Trace Score

This company's price-to-book ratio is 14.7, which places it in the lowest fifth of book-to-market values in the Nifty 500 — the range academic work labels growth.

The Piotroski F-Score above was developed and tested by Piotroski (2000) on high book-to-market (value) companies. Mohanram (2005) published a separate eight-signal score for low book-to-market (growth) companies, arguing that growth firms have different characteristics that call for different signals.

StockProof does not compute Mohanram's score: two of its eight signals require research-and-development and advertising expenditure, and neither figure is published in NSE's XBRL filings for this market.

This note reports a published methodological distinction. It is not an assessment of this company, is not a view on whether the F-Score is reliable here, and is not a recommendation.

The composite is the equal-weighted mean of whichever of the four components could be computed — never a fixed denominator, so an unavailable component re-weights the rest rather than counting as zero (the same principle Piotroski uses among its own criteria). A minimum of 2 of 4 components must be computable before any number is shown at all. Equal weight is per component, not per underlying criterion: Piotroski's 9 sub-criteria versus Growth's 2 is an accident of an external methodology, not a StockProof judgement about relative importance. Margin Trend and ROCE Trajectory are shown on the detail page but excluded here (they restate what Piotroski's own criteria already test); P/E is excluded as a valuation signal, not a quality one.