Graham Number Screen: 8 Indian Stocks With Wide Margin

I ran a Graham Number screen across NSE names this morning. Eight Indian stocks showed up with margins of safety wide enough to make a value guy blink. The formula is simple: multiply EPS by book value per share, cap the multiplier at 22.5, take the square root. Any stock trading below that number gets a second look. For [Indegene](/stock/INDGN) (NSE: INDGN), the gap is massive. Indegene trades at ₹555.80. The Graham Number prints ₹1,278.09. That's a 61.2% margin of safety, or about 2.3x upside to the formula's fair value. The number looks even stranger because Indegene carries a P/E near 33.44. This isn't a classic value name, which makes the screen result worth unpacking. The eight names Seven of the eight are financials. That's not a quirk. The formula favors book-heavy balance sheets, so lenders and insurers show up when sentiment is poor. - [Indegene](/stock/INDGN) (NSE: INDGN): 61.2% margin of safety - [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN): 55.8% margin of safety - [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP): 53.2% margin of safety - [J&K Bank](/stock/J&KBANK) (NSE: J&KBANK), [REC](/stock/RECLTD) (NSE: RECLTD), [PFC](/stock/PFC) (NSE: PFC), [Central Bank of India](/stock/CENTRALBK) (NSE: CENTRALBK), [GICRE](/stock/GICRE) (NSE: GICRE): all trade below their Graham Numbers. The group's P/E multiples run from 4.76 to 33.44. That P/E range is the whole story. REC and PFC anchor the low end. Indegene anchors the high end. Calling all eight 'deep value' would be lazy. Why the discounts exist Financials dominate this list because the market is pricing credit risk, not just book value. LIC Housing Finance and Sammaan Capital carry housing exposure. J&K Bank and Central Bank carry public-sector balance sheets. REC and PFC are tied to power financing. GICRE sits on underwriting risk. The discount is real, but so are the reasons. Indegene is different. It's an asset-light life sciences services company. Intangibles and client relatio...