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PSU development finance NBFC Historical case study · data as of 31 Jul 2026 · published 03 Nov 2026 (95 days later)

IFCI — 100-point case study

How IFCI looked on 50 technical and 50 fundamental measures on 31 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: IFCI · BSE: 500106
Close on 31 Jul 2026	₹76.54
Market cap then	₹20,611 crore
Valuation	P/E 47.5× · P/B 2.30×
Momentum	RSI (14) 57 · 1-year return +33.9%
Next 3 months	-24.5% vs Nifty 50 -3.9% (to 02 Nov 2026)

Scorecard

Technical — 50 points

18 bullish · 23 neutral · 2 caution · 6 bearish — the picture leaned positive.

Fundamental — 50 points

3 bullish · 40 neutral · 0 caution · 6 bearish — the picture was mixed.

Price chart

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

Data note: IFCI is a government-owned development finance institution that is no longer growing its loan book; most of its old loans are non-performing and its standalone capital adequacy was negative. Much of its share-price movement came from its indirect stake in NSE (via Stock Holding Corporation), not from lending. Bank-style ratios such as NIM, CASA and loan growth do not apply and show n/a.

Technical analysis — 50 points

Calculated by code from daily prices up to 31 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 -0.31%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.31% 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 +30.4%	Bullish	The 100-session trend line was up (+0.45%/day) and the stock was +30.4% 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 +33.9%	Bullish	Compared with a year earlier the price was +33.9%. A strong positive year. 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 76.76 / 30W 64.20	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. 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 95.80→79.64; lows 70.01→73.32	Neutral	The two most recent swing points showed a lower high but a higher low — mixed 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	17.5	Neutral	ADX at 17.5 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 27.3 / –DI 23.5	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. 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	73.37 (+4.3%)	Bullish	Close of 76.54 was 4.3% 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	75.01 (+2.0%)	Bullish	Close of 76.54 was 2.0% 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	60.68 (+26.1%)	Bullish	Close of 76.54 was 26.1% 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 72.73 / 21E 73.48	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 07 Jul 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 23.6% 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	+6.8% in 20 sessions	Bullish	The 50-day average rose 6.8% 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	73 / 75 / 66 / 61	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	74.91 (+2.2%)	Bullish	Anchored to the start of July, the volume-weighted average price was 74.91; 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)	56.7	Bullish	RSI at 56.7 showed positive momentum without being overbought. 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 -0.81 / signal -0.96	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)	-0.71 → 0.15	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	-0.81	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 58.3 / %D 34.3	Bullish	Slow stochastic at 58.3 was mid-range with %K above %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)	-10.9	Caution	%R of -10.9 put the close near the top 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)	80	Neutral	CCI at 80 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)	+6.1%	Bullish	Price changed +6.1% 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 0.83 (bands 68.53–78.21)	Neutral	%B of 0.83 — 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 13.2% (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)	₹3.00 (3.9% of price)	Neutral	A typical day's range was about ₹3.00, or 3.9% 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)	35.7% vs 1Y 49.9%	Neutral	Annualised 30-day volatility was 35.7%, below the one-year level of 49.9%. 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)	67.74–79.10	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)	1.61	Neutral	A beta of 1.61 means the stock tended to move more 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 2.43× / 5-day 1.13×	Neutral	The final session traded 2.43× its 20-day average volume and the last five sessions averaged 1.13× — 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 1.85	Bullish	Average volume on up days was 1.85× that on down days — accumulation-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 rose — volume diverged from price. 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)	-0.14	Bearish	CMF at -0.14 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)	59.4	Bullish	MFI, a volume-weighted RSI, was 59.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹154 cr/day	Neutral	About ₹154 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)	74.50 / 73.32 / 70.01	Neutral	Nearest support (prior swing lows) sat at 74.50, 2.7% below the close, then 73.32, 70.01. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	79.10 / 83.44 / 95.80	Neutral	Nearest resistance (prior swing highs) sat at 79.10, 3.3% above the close, then 83.44, 95.80. How to read: Information only.
40	Monthly pivot points (for next month)	P 74.78 \| R1 81.40 \| S1 69.91	Neutral	Classic pivots from July's high/low/close gave a pivot of 74.78; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 84 \| 38.2% 77 \| 50.0% 71 \| 61.8% 65	Neutral	Measuring the 6-month rise from 46.40 to 95.80, the close was nearest the 38.2% retracement at 76.93. How to read: Information only.
42	52-week high / low	H 95.80 / L 46.23	Neutral	The close was 20.1% below the 52-week high and 65.6% 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 25 May at 61.38	Neutral	There were 3 unfilled gap(s). The latest, a gap-up on 25 May 2026, left an open level at 61.38 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 68.15–79.64	Neutral	The close was inside the prior 20-day range of 68.15–79.64. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 31 Jul the candle opened 74.50, ranged 73.83–77.57 and closed 76.54: Ordinary green 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 75.12–81.12; Tenkan 72.86 / Kijun 74.36	Neutral	Price was inside the cloud and the Tenkan line was below the Kijun line — an undecided 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 -1.2% / 3M +28.8%	Bullish	The stock outperformed the Nifty 50 by 28.8 points over three months and underperformed by 1.2 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 +38.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 38.5 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	18 bullish · 6 bearish · 23 neutral · 2 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 74.50, resistance 79.10. This is a description of the chart on 31 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 31 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 31 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)	47.5×	Neutral	At ₹76.54 the market valued the company at about ₹20,611 crore, or 47.5× the ₹434 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	2.30×	Neutral	Market cap was 2.30× the Mar 2026 book value (equity + reserves) of ₹8,944 crore. For a bank, P/B is the main valuation yardstick. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Revenue (interest earned)	9.97×	Neutral	Market cap was 9.97× trailing-12-month revenue (mainly interest earned) of ₹2,068 crore. How to read: Information only.
4	Profit / Book (earnings power)	4.9%	Neutral	Trailing profit was 4.9% of book value — the return the bank was generating on the equity investors were paying 2.30× for. How to read: Information only.
5	Earnings yield	2.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹2.1 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)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was not available. 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)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹20,611 cr	Neutral	At about ₹0.21 lakh crore the company was a small-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	₹34.70 vs ₹76.54	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹34.70; the price was 121% 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)	+2.8%	Neutral	Revenue (interest earned) for FY26 was ₹2,077 crore, +2.8% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+13.5%	Bullish	The Jan–Mar 2026 quarter brought ₹470 crore of revenue, +13.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+24.6%	Bullish	FY26 net profit was ₹435 crore, +24.6% on FY25's ₹349 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-86.9%	Bearish	Quarterly profit was ₹34 crore versus ₹260 crore a year earlier (-86.9%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	6.9%	Neutral	Revenue compounded at 6.9% 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)	n/a	Neutral	Not available. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	-0.0%	Bearish	Over five years (FY21–FY26) revenue compounded at -0.0% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+6.3%	Neutral	Reported EPS went from ₹0.63 to ₹0.67 (+6.3%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Net interest margin (Q4 FY26)	n/a	Neutral	Not reported in our sources. Bullish 3.5% or more · Bearish below 3.0% · Neutral 3.0–3.5%.
19	Net interest income growth (Q4 FY26)	n/a	Neutral	Not available. Bullish above 10% · Bearish below 5% · Neutral 5–10%.
20	Net profit margin FY26	20.9%	Neutral	₹20.9 of every ₹100 of interest-led revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	4.9%	Bearish	FY26 profit was 4.9% 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	Leverage (assets ÷ equity)	3.0×	Neutral	Total assets were 3.0× equity — normal for banks, which fund most assets with deposits. How to read: Information only — banks normally run high leverage.
23	Return on assets FY26	1.64%	Bullish	Net profit was 1.64% of total assets. For banks, ROA above 1% is considered healthy. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	17%	Neutral	The company paid about 17% 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	Q4 FY26 standalone profit (reported)	₹34 cr (-86.9%)	Bearish	The bank's own (standalone) Jan–Mar 2026 profit as reported was ₹34 crore, -86.9% year on year. Bullish above 12% year on year · Bearish below 0% · Neutral 0–12%.

D. Asset quality & capital

#	Point	Reading	Tag	Commentary
26	Gross NPA (Q4 FY26)	95.79%	Bearish	Gross non-performing assets were 95.79% of loans — elevated. Bullish below 2% · Bearish above 4% · Neutral 2–4%.
27	Net NPA (Q4 FY26)	n/a	Neutral	Not reported in our sources for this period. Bullish below 0.6% · Bearish above 1.5% · Neutral 0.6–1.5%.
28	CASA ratio	n/a	Neutral	Not reported in our sources for this period. Bullish above 40% · Bearish below 30% · Neutral 30–40%.
29	Capital adequacy (CRAR)	-18.78%	Bearish	Capital adequacy was -18.78%. Bullish above 16% · Bearish below 13% · Neutral 13–16%. RBI minimum incl. buffer is 11.5%.
30	Loan (advances) growth	n/a	Neutral	Not reported in our sources for this period. Bullish above 14% · Bearish below 8% · Neutral 8–14%.
31	Deposit growth	n/a	Neutral	Not reported in our sources for this period. Bullish above 12% · Bearish below 7% · Neutral 7–12%.
32	Borrowings (consolidated)	₹3,523 cr	Neutral	Borrowings were ₹3,523 crore at Mar 2026 — lenders that don't take deposits fund their loans this way. How to read: Information only.
33	Book value growth	+2.9%	Neutral	Equity grew +2.9% to ₹8,944 crore — banks need book growth to support loan growth. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹280 cr	Neutral	Operating cash flow was ₹280 crore. For banks this swings with deposit and loan flows, so it says little about profitability. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Investing cash flow FY26	₹25 cr	Neutral	Investing flows for banks mostly reflect securities and fixed-asset purchases. How to read: Information only — for banks these swing with deposit and loan flows.
36	Financing cash flow FY26	₹-149 cr	Neutral	Financing flows reflect borrowings raised/repaid and dividends paid. How to read: Information only — for banks these swing with deposit and loan flows.
37	Net cash flow FY26	₹156 cr	Neutral	Overall cash and balances changed by ₹156 crore in FY26. How to read: Information only — for banks these swing with deposit and loan flows.
38	Investment book growth	-1.6%	Neutral	The investment portfolio (mostly government securities) moved -1.6% to ₹15,081 crore. How to read: Information only.
39	Loan growth minus deposit growth	n/a	Neutral	Not available. How to read: Caution when loans grew more than 4 points faster than deposits (funding pressure). Neutral otherwise.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% 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% / 0% / 0%	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)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹2,694 cr → ₹2,694 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	72.57% (+0.00 pts YoY)	Neutral	Promoters owned 72.57% at Jun 2026 versus 72.57% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	3.50% (+0.98 pts YoY)	Neutral	FIIs held 3.50% at Jun 2026, up from 2.52% 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	1.66% (+0.05 pts YoY)	Neutral	Mutual funds, insurers and other DIIs held 1.66%, up from 1.61%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	9.6 lakh (-6.2% YoY)	Neutral	The shareholder count moved from 10.2 lakh to 9.6 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, 7 tests)	4/7	Neutral	Passed: positive profit, profit grew, ROA ≥ 1%, no meaningful dilution (<3%). Failed: gross NPA < 3%, CRAR ≥ 14%, ROE ≥ 12%. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 3 weakness(es)	Neutral	No strengths flagged. Weaknesses: Though the company is reporting repeated profits, it is not paying out dividend; The company has delivered a poor sales growth of -0.05% over past five years; Company has a low return on equity of 2.29% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	3 bullish · 6 bearish · 40 neutral · 0 caution	Neutral	On the numbers published by 31 Jul 2026 the fundamental picture was mixed. Valuation: P/E 47.5×, P/B 2.30×. 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 01 May 2026 – 31 Jul 2026 that an investor could have known on the snapshot date.

06 May 2026 IFCI valuation surge linked to SHCIL's Rs 25,300 crore stake in IPO-bound NSE — IFCI holds 52.86% of SHCIL, which owns about 4.44% of NSE, valued at roughly Rs 25,300 crore on unlisted-market prices. The report also noted Q4 FY26 attributable profit of Rs 13.22 crore and FY26 profit of Rs 180.87 crore. source
02 Jun 2026 IFCI shares jump 7% to hit 52-week high — The stock rose as much as 7.05% to a 52-week high of Rs 71.99, with the move linked to IFCI's indirect NSE exposure via subsidiary Stock Holding Corporation of India amid NSE IPO expectations. source
12 Jun 2026 IFCI shares zoom 20% to hit 52-week high — IFCI rose 20% to a 52-week high of Rs 84.63, up about 38% in a month, as markets priced in the indirect NSE stake held through SHCIL ahead of the expected NSE IPO. source
16 Jun 2026 NSE IPO buzz lifts IFCI shares 86% in six months — Shares touched a 52-week high of Rs 91.45 before easing to Rs 89.13; the report noted March-quarter revenue rose 13.63% to Rs 470 crore while consolidated PAT fell to Rs 34 crore from Rs 260 crore. source

What happened next (31 Jul 2026 → 02 Nov 2026)

Price went from ₹76.54 to ₹57.76 by 02 Nov 2026 (-24.5%) while the Nifty 50 moved -3.9% — underperforming by 20.7 points.
Highest ₹107.50 on 04 Sep 2026; lowest ₹54.20 on 30 Oct 2026.
S1 74.50: broken on a closing basis on 07 Aug 2026.
S2 73.32: broken on a closing basis on 28 Sep 2026.
R1 79.10: cleared on a closing basis on 18 Aug 2026.
R2 83.44: cleared on a closing basis on 26 Aug 2026.
200-day SMA: price was above it at the snapshot and crossed below on 01 Oct 2026.
Apr–Jun 2026 results (reported 11 Aug 2026): reported profit ₹60 crore (-3.5% YoY), NIM n/a, gross NPA 95.68%, net NPA n/a.

Later news

11 Aug 2026 IFCI reports Q1 FY27 consolidated net profit of Rs 60.27 crore — Consolidated net profit was Rs 60.27 crore versus Rs 62.43 crore a year earlier, on revenue of Rs 327.06 crore (down from Rs 407.18 crore). Gross NPA stood at 95.68% and CRAR at -17.58%. source
31 Aug 2026 IFCI up about 70% in 2026 as NSE IPO expected in September — Shares rose 2.4% to Rs 92.10, a market cap of about Rs 24,500 crore; NSE's planned offer for sale of up to 14.89 crore shares was cited as a potential value-unlocking event for SHCIL's stake. source
04 Sep 2026 IFCI shares cross Rs 100 for first time in about 18 years ahead of NSE IPO — IFCI rose over 10% intraday to around Rs 106 on reports that the NSE IPO could launch soon, given its 52.86% stake in SHCIL which owns about 4.4% of NSE. source
08 Sep 2026 IFCI shares fall 10% after sharp run-up — The stock fell as much as 10.12% to Rs 92.13 on profit booking after a rally of over 40% in a month, following SEBI clearance of NSE's draft offer document for a proposed Rs 30,000 crore IPO. source

Educational summary. On 31 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved -24.5% against -3.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. 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 IFCI 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 03 Nov 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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