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Fri, 25 Sep 2026
1431 companies · 1452 sector slots · 21 sectors · 18 below Rs1000cr and not scanned · long-term lens

Trend Spotlight

USFDA classifies Granules India's Gagillapur plant "Official Action Indicated," with one repeat finding from 2023.

A late-August/early-September USFDA inspection of Granules India's Hyderabad (Gagillapur) unit resulted in an Official Action Indicated classification, including a repeat observation from a January 2023 inspection — sources disagree on the total observation count (5 vs 6). This is a credible, confirmed regulatory finding rather than an unconfirmed report, though the ultimate consequence (a warning letter or import restriction) is not yet known; it bears directly on the pending HOLD->QUALITY-WAIT call review.

Day ahead

GIFT Nifty points to a positive open; oil eases on Hormuz reopening hopes, but the rupee stays pinned near record lows.

GIFT Nifty was trading roughly 0.6% above Friday's close, implying a gap-up open, after Wall Street closed higher Friday (S&P 500 +0.51%, Dow +0.93%, snapping a three-week losing streak) on hopes Iran may return to talks that could reopen the Strait of Hormuz — Brent eased to around $104/bbl from a near-$106 intraday high but remains up roughly 20% over the past month. USD/INR stays near 96, a record-weak level, and there is no RBI or CPI catalyst due today (next MPC meeting Oct 5-7; September CPI due Oct 12).

Calls this session

A change to anything but AVOID publishes only after two consecutive sessions say the same thing; AVOID publishes at once.

Sector stance changed (1)

Published this session (3)

new
unconfirmed: business, sector
Unconfirmed: business, sector not checked — Weighted average rating 4.18/5 including quality and value — the rare combination.
new
Weighted average rating 4.07/5 including quality and value — the rare combination.
new
Good business, bad price today (Value 2/5) — PEG 4.59; P/E cheaper than 31% of sector peers (P/E 34.87); EV/EBITDA 16.1, B/M 1.198. Watch for a better entry.

Awaiting a second session (18)

TickerClosePublished PendingNote
AJAXENGG ₹607.75 HOLD → QUALITY-WAIT if next session holds
ANTELOPUS ₹1,261.70 HOLD → QUALITY-WAIT if next session holds
ARTEMISMED ₹357.70 BUY → QUALITY-WAIT if next session holds
AXISBANK ₹1,222.40 AVOID → HOLD if next session holds
CCAVENUE ₹15.89 BUY → HOLD if next session holds
DEEPINDS ₹781.10 HOLD → BUY if next session holds
ENDURANCE ₹2,645.90 QUALITY-WAIT → HOLD if next session holds
GALLANTT ₹545.10 QUALITY-WAIT → HOLD if next session holds
GULFOILLUB ₹1,106.60 HOLD → QUALITY-WAIT if next session holds
INDOTECH ₹3,177.70 QUALITY-WAIT → HOLD if next session holds
JLHL ₹265.65 QUALITY-WAIT → BUY if next session holds
KDDL ₹4,033.40 QUALITY-WAIT → HOLD if next session holds
KISSHT ₹348.40 BUY → HOLD if next session holds
MUTHOOTFIN ₹2,835.00 BUY → HOLD if next session holds
NELCAST ₹118.39 BUY → HOLD if next session holds
RECLTD ₹312.95 BUY → HOLD if next session holds
SHRIPISTON ₹4,746.80 HOLD → QUALITY-WAIT if next session holds
SUNDARMFIN ₹4,508.00 AVOID → HOLD if next session holds

Reporting today

No tracked name reports today.

Coming up

Source: NSE event calendar, filtered to the 1431 tracked names.

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 23,140.50 ▲ +77.40 ▲ +0.34% 19.56 2.80
Nifty Next 50 71,778.65 ▲ +397.20 ▲ +0.56% 18.97 3.19
Nifty 500 22,603.50 ▲ +50.90 ▲ +0.23% 21.90 3.13
Nifty Bank 55,580.40 ▲ +141.90 ▲ +0.26% 13.15 1.66
NIFTY Midcap 100 60,906.00 ▼ -84.15 ▼ -0.14% 29.35 4.13
▲ 1358 advancing ■ 38 unchanged ▼ 1259 declining of 2655 equities, vs the 2026-09-24 close
Cash market, ₹ crore
FII / FPI net
▼ -3,693.93
bought 12,327 · sold 16,021
DII net
▲ +2,838.17
bought 14,036 · sold 11,198
FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20260925 (levels, index P/E and P/B) and the full-market bhavcopy (breadth).

Index P/E from NSE's official daily index file.

Since We Flagged

The desk's track record — the FIRST call made on each standing name, against its call today. Entry price is the close on the day of that first call, read from the cached bhavcopy for that date. "Unchanged" means the original call still stands.

CompanyFirst flaggedVerdict then Verdict nowAt flagNow Move
STL Networks LtdSTLNETWORK Tue, 18 Aug 2026 AVOID unchanged ₹25.68 ₹54.61 ▲ +112.7%
Tribhovandas Bhimji Zaveri LtdTBZ Tue, 18 Aug 2026 BUY HOLD ₹251.05 ₹520.00 ▲ +107.1%
Raymond LtdRAYMOND Tue, 18 Aug 2026 HOLD unchanged ₹625.00 ₹1,196.65 ▲ +91.5%
Waterways Leisure Tourism LimitedCORDELIA Tue, 18 Aug 2026 HOLD unchanged ₹830.00 ₹105.21 ▼ -87.3%
TCC Concept LtdTCC Tue, 18 Aug 2026 HOLD unchanged ₹253.05 ₹50.75 ▼ -79.9%
Indo Rama Synthetics (India) LtdINDORAMA Tue, 18 Aug 2026 AVOID HOLD ₹56.81 ₹99.36 ▲ +74.9%
India Glycols LtdINDIAGLYCO Tue, 18 Aug 2026 BUY HOLD ₹1,139.20 ₹309.90 ▼ -72.8%
Shanthi Gears LtdSHANTIGEAR Tue, 18 Aug 2026 HOLD unchanged ₹388.95 ₹666.55 ▲ +71.4%
Kabra Extrusion Technik LtdKABRAEXTRU Tue, 18 Aug 2026 AVOID unchanged ₹512.60 ₹846.40 ▲ +65.1%
Technocraft Ventures LtdTECHNOCRAF Tue, 18 Aug 2026 HOLD unchanged ₹304.79 ₹491.05 ▲ +61.1%
Quadrant Future Tek LtdQUADFUTURE Tue, 18 Aug 2026 AVOID unchanged ₹341.00 ₹547.50 ▲ +60.6%
Goodluck India LtdGOODLUCK Tue, 18 Aug 2026 BUY HOLD ₹1,330.00 ₹525.65 ▼ -60.5%

1419 more standing calls with history are not shown — this table is the 12 that have moved most since we flagged them.

Source: data/state.json (call memory) × data/prices/<date>.json.

Top Stories

Engineers India's actual order book (₹14,424cr) lands below the ~₹17,000cr figure claimed last session Construction & Materials

As of Q2 FY27 (30 June 2026), EIL's order book stood at ₹14,424cr, below the ~₹17,000cr open claim, with YTD inflows of ~₹2,750cr trailing the ₹8,000cr full-year guided pace — though three quarters remain and this isn't yet a confirmed stall. Sources also disagree on the size ($360m vs $450m+) and country (Nigeria vs Kenya) of the Dangote contract(s) driving the pipeline, likely reflecting two separate, sequential awards.

ENGINERSIN

Artemis Medicare hits an all-time high as InCred initiates Buy and its credit rating is reaffirmed Healthcare & Hospitals

Artemis Medicare surged 14% on 25 Sept (+40% YTD, +87% from its April low) on heavy volumes; InCred initiated coverage with a Buy and ₹437 target, CARE reaffirmed the company's credit rating (CARE A Stable) on 24 Sept with no downgrade, and the Raipur hospital began operations in July 2026. This runs against, not toward, the pending BUY->QUALITY-WAIT flip on the table.

ARTEMISMED

Antelopus Selan Energy rallies again after winning two new hydrocarbon contract areas Energy & Power

The government awarded Antelopus two new contract areas (KG basin, Andhra Pradesh; Cambay basin, Gujarat) on 31 Aug 2026, and the stock has since made repeated new highs, including +11.23% on 25 Sept, with Q1 FY27 net profit up 384% YoY on revenue up 157%. This is a strong positive directly answering the pending HOLD->QUALITY-WAIT question — it argues against a downgrade, not for one.

ANTELOPUS

Muthoot Finance's AGM approves an orderly MD succession and the Muthoot Money merger Financial Services

At its 31 Aug 2026 AGM, Muthoot Finance approved George Alexander Muthoot's move to Executive Vice Chairman, Alexander George's elevation to MD (effective 1 Oct), and K.R. Bijimon's elevation to CEO, alongside a 300% dividend and the merger of Muthoot Money into the parent. This is a planned transition, not a forced departure — no red flag found, but a material governance event worth tracking against the pending BUY->HOLD call. Single-sourced.

MUTHOOTFIN
Sources: trendlyne.com

Nifty IT's one-day 3.71% bounce sits inside a structurally negative, AI-disruption-driven year Information Technology

Nifty IT is down roughly 25% YTD on Gen AI disruption fears, with analysts expecting AI to cause 2-3% annual deflation in traditional IT services revenue through FY26-FY28 and no recovery expected before FY28-end/FY29. A one-day 3.71% BSE IT surge on 25 Sept looks like a bounce within that narrative, not a trend change — nothing here clears the bar (a positive catalyst) needed to flip IT's WATCH stance.

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 20% news catalyst + 15% technicals, for the 5 sectors with a researched catalyst. The other 16 show —: no catalyst was researched for them, so their score renormalises over the remaining three inputs rather than assuming a neutral headline. ≥62 accumulate · 45–61 watch · <45 avoid.

SectorStanceEntryCheap QualityTechNews IndexIdx P/EB/W/H/A
Information Technology 75 scanned · 17 researched WATCH 58.2 60.1 78.5 30.0 +0 ▼ -0.17% 18.0 4/9/54/8
Banks 40 scanned · 12 researched WATCH 45.7 35.3 52.3 62.1 — ▲ +0.26% 13.2 1/0/29/10
Pharmaceuticals 85 scanned · 20 researched AVOID 42.9 15.5 72.0 67.2 — ▼ -0.10% 41.8 0/20/54/11
Automobiles 110 scanned · 34 researched WATCH 50.8 28.7 78.4 63.8 — ▲ +0.89% 31.3 1/21/77/11
FMCG 105 scanned · 7 researched WATCH 55.8 50.0 68.8 49.4 — ▲ +0.40% 31.9 4/19/65/17
Metals & Mining 83 scanned · 17 researched WATCH 49.2 33.0 67.9 61.4 — ▲ +0.35% 15.9 0/11/53/19
Realty 39 scanned · 5 researched WATCH 51.7 50.4 52.0 54.6 — ▲ +0.92% 36.9 1/2/15/21
Energy & Power 83 scanned · 18 researched WATCH 56.3 50.0 63.4 61.4 — ▲ +0.21% 14.5 5/7/39/32
Financial Services 148 scanned · 5 ranked elsewhere · 11 researched WATCH 55.1 63.1 43.6 53.0 — ▲ +0.56% 15.4 4/4/87/53
Healthcare & Hospitals 58 scanned · 16 ranked elsewhere · 7 researched WATCH 48.6 26.1 73.8 64.9 +0 ▼ -0.47% 43.7 4/16/33/5
Hospitality & Tourism 37 scanned · 8 researched ACCUMULATE 64.2 63.5 68.6 58.8 — ▲ +0.11% 87.8 0/6/21/10
Chemicals 98 scanned · 8 researched WATCH 56.4 52.2 68.5 55.9 +0 — — 2/12/61/23
Construction & Materials 125 scanned · 10 researched WATCH 59.4 70.5 60.8 41.0 -0 — — 3/11/69/42
Capital Goods 101 scanned · 15 researched WATCH 51.5 30.8 78.5 64.0 +0 — — 10/12/65/14
Textiles & Apparel 47 scanned · 5 researched WATCH 56.0 50.0 62.6 61.0 — — — 2/6/27/12
Retail & Consumer 67 scanned · 4 researched WATCH 59.4 56.1 68.4 53.4 — — — 2/10/36/19
Packaging & Plastics 34 scanned · 2 researched WATCH 52.5 37.8 64.7 71.5 — — — 2/4/20/8
Logistics & Transport 25 scanned · 6 researched WATCH 45.6 29.0 67.6 53.4 — — — 6/3/9/7
Telecom & Media 29 scanned · 5 researched WATCH 52.5 50.0 60.2 46.4 — — — 3/1/14/11
Commercial Services 31 scanned · 6 researched WATCH 60.2 64.0 52.8 62.4 — — — 2/2/14/13
Diversified & Other 32 scanned · 1 researched WATCH 47.4 33.2 59.7 64.7 — — — 0/3/18/11

Source: data/verdicts.json × NSE sector index closes.

Stocks to Watch

Split evenly across large/mid/small/micro cap so this list isn't one tier's picks — new calls first, then the highest long-term composites within each. Micro-cap names are boxed and flagged Highly Volatile — worth watching, not a call to buy — since their price swings run about twice every other tier's. Each card shows the figures that selected it — open the desk for the full six-lens panel.

P/E in the 12th percentile of its own 3-year range · ROCE 19.2% (up 12.2pt over 5y)
Composite 87.3 Mkt Cap 283,754 cr · Large P/E 127.53 ROCE 19.2% Piotroski 5/9
P/E in the 13th percentile of its own 3-year range · ROCE 28.3% (up 27.3pt over 5y)
Composite 86.8 Mkt Cap 142,323 cr · Large P/E 77.85 ROCE 28.3% Piotroski 6/9
new call this session
P/E in the 74th percentile of its own 3-year range · ROCE 32.2% (down 12.8pt over 5y)
Composite 50.7 Mkt Cap 29,355 cr · Mid P/E 29.07 ROCE 32.2% Piotroski 5/9
P/E in the 7th percentile of its own 3-year range · ROCE 20.7% (up 31.7pt over 5y) · -26.7% off its 52-week high
Composite 87.0 Mkt Cap 18,404 cr · Mid P/E 25.35 ROCE 20.7% Piotroski 5/9
new call this session
P/E in the 66th percentile of its own 3-year range · ROCE 29.6% (up 1.6pt over 5y) · Piotroski 8/9
Composite 68.5 Mkt Cap 8,991 cr · Small P/E 34.19 ROCE 29.6% Piotroski 8/9
new call this session
unconfirmed: business, sector
P/E in the 95th percentile of its own 3-year range
Composite 48.3 Mkt Cap 6,911 cr · Small P/E 8.8 ROCE 7.4% Piotroski 5/7
new call this session
Highly Volatile
P/E in the 6th percentile of its own 3-year range · ROCE 3.01% (up 0.0pt over 5y) · -25.6% off its 52-week high
Composite 50.0 Mkt Cap 1,048 cr · Micro P/E 86.42 ROCE 3.01% Piotroski 4/9
new call this session
Highly Volatile
P/E in the 100th percentile of its own 3-year range · ROCE 12.4% (up 2.4pt over 5y) · Piotroski 7/9
Composite 43.6 Mkt Cap 2,079 cr · Micro P/E 6.58 ROCE 12.4% Piotroski 7/9

How We Evaluate

MetricWhy it is in the frameworkSource
Return on capital, level and trendDurable high ROCE predicts future returns; the trend separates a moat from a good year Novy-Marx 2013 JFE
Gross profitability (GP/assets)As predictive as book-to-market, and less prone to the value trap Novy-Marx 2013 JFE
Piotroski F-scoreA nine-signal accounting checklist that separates real improvers from statistically cheap traps Piotroski 2000 JAR
Cash-flow-to-net-profitAccrual-heavy profit reverts; cash-backed profit persists Sloan 1996 TAR
P/E versus the stock's own historyCheap relative to itself, not to a peer set that may be expensive as a whole Basu 1977 JF
Book-to-marketThe value premium, in its original form Fama–French 1992 JF
EV/EBITDACapital-structure-neutral, so it compares a leveraged firm to an unleveraged one Practitioner standard
Altman Z and interest coverageDistressed firms have delivered lower, not higher, returns — screen them out rather than chase them Altman 1968 JF; Campbell/Hilscher/Szilagyi 2008 JF
52-week-high proximity, 200-DMANearness to the high has predicted continuation — but momentum crashes, so never alone George & Hwang 2004 JF; Daniel & Moskowitz 2016 JFE
Promoter pledgePledged promoter holding is a governance red flag ahead of a forced sale Not currently available from either source — no penalty is applied

Full derivation in METHODOLOGY.md.