4 High Book Value Stocks to Watch Out for in 2026

The value theme has really taken centre stage in the Indian stock market.

More and more investors are looking beyond the hype and looking for companies that may not be flashy but are solid at the core.

That's where value investing shines-it's all about spotting businesses that are fundamentally strong yet flying under the radar.

Sometimes, the best opportunities are hiding in plain sight. One simple way to catch them early is by looking at book value.

If a stock is trading below its book value, and the company has low debt and steady earnings, it could be a sign that the market is overlooking a potential winner.

With that in mind, here are 4 high book value stocks that could be worth keeping an eye on.

#1 Delta Corporation

First on the list is Delta Corporation.

The company is a leading Indian company specialising in the casino gaming and hospitality industry. It's the only listed company engaged in the casino (live, electronic, and online) gaming industry in India.

Delta Corp also ventured into the fast-growing online gaming space through the acquisition of Gaussian Networks, which operates the online poker site 'Adda52.com'.

The company's latest book value per share stands at Rs 99.5, while the stock is currently trading at Rs 83.5 at the time of writing.

This means it's priced at a price to book (PB) ratio of 0.84.

In the past five years, the company has seen healthy growth on financial terms.

Delta Corporations Financial Snapshot (FY21-25)

Source: Equitymaster

Over the last five years its sales and profit have registering a CAGR of 4% and net profit growing at a faster pace of 11.4%.

Its five-year average ROE is 7.6% and ROCE is 10.4%.

After FY26, the company plans to construct a hotel, a multiplex, a retail complex, and a convention centre on the same plot, in two phases.

The company aims to deliver world-class gaming and hospitality experiences in India, matching the standards of top international destinations.

For more details, see the DELTA CORP company fact sheet and quarterly results.

#2 Andhra Sugars

Next on the list is Andhra Sugars.

Andhra Sugars is a manufacturer of sugar, industrial alcohol, chlor alkali products, aspirin, sulphuric acid, liquid & solid propellants. The company also generates power for captive use.

Andhra Sugars operates in four divisions viz sugar and allied products, chlor-alkali products, industrial chemical liquid propellants and other related products and power generation.

The company's latest book value per share stands at Rs 117.5. The stock is currently trading at Rs 76.8. This means it's priced at a price-to-book ratio of 0.65.

Andhra Sugars' Financial Snapshot (FY20-24)

Source: Equitymaster

Its revenue has grown at a 5-year CAGR of 6.6, while net profit has seen degrowth of 20.2%, respectively.

Its RoCE and RoE averages at 10.6% and 13.7% over the last 5 years.

Looking ahead, the company is gearing up to set up a 6 TPD Sodium Sulphate Recovery Plant with an investment of Rs 120 m.

It also plans to install a 12 MW solar power project, costing around Rs 420 m, to cater to the energy needs of its existing caustic soda plant.

For more details, see the ANDHRA SUGAR company fact sheet and quarterly results.

#3 GHCL Textiles

Next on the list is GHCL Textiles.

The company manufactures and supplies 100% cotton and synthetic yarns.

GHCL's Yarn Division is one of the leading yarn manufacturers in the country. The yarn produced here caters to various leading apparel and textile brands like Raymond, Tessitura Monti, Soktas, H & M, C & A etc.

It currently operates with a robust manufacturing base that includes 2 lakh ring spindles, 3,320 rotors, 480 vortex positions, and 5,760 TFO spindles.

The company's latest book value per share stands at Rs 150.4. The stock is currently trading at Rs 2.3. This means it's priced at a price-to-book ratio of 0.56.

In July 2025, GHCL Textiles Limited has commenced commercial production at its newly-added, fully automated manufacturing section at Paravai unit in Madurai. The new section adds 25,536 ring spindles, bringing the total installed capacity to 2,24,976 spindles.

GHCL Textiles' Financial Snapshot (FY23-24)

Source: Equitymaster

For FY24 the company reported a revenue of Rs 10,539 m, and a net profit of Rs 251 m.

Going forward, the company has committed a capital expenditure of Rs 10 billion (bn) towards the expansion of its spinning and knitting operations.

For more details, see the GHCL TEXTILES company fact sheet and quarterly results.

#4 Den Networks

Last on the list is Den Networks.

The company is an Indian mass media and entertainment company. It provides cable TV, over-the-top (OTT) entertainment, and broadband services.

They primarily focus on distributing television channels through a digital cable distribution network and also offer high-speed internet.

It operates cable TV distribution covering 500+ cities/towns across 13 key states.

The company's latest book value per share stands at Rs 75.9. The stock is currently trading at Rs 36.1. This means it's priced at a price-to-book ratio of 0.5.

Den Networks' Financial Snapshot (FY20-24)

Source: Equitymaster

Den Networks' revenue declined at a CAGR of 2.2% between FY20 and FY24, while net profit registered strong growth at 29.9%.

The company' average RoE was 5.7% and RoCE was 6% during the period.

For more details, see the DEN NETWORKS company fact sheet and quarterly results.

Conclusion

High book value stocks often catch the eye of value investors because they appear to be trading at a discount to their true worth.

On paper, they can look like hidden gems, especially when supported by low debt and steady earnings.

That said, it's important to remember that just because a stock trades below its book value, it doesn't automatically mean it's a bargain.

Sometimes the market assigns a lower valuation for valid reasons, such as slowing growth, management challenges, or sector-specific headwinds.

Investing purely on this one metric could lead to value traps.

For long-term investors, the smarter approach is to treat high book value as an initial filter, not the final decision-maker.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

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