Stocks Below Graham Number: 8 Indian Names With Margin of Safety

Indegene closed at ₹555.80 on October 9, 2026. Its Graham Number, a blunt arithmetic floor built from earnings per share and book value per share, sits at ₹1,278.09. That gap is not a typo. Eight Indian stocks trade below Graham Number in the latest FairStock screen, and the margin of safety has widened enough to make value investors look twice. LIC Housing Finance tells a similar story. Price: ₹500.00. Graham value: ₹1,217.57. The screen asks one question: what do earnings and book value say after you strip out the narrative? It does not pretend to be a standalone buy signal. It flags arithmetic. What the Graham Screen Actually Flags The formula is simple: square root of 22.5 times EPS times book value per share. It penalises high debt and low returns. It rewards tangible value. The eight names below this line are [Indegene (NSE: INDGN)](/stock/INDGN), [LIC Housing Finance (NSE: LICHSGFIN)](/stock/LICHSGFIN), [Sammaan Capital (NSE: SAMMAANCAP)](/stock/SAMMAANCAP), [J&K Bank (NSE: JKBANK)](/stock/JKBANK), [REC (NSE: RECLTD)](/stock/RECLTD), [PFC (NSE: PFC)](/stock/PFC), [Central Bank of India (NSE: CENTRALBK)](/stock/CENTRALBK), and [GIC Re (NSE: GICRE)](/stock/GICRE). Indegene's gap is 56.5%. LIC Housing's is 58.9%. Those look like deep discounts. They are also fragile. If the E in the formula falls, the Graham Number falls right alongside it. Value traps work that way. Why would a mortgage lender with ₹500 price and ₹1,217 Graham value trade at a 59% discount? Either the market is irrational, or the book value contains risks the arithmetic cannot see. LIC Housing's loan book spans retail home loans and developer financing. If defaults rise, reported book value erodes after the fact. The market may be pricing that erosion before it appears in the numbers. Sector Impact: Not a Broad Market Signal This list is not a cross-section of the NSE. Six of the eight are financials or state-linked lenders. REC and PFC fund power infrastructure. Central Bank of India an...