Graham Number Screen: 8 NSE Stocks Below Fair Value

A Graham Number screen isn't a forecast. It's arithmetic. On 2026-09-24, that arithmetic flagged eight NSE stocks trading below conservative fair value. [Indegene](/stock/INDGN) (NSE: INDGN) sits at ₹555.80 against a ₹1278.09 Graham fair value. The gap is 61.2%. That's the widest margin among the eight. The formula is simple: the square root of 22.5 times trailing EPS times book value per share. It assumes a stock deserves no more than 15 times earnings and 1.5 times book. That's deliberately stingy. A screen built on stingy math should interest contrarians. It should also make them ask why the discount exists. The screen includes [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) with a 55.8% margin and [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) at 53.2%. It also includes J&K Bank (NSE: J&KBANK), [REC](/stock/RECLTD) (NSE: RECLTD), [PFC](/stock/PFC) (NSE: PFC), Central Bank of India (NSE: CENTRALBK), and GIC Re (NSE: GICRE). The names cluster in lending and power finance, with a public-sector tilt. That's not a diversified basket. It's a bet on balance sheets the market has punished. Graham Number Screen: The Math, the Margin, the Catch Graham's formula caps enthusiasm. A stock qualifies only if the market price sits far below the value implied by earnings and book. That's the margin of safety. Indegene's 61.2% margin looks enormous. It's also a signal. The market isn't stupid. When a stock trades at roughly 43% of Graham fair value, something in the inputs is being questioned. For Indegene, that something is the sustainability of earnings growth. Indegene is an asset-light healthcare services business. Its balance sheet doesn't carry much hard book value. Graham's formula will systematically undervalue that. Client relationships and regulatory know-how don't appear in book value. So the ₹1278.09 fair value may understate the true value, not overstate it. That's the contrarian case. The risk is simpler: if trailing EPS declines, the fair valu...