New Delhi, July 16 -- A stock trading below book value may look cheap, but the discount usually has a reason.

Book value, calculated as total assets minus total liabilities, represents the net worth attributable to shareholders. Comparing it with a company's share price gives investors a sense of whether the market is valuing the business at a premium or discount to its net assets.

The price-to-book (PB) ratio is particularly relevant for companies with substantial tangible assets. But a low PB ratio is only a starting point, not a buy signal. The underlying business, earnings trajectory and financial health matter just as much.

Here are five Indian stocks currently trading below their book value.

UFlex is India's largest multinationa...