Piotroski 8/9 Scores Cluster Among India Large Caps

A cluster of Piotroski 8/9 scores has formed among India's large caps. Eight blue chips passed eight of nine Piotroski health checks as of October 9, 2026: [HDFC Bank](/stock/HDFCBANK) (NSE: HDFCBANK), [State Bank of India](/stock/SBIN) (NSE: SBIN), [TCS](/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). Their P/E ratios ranged from 10.39 for NTPC to 19.16 for Kotak Mahindra Bank. This is not a list of speculative small caps. It's a group of index heavyweights that earn real money. The Piotroski screen mixes profitability, debt levels, liquidity and operating efficiency. A score of 8 means only one red flag across nine tests. For a bank like HDFC Bank or SBI, that usually means stable asset quality and rising return on assets, with limited dilution. For IT companies like TCS and Infosys, it points to high margins and strong cash conversion. Low P/E ratios don't always mean cheap. Sometimes they mean the market expects earnings to fall. That's the uncomfortable question here. NTPC trades at 10.39 times earnings. ITC sits near 16. Kotak Mahindra Bank is the most expensive of the group at 19.16. Those multiples don't scream bubble. They don't scream panic either. If these companies are so healthy, why won't the market pay more? What the P/E ratios say about sector risk Indian banks dominate this list. HDFC Bank, SBI, Kotak Mahindra Bank and Axis Bank all passed eight checks. The banking sector has spent years absorbing regulatory shifts around unsecured lending and deposit costs. The market knows this. It has kept bank valuations below long-term averages. HDFC Bank trades at roughly 17 times trailing earnings, far below its five-year peak. SBI remains under 12 times. The Piotroski results suggest balance sheets are not the problem. The problem is growth visibility and net interest margins...