Indian Penny Stocks List with good fundamentals-Top Penny Stocks in India-Stocks below Rs 20-Stocks Under 20 Rupee

Indian Penny Stocks List for 2023


A very high probability exists that a penny stock will go bankrupt. It is possible that the company will be forced to shut suddenly, or that the chances of it continuing in operation are very slim. Ideally, no more than 2 to 3 percent of a person’s total portfolio value should be devoted to ultra-penny and penny stocks. Let us see some of the Indian penny stocks list for 2023.

Undervaluation is defined as a business that is selling at a single-digit PE multiple while the market is trading at more than 20 times on a trailing basis. For example: when a stock is trading at a price lower than the intrinsic value of the stock. In reality, however, this is not always a compelling reason to invest in the stock of a specific business. A number of other criteria must be considered in order to determine whether or not it offers good value.

What are Penny Stocks?

Penny stocks means any shares that trade at a low price shares under 20 Rupees in the stock market or exchanges. It is conceivable that the price of such penny stocks below 20 Rupees, which would attract investors’ attention, but the risk will also be considerable.

Although this is the primary criteria to examine, as you can see from the definition, it does not mean that it is the only one to evaluate. Investors should avoid investing in stocks if the company’s financial condition is in bad shape.

These stocks are illiquid and not well-liked by institutional investors, who prefer to hold cash. As a result of the limited quantity of information accessible, doing research and analysis on these businesses may be very difficult.

The potential for such businesses to become multibaggers, delivering huge returns for investors in a relatively short period of time, is significant. if you are a beginner then you would also be interested in best mutual funds to invest for long term.

Given the low volume of trading in these stocks, it is more probable that they will have a longer circuit in their transaction. When it comes to finding a business with solid foundations and buying it at an extremely low price, however, one will not be let down by the experience.

First and foremost, you must devote a significant amount of time to studying the PBV and PE, maybe as much as three years. This is due to the possibility that a year’s performance may be unintentionally stage-managed or stage-managed by others.

Furthermore, the fact that the price-based criteria are low is not adequate in and of themselves. Improved building blocks, which serve as the foundation for these ratios, are essential to their long-term viability.

List of Indian Penny Stocks with Strong Fundamentals in 2023

You should also consider best stocks to buy for long term if you are interested. Consider the following list of Indian penny stocks with good fundamentals in 2023 that have generated profits in the past year, and who, based on their past performance, one might consider purchasing at a low price penny stocks in India for 2023 in order to benefit from the current market conditions. To better understand penny stocks, let’s take a look at it.

Sr. No.Name Of Company
(Click on Company’s Name for Analysis)
Earning Per Share (EPS) Price to Earning (P/E) Intrinsic Value (IV) (Rs.) Book Value (BV) (Rs.) 1-Year Return (%) 
1Gvk Power & Infrastructure Ltd.14.630.28-24.2146.00
2Diligent Media Corporation Ltd5.290.88-47.15120.00
3Sadbhav Infrastructure Project Ltd-
4Prakash Steelage Ltd.9.402.52-3.10162.79
5Bsel Infrastructure Realty Ltd.1.472.6423.0645.29137.20
6Dish Tv India Ltd.-10.154.515.04-13.62
7Ruchi Infrastructure Ltd.1.904.8610.687.5133.09
8Magnum Ventures Ltd.13.415.06-1.7575.46
9Vishwaraj Sugar Industries Ltd3.135.6934.8714.72-36.44
10Digicontent Ltd2.546.220.9633.90
11Peninsula Land Ltd.-3.087.46-3.7737.16
12Bank Of Maharashtra2.079.1718.6020.891.08
13Steel Exchange India Ltd.1.3210.0010.424.9581.26
14Punjab & Sind Bank2.0910.2618.6120.67-6.40
15Century Extrusions Ltd.0.9312.4711.947.4023.40
16Sakuma Exports Ltd.1.2912.7017.7316.2150.23
17S.A.L.Steel Ltd.0.9212.9312.074.4512.44
18Surana Telecom And Power Limited0.9212.967.998.6676.12
19Bhandari Hosiery Exports Ltd.0.4513.055.485.5778.46
20Tantia Constructions Ltd.5.4813.7263.0490.72130.43
21B.C. Power Controls Ltd0.3913.994.825.6237.66
22South Indian Bank Ltd.0.7214.6713.3327.973.98
23Patel Integrated Logistics Ltd.0.6414.909.5117.778.52
24Zenith Steel Pipes & Industries Ltd0.9515.01-17.00515.79
25Genus Paper & Boards Ltd1.0715.3718.7267.20
26Uco Bank0.8015.5511.2119.73-10.26
27Jaiprakash Power Ventures Limited0.5016.156.229.6190.59
28Manaksia Coated Metals & Industries Ltd1.1716.6913.4716.5932.28
29Zee Media Corporation Limited-1.6117.087.3046.61
30Sundaram Multi Pap Ltd.0.1717.551.662.0051.22
31Ptc India Financial Services Ltd.0.8019.2715.4434.71-14.41
32Indian Overseas Bank0.9419.829.5612.17-11.30
33Paramount Communications Ltd.0.8421.9012.6110.3942.06
34Inventure Growth & Securities Ltd.0.1422.992.642.371.67
35Hathway Cable & Datacom Ltd0.5824.6110.3723.30-27.14
363P Land Holdings Ltd0.7224.9214.6437.0829.50
37Il&Fs Investment Managers Ltd.0.2829.963.886.7138.33
38Country Condo’s Ltd.0.1233.241.672.8543.86
39Kanani Industries Ltd.0.2733.613.595.943.43
40Yes Bank Ltd.0.4735.757.0913.4727.73
41Sri Havisha Hospitality And Infrastructure Ltd0.0639.370.741.07112.00
42Infibeam Avenues Ltd0.3645.3615.1811.20-26.82
43Vikas Ecotech Ltd0.0747.971.272.4492.09
44Hindustan Motors Ltd.0.9451.07-0.44116.00
45Alankit Ltd0.2455.1613.569.32-15.16
46Ducon Infratechnologies Ltd0.2762.555.9660.28
47Orient Green Power Company Ltd.0.5765.345.466.52198.33
48Lloyds Steels Industries Ltd0.1869.651.381.33348.33
49Mirc Electronics Ltd.-0.5696.368.800.84
50Aksh Optifibre Ltd.0.11111.552.376.3744.71
51Dhanlaxmi Bank Limited0.11118.945.3834.15-25.30
52Pil Italica Lifestyle Ltd0.07123.142.042.8319.18
53Msp Steel & Power Ltd.0.07147.757.5016.04-1.55
54Indowind Energy Ltd.0.10153.694.4625.67130.40
55Lgb Forge Ltd.0.09154.882.361.6597.04
56Urja Global Ltd.0.02655.440.693.2993.60
57Fcs Software Solutions Ltd.1,196.682.03134.62
58Vodafone Idea Ltd-9.31-19.29-15.35
59Alok Industries Ltd.-0.51-36.07-16.30
60Suzlon Energy Ltd.2.29-4.0936.15
61Reliance Power Ltd.-2.0336.1231.72
62Rattanindia Power Limited-2.88-4.962.15
63Ifci Ltd.-6.9613.40-13.11
64Jaiprakash Associates Ltd.-6.370.34-4.23
65Hindustan Construction Co.Ltd.-0.26-5.1928.93
66Gtl Infrastructure Ltd.-1.22-2.41-16.67
67Bajaj Hindusthan Sugar Limited-2.0617.03-27.33
68Jyoti Structures Ltd.-34.292.856.58
69Reliance Communications Ltd.-24.51-219.03-19.05
70Hlv Ltd-0.496.254.81
71Unitech Ltd.-3.9911.6016.67
72Hcl Infosystems Ltd.-0.79-6.5322.79
73Nagarjuna Fertilizers And Chemicals Ltd-10.03-19.60-20.27
74Arshiya Limited20.0343.6711.90-35.52
75Future Consumer Ltd-2.570.75-72.30
76Reliance Capital Ltd.-300.55-784.36-26.21
77Parsvnath Developers Ltd.-12.05-6.96-50.00
78Jaypee Infratech Ltd-17.00-40.0420.51
79Nila Infrastructures Ltd.-0.053.3837.38
80Housing Development & Infrastructure Ltd.-0.28-47.6134.38
81Ashima Ltd.1.4922.5311.86-10.36
82Reliance Naval And Engineering Ltd-26.23-221.6918.03
83Zee Learn Ltd.-0.1214.18-46.08
84Sadbhav Engineering Ltd.-45.8946.72-70.31
85Mep Infrastructure Developers Ltd-15.78-6.22-31.72
86Srei Infrastructure Finance Ltd.-50.59-117.30-44.57
87Shree Rama Newsprint Ltd.-3.9317.53-9.26
88Sintex Plastics Technology Ltd-6.490.83-12.20
89Andhra Cements Ltd.-8.08-31.60-63.16
90Il&Fs Engineering And Construction Company Ltd.-29.11-227.44290.80
91Future Retail Ltd-81.98-20.61-91.30
92Gayatri Projects Ltd.-73.35-0.26-77.74
93A2Z Infra Engineering Limited-10.138.77167.05
94Future Lifestyle Fashions Ltd-115.81-93.23-81.12
95Essar Shipping Ltd.10.50-237.41-6.57
96Reliance Home Finance Ltd-109.10-113.23-12.77
97Ballarpur Industries Ltd.-9.950.51
98Setco Automotive Ltd.-16.67-17.97-39.47
99Noida Toll Bridge Company Ltd.-2.0814.5756.64
100Visa Steel Ltd.-6.95-210.1436.10

Why to Invest in Penny Stocks for Beginners?

Because the general investing public is disinterested in Indian penny stocks and wants to exit the market as soon as they produce a fair return, penny stocks trade at such low prices. There has been a lot of evidence that they are in breach of the exchange regulations and lacking in openness.

There is no movement in ultra-penny stocks until there is some sort of news or a turnaround event taking place. The speculation results in an increase in trading volumes, which in turn drives prices to soar to unprecedented heights.

The majority of them, nevertheless, end out to be incorrect or really fundamentally stronger than the most of them. Price decreases as a result of any negative news that comes out.


In this topic we have seen Indian penny stocks list for 2023. Investors which has a majority interest in the business, have continued to hold on to their shares because of the dividends they get. The consequence is that buying the shares from list of penny stocks in India for 2023 is not necessarily synonymous with value investment. Aspects of it include having the capacity to choose a stock that has the potential to increase in value over time.

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