Piotroski 8/9 Largecaps in India at Undemanding P/E

The Screen Eight NSE largecaps carry a Piotroski F-Score of 8/9. The screen pairs that accounting-quality signal with trailing P/E ratios from 10.4 to 19.2. Names include [TCS](/stock/TCS) (NSE: TCS), [Infosys](/stock/INFY) (NSE: INFY), [ITC](/stock/ITC) (NSE: ITC), [SBI](/stock/SBIN) (NSE: SBIN), [HDFC Bank](/stock/HDFCBANK) (NSE: HDFCBANK), Kotak Mahindra Bank (NSE: KOTAKBANK), Axis Bank (NSE: AXISBANK), and NTPC (NSE: NTPC). That's not a deep-value list. It's quality at a price. The F-Score checks nine points on profitability and cash conversion. Passing 8 of 9 says the balance sheet and income statement are in decent shape. It doesn't say the stock is cheap. SBI trades near 10.4, HDFC Bank near 19.2. That spread matters. Where the Market Rewards the Score Banks dominate the list. HDFC Bank, SBI, Kotak Mahindra Bank and Axis Bank all pass 8/9. For financials, the F-Score has quirks. Banks run high debt by design. Their pass comes from return on assets and operating cash flow. The market hasn't re-rated them much because net interest margins stay under pressure. SBI's P/E at 10.4 reflects public-sector ownership and credit-cost noise, not a broken book. HDFC Bank at 19.2 is the high end of this group, still below its five-year average. Kotak Mahindra Bank (NSE: KOTAKBANK) and Axis Bank (NSE: AXISBANK) sit in the mid-teens. SBI's latest quarterly net profit of ₹16,891 crore was up 84% year on year, helped by lower provisions. HDFC Bank posted ₹16,736 crore, up 2.3%, with a net interest margin of 3.43%. That divergence in profit growth explains why SBI trades cheaper. The market sees provision reversals as lower quality earnings. IT services names [TCS](/stock/TCS) and [Infosys](/stock/INFY) make the cut on cash conversion and margins. TCS reported latest quarterly revenue of ₹63,973 crore, up 5.6% year on year. Infosys posted ₹41,764 crore, up 7.6%. Their F-Scores benefit from CFO to net income and low debt. The market's hesitation is growth. BFSI spending is...