Highest Piotroski Score Stocks in India (Sep 2026): F-Score 7 to 9
Indian stocks scoring 7 to 9 of 9 on the Piotroski F-Score — strong profitability, improving leverage, operating efficiency — ₹5,000 Cr+ market cap, best first.
Investors researching piotroski score stocks India can use this 15-stock screen to identify companies with F-Scores of 7, 8 or 9 out of 9 as of 15 Sep 2026. The list narrows a screening universe of 6,000+ securities using profitability, leverage and operating-efficiency signals, while valuation, cash flow and business risks still require separate analysis.
Methodology
How This List Was Generated
Screened 15 stocks from the InvestSights screening dataset (6,000+ securities in the screening dataset).
Criteria: Stocks scoring 7, 8 or 9 out of 9 on Piotroski's financial health checklist, ranked highest score first. High scores indicate strong profitability, improving leverage, and positive operating efficiency signals.
Screen these stocks yourself — investsights.in/screener
Piotroski Score Stocks India: Summary Table
| # | Stock | Market Cap | Key Metric | P/E | Piotroski | Verdict |
|---|---|---|---|---|---|---|
| 1 | Bharti Hexacom | ₹80,745.00 Cr | ROCE 20.39%; FCF ₹2,580.00 Cr | 43.53x | 9/9 | Highest score; 43.53x valuation |
| 2 | GMR Airports | ₹1,07,120.81 Cr | Revenue growth 42.18% | 525.24x | 8/9 | Strong score; FCF ₹-1,136.92 Cr |
| 3 | Bharti Airtel | ₹10,76,210.36 Cr | FCF ₹62,756.50 Cr | 38.78x | 7/9 | Large FCF; PAT growth -20.45% |
| 4 | HCL Technologies | ₹3,78,358.44 Cr | ROCE 26.53%; yield 4.02% | 21.83x | 7/9 | Low D/E 0.07x; PAT growth -4.56% |
| 5 | Varun Beverages | ₹1,54,206.40 Cr | PAT growth 17.03% | 54.55x | 7/9 | Positive growth; 54.55x valuation |
| 6 | Dr. Reddy's Laboratories | ₹1,07,892.51 Cr | FCF ₹3,050.90 Cr | 24.38x | 7/9 | Positive FCF; PAT growth -24.22% |
| 7 | APL Apollo Tubes | ₹61,818.44 Cr | PAT growth 58.91% | 44.69x | 7/9 | ROCE 26.34%; OPM 6.81% |
| 8 | Oracle Financial Services Software | ₹60,401.62 Cr | ROCE 40.06%; yield 5.86% | 22.18x | 7/9 | Highest ROCE at 40.06% |
| 9 | Glenmark Pharmaceuticals | ₹60,371.22 Cr | PAT growth 30.06% | 44.17x | 7/9 | Strong growth; 44.17x valuation |
| 10 | Embassy Office Parks REIT | ₹40,241.40 Cr | OPM 49.97%; yield 5.82% | 117.69x | 7/9 | High margin; PAT growth -79.16% |
| 11 | Jubilant FoodWorks | ₹33,535.10 Cr | PAT growth 103.30% | 68.37x | 7/9 | Strong PAT growth; D/E 2.14x |
| 12 | AWL Agri Business | ₹24,532.66 Cr | FCF ₹1,659.27 Cr | 22.08x | 7/9 | Positive FCF; OPM 2.54% |
| 13 | CIE Automotive India | ₹18,361.14 Cr | D/E 0.06x | 19.45x | 7/9 | Low leverage; PAT growth 0.08% |
| 14 | Dr. Agarwal's Health Care | ₹14,267.43 Cr | PAT growth 59.59% | 96.57x | 7/9 | Strong growth; 96.57x valuation |
| 15 | Birlasoft | ₹10,868.14 Cr | ROCE 18.05%; D/E 0.03x | 17.94x | 7/9 | Low leverage; revenue growth -1.21% |
Individual Stock Analysis
1. Bharti Hexacom Limited
Bharti Hexacom Limited (BHARTIHEXA) — ₹80,745.00 Cr
Bharti Hexacom is a communication-services company with an operating profit margin of 28.62%. It leads the screen with a Piotroski score of 9/9, supported by ROCE of 20.39% and ROE of 24.19%. Revenue grew 9.43% year on year, PAT rose 16.04%, and free cash flow was ₹2,580.00 Cr. The principal valuation consideration is its P/E of 43.53x, alongside D/E of 0.86x.
🔍 Full Analysis — investsights.in/stock/BHARTIHEXA
2. GMR Airports Limited
GMR Airports Limited (GMRAIRPORT) — ₹1,07,120.81 Cr
GMR Airports is classified in the industrials sector and has an operating profit margin of 28.20%. Its Piotroski score of 8/9 accompanies revenue growth of 42.18% and PAT growth of 144.67%. FII ownership stands at 21.74%, while promoter ownership is 67.16%. Key financial risks include a 525.24x P/E, negative ROE of 7.08% and free cash flow of ₹-1,136.92 Cr.
🔍 Full Analysis — investsights.in/stock/GMRAIRPORT
3. Bharti Airtel Limited
Bharti Airtel Limited (BHARTIARTL) — ₹10,76,210.36 Cr
Bharti Airtel is a communication-services company with a market capitalisation of ₹10,76,210.36 Cr and OPM of 31.74%. Its 7/9 Piotroski score is accompanied by revenue growth of 21.96%, ROCE of 17.73% and ROE of 17.91%. Free cash flow was ₹62,756.50 Cr, the largest figure among these 15 stocks. Investors should examine PAT growth of -20.45%, D/E of 1.31x and a management credibility score of 44/100.
🔍 Full Analysis — investsights.in/stock/BHARTIARTL
4. HCL Technologies Limited
HCL Technologies Limited (HCLTECH) — ₹3,78,358.44 Cr
HCL Technologies is a technology company with a market capitalisation of ₹3,78,358.44 Cr. Its 7/9 Piotroski score comes with ROCE of 26.53%, ROE of 22.14% and D/E of only 0.07x. The company generated free cash flow of ₹19,778.00 Cr and offers a dividend yield of 4.02%. The counterpoint is PAT growth of -4.56%, despite revenue growth of 10.07%.
🔍 Full Analysis — investsights.in/stock/HCLTECH
5. Varun Beverages Limited
Varun Beverages Limited (VBL) — ₹1,54,206.40 Cr
Varun Beverages is a consumer-defensive company with OPM of 17.68% and market capitalisation of ₹1,54,206.40 Cr. Its 7/9 Piotroski score is supported by revenue growth of 8.39% and PAT growth of 17.03%. ROCE was 17.83%, ROE was 15.51%, and D/E remained at 0.13x. The key valuation risk is a P/E of 54.55x, while free cash flow was ₹708.44 Cr.
🔍 Full Analysis — investsights.in/stock/VBL
6. Dr. Reddy's Laboratories Limited
Dr. Reddy's Laboratories Limited (DRREDDY) — ₹1,07,892.51 Cr
Dr. Reddy's Laboratories is a healthcare company with a market capitalisation of ₹1,07,892.51 Cr. Its Piotroski score is 7/9, with ROCE of 11.28%, ROE of 11.36% and D/E of 0.24x. Free cash flow remained positive at ₹3,050.90 Cr, while its Altman Z-score was 5.09. The main operating concern is PAT growth of -24.22%, alongside relatively modest revenue growth of 3.19%.
🔍 Full Analysis — investsights.in/stock/DRREDDY
7. APL Apollo Tubes Limited
APL Apollo Tubes Limited (APLAPOLLO) — ₹61,818.44 Cr
APL Apollo Tubes is a basic-materials company with a market capitalisation of ₹61,818.44 Cr. Its 7/9 Piotroski score accompanies PAT growth of 58.91% and revenue growth of 15.42%. ROCE was 26.34%, ROE reached 22.71%, and D/E was 0.09x. The key area to monitor is its 6.81% operating margin, together with a P/E of 44.69x.
🔍 Full Analysis — investsights.in/stock/APLAPOLLO
8. Oracle Financial Services Software Limited
Oracle Financial Services Software Limited (OFSS) — ₹60,401.62 Cr
Oracle Financial Services Software is a technology company with OPM of 44.47% and a market capitalisation of ₹60,401.62 Cr. Its 7/9 Piotroski score is paired with ROCE of 40.06% and ROE of 33.72%. The company reported revenue growth of 12.05%, PAT growth of 10.91%, free cash flow of ₹2,834.00 Cr and a dividend yield of 5.86%. Ownership concentration deserves scrutiny because promoter ownership is 72.41%, while D/E is just 0.00x.
🔍 Full Analysis — investsights.in/stock/OFSS
9. Glenmark Pharmaceuticals Limited
Glenmark Pharmaceuticals Limited (GLENMARK) — ₹60,371.22 Cr
Glenmark Pharmaceuticals is a healthcare company with a market capitalisation of ₹60,371.22 Cr and OPM of 23.55%. Its 7/9 Piotroski score accompanies revenue growth of 27.08% and PAT growth of 30.06%. ROCE was 29.55%, D/E was 0.06x, and free cash flow reached ₹1,941.45 Cr. Valuation remains an important consideration at a P/E of 44.17x, compared with ROE of 12.96%.
🔍 Full Analysis — investsights.in/stock/GLENMARK
10. Embassy Office Parks REIT
Embassy Office Parks REIT (EMBASSY) — ₹40,241.40 Cr
Embassy Office Parks REIT is a real-estate vehicle with a market capitalisation of ₹40,241.40 Cr and OPM of 49.97%. Its Piotroski score is 7/9, while revenue grew 16.84% and free cash flow was ₹355.46 Cr. The distribution-oriented metric is a dividend yield of 5.82%. Major risk indicators include PAT growth of -79.16%, P/E of 117.69x, D/E of 1.08x and an Altman Z-score of 0.98.
🔍 Full Analysis — investsights.in/stock/EMBASSY
11. Jubilant FoodWorks Limited
Jubilant FoodWorks Limited (JUBLFOOD) — ₹33,535.10 Cr
Jubilant FoodWorks is a consumer-cyclical company with a market capitalisation of ₹33,535.10 Cr. Its 7/9 Piotroski score accompanies PAT growth of 103.30% and revenue growth of 16.84%. ROCE was 15.42%, ROE was 18.69%, and free cash flow stood at ₹883.62 Cr. The financial and valuation risks are D/E of 2.14x, P/E of 68.37x and OPM of 9.77%.
🔍 Full Analysis — investsights.in/stock/JUBLFOOD
12. AWL Agri Business Ltd.
AWL Agri Business Ltd. (AWL) — ₹24,532.66 Cr
AWL Agri Business is a consumer-defensive company with a market capitalisation of ₹24,532.66 Cr. Its Piotroski score of 7/9 is accompanied by revenue growth of 17.37% and free cash flow of ₹1,659.27 Cr. ROCE was 15.36%, D/E was 0.78x, and promoter ownership stood at 56.94%. Investors should examine its 2.54% OPM, PAT growth of -14.94% and dividend yield of 0.00%.
🔍 Full Analysis — investsights.in/stock/AWL
13. CIE Automotive India Limited
CIE Automotive India Limited (CIEINDIA) — ₹18,361.14 Cr
CIE Automotive India is a consumer-cyclical company with a market capitalisation of ₹18,361.14 Cr. Its 7/9 Piotroski score comes with D/E of 0.06x, free cash flow of ₹877.37 Cr and an Altman Z-score of 3.77. The stock has a P/E of 19.45x, ROCE of 12.22% and dividend yield of 1.64%. The growth profile is restrained, with revenue growth of 4.94% and PAT growth of only 0.08%.
🔍 Full Analysis — investsights.in/stock/CIEINDIA
14. Dr. Agarwal's Health Care Limited
Dr. Agarwal's Health Care Limited (AGARWALEYE) — ₹14,267.43 Cr
Dr. Agarwal's Health Care is a healthcare company with a market capitalisation of ₹14,267.43 Cr. Its Piotroski score is 7/9, supported by revenue growth of 21.57% and PAT growth of 59.59%. FII ownership stands at 57.96%, while management credibility is scored at 72/100. Key considerations are a P/E of 96.57x, ROCE of 8.43%, ROE of 6.58% and free cash flow of ₹68.38 Cr.
🔍 Full Analysis — investsights.in/stock/AGARWALEYE
15. Birlasoft Limited
Birlasoft Limited (BSOFT) — ₹10,868.14 Cr
Birlasoft is a technology company with a market capitalisation of ₹10,868.14 Cr and OPM of 14.80%. Its 7/9 Piotroski score accompanies ROCE of 18.05%, D/E of 0.03x and an Altman Z-score of 6.16. The company generated free cash flow of ₹479.85 Cr and trades at a P/E of 17.94x. The principal operating risk is revenue growth of -1.21%, while PAT growth was limited to 0.31%.
🔍 Full Analysis — investsights.in/stock/BSOFT
What This List Doesn't Tell You
A 7/9, 8/9 or 9/9 Piotroski score is based on backward-looking financial signals and does not capture every valuation, governance or industry-specific risk as of 15 Sep 2026. The variation within this list—from OFSS’s 40.06% ROCE to Embassy REIT’s 5.17% ROCE, and from HCL Technologies’ 21.83x P/E to GMR Airports’ 525.24x P/E—shows why identical or similar F-Scores can mask very different financial profiles.
Market conditions can also affect sectors differently: this 15-stock list spans communication services, industrials, technology, consumer defensive, healthcare, basic materials, real estate and consumer cyclical businesses. The absence of a Beneish M-score for all 15 entries means the 7-to-9 F-Score screen should not be treated as a complete forensic assessment.
How to Use This List
Treat these piotroski score stocks India results as a research starting point rather than a ready-made portfolio: all 15 companies clear the 7/9 threshold, but their P/E ratios, leverage, growth and cash flows differ materially. Compare each company’s latest 7/9-to-9/9 score with its valuation, cash conversion, debt, ownership and sector economics before reaching an investment decision.
🔍 Screen stocks yourself — investsights.in/screener
🔬 Check forensic health — investsights.in/stock/SYMBOL?tab=forensic
🎙️ Read management commentary — investsights.in/stock/SYMBOL?tab=concall
For investors tracking piotroski score stocks India, periodic re-screening is important because revenue growth, PAT growth, leverage and operating-efficiency inputs can change after each financial reporting period.
Disclaimer
This list is for informational and educational purposes only. It does not constitute investment advice. Consult a SEBI-registered investment advisor before making investment decisions. Data as of the most recent screener refresh on InvestSights.
Related: All curated stock lists · Stock screener · Methodology & data sourcing
InvestSights is an analytics platform and is not SEBI-registered as a Research Analyst or Investment Adviser. All figures are educational, descriptive data — not investment advice. Consult a SEBI-registered adviser before investing.