What is a good Piotroski score for Indian stocks?

A score of 7 to 9 is generally considered strong for Indian stocks, indicating that the company meets most or all of the nine financial health criteria. A score of 3 to 6 is average and requires deeper analysis. A score of 0 to 2 points to financial weakness. Disclaimer : The above information is for educational purposes only and should not be considered investment advice.

How is the Piotroski F-score calculated?

The Piotroski F-score is calculated by checking nine criteria across three groups: profitability (positive net income, positive ROA, positive operating cash flow, cash flow above net income), leverage and liquidity (reducing debt ratio, improving current ratio, no new equity issued), and operating efficiency (improving gross margin, improving asset turnover). Each criterion that the company satisfies adds 1 point. The total of all nine criteria gives the final score, which ranges from 0 to 9.

Can the Piotroski score be used for midcap stocks?

Strong midcap stocks with Piotroski score of 7 or above are frequently identified in screeners and are of particular interest to value investors because midcap companies with improving fundamentals can attract greater institutional interest over time. The score applies equally to large caps, midcaps, and small caps, though comparing scores within the same sector or market cap segment can give more context. Disclaimer : The above information is for educational purposes only and should not be considered investment advice.

What are the limitations of the Piotroski score?

Key limitations include its reliance on historical financial data, the fact that it does not consider valuation, sector-specific distortions for capital-intensive or financial companies, the static nature of the score (which changes with each result), and the absence of any qualitative inputs. The score does not capture management quality, competitive dynamics, or industry tailwinds.

How do I find Piotroski score stocks using a screener?

A Piotroski score screener allows you to filter stocks by their total score. On Tickertape, you can open the Stock Screener and set the Piotroski score filter to 7, 8, or 9 to shortlist high-scoring stocks. You can then combine this with other filters such as market cap, sector, P/E ratio, debt-to-equity, and return on equity to narrow the list further before conducting detailed research.

Are Piotroski score stocks always good investments?

Not necessarily. Piotroski score 9 stocks pass all nine financial health criteria and have strong balance sheet and profitability metrics. However, a perfect score does not guarantee future performance. A stock can score 9 and still be overvalued, operating in a declining sector, or facing regulatory or competitive headwinds. The score should be used as a starting point for research, not a final investment decision. Disclaimer : The above information is for educational purposes only and should not be considered investment advice.

Does the Piotroski score work for all types of Indian companies?

The Piotroski score works best for manufacturing, services, and general industrial companies. It is less directly applicable to banks, NBFCs, and insurance companies, where balance sheet structures differ significantly from standard industrial companies. For these sectors, leverage criteria such as long-term debt ratios may not be as meaningful, and a sector-specific adjustment or alternative framework is usually more appropriate. Disclaimer : The above information is for educational purposes only and should not be considered investment advice.

What are the advantages of using Piotroski Score Stocks?

Piotroski Score Stocks help investors filter companies based on financial strength. The score uses multiple checks, such as profits, cash flow, margins, debt, and efficiency. It can make stock screening easier by highlighting companies with healthier balance sheets and improving business performance. Disclaimer : The above information is for educational purposes only and should not be considered investment advice.

What are the risks associated with Piotroski Score Stocks?

Piotroski Score Stocks may still carry risks. A high score does not guarantee valuation comfort, future returns, or business quality. The score is based on past financial data and may not capture recent developments, governance issues, sector pressure, low liquidity, or sudden changes in earnings.

Are Piotroski Score Stocks suitable for beginners?

Piotroski Score Stocks may be useful for beginners as a simple financial screening tool. However, beginners should not rely only on the score. They may also need to review valuation, revenue growth, cash flow, debt, management quality, sector trends, and market conditions. Disclaimer : The above information is for educational purposes only and should not be considered investment advice.

Piotroski Score Stocks in India: List and Guide (2026)

Not every stock with a low price is a good value pick. The Piotroski score helps investors separate financially strong companies from those that only look cheap on the surface. It is a 9-point scoring system based on a company's profitability, financial leverage, and operating efficiency, drawn entirely from publicly available financial statements. Here we will be covering Piotroski score stocks and the factors to consider when analysing them.

Best Piotroski Score Stocks in India (2026)

Piotroski Score Stocks in India

Here is a list of Piotroski score stocks based on profitability, leverage, and operating efficiency conditions applied simultaneously.

Created by

@8260032 8260032

Showing 1 - 20 of 41 results

last updated at 6:30 AM IST

	NameStocks (41)↓	↓Sub-SectorSub-Sector↓	↓Market CapMarket Cap↓	↓Close PriceClose Price↓	↓PE RatioPE Ratio↓	↓1M Return1M Return↓	↓1D Return1D Return↓	↓Return on EquityReturn on Equity↓	↓PB RatioPB Ratio↓	↓Return on AssetsReturn on Assets↓	↓Operating Cash FlowOperating Cash Flow↓	↓Current RatioCurrent Ratio↓	↓Debt to EquityDebt to Equity↓	↓Net Profit MarginNet Profit Margin↓	↓1Y Historical Revenue Growth1Y Hist Rev Growth↓	↓1Y Historical EPS Growth1Y Hist EPS Growth↓	↓ROCEROCE↓
1.	Cummins India Ltd CUMMINSIND	Industrial MachineryIndustrial Machinery	1,53,638.101,53,638.10	5,621.505,621.50	65.0565.05	-0.28-0.28	1.431.43	28.2228.22	20.3220.32	20.9020.90	1,684.861,684.86	3.103.10	0.000.00	18.2518.25	16.5316.53	18.0918.09	39.1739.17
2.	NMDC Ltd NMDC	Mining - Iron OreMining - Iron Ore	74,220.5274,220.52	84.9284.92	9.969.96	-5.64-5.64	0.590.59	23.5923.59	2.502.50	17.0417.04	1,894.281,894.28	2.422.42	0.140.14	22.2022.20	31.6131.61	14.0214.02	32.7732.77
3.	Oberoi Realty Ltd OBEROIRLTY	Real EstateReal Estate	68,109.9768,109.97	1,924.801,924.80	27.1627.16	17.4417.44	2.752.75	14.9114.91	3.803.80	10.4410.44	1,379.861,379.86	3.993.99	0.160.16	39.6739.67	15.3115.31	12.6712.67	16.7416.74
4.	Anthem Biosciences Ltd ANTHEM	BiotechnologyBiotechnology	42,352.2742,352.27	754.70754.70	71.5771.57	-3.01-3.01	0.360.36	21.7121.71	13.9213.92	18.9818.98	844.49844.49	5.545.54	0.020.02	25.9525.95	18.1218.12	30.8330.83	26.7826.78
5.	Ajanta Pharma Ltd AJANTPHARM	PharmaceuticalsPharmaceuticals	41,323.7141,323.71	3,348.603,348.60	39.1339.13	11.4811.48	1.241.24	25.3925.39	9.139.13	19.3019.30	529.19529.19	2.642.64	0.060.06	18.7718.77	18.6018.60	14.8314.83	30.1630.16
6.	Gland Pharma Ltd GLAND	PharmaceuticalsPharmaceuticals	40,736.7940,736.79	2,479.402,479.40	39.6539.65	8.178.17	0.400.40	7.827.82	4.454.45	6.416.41	914.73914.73	4.334.33	0.030.03	15.2315.23	15.7315.73	47.0447.04	15.5915.59
7.	Anand Rathi Wealth Ltd ANANDRATHI	Asset ManagementAsset Management	34,795.6134,795.61	2,146.802,146.80	87.9587.95	23.8123.81	2.442.44	46.5646.56	34.3934.39	34.5534.55	280.97280.97	3.833.83	0.080.08	31.5731.57	27.8327.83	32.5832.58	48.6248.62
8.	Escorts Kubota Ltd ESCORTS	TractorsTractors	32,002.5732,002.57	2,941.802,941.80	13.3713.37	4.564.56	1.141.14	21.0621.06	2.592.59	16.5816.58	1,381.161,381.16	3.253.25	0.010.01	18.1218.12	21.8021.80	88.1088.10	22.5222.52
9.	Acutaas Chemicals Ltd ACUTAAS	BiotechnologyBiotechnology	28,317.5828,317.58	3,400.803,400.80	79.4979.49	5.775.77	-1.68-1.68	15.8515.85	21.4521.45	12.0012.00	118.34118.34	3.913.91	0.010.01	25.8025.80	34.8834.88	225.53225.53	36.0836.08
10.	Sai Life Sciences Ltd SAILIFE	BiotechnologyBiotechnology	26,204.5926,204.59	1,265.001,265.00	75.1075.10	2.902.90	2.482.48	10.9610.96	12.3112.31	6.296.29	314.05314.05	2.052.05	0.170.17	15.5715.57	29.4729.47	10.4910.49	20.9420.94
11.	Neuland Laboratories Ltd NEULANDLAB	PharmaceuticalsPharmaceuticals	25,072.1725,072.17	19,506.0019,506.00	68.8868.88	12.9512.95	-0.18-0.18	18.5318.53	16.4416.44	12.9612.96	317.38317.38	2.452.45	0.100.10	17.7317.73	30.4630.46	39.9439.94	29.9229.92
12.	HBL Engineering Ltd HBLENGINE	BatteriesBatteries	21,070.9721,070.97	765.85765.85	25.8625.86	-1.88-1.88	0.750.75	20.5020.50	14.2114.21	15.2415.24	239.14239.14	2.862.86	0.050.05	24.2424.24	67.4767.47	194.18194.18	70.1870.18
13.	Affle 3i Ltd AFFLE	AdvertisingAdvertising	20,646.7520,646.75	1,480.401,480.40	45.3945.39	-1.45-1.45	0.840.84	14.0314.03	7.017.01	11.0911.09	425.99425.99	3.463.46	0.030.03	16.3216.32	18.1118.11	18.9018.90	18.9118.91
14.	Sarda Energy & Minerals Ltd SARDAEN	Iron & SteelIron & Steel	17,455.2117,455.21	500.95500.95	15.7815.78	-6.01-6.01	1.131.13	13.4813.48	2.732.73	8.688.68	885.70885.70	3.063.06	0.450.45	18.6218.62	23.3123.31	58.0158.01	18.6218.62
15.	International Gemological Institute Ltd IGIL	Education ServicesEducation Services	14,769.0614,769.06	346.90346.90	20.7720.77	-7.38-7.38	1.511.51	54.3754.37	13.9013.90	40.5540.55	393.38393.38	3.353.35	0.140.14	42.7942.79	30.3430.34	33.8233.82	81.7581.75
16.	eClerx Services Ltd ECLERX	Outsourced servicesOutsourced services	14,322.8114,322.81	1,621.701,621.70	20.2820.28	14.6014.60	4.204.20	23.7523.75	6.216.21	17.8617.86	654.62654.62	4.564.56	0.160.16	16.7416.74	22.1822.18	34.1134.11	36.2236.22
17.	Procter & Gamble Health Ltd PGHL	PharmaceuticalsPharmaceuticals	10,975.5110,975.51	6,839.006,839.00	33.5733.57	9.949.94	3.433.43	43.6043.60	20.4420.44	29.5129.51	168.69168.69	2.442.44	0.010.01	22.9422.94	50.9050.90	39.4639.46	77.8177.81
18.	Paras Defence and Space Technologies Ltd PARAS	Aerospace & Defense EquipmentsAerospace & Defense Equipments	9,805.879,805.87	1,253.101,253.10	111.30111.30	20.1020.10	2.982.98	11.7511.75	15.4015.40	8.518.51	44.8344.83	3.133.13	0.040.04	17.7817.78	32.9732.97	36.5536.55	18.5118.51
19.	Bls International Services Ltd BLS	Outsourced servicesOutsourced services	9,654.319,654.31	237.15237.15	14.0614.06	-10.54-10.54	1.091.09	29.3729.37	4.784.78	22.9922.99	828.83828.83	2.342.34	0.180.18	22.2022.20	36.0436.04	35.1435.14	35.4335.43
20.	Sudeep Pharma Ltd SUDEEPPHRM	PharmaceuticalsPharmaceuticals	9,061.879,061.87	824.25824.25	52.4152.41	8.968.96	2.742.74	32.6732.67	18.3818.38	22.5422.54	48.7348.73	2.432.43	0.280.28	25.7725.77	31.2031.20	422.01422.01	43.4743.47

Edit Filters

Analyse Piotroski Score Stocks further

Visit 'Piotroski Score Stocks' Screener

Disclaimer: Please note that the above table is for informational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Stock Screener and is subject to real-time updates.

What is Piotroski Score?

The Piotroski score, also known as the Piotroski F-score, is a financial scoring model developed by accounting professor Joseph Piotroski at Stanford University and first published in 2000. It assigns a discrete score between 0 and 9 to any listed company based on nine binary criteria derived from its financial statements. The Piotroski score meaning, at its core, is a systematic way to measure whether a company's financial position is strengthening or weakening.

Each of the nine criteria is scored as 1 if the company meets the condition and 0 if it does not. The points are added up to give the final score. A score of 0 to 2 suggests weak financial health, a score of 3 to 6 is considered average, and a score of 7 to 9 indicates strong financial health. Stocks scoring 8 or 9 have historically been associated with better return potential compared to low-scoring value stocks in Piotroski's original research.

What are Piotroski Score Stocks?

Piotroski score stocks are listed companies that are filtered or ranked based on their Piotroski F-score. Investors use this score to identify companies that show improving financial fundamentals across profitability, leverage, and operational efficiency. The score is particularly useful for value investors who are screening through a large universe of stocks and want a quick, data-driven way to check whether a company's financials are trending in the right direction.

Overview of the Top High Piotroski Score Stocks

Gland Pharma Ltd

Gland Pharma Ltd is a pharma company focused on sterile injectables, oncology, ophthalmics, and complex injectable products. It operates with a CDMO-led model and supplies products across India, the US, Europe, Canada, Australia, and other markets. Its performance depends on regulatory approvals, product launches, pricing trends, and capacity use.

KPR Mill Ltd

KPR Mill Ltd is a vertically integrated textile company based in Coimbatore. It operates across yarn, fabric, garments, and sugar. The company serves domestic and export markets, with performance linked to cotton prices, apparel demand, capacity utilisation, export trends, and operating margins.

Anant Raj Ltd

Anant Raj Ltd is a real estate and infrastructure company with projects across residential, commercial, IT parks, hospitality, SEZs, and office spaces. The company has also expanded into data centre infrastructure. Its performance depends on project execution, leasing demand, real estate sales, debt levels, and data centre growth.

Rubicon Research Ltd

Rubicon Research Ltd is a pharmaceutical formulations company focused on research-led products, specialty formulations, drug-device combinations, and regulated markets. It works across development, manufacturing, and commercialisation of differentiated pharmaceutical products. Its performance depends on product approvals, R&D pipeline, regulated market demand, and manufacturing scale-up.

Redington Ltd

Redington Ltd is a technology distribution and supply chain solutions company. It distributes IT hardware, mobility products, software, cloud solutions, and enterprise technology across India and overseas markets. Its performance depends on technology demand, vendor partnerships, working capital, cloud adoption, device sales, and margins.

How to Invest in Piotroski Score Stocks?

Here's how you can invest in Piotroski Score stocks using Tickertape -

Create an account on the Tickertape or log in if you already have one.
Open Piotroski Score Stocks Screener
Filter stocks based on 200+ parameters. Tickertape provides comprehensive data on each stock, including financials, performance metrics, future projections, red flags, and more. You can review this data to assess each company's financial health and potential in-depth.
Once you've decided on a stock, you can place a buy order through your brokerage account linked to Tickertape.

You can stay updated with each of your favourite stocks' alerts and announcements with Tickertape Alerts. Further, you can analyse your overall portfolio and potential red flags in it by connecting it to Tickertape. Check out the detailed analysis of your portfolio now!

Advantages of Using the Piotroski Score

Simple Financial Health Check

The Piotroski Score gives a quick view of a company’s financial strength. It uses nine checks across profitability, leverage, liquidity, operating efficiency, and share dilution, making it easier to compare companies on core financial quality.

Useful for Screening Stocks

The score helps filter large stock lists into a smaller set of companies with stronger financial indicators. This can save time during research, especially when reviewing value stocks, turnaround stocks, or fundamentally improving companies.

Focuses on Actual Financial Data

The Piotroski Score is based on reported financial statements, not market sentiment or price movement. It looks at profits, cash flow, margins, debt, and efficiency, which gives a more business-focused view of the company.

Helps Identify Improving Companies

A rising or high Piotroski Score may indicate that a company’s fundamentals are improving. It can help spot businesses with better profitability, lower financial stress, stronger cash flow, or better operating performance.

Reduces Reliance on One Metric

The Piotroski Score combines several financial checks instead of depending on one ratio. This gives a broader view than looking only at profit, debt, or valuation in isolation.

Risks of Relying on the Piotroski Score

Based on Historical Data

All nine criteria use data from the most recently reported financial year. The score reflects a company's past performance, not its future trajectory. A company can post strong scores based on historical results even if its business conditions are changing rapidly.

Does Not Consider Valuation

A high Piotroski F-score tells you that the financial health is strong but says nothing about whether the stock is reasonably priced. A company with a score of 9 could still be trading at an expensive multiple. Using the score without a valuation check can lead to overpaying for quality.

Sector-Specific Limitations

Certain criteria may naturally favour some sectors over others. For example, capital-intensive industries often carry higher long-term debt by necessity, which can penalise them on the leverage criterion even when the debt is well-managed and supported by stable cash flows.

Scores Change Every Quarter

The Piotroski score is not static. As companies report new quarterly and annual results, the underlying metrics change, and a stock's score can move up or down. A stock that scores 9 in one year may fall to 6 the next if earnings decline or debt increases.

Ignores Qualitative Factors

The score does not capture management quality, competitive moat, brand value, sector tailwinds, regulatory environment, or any non-financial factors that are often critical to long-term investment outcomes. Relying solely on the score can cause investors to miss important qualitative risks or opportunities.

Download Now

Factors to Consider When Using Piotroski Score Stocks

Use It as a Filter

The Piotroski score is most useful as a first-pass screening tool. Investors can use a Piotroski score screener to shortlist stocks with strong financial health and then conduct deeper analysis on those shortlisted names. A high score narrows the list; it does not complete the research process.

Consider Sector Differences

The Piotroski Score may not work the same way across all sectors. Banks, NBFCs, capital goods, metals, real estate, and utilities have different debt structures, cash flow cycles, and margin patterns. The score should be compared within the same sector wherever possible.

Review Individual Criteria

A total score of 7 can be reached in different ways. Two stocks may both score 7 but fail on different criteria. Reviewing which specific criteria a company is failing on helps identify where the financial weakness lies, whether it is profitability, leverage, or efficiency, and whether that weakness is improving or worsening.

Combine with Fundamental Research

Piotroski score stocks pass all nine financial health checks, but this should be a starting point for research rather than a standalone investment signal. Reviewing the company's earnings quality, management track record, competitive position, and the sustainability of its cash flows will give a more complete view before forming an investment view.

Avoid Using the Score Alone

Piotroski Score is a useful screening tool, not a complete stock analysis method. It works better when combined with valuation, growth, cash flow, corporate governance, sector outlook, and price trend analysis. This gives a broader view of both financial quality and market behaviour.

Conclusion

Piotroski Stocks can help investors identify companies with stronger financial health based on profitability, leverage, liquidity, operating efficiency, and share dilution. A high Piotroski Score may indicate improving fundamentals, but it does not confirm valuation comfort or future performance. Investors may use the score as a screening tool and review earnings quality, cash flow, debt, sector trends, governance, and valuations before forming a view.

Investors looking to screen for Piotroski score stocks can use the Tickertape Stock Screener to filter stocks by Piotroski score alongside 200+ other parameters including earnings growth, debt levels, return ratios, and valuations, to identify stocks that align with their investment approach.

Popular Stock Collections

Popular Mutual Fund Collections

Frequently Asked Questions About Piotroski Score Stocks

What is Piotroski score?
The Piotroski score is a 9-point financial scoring system developed by accounting professor Joseph Piotroski to evaluate the financial health of a company. It is based on nine binary criteria drawn from a company's financial statements, covering profitability, leverage and liquidity, and operating efficiency. Each criterion scores 1 if met and 0 if not. A score of 7 to 9 indicates strong financial health, while 0 to 2 suggests financial weakness.
What is a good Piotroski score for Indian stocks?
A score of 7 to 9 is generally considered strong for Indian stocks, indicating that the company meets most or all of the nine financial health criteria. A score of 3 to 6 is average and requires deeper analysis. A score of 0 to 2 points to financial weakness.

Disclaimer: The above information is for educational purposes only and should not be considered investment advice.
How is the Piotroski F-score calculated?
The Piotroski F-score is calculated by checking nine criteria across three groups: profitability (positive net income, positive ROA, positive operating cash flow, cash flow above net income), leverage and liquidity (reducing debt ratio, improving current ratio, no new equity issued), and operating efficiency (improving gross margin, improving asset turnover). Each criterion that the company satisfies adds 1 point. The total of all nine criteria gives the final score, which ranges from 0 to 9.
Can the Piotroski score be used for midcap stocks?
Strong midcap stocks with Piotroski score of 7 or above are frequently identified in screeners and are of particular interest to value investors because midcap companies with improving fundamentals can attract greater institutional interest over time. The score applies equally to large caps, midcaps, and small caps, though comparing scores within the same sector or market cap segment can give more context.

Disclaimer: The above information is for educational purposes only and should not be considered investment advice.
What are the limitations of the Piotroski score?
Key limitations include its reliance on historical financial data, the fact that it does not consider valuation, sector-specific distortions for capital-intensive or financial companies, the static nature of the score (which changes with each result), and the absence of any qualitative inputs. The score does not capture management quality, competitive dynamics, or industry tailwinds.
How do I find Piotroski score stocks using a screener?
A Piotroski score screener allows you to filter stocks by their total score. On Tickertape, you can open the Stock Screener and set the Piotroski score filter to 7, 8, or 9 to shortlist high-scoring stocks. You can then combine this with other filters such as market cap, sector, P/E ratio, debt-to-equity, and return on equity to narrow the list further before conducting detailed research.
Are Piotroski score stocks always good investments?
Not necessarily. Piotroski score 9 stocks pass all nine financial health criteria and have strong balance sheet and profitability metrics. However, a perfect score does not guarantee future performance. A stock can score 9 and still be overvalued, operating in a declining sector, or facing regulatory or competitive headwinds. The score should be used as a starting point for research, not a final investment decision.

Disclaimer: The above information is for educational purposes only and should not be considered investment advice.
Does the Piotroski score work for all types of Indian companies?
The Piotroski score works best for manufacturing, services, and general industrial companies. It is less directly applicable to banks, NBFCs, and insurance companies, where balance sheet structures differ significantly from standard industrial companies. For these sectors, leverage criteria such as long-term debt ratios may not be as meaningful, and a sector-specific adjustment or alternative framework is usually more appropriate.

Disclaimer: The above information is for educational purposes only and should not be considered investment advice.
What are the advantages of using Piotroski Score Stocks?
Piotroski Score Stocks help investors filter companies based on financial strength. The score uses multiple checks, such as profits, cash flow, margins, debt, and efficiency. It can make stock screening easier by highlighting companies with healthier balance sheets and improving business performance.

Disclaimer: The above information is for educational purposes only and should not be considered investment advice.
What are the risks associated with Piotroski Score Stocks?
Piotroski Score Stocks may still carry risks. A high score does not guarantee valuation comfort, future returns, or business quality. The score is based on past financial data and may not capture recent developments, governance issues, sector pressure, low liquidity, or sudden changes in earnings.
Are Piotroski Score Stocks suitable for beginners?
Piotroski Score Stocks may be useful for beginners as a simple financial screening tool. However, beginners should not rely only on the score. They may also need to review valuation, revenue growth, cash flow, debt, management quality, sector trends, and market conditions.

Disclaimer: The above information is for educational purposes only and should not be considered investment advice.

Disclaimer: This article is for informational purposes only. The content of the article including securities/investment products mentioned if any, should not in any manner be construed as an investment advice, recommendation, offer, solicitation to buy/hold/sell any securities/investment products. The securities quoted if any, are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered financial advisor before investing.