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Armour Security (India)NSE:ARMOUR 18 Graham Number is ₹22.14 as of Sep. 2025. GuruFocus rates NSE:ARMOUR with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 702 Business Services companies, Armour Security (India) ranks better than 72.22% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Armour Security (India)'s Graham Number or its related term are showing as below:
NSE:ARMOUR'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0 Med: 0 Max: 0.81
Current: 0.78
During the past 3 years, the highest Price to Graham Number ratio of Armour Security (India) was 0.81. The lowest was 0.00. And the median was 0.00.
NSE:ARMOUR's Price-to-Graham-Number is ranked better than 72.22% of 702
companies
in the Business Services industry
Industry Median: 1.165
vs NSE:ARMOUR: 0.78
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Armour Security (India) (NSE:ARMOUR) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Armour Security (India)'s Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Sep. 2025 )
=
17.30
/
22.14
=
0.78
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Armour Security (India) Graham Number Related Terms
Armour Security (India) Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Armour Security (India) Graham Number Chart
Armour Security (India) Annual Data
Trend
Mar23
Mar24
Mar25
Graham Number
7.95
18.32
25.87
Armour Security (India) Semi-Annual Data
Mar23
Mar24
Mar25
Sep25
Graham Number
0.00
0.00
0.00
22.14
NSE:ARMOUR vs ALLE, MSA, ADT: Graham Number Comparison
For the Security & Protection Services subindustry, Armour Security (India)'s Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Armour Security (India) Price-to-Graham-Number vs Business Services Industry
For the Business Services industry and Industrials sector, Armour Security (India)'s Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Armour Security (India)'s Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Armour Security (India) (NSE:ARMOUR) has a Graham Number of ₹22.14 as of Sep. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Armour Security (India) and its competitors. According to the industry distribution chart, Armour Security (India) ranks #195 out of 702 companies in the Business Services industry, placing it in the top 27.8%.
Is Armour Security (India)'s Graham Number too high?
Armour Security (India)'s current Graham Number is ₹22.14. Based on the distribution chart, Armour Security (India) ranks #195 out of 702 companies in the Business Services industry, which is above the industry midpoint. Overall, Armour Security (India) has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Armour Security (India)'s Graham Number compare to ALLE and MSA?
According to the Business Services industry distribution chart, Armour Security (India) ranks #195 out of 702 companies for Graham Number. This puts Armour Security (India) in the upper half of its industry. The industry median Graham Number is 1.17. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Business Services company?
The median Graham Number among Business Services companies is 1.17, based on 702 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Armour Security (India) and its competitors. For the Business Services industry, the median Graham Number is 1.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Armour Security (India)'s current Graham Number is ₹22.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Armour Security (India) stock overvalued right now?
Armour Security (India) (NSE:ARMOUR) has a current Graham Number of ₹22.14. The current Graham Number is ₹22.14. Armour Security (India)'s overall GF Score™ is 18/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Armour Security (India) (NSE:ARMOUR), the current Graham Number is ₹22.14 as of Sep. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Armour Security (India) Ltd is engaged in providing comprehensive and customised Security services, Facility Management services, and Recruitment and Staffing solutions across India. It also specializes in providing ancillary services like event support and branding content creation. The company's consultancy services include Transition and Deputation Process Service, Mechanical Clean Service, House Keeping Service, Fire Fighting Service, Supervision Service and Reviews of the Service. Additionally, it offers consulting and advisory services and provides self-service technologies. The company derives the majority of revenue from the provision of Security and other Manpower Services.
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