Overview

Book value is a company’s net worth divided by its shares, and the price-to-book (P/B) ratio divides the share price by that figure. Stocks trading below book value are a screening signal, not proof of a bargain, because the number is only as good as the assets and liabilities behind it. Stocks with high book value relative to price can look cheap, and even the best penny stocks in India need an asset check. Book value means different things by sector: loans for banks, plants for power and sugar companies. Market cap is a rough size guide and not a liquidity test, so check average traded value before buying. This guide helps in identifying high book value penny stocks in India in 2026. 

High Book Value Penny Stocks

Company	LTP (₹)	Book value (₹)	P/B	Mkt Cap (₹ Cr)	Debt/Equity (n/a for banks)
Central Bank of India	30.3	45.2	0.67	27,426	n/a
UCO Bank	23.2	24.6	0.94	29,154	n/a
Jaiprakash Power Ventures	14.5	18.6	0.78	9,958	0.27
Reliance Power	20.6	38.8	0.53	8,507	0.92
RattanIndia Power	6.54	8.64	0.76	3,512	0.80
Orient Green Power	8.69	9.82	0.88	1,019	0.45
SEPC	5.28	10.2	0.52	1,009	0.18
Salasar Techno Engineering	4.09	4.77	0.86	713	0.51
Sarveshwar Foods	3.46	3.87	0.89	427	0.53
Davangere Sugar	2.28	3.53	0.65	387	0.50
South Indian Bank	29.7	38.6	0.77	7,784	n/a
DEN Networks	27.8	79.3	0.35	1,328	0.01
Network18 Media & Investments	30.0	31.9	0.94	4,628	0.67

*Source:  Jainam and Screener, consolidated figures, prices as on the dates shown. Debt/equity is borrowings divided by equity capital plus reserves (Mar 2026), calculation from Screener’s balance sheet. Prices change daily.

List of Penny Stocks Trading at High Book Value in India in 2026

The list below highlights a few of the penny stocks that trade at a high book value in India as per the most recent data. 

1. Central Bank of India

Asset backing: A bank’s book value is its net worth against a loan and investment book, not plants or land, so loan quality and provisioning matter more than the headline number. Check profit and NPAs for the same period in the latest results. 

Valuation: LTP ₹30.3, book value ₹45.2, P/B 0.67, market cap ₹27,426 Cr. 

Turnaround drivers: A reported gross NPA of 2.61% in June 2026 and an ROE of about 11 to 12%. Government ownership alone is not a growth driver. 

Risks: NPAs above peers and 81.19% government holding. Screener’s profit and ratio periods differ, so verify them in the bank’s filings.

2. UCO Bank

Asset backing: Net worth supporting a loan book. The annual profit and NPA figures, so use the latest quarterly results for current profitability and asset quality. 

Valuation: LTP ₹23.2, book value ₹24.6, P/B 0.94, market cap ₹29,154 Cr. 

Turnaround drivers: A P/B of 0.94 is a thin discount, so any case rests on improving asset quality, which this data cannot confirm. 

Risks: ROE of 8.5%, 90.95% promoter holding and no current NPA or capital adequacy figures here. Check both before acting.

3. Jaiprakash Power Ventures

Asset backing: Thermal power plants, with a net worth of ₹12,732 Cr (capital ₹6,853 Cr plus reserves ₹5,879 Cr). 

Valuation: LTP ₹14.5, book value ₹18.6, P/B 0.78, market cap ₹9,958 Cr. 

Turnaround drivers: FY26 profit of ₹451 Cr on ₹5,563 Cr of sales and a P/E of 11.9. Borrowings are ₹3,391 Cr. 

Risks: Promoters hold 24% and have pledged 73% of it, which adds pressure if collateral terms are breached. ROE is only 3.60%.

4. Reliance Power

Asset backing: Power generation projects, with a net worth of about ₹16,040 Cr against borrowings of ₹14,812 Cr. 

Valuation: LTP ₹20.6, book value ₹38.8, P/B 0.53, market cap ₹8,507 Cr. 

Turnaround drivers: ₹7,620 Cr of sales and ROCE of 6.11%. A cut in debt could help equity holders, but only if it is sustainable. 

Risks: A ₹337 Cr loss in FY26, borrowings at 92% of net worth and promoter holding of 24.98%.

5. RattanIndia Power

Asset backing: Thermal power plants, with a net worth of ₹4,638 Cr. Reserves are negative at ₹732 Cr, so accumulated losses have eaten into the capital raised. 

Valuation: LTP ₹6.54, book value ₹8.64, P/B 0.76, market cap ₹3,512 Cr. 

Turnaround drivers: FY26 profit of ₹52 Cr, against ₹111 Cr over the trailing twelve months, and ROCE of 6.21%. 

Risks: Debt to equity of 0.80, ROE of 1.14% and promoter holding of 44.06%.

6. Orient Green Power

Asset backing: Wind power assets, with a net worth of ₹1,152 Cr and borrowings of ₹524 Cr.

Valuation: LTP ₹8.69, book value ₹9.82, P/B 0.88, market cap ₹1,019 Cr. 

Turnaround drivers: A ₹72 Cr profit on ₹293 Cr of sales and a P/E of 19.1. 

Risks: Promoters hold 24.38% and have pledged all of it, a major risk marker. The discount to book alone does not make the stock attractive. No dividend.

7. SEPC

Asset backing: Mostly paid-up capital. Equity capital is ₹1,943 Cr against reserves of ₹-24 Cr, so book value comes from money raised, not retained profit, and the small negative reserves show past losses. 

Valuation: LTP ₹5.28, book value ₹10.2, P/B 0.52, market cap ₹1,009 Cr. 

Turnaround drivers: A ₹54 Cr profit on ₹1,054 Cr of sales and low debt (0.18). 

Risks: Promoter holding fell from 18.67% to 11.67%, with 79.4% pledged. ROE is 3.18%, and low debt does not offset weak profitability.

8. Salasar Techno Engineering

Asset backing: An engineering and manufacturing business with a net worth of ₹834 Cr and borrowings of ₹422 Cr. 

Valuation: LTP ₹4.09, book value ₹4.77, P/B 0.86, market cap ₹713 Cr. 

Turnaround drivers: ₹1,503 Cr of sales, an ₹18 Cr profit and ROCE of 8.13%. 

Risks: A margin near 1%, so working capital, receivables and operating cash flow matter, and this data does not cover them. Debt to equity is 0.51 and the price is near its low of ₹3.80.

9. Sarveshwar Foods

Asset backing: Food processing assets and stock, with a net worth of ₹477 Cr. 

Valuation: LTP ₹3.46, book value ₹3.87, P/B 0.89, market cap ₹427 Cr. 

Turnaround drivers: A ₹32 Cr profit, ROE of 8.37% and a P/E of 12.9, which on its own does not prove the stock is undervalued. 

Risks: Debt to equity of 0.53, a margin near 2%, unchecked cash conversion and promoter holding of 40.87%.

10. Davangere Sugar

Asset backing: Sugar mill assets, with a net worth of ₹505 Cr and borrowings of ₹250 Cr. 

Valuation: LTP ₹2.28, book value ₹3.53, P/B 0.65, market cap ₹387 Cr. 

Turnaround drivers: A ₹9 Cr profit on ₹239 Cr of sales and ROCE of 5.52%. 

Risks: Sugar is cyclical, so cane costs and cash flow drive earnings more than book value. Debt to equity is 0.50, the P/E is 47.5 and promoter holding fell from 41.78% to 35.1%.

The Bargain vs. Value Trap Checklist

Even the best penny stocks can be value traps. Check these four before you buy any book value stocks:

High debt vs high book value	Compare borrowings with net worth, operating cash flow and interest costs. Reliance Power’s borrowings are 92% of its net worth. For banks, look at loan quality and provisioning instead.
Obsolete or illiquid assets	Book value is an accounting number. Ask whether plants, land, receivables or inventory could be sold near their recorded value after impairments and debt claims.
Promoters’ pledged shares	JP Power (73%), SEPC (79.4%) and Orient Green (100%) show heavy pledging. Check the latest shareholding pattern.
Declining revenue, negative operating cash flow or thin trading	A shrinking business erodes its own book value, and a low-volume stock is hard to exit. Check average traded value and bid-ask spreads.

Final Key Takeaways

• Stocks with high book value can be bargains, but only when assets are real and debt is controlled.
• A discount to book value is a screening signal, not evidence of a bargain.
• Among book value stocks, banks reflect loans and are judged on loan quality, while power and sugar companies reflect plants and debt.
• Heavy pledging and weak profits are the main red flags among the high book value stocks here.
• Verify live prices and the latest results before acting.