Graham Number screen flags wide margins in LIC Housing, REC, PFC

The Graham Number screen flags wide margins of safety in [NSE: LICHSGFIN](/stock/LICHSGFIN), [NSE: RECLTD](/stock/RECLTD), and [NSE: PFC](/stock/PFC) as of 2026-08-24. Eight NSE/BSE stocks trade below their Graham Number. LIC Housing Finance closed at ₹500.00 versus a Graham Number of ₹1,217.57. Indegene closed at ₹555.80 versus ₹1,278.09. The screen uses earnings per share and book value per share; it's not a buy signal by itself. The LIC Housing discount is 59% below its Graham Number. Indegene sits 57% below its Graham Number. They're accounting gaps, not price targets. For LIC Housing, the gap reflects market concern about net interest margin compression and credit costs in its developer and retail loan book. For Indegene, the gap reflects a life sciences services company that lost its post-IPO growth premium. The screen captures eight NSE/BSE stocks in total. [NSE: SAMMAANCAP](/stock/SAMMAANCAP) shows the NBFC segment still has underowned names. [NSE: GICRE](/stock/GICRE) shows a state-backed reinsurer trading below its accounting-derived value. [NSE: J&KBANK](/stock/J&KBANK) and [NSE: CENTRALBK](/stock/CENTRALBK) round out the PSU bank exposure. The screen doesn't rank the stocks by discount size. Graham Number screen: eight names below intrinsic benchmarks The Graham Number uses √(22.5 × trailing EPS × book value per share). It's a static accounting measure. It doesn't capture growth or changes in regulation. The full screen includes [NSE: J&KBANK](/stock/J&KBANK), [NSE: CENTRALBK](/stock/CENTRALBK), [NSE: SAMMAANCAP](/stock/SAMMAANCAP), and [NSE: GICRE](/stock/GICRE). PSU banks and state-linked lenders dominate. That concentration is a signal about sector risk. Book value for a PSU bank can be flattered by restructured assets that haven't been marked to market. For a reinsurer, book value can swing with reserving decisions. The Graham Number doesn't adjust for those balance sheet details. Sector comparison: PSU financiers trade below book Power financi...