Graham Number Screen Flags 8 India Stocks Below Fair Value

A Graham Number screen has flagged 8 India stocks trading below conservative fair value as of October 29, 2026. The data does most of the talking. The Graham Number is the square root of 22.5 times trailing EPS times book value per share. It's a conservative value formula. A stock trading below that number has a margin of safety. A stock trading far below it has either a cheap balance sheet or a market that expects future earnings to fall. Indegene has the widest margin of safety at 61.2%. That puts its share price at 38.8% of the formula's fair value. [REC](/stock/RECLTD) NSE: RECLTD and [PFC](/stock/PFC) NSE: PFC each show a 47.2% margin of safety, which implies prices at 52.8% of Graham value. The screen also includes [LIC Housing Finance](/stock/LICHSGFIN) NSE: LICHSGFIN, [Sammaan Capital](/stock/SAMMAANCAP) NSE: SAMMAANCAP, [J&K Bank](/stock/J&KBANK) NSE: J&KBANK, [Central Bank of India](/stock/CENTRALBK) NSE: CENTRALBK and [General Insurance Corporation](/stock/GICRE) NSE: GICRE. Why the screen is split across sectors This is not a one-sector story. [Indegene](/stock/INDGN) NSE: INDGN is healthcare digital services. LIC Housing Finance and Sammaan Capital are housing finance and NBFC balance sheets. J&K Bank and Central Bank of India are public sector banks. REC and PFC are power financiers. The equal 47.2% reading for REC and PFC is not accidental. The two companies share similar return profiles and book value growth. They also face the same power lending cycle. Their discounts reflect one concern: future interest rates and power sector credit quality. Indegene at 61.2% is the outlier. That's a wide cushion. This gap suggests the market is pricing a growth reset that trailing EPS has not yet captured. If the next two quarters hold, the screen looks early. If they don't, the formula will catch down. The public sector bank names are a different calculation. [J&K Bank](/stock/J&KBANK) NSE: J&KBANK and [Central Bank of India](/stock/CENTRALBK) NSE: CENTRAL...