Piotroski 8/9 Meets Undemanding Valuations in India Large Caps

Eight Nifty large caps carry a Piotroski F-Score of 8/9, per FairStock.ai's fundamental screen. The list: NSE: HDFCBANK, NSE: SBIN, NSE: TCS, NSE: INFY, NSE: KOTAKBANK, NSE: AXISBANK, NSE: ITC, NSE: NTPC. This is Piotroski 8/9 meeting undemanding valuations in India's largest stocks. TCS and Infosys pair that score with return on equity above 32%, exchange filings show. ITC passes the same quality bar. SBI trades at 11.42x trailing earnings and NTPC at 10.39x. Quality has improved; price hasn't fully followed for the two low-multiple names. The mix spans four sectors. That matters. A single-sector quality signal can be cyclical. An eight-name group across banks, IT, staples, and power suggests the improvement isn't a one-industry story. It also covers heavy Nifty index weight. What an 8/9 F-Score Actually Means The Piotroski F-Score is nine binary tests across profitability and leverage. An 8/9 means the company passed eight of nine checks. Large caps rarely sustain that because size smooths out the kind of operating improvement the score rewards. For banks, the leverage tests read differently because deposits are liabilities. Still, the screen flags operational improvement in credit quality and operating cash flow. [TCS](/stock/TCS) and [Infosys](/stock/INFY) clear the profitability checks with return on equity above 32%. They don't screen cheap, but cash flow and balance sheet metrics are strong. [ITC](/stock/ITC) passes the same quality bar, a signal its core business still generates outsized returns despite the regulatory overhang and conglomerate structure. ROE above 32% in a staple business is unusual. It means the cigarette cash flow is still funding the rest. Sector Split: Banks Lead the Screen Banks dominate the list. [HDFC Bank](/stock/HDFCBANK), [SBI](/stock/SBIN), [Kotak Mahindra Bank](/stock/KOTAKBANK), and [Axis Bank](/stock/AXISBANK) carry the 8/9 score. SBI trades at 11.42x trailing earnings. HDFC Bank and Kotak trade at higher multiples, but ...