Graham Number screen flags deep value in Indegene, LIC Housing

A Graham Number screen on October 19, 2026 flags eight NSE/BSE stocks trading below fair value. That's a small list after a strong market run. The screen uses Benjamin Graham's formula: fair value equals the square root of (22.5 × trailing EPS × book value per share). If the market price sits below that, you have a margin of safety. It's not a buy signal. It's a discount check. The standout is [Indegene](/stock/INDGN) (NSE: INDGN), at 61.2% below its Graham Number. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) comes next at 55.8%. [REC](/stock/RECLTD) (NSE: RECLTD) and [PFC](/stock/PFC) (NSE: PFC) both sit at 47.2%. Those are big cushions. The rest of the screen includes [Sammaan Capital](/stock/SAMMAANCAP), [J&K Bank](/stock/J&KBANK), [Central Bank of India](/stock/CENTRALBK), and [GIC Re](/stock/GICRE). Graham Number screen: what the discounts look like Indegene's 61.2% margin is the widest I've seen on this screen for a healthcare services name. The company is digital-first, which usually means a light balance sheet. But trailing EPS has grown enough to make the Graham math work. That's rare. It tells you the market has pushed this one down hard, perhaps too hard for the earnings already on the books. LIC Housing Finance's 55.8% gap is different in character. A housing lender carries a large book value by design, because its assets are loans. The screen says the market is pricing in slower loan growth or thinner spreads. If those worries don't show up in the next two quarterly numbers, the gap should narrow. REC and PFC each show the same 47.2% discount. That's not a coincidence. Both are power financiers with similar return on equity and similar asset quality. The market is treating them as one trade. That's fine if you want diversified exposure to power-sector lending. It's less fine if you want one to outperform the other. The screen won't tell you which one wins. Investor perspective: check the discount, then check the risks Book value can b...