High Piotroski Scores Meet Low P/E in TCS, SBI, ITC

On a humid Monday morning in Mumbai, a fund manager sorted the Nifty 500 by Piotroski F-Score and then by trailing earnings multiple. The screen spit out something rare. Eight large companies carried an 8/9 score on accounting health. Several traded at multiples that would not look expensive in a bear market. High Piotroski scores are meeting undemanding valuations across India's large-cap board. No frenzy. No momentum chase. Just basic accounting strength. That overlap includes [Tata Consultancy Services](/stock/TCS) (NSE: TCS) at 15.13 times earnings, [Infosys](/stock/INFY) (NSE: INFY) at 17.57 times, and [ITC](/stock/ITC) (NSE: ITC) inside that range. [State Bank of India](/stock/SBIN) (NSE: SBIN) trades at 11.42 times. [NTPC](/stock/NTPC) (NSE: NTPC) sits at 10.39. [HDFC Bank](/stock/HDFCBANK), [Kotak Mahindra Bank](/stock/KOTAKBANK), and [Axis Bank](/stock/AXISBANK) also made the list. This is not a startup story. It is a screen that finds old, cash-rich businesses passing fundamental tests while their valuations stay modest. TCS began in 1968 as a punch-card services unit of Tata Sons. Infosys started in 1981 with $250 of borrowed money from Sudha Murty. ITC was incorporated in 1910 as Imperial Tobacco Company of India. SBI's earlier form dates to the Bank of Calcutta in 1806. These companies have survived enough cycles to make a current Piotroski score meaningful. They are not untested balance sheets. What a Piotroski Score of 8/9 Actually Says The Piotroski F-Score checks nine accounting signals across profitability, borrowing, liquidity, and operating efficiency. An 8/9 score does not predict a stock will jump next month. It says the company is improving its returns or keeping financial risk contained. When eight large caps all pass the same test, the market is not asking investors to pay much for that quality. The valuation spread matters. TCS at 15.13 times earnings is below its five-year average multiple. Infosys at 17.57 still carries a premium, bu...