New Delhi, Oct. 29 -- A low price-to-earnings (P/E) multiple can easily catch an investor's eye. But a cheap-looking stock isn't necessarily a bargain. Sometimes, the market is pricing in slower growth or weaker profits. In other cases, earnings are rising, yet the valuation remains relatively modest. The challenge is figuring out which is which.

State Bank of India (SBI), Hindustan Zinc and Mahindra & Mahindra (M&M) offer three different perspectives on this question. One is a banking giant, another is a commodity producer, and the third has a strong presence in SUVs and tractors. Each has identifiable growth drivers, but the risks are quite different.

Here's what the numbers tell us, and what investors should look at beyond the headli...