Piotroski Improvers: Indian Stocks Whose Financial Health Is Getting Stronger (Sep 2026)
Indian stocks with Piotroski 7+ AND growing revenue AND growing profit — strong forensic scores backed by real business momentum, ranked by profit growth.
Investors searching for piotroski score improving stocks india can use this screen to identify companies where a Piotroski score of at least 7/9 is supported by positive year-on-year revenue and profit growth. As of 15 Sep 2026, the seven qualifying stocks report PAT growth ranging from 10.91% to 149.68%, but their P/E ratios span a wide 22.18x to 525.24x—making further research essential.
Methodology
How This List Was Generated
Screened 7 stocks from the InvestSights screening dataset (6,000+ securities in the screening dataset).
Criteria: Stocks with Piotroski ≥7 AND growing revenue AND growing profits — companies where strong forensic scores are backed by real business momentum. These aren't just healthy on paper; they're actively improving.
Screen these stocks yourself — investsights.in/screener
The piotroski score improving stocks india screen combines three measurable conditions: a Piotroski score of 7/9 or 8/9, positive revenue growth and positive PAT growth. The stocks remain ordered by PAT growth, from PVR INOX at 149.68% to Oracle Financial Services Software at 10.91%.
A high Piotroski score is only the starting filter. Valuation, cash generation, leverage and return ratios vary substantially: the seven companies have P/E ratios between 22.18x and 525.24x, while reported free cash flow ranges from ₹-1,136.92 Cr to ₹2,834 Cr.
Summary: Piotroski Score Improving Stocks India
| # | Stock | Market Cap | Key Metric | P/E | Piotroski | Verdict |
|---|---|---|---|---|---|---|
| 1 | PVR INOX | ₹10,057.64 Cr | Revenue +14.99%; PAT +149.68% | 27.01x | 7/9 | Highest PAT growth; Altman Z at 1.33 |
| 2 | GMR Airports | ₹1,07,120.81 Cr | Revenue +42.18%; PAT +144.67% | 525.24x | 8/9 | Highest Piotroski score; negative FCF of ₹1,136.92 Cr |
| 3 | Jubilant FoodWorks | ₹33,535.10 Cr | Revenue +16.84%; PAT +103.30% | 68.37x | 7/9 | PAT more than doubled; D/E at 2.14 |
| 4 | Dr. Agarwal's Health Care | ₹14,267.43 Cr | Revenue +21.57%; PAT +59.59% | 96.57x | 7/9 | Strong growth; high P/E and 6.58% ROE |
| 5 | APL Apollo Tubes | ₹61,818.44 Cr | Revenue +15.42%; PAT +58.91% | 44.69x | 7/9 | 26.34% ROCE with D/E of 0.09 |
| 6 | Glenmark Pharmaceuticals | ₹60,371.22 Cr | Revenue +27.08%; PAT +30.06% | 44.17x | 7/9 | 29.55% ROCE and ₹1,941.45 Cr FCF |
| 7 | Oracle Financial Services Software | ₹60,401.62 Cr | Revenue +12.05%; PAT +10.91% | 22.18x | 7/9 | 40.06% ROCE and 5.86% dividend yield |
Individual Stock Analysis
1. PVR INOX Limited (PVRINOX) — ₹10,057.64 Cr
PVR INOX is classified under Communication Services and has a market capitalisation of ₹10,057.64 Cr. It leads the screen with PAT growth of 149.68%, supported by revenue growth of 14.99%, a Piotroski score of 7/9 and positive free cash flow of ₹1,769.20 Cr. Its P/E is 27.01x, while operating profitability and capital efficiency remain comparatively modest at a 12.41% OPM, 6.22% ROCE and 1.88% ROE. Key balance-sheet points requiring examination include D/E of 0.92 and an Altman Z-score of 1.33, despite a management credibility score of 72/100.
🔍 Full Analysis — investsights.in/stock/PVRINOX
2. GMR Airports Limited (GMRAIRPORT) — ₹1,07,120.81 Cr
GMR Airports is an Industrials company with a market capitalisation of ₹1,07,120.81 Cr, the largest among the seven screened stocks. Its Piotroski score of 8/9 is the highest on the list, while revenue increased 42.18% and PAT increased 144.67% year on year. The company also reports a 28.20% OPM and 9.93% ROCE, although ROE remains negative at -7.08%. Its 525.24x P/E, negative free cash flow of ₹1,136.92 Cr and reported D/E of -17.45 require detailed examination of earnings quality and the underlying balance-sheet structure.
🔍 Full Analysis — investsights.in/stock/GMRAIRPORT
3. Jubilant FoodWorks Limited (JUBLFOOD) — ₹33,535.10 Cr
Jubilant FoodWorks is classified under Consumer Cyclical and has a market capitalisation of ₹33,535.10 Cr. It qualifies with a Piotroski score of 7/9, revenue growth of 16.84% and PAT growth of 103.30%, alongside positive free cash flow of ₹883.62 Cr. Operating and shareholder-return measures stand at a 9.77% OPM, 15.42% ROCE and 18.69% ROE, while the P/E is 68.37x. The principal quantified risks are D/E of 2.14 and a management credibility score of 68/100, both of which merit attention when assessing the sustainability of the 103.30% profit increase.
🔍 Full Analysis — investsights.in/stock/JUBLFOOD
4. 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, with revenue growth of 21.57%, PAT growth of 59.59% and positive free cash flow of ₹68.38 Cr. The operating margin is 14.10%, but capital-return measures are lower at an 8.43% ROCE and 6.58% ROE. Its 96.57x P/E places substantial importance on future execution, while other figures to investigate include D/E of 0.53, FII ownership of 57.96% and a management credibility score of 72/100.
🔍 Full Analysis — investsights.in/stock/AGARWALEYE
5. APL Apollo Tubes Limited (APLAPOLLO) — ₹61,818.44 Cr
APL Apollo Tubes is classified under Basic Materials and has a market capitalisation of ₹61,818.44 Cr. The company combines a 7/9 Piotroski score with revenue growth of 15.42%, PAT growth of 58.91% and positive free cash flow of ₹1,341.22 Cr. Capital efficiency is a notable quantified feature, with ROCE at 26.34%, ROE at 22.71%, D/E at 0.09 and an Altman Z-score of 12.77. Areas requiring further scrutiny include its 44.69x P/E, 6.81% operating margin and management credibility score of 58/100.
🔍 Full Analysis — investsights.in/stock/APLAPOLLO
6. Glenmark Pharmaceuticals Limited (GLENMARK) — ₹60,371.22 Cr
Glenmark Pharmaceuticals is a Healthcare company with a market capitalisation of ₹60,371.22 Cr. Its 7/9 Piotroski score is backed by revenue growth of 27.08%, PAT growth of 30.06% and positive free cash flow of ₹1,941.45 Cr. The company reports a 23.55% OPM, 29.55% ROCE and 12.96% ROE, alongside low D/E of 0.06 and an Altman Z-score of 6.70. The 44.17x P/E should be assessed against the 30.06% PAT growth rate, while the dividend yield is 0.23%.
🔍 Full Analysis — investsights.in/stock/GLENMARK
7. Oracle Financial Services Software Limited (OFSS) — ₹60,401.62 Cr
Oracle Financial Services Software is classified under Technology and has a market capitalisation of ₹60,401.62 Cr. It enters the screen with a Piotroski score of 7/9, revenue growth of 12.05%, PAT growth of 10.91% and free cash flow of ₹2,834 Cr—the highest reported FCF among the seven names. Its operating and return profile includes a 44.47% OPM, 40.06% ROCE, 33.72% ROE, D/E of 0.00 and an Altman Z-score of 30.33; its P/E is 22.18x and dividend yield is 5.86%. The main quantified points for deeper review are the list’s lowest PAT growth of 10.91% and a management credibility score of 48/100.
🔍 Full Analysis — investsights.in/stock/OFSS
What This List Doesn't Tell You
This screen uses year-on-year revenue and PAT growth plus current forensic and financial ratios as of 15 Sep 2026, so it does not establish that each company’s Piotroski score itself increased from an earlier period. It also cannot capture market developments after 15 Sep 2026 or fully adjust for sector differences—for example, Oracle Financial Services Software has a 44.47% OPM, while APL Apollo Tubes has a 6.81% OPM.
The piotroski score improving stocks india filter also does not remove valuation or balance-sheet risk: GMR Airports trades at 525.24x earnings with ₹-1,136.92 Cr FCF, while PVR INOX has an Altman Z-score of 1.33. Management credibility scores are available for only five of the seven companies and range from 48/100 to 72/100.
How to Use This List
Treat these seven companies as a research starting point rather than a ready-made investment list. Begin by verifying what drove PAT growth ranging from 10.91% to 149.68%, whether that growth is reflected in cash flow ranging from ₹-1,136.92 Cr to ₹2,834 Cr, and whether the underlying drivers are repeatable.
Next, compare valuation with operating performance rather than relying on the 7/9 or 8/9 Piotroski score alone. The P/E range of 22.18x to 525.24x, D/E range of -17.45 to 2.14 and ROE range of -7.08% to 33.72% show why every piotroski score improving stocks india candidate requires company-specific due diligence.
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🎙️ Read management commentary — investsights.in/stock/SYMBOL?tab=concall
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.