Graham Number discounts hit 8 NSE stocks at 42-61%

Eight NSE stocks trade at discounts of 42% to 61% to the Graham Number, according to a FairStock screen dated 2026-08-31. [Indegene](/stock/INDGN) (NSE: INDGN) recorded a 61.2% discount. The stock closed at ₹555.80 against a Graham Number of ₹1,278.09. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) followed at 55.8% and [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) at 53.2%. The screen also flagged J&K Bank (NSE: J&KBANK), [REC](/stock/RECLTD) (NSE: RECLTD), [Power Finance Corporation](/stock/PFC) (NSE: PFC), Central Bank of India (NSE: CENTRALBK) and GIC Re (NSE: GICRE). FairStock's screen notes that these discounts mark an arithmetic margin of safety, not a standalone buy signal. Graham Number is a conservative valuation measure. It multiplies earnings per share and book value per share and caps the product at 22.5. The formula is backward-looking. It doesn't capture forward credit costs, capital needs or revenue runway. That limits what the screen can say about these names. Why the discounts cluster in financials Most of the flagged companies are lenders or credit-adjacent businesses. [LIC Housing Finance](/stock/LICHSGFIN) and [Sammaan Capital](/stock/SAMMAANCAP) operate in housing finance. J&K Bank and Central Bank of India are banks. REC and Power Finance Corporation are state-backed power financiers. GIC Re is a reinsurer. Indegene is the outlier, a pharma services company with IT-driven delivery. The market often prices financials on asset quality and the cost of funds, not just on book value. A wide discount to Graham Number can therefore persist for years if credit costs stay high. For PFC and REC, the discount likely reflects concern about power sector receivables and loan growth. For GIC Re, it's the underwriting cycle. For Indegene, the 61.2% gap is unusual for a non-financial. The ₹555.80 close against ₹1,278.09 means the market is treating the company's earnings power or book value with suspicion. If that suspicion is wrong, th...