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Top Stocks Less Than Book Value in India for 2026

Stocks trading below book value have a market price lower than the net asset value of the company per share. These stocks are often studied by value investors looking for businesses that may be trading at a discount to their intrinsic worth. Here is a list of stocks trading below book value in India, along with what to look for before investing.

Best Stocks Less Than Book Value in India (2026)

Stocks with Low PB Ratio for Investment Opportunities

Here is a list of stocks less than book value

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Showing 1 - 20 of 1616 results

last updated at 6:30 AM IST 
NameStocks (1616)↓↓Sub-SectorSub-Sector↓↓Market CapMarket Cap↓↓Close PriceClose Price↓↓PE RatioPE Ratio↓↓1M Return1M Return↓↓1D Return1D Return↓↓Return on EquityReturn on Equity↓↓PB RatioPB Ratio↓
1.Oil and Natural Gas Corporation LtdONGCOil & Gas - Exploration & ProductionOil & Gas - Exploration & Production3,00,115.143,00,115.14238.56238.567.247.241.621.62-4.10-4.109.879.870.800.80
2.Vodafone Idea LtdIDEATelecom ServicesTelecom Services1,41,496.001,41,496.0013.0613.064.104.10-7.11-7.11-0.53-0.53---2.01-2.01
3.Power Finance Corporation LtdPFCSpecialized FinanceSpecialized Finance1,38,637.271,38,637.27420.10420.105.355.35-2.55-2.551.991.9915.8915.890.890.89
4.Union Bank of India LtdUNIONBANKPublic BanksPublic Banks1,29,855.261,29,855.26170.11170.116.686.68-3.11-3.11-0.23-0.2315.7115.710.970.97
5.Punjab National BankPNBPublic BanksPublic Banks1,28,284.231,28,284.23111.62111.626.976.973.263.261.121.1212.9312.930.850.85
6.Bank of Baroda LtdBANKBARODAPublic BanksPublic Banks1,26,181.241,26,181.24244.00244.006.366.36-12.62-12.62-0.99-0.9912.6012.600.750.75
7.Canara Bank LtdCANBKPublic BanksPublic Banks1,15,433.111,15,433.11127.26127.266.466.46-1.63-1.631.281.2815.9315.930.980.98
8.Bank of India LtdBANKINDIAPublic BanksPublic Banks62,767.6362,767.63137.87137.876.096.09-4.85-4.85-3.33-3.3312.0512.050.700.70
9.LIC Housing Finance LtdLICHSGFINHome FinancingHome Financing30,349.7330,349.73551.75551.755.425.420.340.342.372.3716.0516.050.830.83
10.Cholamandalam Financial Holdings LtdCHOLAHLDNGDiversified FinancialsDiversified Financials28,664.2328,664.231,526.501,526.5011.7411.74-8.53-8.530.650.658.038.030.850.85
11.Central Bank of India LtdCENTRALBKPublic BanksPublic Banks28,285.6328,285.6331.2531.256.256.25-3.31-3.310.710.7111.9011.900.720.72
12.New India Assurance Company LtdNIACLInsuranceInsurance27,285.9427,285.94165.57165.5719.3219.32-9.30-9.30-4.41-4.414.904.900.950.95
13.Sammaan Capital LtdSAMMAANCAPHome FinancingHome Financing18,899.0318,899.03164.96164.96-2.65-2.65-2.41-2.412.692.69-8.69-8.690.870.87
14.Tata Chemicals LtdTATACHEMDiversified ChemicalsDiversified Chemicals17,804.9217,804.92698.90698.90-9.39-9.39-5.55-5.551.981.98-8.49-8.490.800.80
15.Gujarat State Petronet LtdGSPLGas DistributionGas Distribution15,140.6115,140.61268.35268.3513.6313.63--0.000.007.427.420.970.97
16.Maharashtra Scooters LtdMAHSCOOTERTwo WheelersTwo Wheelers14,841.1414,841.1412,986.0012,986.0047.7947.793.803.802.482.481.061.060.540.54
17.E I D-Parry (India) LtdEIDPARRYSugarSugar13,723.0513,723.05771.15771.1524.0924.099.219.211.731.734.094.090.920.92
18.NMDC Steel LtdNSLNISPIron & SteelIron & Steel12,352.5012,352.5042.1542.15210.36210.36-3.70-3.701.791.79-16.60-16.600.940.94
19.JSW Holdings LtdJSWHLAsset ManagementAsset Management12,207.1712,207.1710,999.0010,999.0083.2583.25-9.23-9.231.231.230.460.460.370.37
20.Jaiprakash Power Ventures LtdJPPOWERRenewable EnergyRenewable Energy11,657.7311,657.7317.0117.0125.8725.87-4.76-4.760.350.353.603.600.910.91
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Disclaimer: Please note that the above table is for informational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Stock Screener and is subject to real-time updates.

Selection criteria: The table contains stocks that are trading below book value.

What is Book Value in the Stock Market?

Understanding what book value in the stock market is essential before evaluating stocks trading below book value. Here is a clear breakdown.

Book value in the stock market refers to the net worth of a company as recorded on its balance sheet. It is calculated by subtracting total liabilities from total assets:

Book Value = Total Assets - Total Liabilities

This figure represents the accounting value of the business based on historical costs. It is also known as shareholders' equity or net asset value. Book value per share is then calculated by dividing the total book value by the total number of outstanding common shares:

Book Value Per Share = (Total Assets - Total Liabilities - Preferred Stock) / Common Shares Outstanding

Book value in the stock market is most meaningful for asset-heavy businesses such as banks, insurance companies, public sector undertakings, and industrial conglomerates, where the value of tangible assets on the balance sheet closely reflects the actual business value. For technology, consumer, or services companies where the primary value lies in intangible assets like brand, intellectual property, or human capital, book value is a less reliable measure of intrinsic worth.

What are Stocks Trading Below Book Value?

Stocks trading below book value are shares in the undervalue share list, meaning their current market price is lower than the company's book value per share. Book value per share is the net asset value of a company on a per-share basis, calculated by dividing total shareholder equity by the number of shares outstanding. When the market price of a share falls below this figure, the Price-to-Book (PB) ratio drops below 1.

The book value of a share represents what shareholders would theoretically receive per share if the company were wound up and all its assets were sold and liabilities paid off, based on accounting values. A PB ratio below 1 means the stock is priced lower than the accounting value of its net assets, which many value investors interpret as a potential signal of undervaluation.

However, it is important to note that not every stock trading below book value is a bargain. In some cases, a low PB ratio reflects genuine problems such as declining profitability, poor asset quality, rising debt, or structural challenges within the business or industry. The context behind the low PB ratio matters as much as the number itself.

Overview of Stocks Trading Below Book Value in India

Oil and Natural Gas Corporation Ltd

Oil and Natural Gas Corporation Ltd is India’s largest oil and gas exploration company. It produces crude oil and natural gas, which support the country’s energy needs. The company’s business depends on oil prices, gas prices, production levels, and government policies related to energy and fuel pricing.

Vodafone Idea Ltd

Vodafone Idea Ltd is a telecom company that offers mobile, voice, data, and business communication services in India. It operates in a competitive market with players like Jio and Airtel. The company’s performance depends on subscriber growth, average revenue per user, debt reduction, network expansion, and 5G rollout.

Power Finance Corporation Ltd

Power Finance Corporation Ltd is a government-owned finance company that lends money to India’s power sector. It funds power generation, transmission, distribution, and infrastructure projects. The company supports energy development in India. Its performance depends on loan growth, repayment quality, interest income, and reforms in the power sector.

Bank of Baroda Ltd

Bank of Baroda Ltd is one of India’s major public sector banks. It offers savings accounts, deposits, loans, cards, corporate banking, and digital banking services. The bank has a large branch network in India and abroad. Its performance depends on loan growth, deposit growth, asset quality, and interest margins.

Punjab National Bank

Punjab National Bank is a large public sector bank in India with a wide branch network. It offers banking services such as deposits, loans, cards, digital banking, and corporate banking. The bank serves retail, agriculture, MSME, and corporate customers. Its performance depends on credit growth, bad loan recovery, and margins.

How to Invest in Stocks Trading Below Book Value?

Investing in stocks trading below book value using Tickertape is a straightforward process. Tickertape is a powerful stock analysis and screening tool that helps you make informed investment decisions. Here's how you can use Tickertape to find and invest in stocks below book value:

  1. Sign Up and Log In: You can create an account on Tickertape or log in if you already have one.
  2. Search for Low PB Ratio Stocks: Go to Tickertape Stock Screener and apply the PB Ratio filter. Set the upper limit to 1 and select “Nifty 500” and the stock universe to screen for stocks with market prices less than or equal to their book value per share.
  3. Use Filters: Combine the PB Ratio filter with over 200 additional filters such as market cap, return on equity, dividend yield, or debt-to-equity ratio to narrow the list down to fundamentally sound low book value stocks.
  4. Invest Through Your Broker: Once you have decided on a stock, place a buy order through your brokerage account linked to Tickertape.

You can stay updated with each stock's alerts and announcements with Tickertape Alerts. Further, you can analyse your overall portfolio and potential red flags by connecting it to Tickertape. Check out detailed analysis of your portfolio now!

Advantages of Investing in Stocks Trading Below Book Value

Lower Valuation

Stocks trading below book value have a price-to-book ratio of less than 1. This means the market price is lower than the company’s net asset value per share. Such stocks may attract attention from value-focused investors looking for undervalued companies.

Asset-Based Comfort

Book value reflects the company’s assets after reducing liabilities. When a stock trades below book value, it may suggest that the market is valuing the company at less than its accounting worth. This can provide an asset-based reference point for analysis.

Potential Re-Rating

If the company improves earnings, reduces debt, or strengthens operations, the market may revise its valuation over time. In such cases, the price-to-book ratio can move higher as investor confidence improves.

Useful for Financial Stocks

The price-to-book ratio is commonly used to analyse banks, NBFCs, and other financial companies. Since their balance sheets carry large financial assets, book value can help compare valuations across similar companies.

Margin of Safety

A stock trading below book value may offer a valuation cushion if the company has stable assets, manageable debt, and positive earnings. However, low valuation alone does not make a stock attractive, as weak businesses can also trade below book value.

Risks of Investing in Stocks Less Than Book Value

Value Trap Risk

A stock may trade below book value because the business is weak, not because it is undervalued. Falling profits, poor demand, high debt, or governance concerns can keep the stock cheap for a long time.

Poor Asset Quality

Book value depends on the value recorded in the company’s books. Some assets may not be easy to sell or may be worth less than shown. In such cases, the real value of the business may be lower than the reported book value.

Weak Profitability

A low price-to-book ratio does not mean the company can generate strong returns. If the company has low ROE, losses, or weak margins, the stock may continue to trade at a discount.

High Debt Levels

Companies with heavy debt may trade below book value due to repayment pressure and weak cash flows. High interest costs can reduce profits and limit business growth.

Sector-Specific Issues

Some sectors may trade below book value because of industry-wide problems, regulation, low demand, or asset-heavy business models. The discount may reflect structural issues rather than a short-term valuation gap.

Limited Market Interest

Some stocks below book value may have low trading volumes, weak institutional interest, or poor market perception. This can make price recovery slow and increase liquidity risk.

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Factors to Consider Before Investing in Stocks Below Book Value

Reason for Low Valuation

A stock may trade below book value due to weak earnings, high debt, poor demand, or sector-level stress. The reason behind the low price-to-book ratio matters more than the low valuation itself.

Asset Quality

Book value shows the value of assets recorded on a company’s balance sheet, but the quality of those assets matters more than the size. Some assets may not generate enough income or may be difficult to recover at their stated value.

Profitability Trends

A company with low P/B but weak profits may remain undervalued for a long time. Metrics such as ROE, net profit margin, operating profit, and earnings growth help assess whether the company uses its assets well.

Look for a Catalyst

Stocks trading below book value often need a specific trigger to close the price-book gap. This could be an earnings recovery, an asset sale, a change in government policy, or an increase in institutional ownership. Without a visible catalyst, a stock can remain undervalued for a very long time

Sector Context

Some sectors naturally trade at lower price-to-book ratios due to regulation, cyclicality, or asset-heavy models. Comparing a company with similar businesses gives a clearer view of valuation.

Management Quality

Governance, capital allocation, promoter pledging, and disclosure quality can affect how the market values a company. Weak management can keep a stock below book value despite cheap valuations.

Conclusion

Stocks trading below book value can offer value investors an opportunity to buy into established businesses at a price lower than their accounting net asset value. However, a low PB ratio alone doesn’t imply that the company is undervalued. It is important to check whether the company is profitable, whether its assets are of good quality, and whether the low valuation reflects a temporary dislocation or a structural problem. Use the Tickertape Stock Screener to filter stocks with a PB ratio below 1 and layer additional filters such as return on equity, debt levels, and dividend yield to identify genuinely undervalued opportunities from the broader low book value stocks list.

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Frequently Asked Questions About Stocks Less Than Book Value

  1. What does it mean when a stock is trading below book value?

    When a stock is trading below book value, it means that the current market price of the share is less than the book value per share, which is calculated by dividing the company's total shareholder equity by its number of outstanding shares. This gives the stock a Price-to-Book (PB) ratio of less than 1. It can suggest that the market is pricing the stock at a discount to its accounting net asset value, which some investors interpret as a potential opportunity. However, it can also reflect genuine concerns about asset quality, profitability, or business outlook.

  2. Which are the top stocks trading below book value in India?

    As of May 2026, some well-known stocks in India that have traded at or below book value include:
    1. Oil and Natural Gas Corporation Ltd
    2. Vodafone Idea Ltd
    3. Power Finance Corporation Ltd
    4. Bank of Baroda Ltd
    5. Punjab National Bank

    Disclaimer: The above list is for educational purposes only and should not be considered investment advice. PB ratio data changes in real time.

  3. What is book value in the stock market?

    Book value in the stock market is the net worth of a company as recorded on its balance sheet, calculated by subtracting total liabilities from total assets. Book value per share is this figure divided by the number of common shares outstanding. It represents the accounting value of what each shareholder would receive if the company were liquidated and all its debts paid off, based on balance sheet figures. It is most useful for asset-heavy businesses like banks, insurance companies, and industrial companies.

  4. How to calculate the book value of shares?

    Book value of share is calculated using the following formula: Book Value Per Share = (Total Assets minus Total Liabilities minus Preferred Stock) divided by Common Shares Outstanding. For example, if a company has total assets of ₹10,000 cr., total liabilities of ₹6,000 cr., and 100 crore shares outstanding, the book value per share would be ₹40. If the stock is trading at ₹35, it is trading below book value and would have a PB ratio of 0.875.

  5. What is a good PB ratio for stocks in India?

    As a general benchmark, a PB ratio below 1 indicates a stock is trading below its book value, which value investors often consider a starting point for identifying potential opportunities. A PB ratio between 1 and 3 is commonly considered acceptable for most Indian sectors. However, different industries have different typical PB ranges. Banks and financial companies typically trade at lower PB multiples, while technology and consumer companies trade at much higher ones. A PB ratio should always be compared against the historical range for that specific company and sector, not applied as a universal standard.

    Disclaimer: The above information is for educational purposes only and should not be considered investment advice.

  6. Is a low PB ratio always a sign of an undervalued stock?

    No. A low PB ratio can indicate genuine undervaluation in a fundamentally sound company, but it can also reflect structural problems in the business. Companies with declining profitability, poor asset quality, heavy debt burdens, or facing obsolescence in their industry often trade at persistently low PB ratios. These are called value traps as the stock looks cheap but continues to underperform.

    Disclaimer: The above information is for educational purposes only and should not be considered investment advice.

  7. How can I find stocks below book value?

    To find stocks trading below book value on Tickertape, open the Stock Screener and navigate to the Valuation filter category. Apply the PB Ratio filter and set the upper limit to 1 to display all stocks with a PB ratio below 1. You can then add further filters, such as market cap, return on equity, dividend yield, debt-to-equity ratio, and sector, to narrow down the undervalued share list that meets your specific investment criteria.

    Disclaimer: The above information is for educational purposes only and should not be considered investment advice.

  8. Why do PSU stocks often trade below book value in India?

    Public sector undertaking (PSU) stocks in India have historically traded at a discount to their book value due to several factors: concerns about government interference in pricing and dividend policy, lower return on equity relative to private-sector peers, slower decision-making and capital allocation, and market perceptions of governance quality. This discount has persisted even for PSUs with strong balance sheets, consistent profits, and high dividend yields. Some investors see this persistent discount as an opportunity if they believe the gap will eventually narrow.

  9. What are the advantages of investing in Below Book Value Stocks?

    Below book value stocks may offer lower valuations because their market price is below their reported net asset value. They can help identify companies that the market may be undervaluing. These stocks are also useful for value-based analysis, especially in sectors like banking, finance, manufacturing, and infrastructure.

    Disclaimer: The above information is for educational purposes only and should not be considered investment advice.

  10. What are the risks associated with Below Book Value Stocks?

    Below book value stocks can carry value trap risk. A low price-to-book ratio may reflect weak profits, high debt, poor asset quality, or sector-level stress. Some companies may trade below book value for long periods if their assets do not generate strong returns or if business performance remains weak.

Disclaimer: This article is for informational purposes only. The content of the article including securities/investment products mentioned if any, should not in any manner be construed as an investment advice, recommendation, offer, solicitation to buy/hold/sell any securities/investment products. The securities quoted if any, are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered financial advisor before investing.