Synopsis: There are shares currently trading in our market which have gained FII’s investment and, moreover, have a Piotroski score of 9 out of 9. This article explores these companies.
The Piotroski score is a financial metric developed by accounting professor Joseph Piotroski to measure the strength of a company’s fundamentals by analysing its financial statements. It uses nine criteria related to profitability, leverage, liquidity, and operating efficiency, assigning a score between 0 and 9.
Companies with higher Piotroski scores are generally considered financially healthy and potentially better investment candidates, especially among value stocks. The following are the stocks with a score of upto 9
KPIT tech
KPIT is a global technology company with software solutions that will help mobility leapfrog towards an autonomous, clean, smart and connected future. With 13000+ Automobelievers across the globe, specialising in embedded software, AI & digital solutions, KPIT enables customers to accelerate the implementation of next-generation mobility technologies. With development centres in Europe, the USA, Japan, China, Thailand and India.
With a market cap of Rs 32,782 crore, the shares of KPIT Technologies Ltd are trading at Rs 1,196 and have given a return of 1,050% over the last 5 years. The shares have a Piotroski score of 9 out of 9, and 14.31% of its shares are backed by FIIs, which includes names like Massachusetts Institute of Technology with a 3.11% stake.
National Aluminium Company Ltd
The company is a Navaratna Central Public Sector Enterprise under the Ministry of Mines. It is one of the largest integrated bauxite-alumina-aluminium-power complexes in India and one of the largest integrated primary producers of aluminium in Asia.
With a market cap of Rs 47,348 crore, the shares of National Aluminium Company Ltd are trading at Rs 258 and have given a return of 618% over the last 5 years. The shares have a Piotroski score of 9 out of 9, and 16.22% of its shares are backed by FIIs, which includes several foreign portfolio investors of both categories 1 and 2.
The company has a fully integrated aluminium setup, starting right from the source. It begins with 7.5 MTPA of bauxite mining, which feeds into a 2.1 MTPA alumina refinery. From there, the material moves to an aluminium smelter with a 0.46 MTPA capacity. To keep everything running smoothly, the operations are backed by a 1,200 MW captive power plant and 4 MTPA of coal from Utkal D & E. Together, these pieces form a well-connected, self-reliant value chain that supports efficient aluminium production.
MCX Ltd – Multi Commodity Exchange of India Ltd
The MCX, which commenced operation in Nov 2003, is India’s first listed, national-level, electronic exchange and India’s leading commodity derivatives exchange, which offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. The Exchange operates under SEBI.
With a market cap of Rs 50,277 crore, the shares of Multi Commodity Exchange of India Ltd are trading at Rs 9,858 and have given a return of 512% over the last 5 years. The shares have a Piotroski score of 9 out of 9, and 19% of its shares are backed by FIIs, which includes names like Government Pension Fund Global with 3.26%.
MCX is very dominant in India’s commodity futures space, holding a massive 98.8% market share in H1 FY25-26, while NCDEX and others make up only a tiny slice. Looking at MCX’s own turnover for Q2 FY25-26, trading is clearly driven by precious metals—gold leads with 48.72%, followed by silver at 27.39%. Energy contracts also see strong activity, with natural gas at 12.83% and crude oil at 4.93%. In comparison, base metals like aluminium, zinc, lead, and copper contribute only small percentages. Overall, the numbers show that traders on MCX are most active in gold, silver, and energy products.
Written by Leon Mendonca.
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