Magic formula stocks — Greenblatt ranking for Indian companies
The top 50 non-financial Indian companies by Joel Greenblatt's magic formula: ranked jointly on earnings yield (cheapness) and return on capital (quality).
Prices as of 5 Nov 2026
936 companies qualify
2,655 companies screened
The rule, exactly as applied
Earnings Yield > 0%ROCE > 0%Profitable (TTM)Market Cap ≥ ₹1,000 Cr
Excludes results distorted by one-offs or thin equity (negative book value, P/E below 3, trailing profit above half of sales, ROE above 150%) and listed InvITs/REITs, whose payouts are not comparable with a company's dividends.
Every ratio is the same number the company's own fundamentals page shows. Click any company to see the quarterly results, balance sheet and peers behind it.
| # | Company | Sector | Market Cap | Price | Earnings Yield | ROCE | P/E | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
| 1 | Websol Energy System LimitedWEBELSOLAR · Sep 2026 | Electric Equipment | ₹3,126 Cr | ₹72.00 | 13.4% | 63.0% | 9.00 | 0.02 |
| 2 | K.P. Energy LimitedKPEL · Jun 2026 | Infrastructure | ₹1,150 Cr | ₹169.57 | 18.8% | 39.0% | 6.31 | 0.84 |
| 3 | National Aluminium Company LimitedNATIONALUM · Sep 2026 | Metal | ₹60,793 Cr | ₹331.00 | 14.6% | 40.0% | 8.50 | 0.00 |
| 4 | Garuda Construction and Engineering LimitedGARUDA · Sep 2026 | Infrastructure | ₹1,458 Cr | ₹156.75 | 13.4% | 42.0% | 9.76 | 0.10 |
| 5 | Alpex Solar LimitedALPEXSOLAR · Jun 2026 | Electric Equipment | ₹1,727 Cr | ₹675.95 | 13.3% | 44.0% | 8.64 | 0.96 |
| 6 | Hindustan Zinc LimitedHINDZINC · Sep 2026 | Metal | ₹241,160 Cr | ₹570.75 | 10.9% | 70.0% | 11.58 | 0.39 |
| 7 | Chennai Petroleum Corporation LimitedCHENNPETRO · Sep 2026 | Oil & Gas | ₹21,123 Cr | ₹1,418.50 | 32.8% | 35.0% | 3.70 | 0.16 |
| 8 | Oriana Power LimitedORIANA · Mar 2026 | Infrastructure | ₹2,367 Cr | ₹233.00 | 13.3% | 40.0% | 9.41 | 0.67 |
| 9 | The Bombay Burmah Trading Corporation LimitedBBTC · Jun 2026 | Auto | ₹8,874 Cr | ₹1,271.80 | 30.4% | 33.0% | 3.43 | 0.23 |
| 10 | Coal India LimitedCOALINDIA · Sep 2026 | Metal | ₹242,996 Cr | ₹394.30 | 11.6% | 35.0% | 7.26 | 0.12 |
| 11 | Gokul Agro Resources LimitedGOKULAGRO · Sep 2026 | FMCG | ₹6,587 Cr | ₹223.22 | 10.7% | 37.0% | 14.12 | 0.41 |
| 12 | Kernex Microsystems (India) LimitedKERNEX · Jun 2026 | Electronics - Components | ₹2,941 Cr | ₹1,750.30 | 9.4% | 48.0% | 15.45 | 0.65 |
| 13 | MODISON LIMITEDMODISONLTD · Sep 2026 | Electric Equipment | ₹1,142 Cr | ₹352.05 | 12.2% | 31.0% | 10.09 | 0.63 |
| 14 | Sharda Cropchem LimitedSHARDACROP · Sep 2026 | Chemicals | ₹6,107 Cr | ₹676.95 | 11.5% | 30.0% | 9.49 | 0.01 |
| 15 | Shanti Gold International LimitedSHANTIGOLD · Sep 2026 | Consumer Durables | ₹1,998 Cr | ₹277.00 | 9.6% | 33.0% | 11.61 | 0.55 |
| 16 | Transrail Lighting LimitedTRANSRAILL · Sep 2026 | Infrastructure | ₹5,937 Cr | ₹442.20 | 11.9% | 29.0% | 14.21 | 0.31 |
| 17 | Ddev Plastiks Industries LimitedDDEVPLSTIK · Jun 2026 | Chemicals | ₹2,686 Cr | ₹259.59 | 10.4% | 31.0% | 12.56 | 0.06 |
| 18 | Accelya Solutions India LimitedACCELYA · Sep 2026 | IT | ₹1,434 Cr | ₹960.95 | 8.3% | 54.0% | 15.28 | 0.33 |
| 19 | NMDC LimitedNMDC · Jun 2026 | Metal | ₹61,903 Cr | ₹70.41 | 12.8% | 28.0% | 8.30 | 0.19 |
| 20 | Sonata Software LimitedSONATSOFTW · Jun 2026 | IT | ₹6,580 Cr | ₹237.72 | 9.5% | 31.0% | 14.24 | 0.38 |
| 21 | SKM Egg Products Export (India) LimitedSKMEGGPROD · Sep 2026 | FMCG | ₹1,259 Cr | ₹238.79 | 10.0% | 30.0% | 12.04 | 0.35 |
| 22 | Chambal Fertilizers & Chemicals LimitedCHAMBLFERT · Sep 2026 | Chemicals | ₹15,555 Cr | ₹388.25 | 14.2% | 26.0% | 8.14 | 0.16 |
| 23 | Tata Consultancy Services LimitedTCS · Sep 2026 | IT | ₹902,966 Cr | ₹2,495.70 | 7.6% | 63.0% | 17.41 | 0.10 |
| 24 | Gandhi Special Tubes LimitedGANDHITUBE · Sep 2026 | Metal | ₹1,019 Cr | ₹902.75 | 9.0% | 32.0% | 13.25 | 0.00 |
| 25 | Infosys LimitedINFY · Sep 2026 | IT | ₹472,841 Cr | ₹1,167.40 | 7.8% | 40.0% | 15.36 | 0.09 |
| 26 | Kamdhenu LimitedKAMDHENU · Sep 2026 | Metal | ₹1,016 Cr | ₹36.03 | 9.5% | 29.0% | 11.19 | 0.02 |
| 27 | Jeena Sikho Lifecare LimitedJSLL · Jun 2026 | Pharma | ₹4,292 Cr | ₹345.25 | 7.0% | 64.0% | 18.14 | 0.27 |
| 28 | Castrol India LimitedCASTROLIND · Sep 2026 | Chemicals | ₹19,210 Cr | ₹194.21 | 7.0% | 60.0% | 19.00 | 0.03 |
| 29 | Dynacons Systems & Solutions LimitedDSSL · Jun 2026 | IT | ₹1,310 Cr | ₹1,028.25 | 8.6% | 30.0% | 15.32 | 0.75 |
| 30 | Expleo Solutions LimitedEXPLEOSOL · Jun 2026 | IT | ₹1,279 Cr | ₹824.10 | 12.0% | 25.0% | 9.25 | 0.01 |
| 31 | Indraprastha Medical Corporation LimitedINDRAMEDCO · Sep 2026 | Healthcare | ₹3,060 Cr | ₹333.75 | 7.6% | 36.0% | 15.90 | 0.05 |
| 32 | D-Link (India) LimitedDLINKINDIA · Sep 2026 | IT | ₹1,464 Cr | ₹412.25 | 9.0% | 28.0% | 13.19 | 0.03 |
| 33 | Saksoft LimitedSAKSOFT · Sep 2026 | IT | ₹1,690 Cr | ₹131.49 | 9.7% | 26.0% | 13.37 | 0.04 |
| 34 | Alldigi Tech LimitedALLDIGI · Sep 2026 | IT | ₹1,270 Cr | ₹833.10 | 8.2% | 30.0% | 13.41 | 0.61 |
| 35 | Gujarat Pipavav Port LimitedGPPL · Sep 2026 | Infrastructure | ₹7,800 Cr | ₹161.28 | 8.7% | 28.0% | 14.17 | 0.01 |
| 36 | Sharda Motor Industries LimitedSHARDAMOTR · Jun 2026 | Auto | ₹5,017 Cr | ₹873.90 | 7.1% | 36.0% | 15.12 | 0.04 |
| 37 | D. P. Abhushan LimitedDPABHUSHAN · Jun 2026 | Consumer Durables | ₹4,570 Cr | ₹2,001.90 | 6.8% | 40.0% | 19.06 | 0.46 |
| 38 | Lupin LimitedLUPIN · Sep 2026 | Pharma | ₹90,909 Cr | ₹1,988.00 | 7.8% | 30.0% | 17.41 | 0.26 |
| 39 | Refex Industries LimitedREFEX · Sep 2026 | Waste Management | ₹3,174 Cr | ₹231.28 | 12.8% | 22.0% | 10.97 | 0.15 |
| 40 | Petronet LNG LimitedPETRONET · Sep 2026 | Oil & Gas | ₹47,550 Cr | ₹317.00 | 11.0% | 23.0% | 10.27 | 0.09 |
| 41 | BLS International Services LimitedBLS · Sep 2026 | IT | ₹9,336 Cr | ₹226.87 | 8.0% | 29.0% | 12.27 | 0.15 |
| 42 | Bharat Petroleum Corporation LimitedBPCL · Sep 2026 | Oil & Gas | ₹137,574 Cr | ₹317.10 | 9.0% | 26.0% | 8.71 | 0.62 |
| 43 | Swaraj Engines LimitedSWARAJENG · Sep 2026 | Auto | ₹4,332 Cr | ₹3,565.40 | 6.4% | 59.0% | 20.33 | 0.01 |
| 44 | Veedol Corporation LimitedVEEDOL · Sep 2026 | Chemicals | ₹2,426 Cr | ₹1,427.40 | 9.6% | 24.0% | 10.64 | 0.04 |
| 45 | VST Industries LimitedVSTIND · Sep 2026 | FMCG | ₹3,262 Cr | ₹192.38 | 8.0% | 28.0% | 12.52 | — |
| 46 | Tembo Global Industries LimitedTEMBO · Jun 2026 | Metal | ₹1,057 Cr | ₹54.61 | 10.7% | 23.0% | 9.67 | 0.85 |
| 47 | Bhansali Engineering Polymers LimitedBEPL · Sep 2026 | Oil & Gas | ₹2,766 Cr | ₹111.15 | 9.7% | 24.0% | 12.47 | 0.00 |
| 48 | Waaree Energies LimitedWAAREEENER · Sep 2026 | Electric Equipment | ₹70,454 Cr | ₹2,449.30 | 6.6% | 39.0% | 18.17 | 0.33 |
| 49 | ITC LimitedITC · Sep 2026 | FMCG | ₹349,452 Cr | ₹278.85 | 6.5% | 39.0% | 18.18 | 0.01 |
| 50 | Gulf Oil Lubricants India LimitedGULFOILLUB · Sep 2026 | Chemicals | ₹5,375 Cr | ₹1,085.50 | 8.4% | 26.0% | 13.39 | 0.52 |
Showing the top 50 of 936 qualifying companies. Download these 50 as CSV
About this screen
Joel Greenblatt's 'The Little Book That Beats the Market' ranks every company twice, once by earnings yield (EBIT ÷ enterprise value, how cheap it is) and once by return on capital (how good it is), then adds the two ranks together. The best combined scores are good businesses at bargain prices. Financials are excluded because EBIT and enterprise value do not describe a bank. Greenblatt's own rules also call for holding a basket of 20-30 names for a year; any single row can disappoint.
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