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Tue, 22 Sep 2026
1433 companies · 1454 sector slots · 21 sectors · 17 below Rs1000cr and not scanned · long-term lens

Trend Spotlight

Transrail Lighting jumped as much as 17% after confirming a genuine capacity expansion, not just another order win.

Shares surged up to 17.2% intraday on 2026-09-22 after Transrail completed Phase 1 of a brownfield expansion at its Silvassa conductor plant, lifting installed capacity 70% (24,000 to 40,800 km/year). Unlike the company's prior order-win-driven rallies, this is a structural capacity addition — a genuine growth-outlook positive rather than one more order headline — and no client-loss or governance flag turned up alongside it.

Sources: businesstoday.in · business-standard.com

Day ahead

GIFT Nifty points to a flat-to-slightly-weak open after a mixed Wall Street session and a firmer domestic inflation print.

GIFT Nifty was near 23,472 (-0.27%) against Tuesday's close, tracking an overnight Wall Street session where the Nasdaq hit a record on AI-chip strength (Nvidia, Micron, SanDisk) while the Dow slipped on Cisco, JPMorgan and Amex weakness after a Richmond Fed official flagged stubborn inflation and left the door open to further hikes. Brent eased to roughly $98/bbl (from about $106 a few sessions earlier) as markets watch US-Iran diplomacy — a modest positive for India's import bill if it holds — but August CPI came in at 4.82%, the highest since December 2024, keeping the domestic rate backdrop cautious.

Sources: icicidirect.com · thestreet.com · finance.yahoo.com · tradingeconomics.com · tradingeconomics.com

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 (3)

Published this session (12)

BUY
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.03/5 including quality and value — the rare combination.
BUY
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.54/5 including quality and value — the rare combination.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG n/a; P/E cheaper than 39% of sector peers (P/E 35.74); EV/EBITDA 17.8, B/M 0.194. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG n/a; P/E cheaper than 41% of sector peers (P/E 47.36); EV/EBITDA 38.0, B/M 0.133. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG 1.57; P/E cheaper than 59% of sector peers (P/E 46.7); EV/EBITDA 30.6, B/M 0.081. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 1/5) — PEG n/a; P/E cheaper than 17% of sector peers (P/E 25.42); EV/EBITDA 23.1, B/M 0.181. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG 1.17; P/E cheaper than 33% of sector peers (P/E 28.04); EV/EBITDA 14.1, B/M 0.206. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG 0.89; P/E cheaper than 54% of sector peers (P/E 34.92); EV/EBITDA 25.2, B/M 0.136. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG 1.85; P/E cheaper than 39% of sector peers (P/E 41.89); EV/EBITDA 22.9, B/M 0.141. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 1/5) — PEG 2.08; P/E cheaper than 9% of sector peers (P/E 90.39); EV/EBITDA 66.6, B/M 0.035. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG n/a; P/E cheaper than 48% of sector peers (P/E 87.67); EV/EBITDA 59.3, B/M 0.06. Watch for a better entry.
QUALITY-WAIT
new
Good business, bad price today (Value 1/5) — PEG 0.66; P/E cheaper than 20% of sector peers (P/E 58.02); EV/EBITDA 40.1, B/M 0.079. Watch for a better entry.

Awaiting a second session (15)

TickerClosePublished PendingNote
ADANIPORTS ₹1,795.00 BUY → HOLD if next session holds
BHEL ₹425.80 QUALITY-WAIT → HOLD if next session holds
CONCOR ₹467.00 BUY → HOLD if next session holds
DOLPHIN ₹724.30 HOLD → QUALITY-WAIT if next session holds
ENGINERSIN ₹302.55 BUY → QUALITY-WAIT if next session holds
GPPL ₹164.41 BUY → HOLD if next session holds
KRN ₹1,420.10 AVOID → HOLD if next session holds
MIDWESTLTD ₹1,018.30 HOLD → QUALITY-WAIT if next session holds
NPST ₹1,888.80 AVOID → HOLD if next session holds
REDTAPE ₹118.80 HOLD → QUALITY-WAIT if next session holds
RHIM ₹379.20 AVOID → HOLD if next session holds
STYLAMIND ₹3,309.40 BUY → QUALITY-WAIT if next session holds
SUNDARMFIN ₹4,751.90 AVOID → HOLD if next session holds
TCI ₹813.45 BUY → HOLD if next session holds
VRLLOG ₹291.75 BUY → HOLD if next session holds

Reporting today

No tracked name reports today.

Coming up

Source: NSE event calendar, filtered to the 1433 tracked names.

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 23,329.00 ▼ -85.30 ▼ -0.36% 19.72 2.82
Nifty Next 50 71,804.05 ▼ -279.90 ▼ -0.39% 18.98 3.19
Nifty 500 22,794.20 ▼ -65.85 ▼ -0.29% 22.09 3.16
Nifty Bank 56,215.55 ▼ -255.10 ▼ -0.45% 13.30 1.68
NIFTY Midcap 100 61,963.15 ▼ -49.95 ▼ -0.08% 29.86 4.20
▲ 1118 advancing ■ 42 unchanged ▼ 1498 declining of 2658 equities, vs the 2026-09-21 close
Cash market, ₹ crore
FII / FPI net
▼ -3,809.99
bought 9,846 · sold 13,656
DII net
▲ +4,120.07
bought 14,600 · sold 10,480
FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20260922 (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
Tribhovandas Bhimji Zaveri LtdTBZ Tue, 18 Aug 2026 BUY HOLD ₹251.05 ₹665.35 ▲ +165.0%
Waterways Leisure Tourism LimitedCORDELIA Tue, 18 Aug 2026 HOLD unchanged ₹830.00 ₹112.18 ▼ -86.5%
STL Networks LtdSTLNETWORK Tue, 18 Aug 2026 AVOID unchanged ₹25.68 ₹47.34 ▲ +84.3%
Indo Rama Synthetics (India) LtdINDORAMA Tue, 18 Aug 2026 AVOID HOLD ₹56.81 ₹103.57 ▲ +82.3%
TCC Concept LtdTCC Tue, 18 Aug 2026 HOLD unchanged ₹253.05 ₹52.62 ▼ -79.2%
Raymond LtdRAYMOND Tue, 18 Aug 2026 HOLD unchanged ₹625.00 ₹1,116.95 ▲ +78.7%
India Glycols LtdINDIAGLYCO Tue, 18 Aug 2026 BUY AVOID ₹1,139.20 ₹253.60 ▼ -77.7%
Shanthi Gears LtdSHANTIGEAR Tue, 18 Aug 2026 HOLD unchanged ₹388.95 ₹673.70 ▲ +73.2%
Milky Mist Dairy Food LtdMILKYMIST Tue, 18 Aug 2026 QUALITY-WAIT unchanged ₹181.50 ₹302.15 ▲ +66.5%
HEG LtdHEG Tue, 18 Aug 2026 HOLD BUY ₹739.25 ₹266.00 ▼ -64.0%
Oriental Aromatics LtdOAL Tue, 18 Aug 2026 AVOID unchanged ₹341.95 ₹556.90 ▲ +62.9%
PVP Ventures LtdPVP Tue, 18 Aug 2026 AVOID unchanged ₹40.20 ₹65.35 ▲ +62.6%

1421 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

BHEL lands ₹5,400cr Coal India JV order and a new 35-year Vande Bharat Sleeper maintenance JV with Titagarh. Energy & Power

BHEL's JV with Coal India secured a ₹5,400cr coal-gasification/syngas-cleaning order tied to a coal-to-ammonium-nitrate project in Odisha, sending shares up as much as 5%. Separately, BHEL signed a 50:50, 35-year Vande Bharat Sleeper maintenance JV with Titagarh Rail Systems and approved a ₹65cr equity investment in JV partner NBPPL. Positive order-flow relevant to the pending QUALITY-WAIT→HOLD call review, though reported by a single source.

BHEL
Sources: indiainfoline.com

Engineers India's order book climbs to ~₹17,000cr on a $160m Dangote Nigeria win. Construction & Materials

Chairman & MD Atul Gupta told EIL's AGM (2026-09-18) the order book now stands near ₹17,000cr, up from ₹15,109cr at March 31, driven partly by a ~$160m Dangote refinery contract in Nigeria — the company's largest overseas win. International orders are now ~40% of the book. FY26 revenue rose 27.1% and PAT 37.3%. This reads as evidence against, not for, the pending BUY→QUALITY-WAIT downgrade, though the reporting is single-sourced.

ENGINERSIN
Sources: lapaasvoice.com

AGI Greenpac shareholders vote down a related-party fee for a non-independent director. Packaging & Plastics

At AGI Greenpac's 2026 AGM (2026-09-22), a resolution on consultancy fees for non-independent, non-executive director Ram Babu Kabra drew 64.69% opposition from institutional investors — a related-party-compensation governance flag. Chairman & MD Sandip Somany was separately re-appointed for a five-year term, and the board added an independent director. No client-loss or contract issue found; single-sourced.

AGI
Sources: whalesbook.com

IRCTC's board-composition fine stays a routine, contained penalty — no SEBI escalation found. Hospitality & Tourism

The most recent confirmed action is a BSE/NSE fine (2026-08-26) for LODR non-compliance over board/committee composition, including the continued absence of a mandated Woman Independent Director — attributed by IRCTC to a pending PSU appointment via the Ministry of Railways. No show-cause notice or larger penalty was found, supporting the open desk view that this stays a contained, recurring issue rather than an escalating one.

IRCTC
Sources: tipranks.com · psuconnect.in

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 15% technicals, renormalised over those three — the 20% news catalyst is not counted because no research was written for this session. It is not treated as neutral; it is absent. ≥62 accumulate · 45–61 watch · <45 avoid.

SectorStanceEntryCheap QualityTechNews IndexIdx P/EB/W/H/A
Information Technology 75 scanned · 17 researched ACCUMULATE 62.4 61.4 78.5 38.0 — ▼ -0.86% 18.2 3/9/56/7
Banks 40 scanned · 13 researched AVOID 44.3 31.2 52.3 65.9 — ▼ -0.45% 13.3 0/0/31/9
Pharmaceuticals 85 scanned · 19 researched AVOID 44.3 18.6 72.0 66.6 — ▼ -0.41% 41.7 0/20/54/11
Automobiles 109 scanned · 33 researched WATCH 50.7 27.7 78.6 65.6 — ▼ -0.24% 31.5 0/21/77/11
FMCG 106 scanned · 7 researched WATCH 55.4 50.0 68.3 48.0 — ▼ -0.53% 31.7 4/19/65/18
Metals & Mining 83 scanned · 15 researched WATCH 51.8 37.3 67.9 63.8 — ▲ +0.14% 15.8 0/10/54/19
Realty 39 scanned · 5 researched WATCH 55.2 57.3 52.0 54.8 — ▲ +0.90% 36.6 1/2/15/21
Energy & Power 83 scanned · 17 researched WATCH 56.2 50.0 63.4 61.0 — ▼ -0.24% 14.6 5/7/39/32
Financial Services 148 scanned · 5 ranked elsewhere · 10 researched WATCH 50.7 52.2 43.6 58.5 — ▼ -0.42% 15.6 4/4/90/50
Healthcare & Hospitals 58 scanned · 16 ranked elsewhere · 6 researched WATCH 49.3 28.0 73.8 65.4 — ▼ -0.46% 43.8 4/16/33/5
Hospitality & Tourism 37 scanned · 9 researched ACCUMULATE 62.1 61.1 68.6 53.8 — ▲ +0.26% 88.9 3/6/18/10
Chemicals 99 scanned · 6 researched WATCH 59.3 54.0 68.7 58.0 — — — 2/12/62/23
Construction & Materials 123 scanned · 9 researched WATCH 61.3 68.4 61.8 41.8 — — — 5/9/69/40
Capital Goods 103 scanned · 15 researched WATCH 53.6 33.5 78.5 65.8 — — — 10/15/63/15
Textiles & Apparel 48 scanned · 4 researched WATCH 55.8 50.0 61.9 61.0 — — — 2/5/28/13
Retail & Consumer 67 scanned · 3 researched WATCH 58.8 51.9 68.4 61.0 — — — 2/10/36/19
Packaging & Plastics 34 scanned · 2 researched WATCH 52.8 39.1 64.7 69.2 — — — 2/4/20/8
Logistics & Transport 25 scanned · 5 researched AVOID 44.5 26.2 67.6 54.6 — — — 5/3/11/6
Telecom & Media 29 scanned · 5 researched WATCH 53.0 50.0 60.2 49.0 — — — 3/1/14/11
Commercial Services 31 scanned · 6 researched WATCH 59.9 64.0 52.8 60.6 — — — 2/2/14/13
Diversified & Other 32 scanned · 1 researched WATCH 46.2 31.2 59.7 63.7 — — — 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.

HOLD
new call this session
P/E in the 1th percentile of its own 3-year range · ROCE 40.0% (up 5.0pt over 5y) · -39.1% off its 52-week high
Composite 75.5 Mkt Cap 417,716 cr · Large P/E 13.32 ROCE 40.0% Piotroski 6/9
HOLD
new call this session
P/E in the 19th percentile of its own 3-year range · ROCE 30.4% (up 4.4pt over 5y) · Piotroski 7/9
Composite 72.2 Mkt Cap 344,826 cr · Large P/E 19.1 ROCE 30.4% Piotroski 7/9
QUALITY-WAIT
new call this session
P/E in the 53th percentile of its own 3-year range · ROCE 17.0% (up 20.0pt over 5y) · Piotroski 7/9
Composite 72.6 Mkt Cap 19,114 cr · Mid P/E 35.74 ROCE 17.0% Piotroski 7/9
HOLD
new call this session
P/E in the 96th percentile of its own 3-year range · ROCE 20.8% (up 9.8pt over 5y)
Composite 62.8 Mkt Cap 20,933 cr · Mid P/E 35.87 ROCE 20.8% Piotroski 4/9
HOLD
new call this session
P/E in the 0th percentile of its own 3-year range
Composite 85.3 Mkt Cap 9,196 cr · Small P/E 34.54 ROCE 89.9% Piotroski 6/8
QUALITY-WAIT
new call this session
P/E in the 0th percentile of its own 3-year range · ROCE 21.2% (up 4.2pt over 5y) · -25.9% off its 52-week high
Composite 83.5 Mkt Cap 6,459 cr · Small P/E 41.89 ROCE 21.2% Piotroski 6/8
QUALITY-WAIT
new call this session
Highly Volatile
ROCE 26.0% (up 1.0pt over 5y) · Piotroski 8/8
Composite 66.6 Mkt Cap 2,605 cr · Micro P/E 46.7 ROCE 26.0% Piotroski 8/8
QUALITY-WAIT
new call this session
Highly Volatile
P/E in the 98th percentile of its own 3-year range · ROCE 22.3% (up 16.3pt over 5y)
Composite 57.8 Mkt Cap 4,887 cr · Micro P/E 58.02 ROCE 22.3% Piotroski 6/9

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.