8 NSE Stocks Trading Below Graham Number: 61% Margin

On 29 August 2026, FairStock’s value screen flagged eight NSE stocks trading below the Graham Number. [Indegene](/stock/INDGN) (NSE: INDGN) carries the widest margin of safety at 61.2%. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) follows at 55.8%, [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) at 53.2%. It’s not a routine screen result. When a health-tech firm and two housing lenders all show discounts this deep, the market is pricing something beyond next-quarter earnings. The Graham Number is deliberately conservative: the square root of 22.5 times earnings per share times book value per share. It ignores intangible growth and management quality. The formula asks one question: what would a balance-sheet investor pay? A 61.2% discount means [Indegene](/stock/INDGN) trades around 39% of this base-case value. [LIC Housing Finance](/stock/LICHSGFIN) trades near 44%, [Sammaan Capital](/stock/SAMMAANCAP) near 47%. Those are large gaps. Gaps that wide usually signal expected balance-sheet stress or a growth reset. What the Graham Number screen actually captures The screen compares price to a static earnings-book value equation. It does not capture return on equity or credit loss assumptions. For financials that is a serious limitation. Book value can shrink when loans sour or when provisioning rules shift. If the market expects an erosion in book value, the stock can trade below the Graham Number for years. That is likely what is happening with six of these eight names. [J&K Bank](/stock/J&KBANK) (NSE: J&KBANK), [Central Bank of India](/stock/CENTRALBK) (NSE: CENTRALBK), [REC Limited](/stock/RECLTD) (NSE: RECLTD), [Power Finance Corporation](/stock/PFC) (NSE: PFC), LIC Housing, and Sammaan Capital all sit inside regulated lending or housing finance sectors. Their discounts are not a guarantee of mispricing. They are a reflection of unresolved questions around asset quality and capital. Indegene is the outlier. It is not a lender. It sells healthc...