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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 (2026-08-19), the stock price of Hi-Tech Pipes is ₹77.98. Hi-Tech Pipes's graham number for the quarter that ended in Jun. 2026 was ₹N/A. Therefore, Hi-Tech Pipes's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Hi-Tech Pipes's Graham Number or its related term are showing as below:
NSE:HITECH'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.31 Med: 1.37 Max: 3.25
Current: 1.05
During the past 12 years, the highest Price to Graham Number ratio of Hi-Tech Pipes was 3.25. The lowest was 0.31. And the median was 1.37.
NSE:HITECH's Price-to-Graham-Number is ranked worse than 55.68% of 431
companies
in the Steel industry
Industry Median: 0.95
vs NSE:HITECH: 1.05
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Hi-Tech Pipes (NSE:HITECH) 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.
Hi-Tech Pipes's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
77.98
/
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.
Hi-Tech Pipes Graham Number Related Terms
Hi-Tech Pipes Graham Number Historical Data
* Premium members only.
The historical data trend for Hi-Tech Pipes'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.
NSE:HITECH vs NUE, STLD, RS: Graham Number Comparison
For the Steel subindustry, Hi-Tech Pipes'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.
Hi-Tech Pipes Price-to-Graham-Number vs Steel Industry
For the Steel industry and Basic Materials sector, Hi-Tech Pipes's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Hi-Tech Pipes'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.
Hi-Tech Pipes (NSE:HITECH) 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 Hi-Tech Pipes and its competitors. Over the past decade, Hi-Tech Pipes' Graham Number has ranged from 0.31 to 3.25. According to the industry distribution chart, Hi-Tech Pipes ranks #240 out of 431 companies in the Steel industry, placing it in the top 55.7%.
Is Hi-Tech Pipes' Graham Number too high?
Hi-Tech Pipes' current Graham Number is ₹N/A. Over the past 10 years, this metric has ranged from a low of 0.31 to a high of 3.25. Based on the distribution chart, Hi-Tech Pipes ranks #240 out of 431 companies in the Steel industry, which is below the industry midpoint. Overall, Hi-Tech Pipes has a GF Score™ of 90/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Hi-Tech Pipes' Graham Number compare to NUE and STLD?
According to the Steel industry distribution chart, Hi-Tech Pipes ranks #240 out of 431 companies for Graham Number. This places Hi-Tech Pipes in the lower half of its industry. The industry median Graham Number is 0.95. Historically, Hi-Tech Pipes' own Graham Number has ranged from 0.31 to 3.25 over the past decade. 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 Steel company?
The median Graham Number among Steel companies is 0.95, based on 431 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 Hi-Tech Pipes and its competitors. For the Steel industry, the median Graham Number is 0.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hi-Tech Pipes'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 Hi-Tech Pipes stock overvalued right now?
Based on GuruFocus' analysis, Hi-Tech Pipes (NSE:HITECH) is currently considered Possible Value Trap. The stock's GF Value™ is ₹141.48, compared to a current price of ₹77.98 — trading 44.9% below its estimated fair value. The current Graham Number is ₹N/A. Hi-Tech Pipes' overall GF Score™ is 90/100 with 6 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 Hi-Tech Pipes (NSE:HITECH), 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 Hi-Tech Pipes (NSE:HITECH) Overvalued in 2026?
Based on GuruFocus' analysis, Hi-Tech Pipes stock appears to be undervalued.
The current stock price of ₹77.98 is trading 44.9% below its estimated GF Value™ of ₹141.48.
GuruFocus considers Hi-Tech Pipes to be Possible Value Trap.
Key valuation signals for NSE:HITECH:
Graham Number: ₹N/A
GF Value™: ₹141.48 vs. price of ₹77.98 (44.9% below fair value)
No single metric tells the full story. See the NSE:HITECH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hi-Tech Pipes Ltd manufactures and markets a wide range of steel tubes used in industries like infrastructure, telecom, defense, power distribution, railways, airports, construction, real estate, and automotive. Its products include Black Steel Tubes, Rectangular and Hollow sections, Galvanised Steel Tubes, Metal Beam Highway Crash Barriers, Cold Rolling Coils, Cold Formed Sections, Black Hollow Section and Round Pipes, Galvanized Pipes, Pre-Galvanized Pipes, and Cold Rolled Coils. The Indian steel pipes and tubes industry includes segments such as seamless, ERW, LSAW, HSAW, galvanized iron, ductile iron, and black steel pipes, which serve various applications ranging from high-pressure oil and gas pipelines to water supply and general engineering purposes.
90GF Score
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