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Security & surveillance products Historical case study · data as of 22 Jul 2026 · published 25 Oct 2026 (95 days later)

Aditya Infotech — 100-point case study

How Aditya Infotech looked on 50 technical and 50 fundamental measures on 22 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: CPPLUS · BSE: 544466
Close on 22 Jul 2026	₹3,446.30
Market cap then	₹42,261 crore
Valuation	P/E 114.8× · P/B 22.52×
Momentum	RSI (14) 47 · 1-year return n/a
Next 3 months	+10.2% vs Nifty 50 -5.8% (to 23 Oct 2026)

Scorecard

Technical — 50 points

13 bullish · 21 neutral · 3 caution · 12 bearish — the picture was mixed.

Fundamental — 50 points

11 bullish · 31 neutral · 6 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Aditya Infotech (CP PLUS brand) listed on 5 Aug 2025, so the price history before the snapshot covers about 236 trading days rather than a full ~250. Long-window indicators such as the 200-day average and 52-week range use that shorter history.

Technical analysis — 50 points

Calculated by code from daily prices up to 22 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.03%/day	Neutral	Over the last 20 sessions the regression line of closing prices was falling about 0.03% a day — a flat, sideways phase. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +52.6%	Bullish	The 100-session trend line was up (+1.00%/day) and the stock was +52.6% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return n/a	Neutral	The stock had less than a year of trading history at the snapshot, so a 1-year return cannot be calculated. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 3,370.51 / 30W 2,313.04	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 3,714.40→3,787.00; lows 2,304.90→3,415.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	34.2	Bearish	ADX at 34.2 shows a strong trend in force. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 21.1 / –DI 22.4	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	3,605.13 (-4.4%)	Bearish	Close of 3,446.30 was 4.4% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	3,262.90 (+5.6%)	Bullish	Close of 3,446.30 was 5.6% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	2,035.38 (+69.3%)	Bullish	Close of 3,446.30 was 69.3% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 3,575.65 / 21E 3,548.60	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 04 Feb 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 60.3% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+19.3% in 20 sessions	Bullish	The 50-day average rose 19.3% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	3,605 / 3,263 / 2,596 / 2,035	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	3,609.15 (-4.5%)	Bearish	Anchored to the start of July, the volume-weighted average price was 3,609.15; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	47.0	Neutral	RSI at 47.0 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 72.37 / signal 119.55	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-15.77 → -47.18	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	72.37	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 21.8 / %D 35.9	Bearish	Slow stochastic at 21.8 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-85.1	Caution	%R of -85.1 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-168	Bearish	CCI at -168 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-3.0%	Bearish	Price changed -3.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.03 (bands 3,436.32–3,773.94)	Neutral	%B of 0.03 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 9.4% (6th pct of 6M)	Caution	Band width was at the 6th percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹152.01 (4.4% of price)	Neutral	A typical day's range was about ₹152.01, or 4.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	36.4% vs 1Y 44.2%	Neutral	Annualised 30-day volatility was 36.4%, close to the one-year level of 44.2%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	3,250.15–3,859.95	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.68	Neutral	A beta of 0.68 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.80× / 5-day 0.88×	Neutral	The final session traded 0.80× its 20-day average volume and the last five sessions averaged 0.88× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.13	Neutral	Average volume on up days was 1.13× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.12	Bearish	CMF at -0.12 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	46.5	Neutral	MFI, a volume-weighted RSI, was 46.5. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹74 cr/day	Neutral	About ₹74 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	3,415.00 / 3,265.20 / 2,304.90	Neutral	Nearest support (prior swing lows) sat at 3,415.00, 0.9% below the close, then 3,265.20, 2,304.90. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	3,749.90 / 3,866.00	Neutral	Nearest resistance (prior swing highs) sat at 3,749.90, 8.8% above the close, then 3,866.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 3,561.63 \| R1 3,750.67 \| S1 3,257.27	Neutral	Classic pivots from July's high/low/close gave a pivot of 3,561.63; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 3,272 \| 38.2% 2,904 \| 50.0% 2,607 \| 61.8% 2,310	Neutral	Measuring the 6-month rise from 1,348.30 to 3,866.00, the close was nearest the 23.6% retracement at 3,271.82. How to read: Information only.
42	52-week high / low	H 3,866.00 / L 1,015.00	Neutral	The close was 10.9% below the 52-week high and 239.5% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	3 open; latest gap-up 01 Jun at 2,903.50	Neutral	There were 3 unfilled gap(s). The latest, a gap-up on 01 Jun 2026, left an open level at 2,903.50 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 3,415.00–3,866.00	Neutral	The close was inside the prior 20-day range of 3,415.00–3,866.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 22 Jul the candle opened 3,491.20, ranged 3,372.60–3,553.00 and closed 3,446.30: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 2,734.95–3,211.95; Tenkan 3,619.30 / Kijun 3,574.90	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -4.7% / 3M +55.0%	Bullish	The stock outperformed the Nifty 50 by 55.0 points over three months and underperformed by 4.7 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +149.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 149.5 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	13 bullish · 12 bearish · 21 neutral · 3 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 3,415.00, resistance 3,749.90. This is a description of the chart on 22 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 22 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 22 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	114.8×	Neutral	At ₹3,446.30 the market valued the company at about ₹42,261 crore, or 114.8× the ₹368 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	22.52×	Neutral	Market cap was 22.52× the Mar 2026 book value (equity + reserves) of ₹1,877 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	10.01×	Neutral	The company was valued at 10.01× its trailing-12-month sales of ₹4,221 crore. How to read: Information only.
4	EV / EBITDA (approx.)	75.0×	Neutral	Enterprise value (market cap + ₹256 cr borrowings; cash not netted) was 75.0× trailing operating profit of ₹567 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	0.9%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹0.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.28	Caution	P/E of 114.8 divided by 3-year profit growth of 50.5% a year gives a PEG of 2.28. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Sep 2024 quarter carried unusual other income of ₹252 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.05%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹1.64 a share, a 0.05% yield on the ₹3,446.30 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹42,261 cr	Neutral	At about ₹0.42 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹321.48 vs ₹3,446.30	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹321.48; the price was 972% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+35.6%	Bullish	Revenue for FY26 was ₹4,221 crore, +35.6% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+45.5%	Bullish	The Jan–Mar 2026 quarter brought ₹1,422 crore of revenue, +45.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+4.8%	Neutral	FY26 net profit was ₹368 crore, +4.8% on FY25's ₹351 crore. Note: the Sep 2024 quarter carried unusual other income of ₹252 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+207.3%	Caution	Quarterly profit was ₹169 crore versus ₹55 crore a year earlier (+207.3%). Note: the Sep 2024 quarter carried unusual other income of ₹252 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	22.7%	Bullish	Revenue compounded at 22.7% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	50.5%	Caution	Net profit compounded at 50.5% a year from FY23 to FY26. Note: the Sep 2024 quarter carried unusual other income of ₹252 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	29.7%	Bullish	Over five years (FY21–FY26) revenue compounded at 29.7% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-2.4%	Caution	Reported EPS went from ₹32.00 to ₹31.24 (-2.4%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Sep 2024 quarter carried unusual other income of ₹252 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	13%	Neutral	Operating profit (EBITDA) was 13% of sales in FY26 versus 8% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	8% → 12% → 12% → 18%	Bullish	Quarterly margins moved from 8% to 18% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	8.7%	Neutral	₹8.7 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	25.4%	Bullish	FY26 profit was 25.4% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	29%	Bullish	Return on capital employed (debt + equity) was 29% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	9.22%	Neutral	Net profit was 9.22% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	3%	Neutral	Non-operating 'other income' of ₹13 crore made up 3% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.14	Bullish	Borrowings of ₹256 crore were 0.14× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.45×	Bullish	Debt equalled 0.45 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	17.4×	Bullish	Earnings before interest and tax covered interest cost 17.4 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+84.4%	Bullish	Shareholders' equity grew +84.4% from ₹1,018 crore to ₹1,877 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹84 cr (10% of fixed assets)	Neutral	Projects under construction (CWIP) were 10% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	74 days	Neutral	Working capital tied up equalled 74 days of sales (FY25: 9). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	61 days	Neutral	It took 61 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	121 (FY25 122)	Neutral	Customers took 121 days on average to pay, versus 122 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹13 cr	Neutral	The business generated ₹13 crore of operating cash in FY26 versus ₹27 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.04×	Caution	Operating cash flow was 0.04× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	5%	Neutral	The company paid out about 5% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 5% / 5%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+9.1%	Caution	Paid-up equity capital changed +9.1% (₹11 cr → ₹12 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	74.71% (+2.91 pts YoY)	Neutral	Promoters owned 74.71% at Jun 2026 versus 71.80% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	6.35% (-0.43 pts YoY)	Neutral	FIIs held 6.35% at Jun 2026, down from 6.78% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	13.61% (-2.51 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 13.61%, down from 16.12%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	0.6 lakh (-15.2% YoY)	Neutral	The shareholder count moved from 0.7 lakh to 0.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, leverage fell, operating margin improved, asset turnover improved. Failed: CFO > net profit, ROA improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	3 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has reduced debt; Company is expected to give good quarter; Company has delivered good profit growth of 65.8% CAGR over last 5 years. Weaknesses: Stock is trading at 23.8 times its book value; Promoter holding has decreased over last quarter: -2.91%; Working capital days have increased from 40.8 days to 73.9 days. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	11 bullish · 1 bearish · 31 neutral · 6 caution	Bullish	On the numbers published by 22 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 114.8×, P/B 22.52×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 22 Apr 2026 – 22 Jul 2026 that an investor could have known on the snapshot date.

27 May 2026 Aditya Infotech reports Q4 FY26 results; guides FY27 revenue of Rs 6,000-6,500 crore — Q4 FY26 consolidated revenue Rs 1,422 crore (+45.5% YoY), EBITDA Rs 258.3 crore, PAT Rs 169.1 crore; FY26 revenue Rs 4,220.8 crore. On the earnings call management guided FY27 revenue of Rs 6,000-6,500 crore, EBITDA margin 14-15% and capex Rs 200-300 crore, and cited ~45% share of organised video surveillance. source
29 May 2026 Aditya Infotech hits 10% upper circuit after Q4 profit rises 207.7% — Shares hit the 10% upper circuit on BSE (Rs 2,903.80) on the first session after Q4 results (markets shut May 28 for Bakri Id). Net profit rose 207.7% YoY to Rs 169.13 crore; board recommended a final dividend of Rs 1.64 per share. source
10 Jun 2026 Aditya Infotech and Orient Cables incorporate 50:50 JV Corelink Cable Technology — The 50:50 joint venture with Orient Cables (India), agreed in April 2026, was incorporated as Corelink Cable Technology Pvt Ltd to make LAN, CCTV and electric cables and related products, a backward-integration move. source
17 Jul 2026 Aditya Infotech shares fall 5% to Rs 3,610 — The stock fell 5.0% on NSE to Rs 3,610 from Rs 3,800 on elevated volume; the report said no company-specific negative news was available and described the move as profit booking after a strong 2026 rally. source

What happened next (22 Jul 2026 → 23 Oct 2026)

Price went from ₹3,446.30 to ₹3,798.00 by 23 Oct 2026 (+10.2%) while the Nifty 50 moved -5.8% — outperforming by 16.0 points.
Highest ₹4,620.00 on 14 Oct 2026; lowest ₹3,251.00 on 19 Aug 2026.
S1 3,415.00: broken on a closing basis on 30 Jul 2026.
S2 3,265.20: broken on a closing basis on 30 Jul 2026.
R1 3,749.90: cleared on a closing basis on 10 Aug 2026.
R2 3,866.00: cleared on a closing basis on 12 Aug 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 12 Aug 2026): revenue ₹1,402 crore (+89.5% YoY), net profit ₹142 crore (+330.3% YoY), operating margin 15% vs 8% a year earlier (Screener consolidated figures).

Later news

12 Aug 2026 CP PLUS maker Aditya Infotech Q1 FY27 profit rises to Rs 142 crore — Q1 FY27 consolidated revenue Rs 1,402.4 crore (about +90% YoY from Rs 740 crore) and PAT Rs 142.2 crore (vs ~Rs 33 crore). Company plans to double 25 lakh units/month capacity within two years as its Kadapa facility scales; Corelink cable JV plant in Rajasthan expected by Q3 FY27. Shares fell ~5% the next session. source
10 Sep 2026 ITAT deletes remaining income-tax addition for Aditya Infotech for AY 2019-20 — The Delhi ITAT deleted the remaining Rs 3.60 crore addition for AY 2019-20 (order received Sep 9), which the company said removes the entire Rs 40.38 crore addition made in the original assessment; financial impact depends on the tax department's follow-up order. source
14 Oct 2026 Aditya Infotech shares jump 6% as Motilal Oswal sees strong growth runway — Shares hit an intraday high of Rs 4,619.10 after Motilal Oswal's Oct 13 business update citing ~43.3% surveillance market share, supply-chain resilience amid chip/sensor shortages, and projected FY26-29 CAGR of 37% revenue and 50% PAT. source

Educational summary. On 22 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved +10.2% against -5.8% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Aditya Infotech today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 25 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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