Piotroski 8/9 screen: TCS, ITC, SBI lead value picks

The Piotroski 8/9 screen keeps doing what most momentum filters won't: it points at large caps when the math on earnings quality improves, not when the stock price has already run. Eight large caps score 8 out of 9 on the F-Score while carrying undemanding P/E multiples. TCS and ITC lead, with SBI close behind. A high F-Score does not mean cheap. It means the accounting is improving. Combine that with a price-earnings multiple that hasn't run far ahead of the business, and you get a different kind of shortlist. Not growth at any price. Not deep value with rotten books. Just improving fundamentals at reasonable valuations. What the screen is seeing The Piotroski F-Score checks nine boxes across profitability, operating cash flow, debt levels, and balance sheet efficiency. A score of 8 or 9 is rare for large caps. Most big companies don't improve on all nine dimensions at once. They buy back shares, add debt, or let margins slip. This screen caught eight names: [Tata Consultancy Services](/stock/TCS) (NSE: TCS), [ITC](/stock/ITC) (NSE: ITC), [State Bank of India](/stock/SBIN) (NSE: SBIN), [HDFC Bank](/stock/HDFCBANK) (NSE: HDFCBANK), [Infosys](/stock/INFY) (NSE: INFY), [Kotak Mahindra Bank](/stock/KOTAKBANK) (NSE: KOTAKBANK), [Axis Bank](/stock/AXISBANK) (NSE: AXISBANK), and [NTPC](/stock/NTPC) (NSE: NTPC). TCS and ITC stand out because their return on equity is near 48% and 50% respectively. FairStock Scores for both sit above 80. That combination is unusual. TCS trades around 26 times trailing earnings. ITC trades around 25 times. Those aren't bargain-bin multiples. But the earnings behind them are cleaner than what you see at many consumer or technology peers. Why banks score 8/9 without high ROE Banks don't have TCS-style ROE. They don't need it. The screen flags them because their return metrics are improving from a low base. SBI's return on assets crossed 1% in FY24. That doesn't sound exciting. But it's up from 0.48% in FY20. HDFC Bank's ROA remains abov...