Methodology
WittyScore: how we grade an unlisted company.
One number out of ten, built from five pillars we can show you. No black box, no paid placement — and no promises about price.
The formula
Five pillars, fixed weights, one number
Every pillar is scored 0–10, then weighted. Nothing is fudged after the fact.
WittyScore formula
WittyScore = F×0.30 + V×0.20 + G×0.20 + I×0.15 + L×0.15
F = Financial Health · V = Valuation · G = Growth Potential · I = IPO Probability · L = Liquidity & Safety
| Pillar | Symbol | Weight |
|---|---|---|
| Financial Health | F | 30% |
| Valuation | V | 20% |
| Growth Potential | G | 20% |
| IPO Probability | I | 15% |
| Liquidity & Safety | L | 15% |
| Total | 100% |
Worked example — NSE India Limited
WittyScore 8.5 / 10 · Strong- Financial Health: Strong — roughly 63% net margin, consistently profitable, revenue growing around 17%.
- Valuation: The weakest pillar — at roughly 40× earnings, quality is largely in the price.
- Growth Potential: Sector compounding near 18% CAGR, and NSE is the clear market leader.
- IPO Probability: SEBI NOC progress makes a listing more likely than at any point since 2016.
- Liquidity & Safety: High — the most actively traded unlisted share in India.
Scale
0 /10
- 8.0 – 10 Strong fundamentals and a credible, visible exit path.
- 6.5 – 7.9 Solid business, but one pillar — usually valuation or liquidity — is stretched.
- 5.0 – 6.4 Real question marks. Fine as a small position, not as a core holding.
- Below 5.0 We would not put our own money in at the current price.
Financial Health
30%Revenue quality, margins, return on equity, cash generation and debt across the last three reported years.
We mark down for: One-off gains dressed up as operating profit, and rising debt with flat cash flow.
Valuation
20%The current unlisted price against listed peers on P/E and P/B, adjusted for an illiquidity discount.
We mark down for: Paying a premium to listed peers for the privilege of being illiquid.
Growth Potential
20%Sector growth runway, market position, and whether the company's own growth engine is structural or cyclical.
We mark down for: A single blockbuster year after four flat ones.
IPO Probability
15%DRHP status, regulatory approvals, promoter intent and how credible the stated listing path actually looks.
We mark down for: Years of IPO talk with no filing, and repeated timeline slippage.
Liquidity & Safety
15%How often lots actually change hands, the visible bid-ask spread, plus governance, auditor history and disclosure hygiene.
We mark down for: Wide spreads, thin volumes, auditor churn and companies that go quiet for two quarters.
Leaderboard
Highest WittyScores right now
Ranked by score, not by how much we'd like to sell you.
| Company | Sector | Price | WittyScore |
|---|---|---|---|
| NSE India Limited | Capital Markets | ₹1,960 | 8.4 |
| Tata Capital | Financial Services | ₹1,075 | 8.1 |
| SBI Mutual Fund | Financial Services | ₹2,890 | 8.0 |
| BSE Limited (pre-listing) | Capital Markets | ₹2,450 | 7.9 |
| NSDL | Capital Markets | ₹1,050 | 7.8 |
| Capgemini Technology Services | Technology | ₹14,200 | 7.7 |
| PhonePe | Fintech | ₹1,240 | 7.6 |
| CDSL (unlisted lots) | Capital Markets | ₹1,580 | 7.5 |
FAQ
What WittyScore is — and isn't
Is a high WittyScore a buy recommendation?
No. StockWitty is a distributor, not a SEBI-registered investment adviser. WittyScore is a research summary of what the numbers and disclosures look like — it is not advice and does not predict returns.
How often is the score refreshed?
After every set of audited annual results, and sooner if there is a material event — a DRHP filing, an auditor change, or a large funding round.
Why does a well-known unicorn score below a boring finance company?
Because profitability and governance carry half the weight between them. Brand recognition carries none.
Scores and prices on this page are illustrative demo data. WittyScore is research, not investment advice — unlisted shares are illiquid and high-risk.