India Stocks Below Graham Number: 8 Wide-Margin Picks

Investors hunting for India stocks below Graham Number have a short list to work with as of October 15, 2026. Eight NSE and BSE names sit below this conservative fair-value estimate. The screen doesn't guarantee upside. It does show where the market has priced in a large amount of bad news. The arithmetic margin of safety is the gap between the Graham Number and the current price. The screen highlights arithmetic margin of safety, not a standalone buy signal. Benjamin Graham's formula multiplies trailing earnings per share by book value per share, then takes the square root of 22.5 times that product. It's deliberately blunt. It ignores intangibles and forward earnings. It also ignores cyclical recovery. That bluntness is the point. If a stock trades below this number, a buyer isn't paying much for the balance sheet or current earnings. The leader is Indegene ([NSE: INDGN](/stock/INDGN)) with a 61.2% margin of safety. LIC Housing Finance ([NSE: LICHSGFIN](/stock/LICHSGFIN)) is next at 55.8%. Sammaan Capital ([NSE: SAMMAANCAP](/stock/SAMMAANCAP)) sits at 53.2%. The screen also names J&K Bank, REC, PFC, Central Bank of India, and GICRE. Why These India Stocks Below Graham Number Look Cheap The names cluster in housing finance, power lending, banking, and insurance. LIC Housing Finance trades at a 55.8% discount to its Graham Number. That gap reflects worry about credit costs and slower loan growth. If gross non-performing assets stay elevated, the discount may persist. If credit costs normalise over two or three quarters, the 55.8% margin could attract value buyers before the next earnings cycle. Sammaan Capital at 53.2% tells a similar story. The market is pricing a stressed balance sheet rather than the book value shown in reported accounts. Indegene at 61.2% is the most extreme. The pharma services company has grown through acquisitions, so book value may include goodwill the Graham formula does not penalise. That is a specific risk. The 61.2% margin may overs...