4 Financially Strong Mid-cap stocks with a high Piotroski score of 9; Do you hold any?

Synopsis: Financially strong mid-cap stocks like Force Motors, Ipca Laboratories, MCX, and NACL stand out with a perfect Piotroski Score of 9, reflecting robust fundamentals and consistent financial performance.

Piotroski Score is a widely used financial metric that evaluates a company’s fundamental strength based on nine key criteria, including profitability, leverage, liquidity, and operating efficiency. A score of 9 indicates exceptional financial health and strong balance sheet quality. 

In this context, identifying financially strong mid-cap stocks with a perfect Piotroski Score highlights companies that combine growth potential with robust fundamentals, making them attractive candidates for long-term investors.

Here are a few financially strong Mid-cap stocks that have a high Piotroski score of 9

Force Motors Limited

With a market capitalization of Rs. 28,757.68 crore, the shares of Force Motors Limited closed on Monday at Rs. 22,065.45 per equity share, down nearly 2.44 percent from its previous day’s close price of Rs. 22,618.15. 

Force Motors Limited has a high Piotroski score of 9, and the company’s ROCE and ROE stand at 30.0 percent and 20.8 percent, respectively. Force Motors Limited has an earnings per share (EPS) of Rs. 1,038, and it is a debt-free company.

Coming into financial highlights, Force Motors Limited’s revenue has increased from Rs. 1,889 crore in Q3 FY25 to Rs. 2,129 crore in Q3 FY26, which has grown by 12.71 percent. The net profit has also grown by 253.04 percent from Rs. 115 crore in Q3 FY25 to Rs. 406 crore in Q3 FY26.

Force Motors Limited is an Indian automotive manufacturer based in Pune, founded in 1958 and formerly known as Bajaj Tempo. It produces light commercial vehicles such as vans and multi‑utility vehicles, passenger‑vehicle SUVs, and diesel engines, and also supplies auto components to OEMs. The company exports to markets in the Middle East, Asia, Latin America, and Africa.

Ipca Laboratories Limited

With a market capitalization of Rs. 36,799.61 crore, the shares of Ipca Laboratories Limited closed on Monday at Rs. 1,450.75 per equity share, down nearly 0.37 percent from its previous day’s close price of Rs. 1,456.10. 

Ipca Laboratories Limited has a high Piotroski score of 9, and the company’s ROCE and ROE stand at 14.7 percent and 12.8 percent, respectively. Ipca Laboratories Limited has an earnings per share (EPS) of Rs. 35.9, and its debt-to-equity ratio is 0.17x.

Coming into financial highlights, Ipca Laboratories Limited’s revenue has increased from Rs. 2,245 crore in Q3 FY25 to Rs. 2,392 crore in Q3 FY26, which has grown by 6.55 percent. The net profit has also grown by 31.88 percent from Rs. 276 crore in Q3 FY25 to Rs. 364 crore in Q3 FY26.

Ipca Laboratories Limited is a Mumbai‑based multinational pharmaceutical company fully integrated in research, manufacturing, and marketing. It manufactures over 350 formulations and around 80 active pharmaceutical ingredients (APIs) across pain management, rheumatology, anti‑infectives, and chronic‑disease segments, with a strong presence in both India and global markets.

Multi Commodity Exchange of India Limited

With a market capitalization of Rs. 70,542.22 crore, the shares of Multi Commodity Exchange of India Limited closed on Monday at Rs. 2,766.45 per equity share, rising nearly 3.68 percent from its previous day’s close price of Rs. 2,668.20. 

Multi Commodity Exchange of India Limited has a high Piotroski score of 9, and the company’s ROCE and ROE stand at 42.9 percent and 34.3 percent, respectively. Multi Commodity Exchange of India Limited has an earnings per share (EPS) of Rs. 36.8, and its almost debt-free company.

Coming into financial highlights, Multi Commodity Exchange of India Limited’s revenue has increased from Rs. 301 crore in Q3 FY25 to Rs. 666 crore in Q3 FY26, which has grown by 121.26 percent. The net profit has also grown by 150.63 percent from Rs. 160 crore in Q3 FY25 to Rs. 401 crore in Q3 FY26.

Multi Commodity Exchange of India Limited (MCX) is India’s largest commodity derivatives exchange, established in 2003 and based in Mumbai. It provides electronic trading in metals, energy, agri‑commodities, and other assets, offering price discovery and hedging opportunities under SEBI regulation and holding a dominant share in India’s commodity-futures market.

National Aluminium Company Limited

With a market capitalization of Rs. 76,725.29 crore, the shares of National Aluminium Company Limited closed on Monday at Rs. 417.75 per equity share, down nearly 0.18 percent from its previous day’s close price of Rs. 417.00. 

National Aluminium Company Limited has a high Piotroski score of 9, and the company’s ROCE and ROE stand at 44.0 percent and 32.7 percent, respectively. National Aluminium Company Limited has an earnings per share (EPS) of Rs. 33.4, and its almost debt-free company.

Coming into financial highlights, National Aluminium Company Limited’s revenue has increased from Rs. 4,662 crore in Q3 FY25 to Rs. 4,731 crore in Q3 FY26, which has grown by 1.48 percent. The net profit has also grown by 1.85 percent from Rs. 1,566 crore in Q3 FY25 to Rs. 1,595 crore in Q3 FY26.

National Aluminium Company Limited (NALCO) is a Navratna public‑sector enterprise under the Ministry of Mines, incorporated in 1981. It is one of India’s largest integrated bauxite–alumina–aluminium–power complexes and a major aluminium producer in Asia, with mining, refining, smelting, and power‑generation operations spread across Odisha and other states.

Written By – Nikhil Naik

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