The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Oriental Rail Infrastructure Piotroski F-Score Related Terms
Oriental Rail Infrastructure Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BOM:531859 vs UNP, CSX, NSC: Piotroski F-Score Comparison
For the Railroads subindustry, Oriental Rail Infrastructure's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Oriental Rail Infrastructure Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Oriental Rail Infrastructure's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Oriental Rail Infrastructure's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Oriental Rail Infrastructure's current Net Income (TTM) was 422.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Oriental Rail Infrastructure's current Cash Flow from Operations (TTM) was -297.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Oriental Rail Infrastructure's return on assets of this year was 0.05942934. Oriental Rail Infrastructure's return on assets of last year was 0.04520382.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Oriental Rail Infrastructure's gearing of this year was 0.02621891. Oriental Rail Infrastructure's gearing of last year was 0.09245768.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Oriental Rail Infrastructure's current ratio of this year was 1.55876476. Oriental Rail Infrastructure's current ratio of last year was 1.88307792.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Oriental Rail Infrastructure's number of shares in issue this year was 66.311. Oriental Rail Infrastructure's number of shares in issue last year was 62.427.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Oriental Rail Infrastructure's gross margin of this year was 0.21216672. Oriental Rail Infrastructure's gross margin of last year was 0.17760669.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Oriental Rail Infrastructure's asset turnover of this year was 0.80667047. Oriental Rail Infrastructure's asset turnover of last year was 0.93176794.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
0
+
1
+
0
+
1
+
0
+
0
+
1
+
0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Oriental Rail Infrastructure has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Oriental Rail Infrastructure (BOM:531859) has a Piotroski F-Score of 4 as of Jul. 06, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Oriental Rail Infrastructure and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Oriental Rail Infrastructure's Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, Oriental Rail Infrastructure ranks #720 out of 978 companies in the Transportation industry, placing it in the top 73.6%.
Is Oriental Rail Infrastructure's Piotroski F-Score too high?
Oriental Rail Infrastructure's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The Transportation industry median Piotroski F-Score is 6.00. Oriental Rail Infrastructure's value of 4 is 33.3% below this industry median. Based on the distribution chart, Oriental Rail Infrastructure ranks #720 out of 978 companies in the Transportation industry, which is below the industry midpoint. Overall, Oriental Rail Infrastructure has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Oriental Rail Infrastructure's Piotroski F-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, Oriental Rail Infrastructure ranks #720 out of 978 companies for Piotroski F-Score. This places Oriental Rail Infrastructure in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Oriental Rail Infrastructure's value of 4 is 33.3% below this benchmark. Historically, Oriental Rail Infrastructure's own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Oriental Rail Infrastructure has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 978 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Oriental Rail Infrastructure's current Piotroski F-Score of 4 is 33.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Oriental Rail Infrastructure and its competitors. For the Transportation industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Oriental Rail Infrastructure's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oriental Rail Infrastructure stock overvalued right now?
Based on GuruFocus' analysis, Oriental Rail Infrastructure (BOM:531859) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹159.61, compared to a current price of ₹127.60 — trading 20.1% below its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 33.3% below the Transportation industry median of 6.00. Oriental Rail Infrastructure's overall GF Score™ is 91/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Oriental Rail Infrastructure (BOM:531859), the current Piotroski F-Score is 4 as of Jul. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Oriental Rail Infrastructure (BOM:531859) Overvalued in 2026?
Based on GuruFocus' analysis, Oriental Rail Infrastructure stock appears to be undervalued.
The current stock price of ₹127.60 is trading 20.1% below its estimated GF Value™ of ₹159.61.
GuruFocus considers Oriental Rail Infrastructure to be Modestly Undervalued.
Key valuation signals for BOM:531859:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: ₹159.61 vs. price of ₹127.60 (20.1% below fair value)
Industry Position: 33.3% below the Transportation median (#720 of 978)
No single metric tells the full story. See the BOM:531859 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Oriental Rail Infrastructure Ltd is involved in the manufacturing of wood-based resin-impregnated densified laminated boards. It is engaged in the manufacturing, buying, and selling of various types of Recron, Seat and Bearth, and Coompreg Boards. It is also involved in trading timber woods, ferrous and non-ferrous metals, casting tools, slabs, rods, section flats, and other ferrous and non-ferrous products. The company caters to both Indian and international markets.
91GF Score
Get the complete analysis for BOM:531859
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BOM:531859 has been successfully added to your 
