Graham Number Screen Flags 8 NSE Stocks at 41-61% Margins

As of 2026-09-14, a Graham Number screen flags eight NSE stocks with 41–61% margins of safety. [Indegene](/stock/INDGN) (NSE: INDGN) has the widest discount at 61.2%. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) follows at 55.8%, and [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) at 53.2%. [Jammu & Kashmir 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), and [GIC Re](/stock/GICRE) (NSE: GICRE) round out the list with margins between 41% and 50%. This is not a forecast. It's arithmetic. The Graham Number is the square root of 22.5 times earnings per share times book value per share. Benjamin Graham designed it as a conservative estimate of what a stock might be worth. When the market price sits well below that number, you get a margin of safety. Think of it as buying a house at circle rate while the market asks for a premium. The gap gives you room to be wrong. But the screen has limits. It doesn't tell you whether earnings will hold up. It doesn't tell you if the book value is real or inflated. A stock can trade below its Graham Number for years if the business is deteriorating. That's why this list deserves a sector-by-sector look. What the Graham Number Actually Does The formula uses two inputs: EPS and book value per share. The 22.5 multiplier comes from Graham's old rule that a stock should trade at no more than 15 times earnings and 1.5 times book value. Multiply those, you get 22.5. It's blunt on purpose. High-flying loss-makers fail the test because they have no earnings. Asset-heavy lenders can pass because their book values are high. That explains why four of the eight names are financials. A margin of safety of 41% to 61% sounds enormous. In normal times, most Nifty stocks trade far above their Graham Numbers. But this screen is a starting point. You still need to check whether the discount is a bargain or a warning. ...