8 India Stocks Below Graham Number With Wide Margin of Safety

Data as of 2026-09-30 from FairStock.ai flags eight India stocks below Graham Number with wide margin of safety. The widest gap belongs to Indegene (NSE: [INDGN](/stock/INDGN)). It closed at ₹555.80, against a Graham Number of ₹1278.09. That's a 61.2% margin of safety. The rest of the list: LIC Housing Finance, Sammaan Capital, J & K Bank, REC, PFC, Central Bank, and GICRE. Those seven carry discounts from 41.8% to 55.8%. A discount this wide is not a routine market event. The screen is sorting by arithmetic, not by sector or quality. Indegene is the outlier. The other seven names share a credit and rate-sensitivity profile. That concentration is the first thing an investor should notice. The screen lands at a time when rate-sensitive Indian financials have been rerated downward. Banks and non-bank lenders spent much of 2026 trading at modest price-to-book multiples even as book values grew. Graham math picks up that divergence. It compares price with earnings and book value, ignoring market sentiment. The screen is heavy on financials Six of the eight names are lenders or insurers. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) and [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) are housing finance companies. [REC](/stock/RECLTD) (NSE: RECLTD) and [PFC](/stock/PFC) (NSE: PFC) are power sector financiers. [J & K Bank](/stock/J&KBANK) (NSE: J&KBANK) and [Central Bank](/stock/CENTRALBK) (NSE: CENTRALBK) are public sector banks. [GICRE](/stock/GICRE) (NSE: GICRE) is a reinsurer. [Indegene](/stock/INDGN) is the only non-financial in the group. The screen sorts by distance from Graham fair value. Indegene's ₹555.80 price is 61.2% below its ₹1278.09 Graham Number. For the other seven, the gap runs from 41.8% to 55.8%. A 41.8% discount means price is 58.2% of Graham fair value. A 55.8% discount means price is 44.2% of that value. Why the discount matters Graham Number is the square root of 22.5 times earnings per share times book value per share. A ...