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Discount to net current assets: what it means and how to read it
Benjamin Graham's 'net-net' test: current assets (cash, receivables, stock) minus all liabilities, compared with market cap. Positive means the whole company costs less than that amount.
What is Discount to net current assets?
Benjamin Graham's 'net-net' test: current assets (cash, receivables, stock) minus all liabilities, compared with market cap. Positive means the whole company costs less than that amount.
A worked example
Cash, receivables and stock of ₹800 Cr less all liabilities of ₹300 Cr leaves ₹500 Cr. At a market cap of ₹400 Cr you pay less than that and get the factories free.
Why does Discount to net current assets matter?
A deep-value test. Rare, and often found in troubled companies.
How do you read Discount to net current assets?
Positive is cheaper. Check why the market is so pessimistic.
Higher is usually better.
What is a typical Discount to net current assets in India today?
The median across the 2955 listed companies that report it, as of 12 Oct 2026. Half sit above each figure and half below.
By company size
Median
Large Cap · 30 companies-2375.5%
Mid Cap · 74 companies-2126.8%
Small Cap · 2851 companies-384.5%
By industry
Median, largest industries first
Computers - Software & Consulting · 49-578.7%
Pharmaceuticals · 136-712.1%
Heavy Electrical Equipment · 36-1222.8%
Aerospace & Defense · 28-1663.1%
Auto Components & Equipments · 64-1092.6%
E-Retail/ E-Commerce · 9-717.7%
Gems Jewellery And Watches · 47-377.4%
Residential Commercial Projects · 66-189.2%
Specialty Chemicals · 91-605.6%
Industrial Products · 70-747.1%
Compare a company with its own industry before the whole market. Every industry, and each company's rank within it, is in the screener.