Graham Number screen finds deep value in PSU banks, NBFCs

Here's a Graham Number screen that should make value investors pause. As of 2026-09-21, FairStock.ai's NSE/BSE screen flags [Indegene](/stock/INDGN) (NSE: INDGN) at ₹555.80 against a Graham value of ₹1,278.09. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) sits at ₹500.00 versus ₹1,217.57. [REC](/stock/RECLTD) (NSE: RECLTD) closed at ₹335.00 against ₹662.26. The gaps run from 41.8% to 61.2%. That's not a buy list. It's a set of candidates where conservative earnings-and-book arithmetic offers a margin of safety. What the Graham Number screen is saying Benjamin Graham's formula isn't complex. It multiplies earnings per share by book value per share. Then it multiplies that product by 22.5 and takes the square root. Think of it as a cautious private buyer's price tag, based on what a company earns and owns. When the market price sits far below that number, the screen says you're paying less than the arithmetic suggests the business might be worth to a disciplined buyer. The screen doesn't promise a rebound. It does tell you that the market is pricing these stocks as if their books are weaker than they appear. Where the deep discounts sit This screen is dominated by PSU banks and housing finance names. A healthcare services stock also shows up. [REC](/stock/RECLTD) at ₹335.00 against a Graham value of ₹662.26 is a 49.4% discount. [LIC Housing Finance](/stock/LICHSGFIN) at ₹500.00 versus ₹1,217.57 is a 58.9% discount. [Indegene](/stock/INDGN) at ₹555.80 against ₹1,278.09 is a 56.5% discount. The screen also flags [J&K Bank](/stock/J&KBANK) (NSE: J&KBANK) and [Central Bank of India](/stock/CENTRALBK) (NSE: CENTRALBK). It adds [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) to the same list. [PFC](/stock/PFC) (NSE: PFC) and [GIC Re](/stock/GICRE) (NSE: GICRE) round out the screen. Their discounts vary, but the range across the screen is 41.8% to 61.2%. That's a broad markdown for lenders and insurers. Part of this is the rate cycle. Higher-for-lon...