Graham Number Stocks: 8 NSE Names at 47–61% Discount

Graham Number Screen Flags Eight Stocks at Deep Discounts Benjamin Graham's math is unforgiving. Take a company's earnings per share, multiply by its book value per share, apply a fixed formula, and you get a number — the Graham Number — that tells you what a conservative investor might consider a fair price. Right now, eight NSE-listed stocks are trading at 47% to 61% below those estimates, and the list is worth examining carefully, not because it's a shopping list, but because it raises real questions about what the market is pricing in. As of 3 October 2026, [Indegene](/stock/INDGN) (NSE: INDGN) sits at the widest gap: a market price of ₹555.80 against a Graham Number of ₹1,278.09, implying a 61.2% discount. That sounds extraordinary. It is — but context matters. INDGN carries a P/E of 33.44, which is meaningfully higher than every other name on this screen. Graham himself was deeply skeptical of paying 33x earnings for anything. The formula spits out a large fair-value number because Indegene's book value is substantial relative to its share price, but a growth-oriented healthcare technology business trading at that P/E multiple is not what Graham had in mind when he built his screen. The rest of the list reads differently. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN), [REC Ltd](/stock/RECLTD) (NSE: RECLTD), and [Power Finance Corporation](/stock/PFC) (NSE: PFC) are all financial sector names with much lower P/E multiples, higher book values, and business models that fit the Graham framework far more naturally. Jammu & Kashmir Bank (NSE: J&KBANK), Sammaan Capital (NSE: SAMMAANCAP), Central Bank of India (NSE: CENTRALBK), and GIC Re (NSE: GICRE) round out the screen. Why Financials Dominate This Screen It's no accident that six of the eight names are financial institutions. The Graham Number rewards high book values and moderate earnings multiples — exactly the profile of Indian public sector lenders and infrastructure financiers. REC Ltd and PFC...