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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.
As of today (2026-09-02), the stock price of Havells India is ₹1222.80. Havells India's graham number for the quarter that ended in Jun. 2026 was ₹N/A. Therefore, Havells India's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Havells India's Graham Number or its related term are showing as below:
NSE:HAVELLS'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 4.26 Med: 6.59 Max: 8.76
Current: 4.37
During the past 13 years, the highest Price to Graham Number ratio of Havells India was 8.76. The lowest was 4.26. And the median was 6.59.
NSE:HAVELLS's Price-to-Graham-Number is ranked worse than 81.76% of 2221
companies
in the Industrial Products industry
Industry Median: 1.75
vs NSE:HAVELLS: 4.37
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Havells India (NSE:HAVELLS) 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.
Havells India's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
1222.80
/
N/A
=
N/A
* 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.
Havells India Graham Number Related Terms
Havells India Graham Number Historical Data
* Premium members only.
The historical data trend for Havells India's Graham Number can be seen below:
* 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.
For the Electrical Equipment & Parts subindustry, Havells 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.
Havells India Price-to-Graham-Number vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Havells India's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Havells 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.
Havells India (NSE:HAVELLS) has a Graham Number of ₹N/A as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Havells India and its competitors. According to the industry distribution chart, Havells India ranks #1816 out of 2221 companies in the Industrial Products industry, placing it in the top 81.8%.
Is Havells India's Graham Number too high?
Havells India's current Graham Number is ₹N/A. Based on the distribution chart, Havells India ranks #1816 out of 2221 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Havells India has a GF Score™ of 93/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Havells India's Graham Number compare to VRT and BE?
According to the Industrial Products industry distribution chart, Havells India ranks #1816 out of 2221 companies for Graham Number. This places Havells India in the lower half of its industry. The industry median Graham Number is 1.75. 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 an Industrial Products company?
The median Graham Number among Industrial Products companies is 1.75, based on 2,221 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 Havells India and its competitors. For the Industrial Products industry, the median Graham Number is 1.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Havells India's current Graham Number is ₹N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Havells India stock overvalued right now?
Based on GuruFocus' analysis, Havells India (NSE:HAVELLS) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹1,786.52, compared to a current price of ₹1,222.80 — trading 31.6% below its estimated fair value. The current Graham Number is ₹N/A. Havells India's overall GF Score™ is 93/100 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 Havells India (NSE:HAVELLS), the current Graham Number is ₹N/A as of Jun. 2026. 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.
Is Havells India (NSE:HAVELLS) Overvalued in 2026?
Based on GuruFocus' analysis, Havells India stock appears to be undervalued.
The current stock price of ₹1,222.80 is trading 31.6% below its estimated GF Value™ of ₹1,786.52.
GuruFocus considers Havells India to be Significantly Undervalued.
Key valuation signals for NSE:HAVELLS:
Graham Number: ₹N/A
GF Value™: ₹1,786.52 vs. price of ₹1,222.80 (31.6% below fair value)
No single metric tells the full story. See the NSE:HAVELLS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Havells India Ltd manufactures and distributes electrical equipment for consumer and industrial applications. Its product portfolio includes fans, appliances, switches, lighting, switch gears, circuit breakers, water heaters, air purifiers, flexible cables, air coolers, monoblock and submersible pumps, personal grooming products, motors, and reactive power solutions. The firm has seven manufacturing facilities, all of which are in India. The company operates in multiple segments: Switchgear (domestic and industrial), which derives maximum revenue, Cables (domestic and industrial underground), Lighting and Fixtures (LED lamps), Electrical Consumer Durables (fans, water heaters), Lloyd Consumer products (air conditioners, televisions), and Others (industrial motors, water purifiers).
93GF Score
Get the complete analysis for NSE:HAVELLS
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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