Graham Discount Alert: Sammaan Capital & J&K Bank

Graham Number Stocks: Two Deep Discounts, One Clear Winner Two Indian financial stocks have crossed a threshold that Benjamin Graham himself would have circled in red. [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) trades at ₹152.39 against a Graham Number of ₹320.26 — a 53.2% margin of safety. [J&K Bank](/stock/JKBANK) (NSE: JKBANK) sits at ₹155.48 versus a Graham Number of ₹245.20, implying a 50.5% discount. On pure arithmetic, both names look cheap. The FairStock platform scores them at 54 and 72 respectively, and that 18-point gap is where the real analysis begins. The Graham Number — calculated from earnings per share and book value per share — is a blunt instrument. It doesn't care about management quality, regional economic exposure, or asset quality trends. What it does is filter out the noise and ask a single question: are you paying more than twice what the fundamentals justify? Right now, the market's answer for both these names is no. But cheap and good are not the same thing. Sammaan Capital's P/E of 9.70 and J&K Bank's P/E of 7.44 reinforce the value case on earnings grounds too. In a Nifty 50 market that trades north of 20x earnings, single-digit multiples in the financial sector demand an explanation — and that explanation is usually either a hidden opportunity or a visible problem. What the FairStock Score Gap Actually Signals J&K Bank's FairStock Score of 72 places it in the tier that the platform classifies as quality-grade — stocks where the discount appears supported by fundamentals rather than structural deterioration. The bank has been working through a multi-year cleanup of its loan book, and its capital adequacy has improved measurably over the past eight quarters. A sub-8x P/E on a bank that has largely cleared its legacy NPA overhang is a different animal from a sub-10x P/E on a company still mid-restructuring. Sammaan Capital's score of 54 is the more cautious read. Formerly Indiabulls Housing Finance, the company rebranded ...