Piotroski 8/9 Screen: Quality Checks, Moderate P/E

The Piotroski 8/9 screen and the surprise Eight large-caps passed a strict Piotroski 8/9 screen based on reported financials through March 2026. The list includes [HDFC Bank](/stock/HDFCBANK) (NSE: HDFCBANK), [SBI](/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). That reads like a Nifty 50 roll call. It should. These are India's most liquid companies. But the screen's message is less reassuring than it looks. TCS and ITC have the highest FairStock Scores in the group at 85 and 81. Their return on equity numbers are 47.7% and 49.8%. One is an asset-light IT exporter. The other runs factories and distribution networks. It also carries a large working capital cycle. When two structurally different businesses both print near-50% ROE, ask whether the denominator is doing the work. That's the uncomfortable question behind this screen. A high F-Score checks accounting quality, not business quality. It rewards improving margins and lower debt. It also rewards better asset turnover in the last reporting window. It doesn't tell you if the next window will look the same. Moderate P/E in banking and utilities India's banking names dominate this list. Four of the eight are lenders. That makes sense after a credit cycle where provisions fell and recoveries improved. But bank F-Scores are strange. Lower provisions lift profitability signals. That can happen even when loan growth is unremarkable. A clean F-Score at [SBI](/stock/SBIN) or [Axis Bank](/stock/AXISBANK) doesn't prove the loan book is clean. It proves accounting earnings improved. Moderate P/E multiples add to the appeal. Banks aren't priced like technology platforms. That's fine. Mature lenders rarely re-rate sharply unless credit growth and deposit costs both move in their favour. HDFC Bank's 8/9 score ...