Graham Number Screen: Indegene, LIC Housing Deep Margin

Mumbai trading screens lit up on 2026-10-23 as FairStock's Graham Number screen rolled through Indian mid-caps. [Indegene](/stock/INDGN) (NSE: INDGN), the Bengaluru-based life sciences services firm founded in 1998, closed at ₹555.80. Its Graham Number sat at ₹1,278.09. That gap, 61.2%, was the widest margin of safety in the screen. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN), a home financier promoted by India's largest insurer, traded at ₹500.00 against ₹1,217.57, a 55.8% discount. The formula behind the screen is Benjamin Graham's: square root of 22.5 times earnings per share times book value per share. It does not factor in management quality or sector credit risk. FairStock's screen is direct about that. A wide margin of safety is a starting point for research, not an automatic buy signal. The screen's timing matters. Global money managers have been searching for value in Indian mid and small caps after a period of weak breadth. A deep Graham Number gap is one of the few signals that can cut through the noise. Still, FairStock's own note warns that the screen is arithmetic. It uses trailing or blended earnings and book value. It does not predict a catalyst. Indegene's Graham Number Margin of Safety Indegene began in 1998 to help pharmaceutical companies run medical and marketing operations. It expanded into digital and regulatory work for global life sciences customers. The stock has been a battleground since its 2021 listing. Friday's ₹555.80 close leaves the company at less than half its Graham Number of ₹1,278.09. That is the deepest margin of safety in the screen. The arithmetic is compelling, but the market often prices a reason. Indegene earns a large share of revenue from US and European pharma budgets. If those budgets slow, the earnings in the Graham formula shrink. Investors should check the next earnings release for signs of a reset. LIC Housing and Other Graham Number Standouts LIC Housing Finance has a longer Indian lending histo...