BSE.
4. Decide an amount you can hold for three to five years and split it into two or three purchases.
5. Review the holding after every quarterly result instead of reacting to daily price moves.

Conclusion

Gandhar Oil Refinery offers both the lowest P/E on this list at 5.24 and the highest return on equity at 25.91%, and Arvind Fashions posted the fastest net profit growth in its latest full year at 437.4%. Among the best under Rs 390 stocks in India, these five give investors a spread of size, valuation and growth, so the right pick depends on risk appetite and holding period. Spread the entry, keep position sizes sensible and consult a SEBI-registered advisor before investing in any of these under Rs 390 stocks to buy.

Frequently Asked Questions on Under Rs 390 Stocks to Buy

Which are the best under Rs 390 stocks to buy in November 2026?

Ans. The five under Rs 390 stocks on the November 2026 watchlist are Arvind Fashions, Gandhar Oil Refinery, Menon Bearings, Federal Bank and Transformers and Rectifiers India. Gandhar Oil Refinery has both the lowest P/E at 5.24 and the highest ROE at 25.91%, and Arvind Fashions grew net profit 437.4% in its latest full year. This is educational content, not investment advice, so please consult a SEBI-registered advisor.

Is Federal Bank a good stock to buy from this Under Rs 390 list?

Ans. Federal Bank is the largest company on this list with a market capitalisation of Rs 85,661 crore and a P/E of 15.90 against an industry P/E of 11.43. Its FY26 revenue rose 7.0% and net profit rose 6.7%, with return on equity at 12.60%. Whether it suits you depends on your risk appetite and holding period, so please consult a SEBI-registered advisor before investing.

Are these under Rs 390 stocks expensive right now?

Ans. Valuations vary across the group. Arvind Fashions trades at a P/E of 25.77, Gandhar Oil Refinery trades at a P/E of 5.24, Menon Bearings trades at a P/E of 34.27, Federal Bank trades at a P/E of 15.90, Transformers and Rectifiers India trades at a P/E of 30.18, against industry multiples ranging from 11.43 to 44.21. Higher multiples reflect faster growth but also leave less room for earnings misses, so entry price deserves attention.

Which of these under Rs 390 stocks pay a dividend?

Ans. Dividend yields on this list are Arvind Fashions 0.45%, Gandhar Oil Refinery 0.30%, Menon Bearings 0.74%, Federal Bank 0.35%, Transformers and Rectifiers India 0.08%. Yields are modest across the group, so most investors look at these stocks for growth in earnings rather than for income, and payouts can change with company profits.

Which stock on this list has the highest return on equity?

Ans. Gandhar Oil Refinery has the highest ROE on this list at 25.91%, followed by Menon Bearings at 20.64% and Transformers and Rectifiers India at 18.42%. A higher ROE shows a company earns more profit on shareholder capital, but it should be read alongside valuation and debt.

What are the risks of investing in under Rs 390 stocks?

Ans. The main risks are low prices that say little about value, thin trading in two small companies and refining margin swings. On this list, Menon Bearings trades at the highest P/E of 34.27, which leaves less room for earnings disappointments. Staggered buying and a long holding period can help manage these risks.

How can I invest in under Rs 390 stocks in India?

Ans. You can buy these stocks directly on NSE or BSE through a demat account, and compare them first on the Univest Screener using P/E, ROE and debt. Many investors split the amount across two or three purchases and review the holding after each quarterly result. Sector-themed mutual funds and ETFs are another route for investors who prefer diversification.