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Reinsurance (PSU) Historical case study · data as of 10 Jul 2026 · published 15 Oct 2026 (97 days later)

General Insurance Corporation of India — 100-point case study

How General Insurance Corporation of India looked on 50 technical and 50 fundamental measures on 10 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: GICRE · BSE: 540755
Close on 10 Jul 2026	₹365.00
Market cap then	₹64,135 crore
Valuation	P/E 6.6× · P/B 0.91×
Momentum	RSI (14) 47 · 1-year return -3.1%
Next 3 months	-12.2% vs Nifty 50 -6.5% (to 14 Oct 2026)

Scorecard

Technical — 50 points

6 bullish · 25 neutral · 1 caution · 17 bearish — the picture leaned negative.

Fundamental — 50 points

7 bullish · 35 neutral · 4 caution · 3 bearish — the picture leaned positive.

Price chart

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

Data note: GIC Re is a reinsurer; some industrial-company ratios (operating margin, working capital, debt) fit insurers poorly. The government sold up to 5% through an offer for sale on 16–17 Jun 2026, lifting volumes and cutting promoter holding from 82.40% to 77.40%. Prices for Dec 2025–Mar 2026 come from equitypandit.com (matched Yahoo on overlapping days).

Technical analysis — 50 points

Calculated by code from daily prices up to 10 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 -0.15%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.15% a day — a short-term downtrend. 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 -5.9%	Neutral	The 100-session trend line was down (-0.03%/day) and the stock was -5.9% over three months, so the medium-term picture was neutral. 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 -3.1%	Neutral	Compared with a year earlier the price was -3.1%. Little net progress over twelve months. 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 377.32 / 30W 377.54	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. 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 394.80→375.20; lows 369.20→346.70	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend 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	17.1	Neutral	ADX at 17.1 signals a weak or absent trend (below 20) — range-bound conditions. 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 18.3 / –DI 21.0	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	363.98 (+0.3%)	Bullish	Close of 365.00 was 0.3% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	378.75 (-3.6%)	Bearish	Close of 365.00 was 3.6% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	378.46 (-3.6%)	Bearish	Close of 365.00 was 3.6% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 362.15 / 21E 365.94	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 13 May 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 16 Apr 2026	Bullish	The 50-day average was 0.1% above the 200-day. The most recent signal was a golden cross on 16 Apr 2026. 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	-2.7% in 20 sessions	Bearish	The 50-day average fell 2.7% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	364 / 379 / 380 / 378	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. 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	361.23 (+1.0%)	Bullish	Anchored to the start of July, the volume-weighted average price was 361.23; the close was above it — buyers that month were on average in profit. 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)	47.4	Neutral	RSI at 47.4 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)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. 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 -4.89 / signal -5.72	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.07 → 0.83	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-4.89	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 30.8 / %D 33.2	Bearish	Slow stochastic at 30.8 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)	-50.7	Neutral	%R of -50.7 put the close in the middle 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)	14	Neutral	CCI at 14 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+1.1%	Neutral	Price changed +1.1% 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 0.53 (bands 348.26–379.69)	Neutral	%B of 0.53 — inside the bands, upper 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 8.6% (53rd pct of 6M)	Neutral	Band width was at the 53rd percentile of the last six months, a normal level. 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)	₹9.31 (2.5% of price)	Neutral	A typical day's range was about ₹9.31, or 2.5% 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)	32.7% vs 1Y 23.6%	Caution	Annualised 30-day volatility was 32.7%, well above the one-year level of 23.6%. 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)	347.77–383.38	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)	0.76	Neutral	A beta of 0.76 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 0.34× / 5-day 0.31×	Neutral	The final session traded 0.34× its 20-day average volume and the last five sessions averaged 0.31× — lighter than usual 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 0.56	Bearish	Average volume on up days was 0.56× that on down days — distribution-leaning. 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)	-0.11	Bearish	CMF at -0.11 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)	42.8	Bearish	MFI, a volume-weighted RSI, was 42.8. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹92 cr/day	Neutral	About ₹92 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)	346.70	Neutral	Nearest support (prior swing lows) sat at 346.70, 5.3% below the close. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	389.91 / 415.98	Neutral	Nearest resistance (prior swing highs) sat at 389.91, 6.8% above the close, then 415.98. How to read: Information only.
40	Monthly pivot points (for next month)	P 363.03 \| R1 370.97 \| S1 357.07	Neutral	Classic pivots from July's high/low/close gave a pivot of 363.03; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 364 \| 38.2% 374 \| 50.0% 382 \| 61.8% 391	Neutral	Measuring the 6-month fall from 417.95 to 346.70, the close was nearest the 23.6% retracement at 363.51. How to read: Information only.
42	52-week high / low	H 417.95 / L 346.70	Neutral	The close was 12.7% below the 52-week high and 5.3% 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)	1 open; latest gap-down 16 Jun at 381.85	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 16 Jun 2026, left an open level at 381.85 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (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 346.70–394.00	Neutral	The close was inside the prior 20-day range of 346.70–394.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Doji	Neutral	On 10 Jul the candle opened 364.50, ranged 362.00–369.00 and closed 365.00: Doji — indecision. 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 384.57–388.60; Tenkan 362.05 / Kijun 370.75	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish 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 -8.2% / 3M -6.7%	Bearish	The stock underperformed the Nifty 50 by 6.7 points over three months and underperformed by 8.2 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 +3.6%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 3.6 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	6 bullish · 17 bearish · 25 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 346.70, resistance 389.91. This is a description of the chart on 10 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 10 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 10 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)	6.6×	Neutral	At ₹365.00 the market valued the company at about ₹64,135 crore, or 6.6× the ₹9,664 crore profit of the four quarters to Mar 2026. That is a low multiple in absolute terms. 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	0.91×	Neutral	Market cap was 0.91× the Mar 2026 book value (equity + reserves) of ₹70,481 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	1.21×	Neutral	The company was valued at 1.21× its trailing-12-month sales of ₹52,985 crore. How to read: Information only.
4	EV / EBITDA (approx.)	6.3×	Neutral	Enterprise value (market cap + ₹0 cr borrowings; cash not netted) was 6.3× trailing operating profit of ₹10,196 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	15.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹15.1 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)	0.56	Caution	P/E of 6.6 divided by 3-year profit growth of 11.8% a year gives a PEG of 0.56. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Sep 2025 quarter carried unusual other income of ₹553 crore; the Mar 2026 quarter carried unusual other income of ₹645 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)	2.74%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹10 a share, a 2.74% yield on the ₹365.00 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹64,135 cr	Neutral	At about ₹0.64 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	₹704.54 vs ₹365.00	Bullish	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹704.54; the price was 48% below 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)	+6.8%	Neutral	Revenue for FY26 was ₹52,986 crore, +6.8% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-1.4%	Bearish	The Jan–Mar 2026 quarter brought ₹13,018 crore of revenue, -1.4% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+30.0%	Caution	FY26 net profit was ₹9,662 crore, +30.0% on FY25's ₹7,432 crore. Note: the Sep 2025 quarter carried unusual other income of ₹553 crore; the Mar 2026 quarter carried unusual other income of ₹645 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)	+1.4%	Neutral	Quarterly profit was ₹2,533 crore versus ₹2,499 crore a year earlier (+1.4%). Note: the Sep 2025 quarter carried unusual other income of ₹553 crore; the Mar 2026 quarter carried unusual other income of ₹645 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)	4.3%	Bearish	Revenue compounded at 4.3% 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)	11.8%	Neutral	Net profit compounded at 11.8% a year from FY23 to FY26. Note: the Sep 2025 quarter carried unusual other income of ₹553 crore; the Mar 2026 quarter carried unusual other income of ₹645 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)	1.8%	Bearish	Over five years (FY21–FY26) revenue compounded at 1.8% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+30.0%	Caution	Reported EPS went from ₹42.36 to ₹55.08 (+30.0%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Sep 2025 quarter carried unusual other income of ₹553 crore; the Mar 2026 quarter carried unusual other income of ₹645 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	19%	Neutral	Operating profit (EBITDA) was 19% of sales in FY26 versus 18% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	18% → 22% → 19% → 19%	Neutral	Quarterly margins moved from 18% to 19% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	18.2%	Neutral	₹18.2 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	14.6%	Neutral	FY26 profit was 14.6% 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	17%	Neutral	Return on capital employed (debt + equity) was 17% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	4.70%	Neutral	Net profit was 4.70% 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	21%	Neutral	The company paid about 21% 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	12%	Neutral	Non-operating 'other income' of ₹1,391 crore made up 12% 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	0.00	Bullish	Borrowings of ₹0 crore were 0.00× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.00×	Bullish	Debt equalled 0.00 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	n/m	Neutral	Interest cost negligible — coverage not meaningful. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+14.6%	Bullish	Shareholders' equity grew +14.6% from ₹61,499 crore to ₹70,481 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹12 cr (4% of fixed assets)	Neutral	Projects under construction (CWIP) were 4% 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	-595 days	Neutral	Working capital tied up equalled -595 days of sales (FY25: -595). 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	0 days	Neutral	It took 0 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	0 (FY25 0)	Neutral	Customers took 0 days on average to pay, versus 0 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	₹466 cr	Neutral	The business generated ₹466 crore of operating cash in FY26 versus ₹1,976 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	₹453 cr	Bullish	After capital spending, free cash flow was ₹453 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.05×	Caution	Operating cash flow was 0.05× 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	0.7%	Neutral	FY26 free cash flow was 0.7% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹2,188 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹2,188 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹13 cr	Neutral	Implied capital expenditure was about ₹13 crore, 0.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	24%	Neutral	The company paid out about 24% 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)	26% / 24% / 24%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹877 cr → ₹877 cr). Essentially unchanged — no dilution. 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	82.40% (+0.00 pts YoY)	Neutral	Promoters owned 82.40% at Mar 2026 versus 82.40% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	2.05% (+0.12 pts YoY)	Neutral	FIIs held 2.05% at Mar 2026, up from 1.93% 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	13.55% (-0.13 pts YoY)	Neutral	Mutual funds, insurers and other DIIs held 13.55%, down from 13.68%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.2 lakh (-3.8% YoY)	Neutral	The shareholder count moved from 2.3 lakh to 2.2 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)	6/8	Neutral	Passed: positive profit, positive operating cash flow, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	4 strength(s) · 3 weakness(es)	Neutral	Strengths: Company is almost debt free; Stock is trading at 0.77 times its book value; Stock is providing a good dividend yield of 4.06%; Company has been maintaining a healthy dividend payout of 24.6%. Weaknesses: The company has delivered a poor sales growth of 1.75% over past five years; Company has a low return on equity of 13.0% over last 3 years; Contingent liabilities of Rs.27,679 Cr. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	7 bullish · 3 bearish · 35 neutral · 4 caution	Bullish	On the numbers published by 10 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 6.6×, P/B 0.91×. 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 10 Apr 2026 – 10 Jul 2026 that an investor could have known on the snapshot date.

20 Apr 2026 Mandatory cessions retained at 4% for GIC Re in 2026-27 — The obligatory cession for FY2026-27 was kept at 4%, with the full mandatory cession assigned to GIC Re, the state-owned reinsurer. source
26 May 2026 GIC Re reports Q4/FY26 results; FY26 standalone PAT up about 25% — Board approved FY26 audited results on 26 May 2026. Standalone FY26 profit after tax was Rs 8,392 crore versus Rs 6,701 crore in FY25; FY26 combined ratio improved to about 106.0% from 108.8%. source
28 May 2026 GIC Re profit climbs in FY2025-26; Rs 13.25 final dividend recommended — Standalone gross premiums written rose to Rs 44,007 crore from Rs 41,154 crore; solvency ratio improved to 4.21 from 3.70. Board recommended a final dividend of Rs 13.25 per share with record date 4 September 2026, subject to AGM approval. source
15 Jun 2026 Government to sell up to 5% stake in GIC Re through OFS at Rs 352 floor price — The government announced an offer for sale of up to 5% (2% base plus 3% green shoe) at a floor price of Rs 352, opening 16 June for non-retail and 17 June for retail investors. source
16 Jun 2026 Indian government to sell 5% stake in GIC Re — The OFS covers up to 87.72 million shares, about Rs 3,090 crore at the floor price, and supports the minimum public shareholding requirement; the government held 82.4% at end-March 2026. source
17 Jun 2026 GIC Re shares slip below OFS floor price as non-retail portion is oversubscribed — The stock fell about 3% to an intraday low of Rs 346.50. The non-retail portion was subscribed about 3.7 times and the government indicated it would exercise the green shoe option. source

What happened next (10 Jul 2026 → 14 Oct 2026)

Price went from ₹365.00 to ₹320.35 by 14 Oct 2026 (-12.2%) while the Nifty 50 moved -6.5% — underperforming by 5.7 points.
Highest ₹370.75 on 15 Jul 2026; lowest ₹308.00 on 08 Oct 2026.
S1 346.70: broken on a closing basis on 10 Sep 2026.
R1 389.91: not cleared on a closing basis.
R2 415.98: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 13 Aug 2026): revenue ₹14,401 crore (-1.5% YoY), net profit ₹1,744 crore (-31.1% YoY), operating margin 14% vs 18% a year earlier (Screener consolidated figures).

Later news

13 Aug 2026 GIC Re Q1 FY27 standalone profit rises 9.7% to Rs 1,922 crore — Standalone PAT was Rs 1,922 crore versus Rs 1,752 crore; gross premium rose 8.8% to Rs 13,475 crore; combined ratio was 104.88% versus 106.94%; solvency ratio was 4.32. source
13 Aug 2026 GIC Re Q1 FY27: consolidated PAT Rs 1,744 crore; Rs 4,400 crore post-quarter flood provision — Consolidated PAT fell 14.8% to Rs 1,743.67 crore on lower associate profits. The company disclosed an IBNR provision of Rs 4,400 crore booked after the balance sheet date for Gujarat floods, and IRDAI deferred its Ind AS transition to 1 April 2027. source
15 Aug 2026 GIC Re sets 4 September 2026 record date for Rs 13.25 final dividend — The final dividend of Rs 13.25 per share for FY26 is subject to approval at the 54th AGM; record date is Friday, 4 September 2026. source
22 Sep 2026 GIC Re holds 54th AGM — The AGM, held by video conference, considered adoption of FY26 accounts, the Rs 13.25 dividend, and appointments including the CMD and a government nominee director. source

Educational summary. On 10 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -12.2% against -6.5% for the Nifty 50. Here the chart's message lined up with what followed. 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 General Insurance Corporation of India today.

Method designed by Pawan Kumar Sharma, 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 15 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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