India Stocks Trading Below Graham Number Flash Margin of Safety

On 16 October 2026, India stocks below Graham Number are flashing margin of safety signals that don't fit the mood of the broader Nifty. [Indegene](/stock/INDGN) (NSE: INDGN) leads the screen with a 61.2 per cent gap between its share price and its Graham Number. [LIC Housing Finance](/stock/LICHSGFIN) (NSE: LICHSGFIN) sits at 55.8 per cent. The remaining names include [Sammaan Capital](/stock/SAMMAANCAP) (NSE: SAMMAANCAP), [J&K Bank](/stock/J&KBANK) (NSE: J&KBANK), [REC](/stock/RECLTD) (NSE: RECLTD), [PFC](/stock/PFC) (NSE: PFC), [Central Bank of India](/stock/CENTRALBK) (NSE: CENTRALBK) and [GICRE](/stock/GICRE) (NSE: GICRE), with margins ranging from 41.8 per cent to 53.2 per cent. That is a lot of theoretical downside protection in a market where index-level valuations remain stuck above historical averages. The Graham Number is a blunt Benjamin Graham metric: the square root of 22.5 times earnings per share times book value per share. It doesn't capture forward earnings power, franchise durability, or liabilities that sit outside the balance sheet. When eight NSE and BSE names cross below it at once, the signal deserves a top-down read. India's rate-sensitive financial complex has been repriced as the US yield curve stayed higher for longer, crude oil risk persisted through 2026, and domestic credit growth turned uneven. In that setting, a value screen can easily conflate genuine balance-sheet stress with statistical cheapness. India Stocks Below Graham Number: What the Screen Shows The spread between Indegene and the rest tells you this isn't one uniform trade. [Indegene](/stock/INDGN) (NSE: INDGN) is a healthcare technology services company, not a lender. Its 61.2 per cent discount suggests the market doubts near-term revenue visibility, possibly because US pharma and healthcare clients are tightening digital vendor budgets. The Graham Number is backward-looking, so a growth slowdown makes the multiple look artificially low. [LIC Housing Finance](/stock/LI...