SYNOPSIS: Several fundamentally strong midcap stocks with Piotroski scores up to 9 have corrected sharply, falling as much as 50 percent from their 52-week highs amid broader market weakness and shifting investor sentiment.
The Benchmark Indices rebounded to positive territory during Thursday’s morning session, with the Sensex increasing by 550.3 points, or 0.7 percent, touching an intraday high of 79,666.46. Similarly, the Nifty 50 index surged by 176.2 points, equivalent to a rise of 0.71 percent, to the day’s high at 24,656.7.
Amid this broader market weakness, several stocks have also witnessed sharp corrections from their recent highs. One of the key indicators often used by investors to assess a company’s financial strength is the Piotroski score, which evaluates nine financial parameters such as profitability, leverage, liquidity, and operating efficiency. The score ranges from 0 to 9, where 9 indicates the strongest financial position, while 0 reflects the weakest.
Against this backdrop, here are 6 midcap stocks that have corrected sharply by up to 50 percent from their 52-week highs despite maintaining strong Piotroski scores.
SRF Limited
With a market cap of Rs. 75,526 crores, shares of SRF are currently trading in the green at Rs. 2,547.9 on BSE, up by around 1 percent on Thursday. Further, the stock is currently trading at a discount of around 23 percent from its 52-week high of Rs. 3,319 recorded on 10th July 2025.
In terms of financial ratios, the company currently has a Return on Equity (RoE) of 10.4 percent, and a Return on Capital Employed (RoCE) of 12.3 percent, with a Piotroski score of 7. SRF Limited is primarily engaged in the business of manufacturing, purchasing, and selling technical textiles, chemicals, packaging films and other polymers.
Its chemicals segment comprises Specialty Chemicals and Fluorochemicals. Under Specialty Chemicals, SRF manufactures intermediates for agrochemicals, pharmaceuticals, and specialty applications, along with offering contract development and manufacturing services. The Fluorochemicals portfolio includes refrigerants, industrial chemicals, pharmaceutical inputs, propellants, and fluoropolymers.
Waaree Energies Limited
With a market cap of Rs. 75,503 crores, shares of Waaree Energies are currently trading in the red at Rs. 2,624.9 on BSE, down by around 0.3 percent on Thursday. Further, the stock is currently trading at a discount of around 32 percent from its 52-week high of Rs. 3,864.4 recorded on 12th September 2025.
In terms of financial ratios, the company currently has a Return on Equity (RoE) of 27.4 percent, and Return on Capital Employed (RoCE) of 34.9 percent, with a Piotroski score of 6.
Waaree Energies Limited, one of India’s leading renewable energy companies, is primarily engaged in the business of manufacturing solar photovoltaic (PV) modules, setting up projects in the solar space and the sale of electricity, panel manufacturing, EPC services, project development, and rooftop systems. It operates state-of-the-art manufacturing facilities with an installed capacity of 22.8 GW for solar PV modules and 5.4 GW for solar cells.
Dixon Technologies (India) Limited
With a market cap of Rs. 61,181.3 crores, shares of Dixon are currently trading in the red at Rs. 10,060.3 on BSE, down by around 1 percent on Thursday. Further, the stock is currently trading at a discount of around 46 percent from its 52-week high of Rs. 18,471.5 recorded on 25th September 2025.
In terms of financial ratios, the company currently has a Return on Equity (RoE) of 32.8 percent, and a Return on Capital Employed (RoCE) of 40 percent, with a Piotroski score of 7.
Dixon Technologies, one of the leading providers of Electronic Manufacturing Services (EMS) in India, is primarily involved in the business of manufacturing electronic goods such as consumer electronics like LED TVs, home appliances, lighting products, mobile phones, closed-circuit television cameras (CCTVs), refrigerators, telecom products, and others.
Suzlon Energy Limited
With a market cap of Rs. 54,172.5 crores, shares of Suzlon are currently trading in the red at Rs. 39.5 on BSE, down by over 1 percent on Thursday. Further, the stock is currently trading at a discount of around 47 percent from its 52-week high of Rs. 74.3 recorded on 30th May 2025.
In terms of financial ratios, the company currently has a Return on Equity (RoE) of 41.4 percent, and Return on Capital Employed (RoCE) of 32.5 percent, with a Piotroski score of 5.
Suzlon Energy Limited is primarily engaged in the business of manufacturing Wind Turbine Generators (WTGs) and the sale of related components of various capacities, project execution, power evacuation, Operation and Maintenance (O&M) of Wind Turbine Generators (WTGs) and power generation business.
The company is a leading global renewable energy solutions provider, with ~21.5 GW of wind energy capacity installed across 17 countries, an installed base of 15.5 GW of assets and an additional ~6 GW installed outside India. Its portfolio includes the advanced 2.x MW and 3.x MW series of wind turbines.
Godfrey Phillips India Limited
With a market cap of Rs. 31,448 crores, shares of Godfrey Phillips are currently trading in the green at Rs. 2,016.15 on BSE, up by over 1 percent on Thursday. Further, the stock is currently trading at a discount of around 49 percent from its 52-week high of Rs. 3,945 recorded on 16th September 2025.
In terms of financial ratios, the company currently has a Return on Equity (RoE) of 19.9 percent, and Return on Capital Employed (RoCE) of 26.3 percent, with a Piotroski score of 7.
Godfrey Phillips India Limited is one of the leading FMCG companies in India and is a part of the KK Modi Group. Additionally, it is a flagship company distribute the renowned Marlboro brand in India.
Hexaware Technologies Limited
With a market cap of Rs. 27,600 crores, shares of Hexaware Tech are currently trading in the red at Rs. 450.75 on BSE, down by over 1 percent on Thursday. Further, the stock is currently trading at a discount of around 50 percent from its 52-week high of Rs. 900.15 recorded on 9th July 2025.
In terms of financial ratios, the company currently has a Return on Equity (RoE) of 24.9 percent, and a Return on Capital Employed (RoCE) of 30 percent, with a Piotroski score of 5.
Hexaware Technologies Limited is actively involved in information technology consulting, software development, business process services (BPS), data and AI, cloud, digital IT operations, and enterprise platforms.
Its broad spectrum of service offerings encompasses application development and management, enterprise package solutions, infrastructure management, business intelligence and analytics, business process, digital assurance, testing, Generative AI, and sustainability
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