Graham Number Screen Shows 61% Margin in Indegene, Lenders

Eight NSE and BSE stocks traded below their Graham Number on October 6, 2026, according to FairStock's screen. [Indegene](/stock/INDGN) (NSE: INDGN) recorded a 61.2 percent margin of safety. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) recorded 55.8 percent. [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP) recorded 53.2 percent. The Graham Number equals the square root of 22.5 times earnings per share times book value per share. It does not use forward estimates. A stock below this level can mean the market expects earnings to fall or book value to shrink. The screen also flagged [Jammu & Kashmir Bank](/stock/J&KBANK) (NSE: J&KBANK), [REC](/stock/RECLTD) (NSE: RECLTD), [Power Finance Corporation](/stock/PFC) (NSE: PFC), [Central Bank of India](/stock/CENTRALBK) (NSE: CENTRALBK), and [GIC Re](/stock/GICRE) (NSE: GICRE). Most are public sector lenders or state-owned financials. Indegene is the only pharma services name on the list. What the Graham Number captures The Graham Number is a negative screen. It tells you what not to buy at full price. It doesn't tell you when a stock will re-rate. [LIC Housing Finance](/stock/LICHSGFIN) has been cheap for years. Value without a catalyst is just a statistic. For PSU lenders, that expectation is common. [Jammu & Kashmir Bank](/stock/J&KBANK) and [Central Bank of India](/stock/CENTRALBK) face higher credit costs and weaker net interest margins than private sector banks. The Reserve Bank of India's capital and provisioning norms keep balance sheet quality under scrutiny. A price below book can persist for years if return on equity stays low. [REC](/stock/RECLTD) and [Power Finance Corporation](/stock/PFC) are infrastructure financiers. Their books carry power sector exposure. The Graham Number does not capture contingent liabilities or refinancing risk. That limitation matters here. Lenders and financials dominate the margin list LIC Housing Finance's 55.8 percent margin is the widest among financial n...