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Indian stock valuations

What each company is worth, built from its filed accounts — ten years of results, the valuation method that fits the business, and what today's price already assumes. Covering 200 of the largest companies on the NSE and BSE.

Financials as filed · figures reviewed 16 Sep 2026 · updated each quarter as companies report.

What does “undervalued” mean? DCFs worked in full How a fair value is built from a company's own filed accounts — every assumption, every year, every step. See the workings →

How each company is valued

Every valuation starts from the company's own audited accounts and then uses the method that actually fits the business — not one blunt ratio applied to everything.

Filed accounts

Ten years of real results

Revenue, margins, returns and leverage taken straight from the company's audited statements — not estimates or broker forecasts.

Right method

Fitted to the business

A discounted cash flow for most firms, an excess-return model for banks, embedded value for life insurers, sum-of-the-parts for conglomerates.

Three cases

Bull, base and bear

The headline fair value is probability-weighted across scenarios, so it carries a range of outcomes rather than one fragile point estimate.

Priced in

What the market assumes

Each page works backwards from today's price to show the growth and margins already baked into it — the bet you'd actually be taking.

What an ordinary screener won't show you

The reverse view

A screener hands you the price and a few ratios and leaves the judgement to you. FairStocks does the harder half: alongside a fair value, every company page works backwards from today's share price to reveal the growth and margins the market is quietly assuming. When what the price takes for granted runs far ahead of what the fundamentals support, that gap is the story — and it's the part a normal screener never puts in front of you.

Browse valuations by sector

Each company page answers one question directly — is it overvalued? — and shows the working behind the answer.

Bank stocks

Valued on the excess return the book earns above its cost of equity — the model banks are actually worth on, not a P/E.

NBFC & consumer-lender stocks

Lenders that fund themselves in the market rather than on deposits — valued on the spread they earn and how fast the book can grow without breaking.

Insurance & asset-manager stocks

Life insurers valued on embedded value, a general insurer on its underwriting, and a fund manager on the fees its assets throw off — three engines, one lens.

IT services stocks

Cash-generative, asset-light, and priced on dollar earnings reported in rupees — a straight discounted-cash-flow business.

Tata Consultancy Services fair value TCS Is it overvalued? → INFOSYS fair value INFY Is it overvalued? → HCL Technologies fair value HCLTECH Is it overvalued? → Wipro fair value WIPRO Is it overvalued? → TECH MAHINDRA fair value TECHM Is it overvalued? → Persistent Systems fair value PERSISTENT Is it overvalued? → Coforge fair value COFORGE Is it overvalued? → Oracle Financial Services Software fair value OFSS Is it overvalued? → MPHASIS fair value MPHASIS Is it overvalued? →

Internet & new-age tech stocks

Platforms valued on the option their scale creates rather than today's profit — the model works backwards from the market's growth assumptions to what the network is worth.

Eternal fair value ETERNAL Is it overvalued? → Swiggy fair value SWIGGY Is it overvalued? → Info Edge (India) fair value NAUKRI Is it overvalued? → ONE 97 COMMUNICATIONS fair value PAYTM Is it overvalued? → PB Fintech fair value POLICYBZR Is it overvalued? →

Consumer stocks

Durable brands where the question is never growth but how long today's margins and pricing power last.

Retail stocks

Store-network businesses where the value turns on how fast new stores open and how much each one keeps earning.

AVENUE SUPERMARTS fair value DMART Is it overvalued? → Trent fair value TRENT Is it overvalued? → Kalyan Jewellers India fair value KALYANKJIL Is it overvalued? →

Electricals & electronics stocks

Consumer-electrical brands and contract electronics manufacturers, where the value rests on volume growth and how much of each new line of business actually earns its cost of capital.

Dixon Technologies (India) fair value DIXON Is it overvalued? → POLYCAB INDIA fair value POLYCAB Is it overvalued? → havells india fair value HAVELLS Is it overvalued? → KEI INDUSTRIES fair value KEI Is it overvalued? → Voltas fair value VOLTAS Is it overvalued? →

Auto stocks

Cyclical volumes tied to the household income cycle, where the return on each new plant — and, for the parts makers, each new platform win — decides the value.

Pharma & healthcare stocks

Defensive earnings with a US-generics swing, plus hospital chains — put through the same durability test as any consumer business.

Energy & utilities stocks

Long-life assets and regulated or commodity-linked returns — valued on what the capital actually earns back.

Materials stocks

Metals and cement — the same construction and industrial demand, on very different cost curves and capex cycles.

Chemicals stocks

Specialty and building-products chemistry, where the value rests on formulations and pricing power rather than raw tonnage.

Infrastructure & engineering stocks

Order books and multi-year projects, where new capex is only worth its cost if it clears the hurdle rate.

Real estate stocks

Land banks turned into cash over years — valued on how much of the pipeline actually sells, and at what margin.

DLF fair value DLF Is it overvalued? → Lodha Developers fair value LODHA Is it overvalued? → Godrej Properties fair value GODREJPROP Is it overvalued? → PRESTIGE ESTATES PROJECTS fair value PRESTIGE Is it overvalued? → THE PHOENIX MILLS fair value PHOENIXLTD Is it overvalued? → OBEROI REALTY fair value OBEROIRLTY Is it overvalued? →

Travel & hospitality stocks

Discretionary-spend businesses geared to the income cycle, where filled seats and occupied rooms drive the whole model.

InterGlobe Aviation fair value INDIGO Is it overvalued? → The Indian Hotels Company fair value INDHOTEL Is it overvalued? →

Telecom stocks

Enormous fixed-asset bases where the return on the next round of spectrum and network spend sets the value.

Bharti Airtel fair value BHARTIARTL Is it overvalued? → INDUS TOWERS fair value INDUSTOWER Is it overvalued? → Vodafone Idea fair value IDEA Is it overvalued? → Tata Communications fair value TATACOMM Is it overvalued? →

More large caps

Further companies in the coverage list.

BSE fair value BSE Is it overvalued? → Multi Commodity Exchange of India fair value MCX Is it overvalued? →

More companies are added regularly. Every NSE and BSE listed company can be valued inside the app — free and unlimited during launch.

Compare stocks head-to-head

The same valuation, run side by side — price against estimated worth, on the same measures. 187 head-to-heads between the companies above.

How to read a valuation page

Start with the short answer. Every page opens with a plain verdict — is the stock above or below the model's fair value, and by how much.
Check what the market is assuming. The reverse view shows the growth already priced in. If it's higher than the business has ever delivered, the price is doing the heavy lifting.
Look at ten years of history. Revenue, earnings, return on equity and leverage — the durability of the numbers matters more than any single year.
Read the method note. It says why this particular business is valued the way it is, so the fair value isn't a black box.

Learn how the valuation works

Plain-English guides to the same methods the model uses, so you can follow the numbers yourself.

Margin of Safety: The Idea That Protects Your Capital

The single idea behind value investing — buying a stock for meaningfully less than it is worth so that being wrong still leaves you safe. What a margin of safety is, how big it should be, and why it is not the same as a low P/E.

How to Value a Bank Stock in India

Why a discounted cash flow does not work for banks, the ratios that actually matter — ROE, NIM, NPAs, CASA, capital adequacy — and how price-to-book and ROE together set a bank's fair value.

WACC and the Discount Rate, Explained Simply

What the discount rate in a valuation actually is, why future cash is worth less than cash today, how WACC is built from the cost of equity and debt, and what a sensible discount rate looks like for an Indian company.

EV/EBITDA Explained: The Multiple That Sees Past Debt

What EV/EBITDA really measures, why it beats the P/E ratio for comparing companies with different debt, and how to read it for Indian stocks — with the enterprise-value formula and worked examples.

Price-to-Book Explained: The Right Way to Value a Bank

What the price-to-book ratio really measures, why it is the right lens for banks and financials, how to pair it with return on equity, and where book value misleads — a practical guide for Indian investors.

Economic Moats: What Makes a Business Worth Owning

What an economic moat is, the five sources of durable competitive advantage, how to tell a real moat from a mirage, and why moats — not growth — are what protect long-term returns. A practical guide for Indian investors.

Free Cash Flow Explained: The Number Behind Every Valuation

What free cash flow really is, how to calculate FCFF and FCFE, why it matters more than reported profit, and the cash-flow traps that expose a weak business — a practical guide for Indian investors.

How to Read Debt: Is This Company Financially Safe?

How to judge whether an Indian company is financially safe — debt-to-equity, interest coverage, net debt to EBITDA and the current ratio, explained with worked examples and the warning signs that precede trouble.

ROCE and ROE Explained: The Two Ratios That Reveal Quality

What ROCE and ROE actually measure, how to read them, why the two can disagree, and what counts as a good number for an Indian company — with the debt trap to watch for.

How to Calculate the Fair Value of a Share

What the fair value of a share means, the three methods used to work it out, and a step-by-step worked example for an Indian stock — plus how to check what today's price already assumes.

Overvalued vs Undervalued Stocks: How to Tell the Difference

A practical checklist for telling whether an Indian stock is overvalued or undervalued — the ratios to check, what they miss, and the one question that cuts through them all.

What Is the Intrinsic Value of a Stock — and How Do You Estimate It?

What intrinsic value means, why it differs from the market price, and the three practical ways to estimate what an Indian stock is really worth — with a worked example and the mistakes to avoid.

P/E Ratio Explained: What Counts as a Good P/E for Indian Stocks?

What the P/E ratio really tells you, what counts as a good P/E for Indian stocks, and the traps that make a cheap-looking stock expensive. With sector benchmarks and worked NSE examples.

How to Value a Company Using DCF: A Practical Guide for Indian Investors

Learn how to value a company using DCF - a step-by-step guide for Indian investors with a full worked example, WACC, terminal value and sensitivity.

Frequently asked

How does FairStocks work out a stock's fair value?

Every valuation starts from the company's own filed accounts — up to ten years of results. The model then applies the method that fits the business: a discounted cash flow for most companies, an excess-return model for banks, embedded value for life insurers, and a sum-of-the-parts for conglomerates. The headline number is a probability-weighted fair value across a bull, base and bear case, not a single point guess.

What makes this different from a stock screener?

A screener shows you the price and a few ratios and leaves the judgement to you. FairStocks does the opposite: as well as a fair value, every company page works backwards from today's share price to show the growth and margins the market is already assuming. That gap — between what the price takes for granted and what the fundamentals support — is the part an ordinary screener never shows.

Which Indian stocks are covered?

There are dedicated public pages for 200 of the largest NSE and BSE listed companies — the biggest banks, IT, consumer, auto, energy, pharma and infrastructure names — grouped by sector above. Any other listed Indian company can still be valued inside the app on demand.

Is a stock overvalued or undervalued?

Each company page answers that directly for the company it covers, comparing the model's fair value with the current market price and explaining what would have to be true for the price to be justified. Because it shows the assumptions rather than just a verdict, you can see why, not just whether.

How often are the valuations updated?

Share prices and ratios refresh continuously; the underlying financial statements update each quarter as companies file their results, which is the cadence at which a fundamentals-based fair value actually changes.

Is FairStocks free to use?

Yes. During the launch period every company in the app can be valued free, with no limit and no card required. The public company pages show the ten-year numbers, ratios and valuation method without an account.

Is this investment advice?

No. FairStocks is an educational and research tool. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security, and the company is not registered with SEBI as a research analyst or investment adviser. Always do your own research.

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