Piotroski 8/9 names combine quality with undemanding multiples

The fall in Nifty over the past month has been more about global bond yields than local earnings. Yet under that index noise, the Piotroski 8/9 names in India now form a concentrated list: [HDFC Bank](/stock/HDFCBANK) (NSE: HDFCBANK), [State Bank of India](/stock/SBIN) (NSE: SBIN), [Tata Consultancy Services](/stock/TCS) (NSE: TCS), [Infosys](/stock/INFY) (NSE: INFY), [Kotak Mahindra Bank](/stock/KOTAKBANK) (NSE: KOTAKBANK), [Axis Bank](/stock/AXISBANK) (NSE: AXISBANK), [ITC](/stock/ITC) (NSE: ITC) and [NTPC](/stock/NTPC) (NSE: NTPC). Each scores 8 out of 9 on the Piotroski F-Score. Their trailing P/E multiples sit between 10.39 and 19.16. That's a rare mix. The Piotroski F-Score is a nine-point accounting checklist. It flags improving return on assets, lower debt, better current ratios, higher gross margins, and reduced share dilution. A score of 8/9 means the numbers are moving in the right direction across almost every check. It doesn't tell you if a stock is cheap, but when the same screen shows P/E multiples from 10.39 to 19.16, the price is not yet factoring in perfection. The global backdrop matters here. If the US Federal Reserve keeps rates higher for longer, foreign portfolio investors stay cautious on emerging markets. That has kept Indian large-cap valuations from running away. At the same time, India's credit cycle, power demand, and IT services revenue are all tied to different macro drivers. This group spans those drivers. That's the top-down appeal. How the market is pricing Piotroski 8/9 names The bank cohort shows the value screen best. [State Bank of India](/stock/SBIN) trades near the low end of the range, reflecting its public sector ownership and slower deposit growth environment. [HDFC Bank](/stock/HDFCBANK) commands a higher multiple, but its merger with HDFC Ltd has kept return ratios under pressure for longer than investors expected. [Kotak Mahindra Bank](/stock/KOTAKBANK) and [Axis Bank](/stock/AXISBANK) sit in the middle. Their Piotro...