Net Current Asset Value Stock - Does it work in Indian markets?

I heard and read about NCAV and even tried to find stock that are available at a NCAV less than market cap or NCAV per share < Stock Price. I used screeners to shorlist such stocks and all but very few stocks meet such criteria.

The other issue is these companies are either too small or unknown, or could have some serious issues. Typically we can find companies run by individuals or small family members. In addition some companies are operated in a single state or city or have high debts, pledged shares, low profit margins, losses in some years, etc.

Does NCAV really work ?

perhaps infant companies or cash starved fall in this category. not easy to find profitable company so far under NCAVP based. if someone could find please share. thanks

The only decent companies I could find that fit the net-net form of investing are Alphageo and NILE. Both companies haven’t turned a loss since 2014 and 2009 respectively and they pay dividends.
My logic is that if either company was to be liquidated today and the book value of Cash + Curr. Investments + Receivables + Inventory were to be realized and used to pay off Total Liabilities, then you would still get more than the price you’d have to pay to buy the Company.
Basically it’s a free company on paper.