Today › Government power-sector lender (NBFC) › Power Finance Corporation

Government power-sector lender (NBFC) Historical case study · data as of 08 Jul 2026 · published 11 Oct 2026 (95 days later)

Power Finance Corporation — 100-point case study

How Power Finance Corporation looked on 50 technical and 50 fundamental measures on 08 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: PFC · BSE: 532810
Close on 08 Jul 2026	₹403.60
Market cap then	₹1,33,110 crore
Valuation	P/E 4.0× · P/B 1.00×
Momentum	RSI (14) 35 · 1-year return -3.9%
Next 3 months	-18.8% vs Nifty 50 -5.7% (to 09 Oct 2026)

Scorecard

Technical — 50 points

5 bullish · 21 neutral · 3 caution · 20 bearish — the picture leaned negative.

Fundamental — 50 points

16 bullish · 30 neutral · 0 caution · 3 bearish — the picture leaned positive.

Price chart

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

Data note: PFC and its subsidiary REC approved a merger on 28 Jun 2026 (88 PFC shares for every 100 REC shares, targeted for 1 Apr 2027, subject to approvals). PFC's consolidated numbers already include REC. Bank-style metrics mix consolidated (profit, NPA) and standalone (NII, NIM, CRAR) figures as reported.

Technical analysis — 50 points

Calculated by code from daily prices up to 08 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 -0.10%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.10% 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 -0.6%	Bullish	The 100-session trend line was up (+0.06%/day) and the stock was -0.6% 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 -3.9%	Neutral	Compared with a year earlier the price was -3.9%. 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 431.21 / 30W 411.31	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 440.65→444.80; lows 408.45→412.50	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	12.6	Neutral	ADX at 12.6 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 17.3 / –DI 28.7	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	426.24 (-5.3%)	Bearish	Close of 403.60 was 5.3% 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	435.45 (-7.3%)	Bearish	Close of 403.60 was 7.3% 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	403.32 (+0.1%)	Bullish	Close of 403.60 was 0.1% 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 420.33 / 21E 425.42	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 29 Jun 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 8.0% 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	-0.5% in 20 sessions	Neutral	The 50-day average fell 0.5% over the past month — flattening. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	426 / 435 / 427 / 403	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	420.52 (-4.0%)	Bearish	Anchored to the start of July, the volume-weighted average price was 420.52; 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)	34.6	Bearish	RSI at 34.6 reflected soft, below-average momentum. 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 -4.40 / signal -2.31	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)	0.46 → -2.09	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	-4.40	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 4.6 / %D 12.4	Caution	Slow stochastic at 4.6 was in oversold territory (<20). 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)	-96.3	Caution	%R of -96.3 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)	-239	Bearish	CCI at -239 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)	-6.3%	Bearish	Price changed -6.3% 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 -0.15 (bands 408.89–443.59)	Caution	%B of -0.15 — close below the lower band, an overextended drop. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 8.1% (23rd pct of 6M)	Neutral	Band width was at the 23rd 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)	₹10.59 (2.6% of price)	Neutral	A typical day's range was about ₹10.59, or 2.6% 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)	25.2% vs 1Y 27.0%	Neutral	Annualised 30-day volatility was 25.2%, close to the one-year level of 27.0%. 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)	404.55–445.74	Bearish	The close was below the lower channel — a strong trending push. 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)	1.18	Neutral	A beta of 1.18 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 1.06× / 5-day 0.85×	Neutral	The final session traded 1.06× its 20-day average volume and the last five sessions averaged 0.85× — 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 0.96	Neutral	Average volume on up days was 0.96× 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)	-0.27	Bearish	CMF at -0.27 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)	43.0	Bearish	MFI, a volume-weighted RSI, was 43.0. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹258 cr/day	Neutral	About ₹258 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)	398.88 / 376.00 / 369.50	Neutral	Nearest support (prior swing lows) sat at 398.88, 1.2% below the close, then 376.00, 369.50. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	409.59 / 431.79 / 467.40	Neutral	Nearest resistance (prior swing highs) sat at 409.59, 1.5% above the close, then 431.79, 467.40. How to read: Information only.
40	Monthly pivot points (for next month)	P 413.13 \| R1 424.27 \| S1 392.47	Neutral	Classic pivots from July's high/low/close gave a pivot of 413.13; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 454 \| 38.2% 434 \| 50.0% 418 \| 61.8% 402	Neutral	Measuring the 6-month rise from 349.55 to 486.50, the close was nearest the 61.8% retracement at 401.86. How to read: Information only.
42	52-week high / low	H 486.50 / L 329.90	Neutral	The close was 17.0% below the 52-week high and 22.3% 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)	none	Neutral	No unfilled price gaps in the last six months. 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 411.30–444.80	Bearish	The close was breakdown below the prior 20-day range of 411.30–444.80 — a range break. 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 08 Jul the candle opened 408.90, ranged 402.00–415.90 and closed 403.60: 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 424.82–442.56; Tenkan 422.38 / Kijun 423.40	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 -9.1% / 3M -4.5%	Bearish	The stock underperformed the Nifty 50 by 4.5 points over three months and underperformed by 9.1 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 +23.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 23.5 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	5 bullish · 20 bearish · 21 neutral · 3 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 398.88, resistance 409.59. This is a description of the chart on 08 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 08 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 08 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)	4.0×	Neutral	At ₹403.60 the market valued the company at about ₹1,33,110 crore, or 4.0× the ₹33,625 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	1.00×	Neutral	Market cap was 1.00× the Mar 2026 book value (equity + reserves) of ₹1,32,861 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)	1.15×	Neutral	Market cap was 1.15× trailing-12-month revenue (mainly interest earned) of ₹1,15,444 crore. How to read: Information only.
4	Profit / Book (earnings power)	25.3%	Neutral	Trailing profit was 25.3% of book value — the return the bank was generating on the equity investors were paying 1.00× for. How to read: Information only.
5	Earnings yield	25.3%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹25.3 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)	0.24	Bullish	P/E of 4.0 divided by 3-year profit growth of 16.7% a year gives a PEG of 0.24. Below 1 is often read as growth being cheaply priced; above 2 as expensive. 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)	3.62%	Bullish	Dividends with ex-dates in the 12 months to the snapshot totalled ₹14.6 a share, a 3.62% yield on the ₹403.60 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,33,110 cr	Neutral	At about ₹1.33 lakh crore the company was a large-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	₹961.30 vs ₹403.60	Bullish	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹961.30; the price was 58% 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)	+8.4%	Neutral	Revenue (interest earned) for FY26 was ₹1,15,450 crore, +8.4% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-1.2%	Bearish	The Jan–Mar 2026 quarter brought ₹28,920 crore of revenue, -1.2% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+10.2%	Bullish	FY26 net profit was ₹33,625 crore, +10.2% on FY25's ₹30,514 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)	+2.9%	Neutral	Quarterly profit was ₹8,598 crore versus ₹8,358 crore a year earlier (+2.9%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	14.2%	Bullish	Revenue compounded at 14.2% 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)	16.7%	Bullish	Net profit compounded at 16.7% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	10.0%	Neutral	Over five years (FY21–FY26) revenue compounded at 10.0% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+12.7%	Bullish	Reported EPS went from ₹69.67 to ₹78.49 (+12.7%). 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)	3.55%	Bullish	NIM — the spread between what the bank earns on loans and pays on deposits — was 3.55% in Jan–Mar 2026 (as reported). Above ~3.5% is strong for an Indian bank. Bullish 3.5% or more · Bearish below 3.0% · Neutral 3.0–3.5%.
19	Net interest income growth (Q4 FY26)	n/a	Neutral	Core interest income after interest expense was ₹5,523 crore, n/a year on year (standalone, as reported). Bullish above 10% · Bearish below 5% · Neutral 5–10%.
20	Net profit margin FY26	29.1%	Neutral	₹29.1 of every ₹100 of interest-led revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	26.8%	Bullish	FY26 profit was 26.8% 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)	9.4×	Neutral	Total assets were 9.4× 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	2.70%	Bullish	Net profit was 2.70% 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	22%	Neutral	The company paid about 22% 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)	₹8,598 cr (+2.9%)	Neutral	The bank's own (standalone) Jan–Mar 2026 profit as reported was ₹8,598 crore, +2.9% 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)	0.66%	Bullish	Gross non-performing assets were 0.66% of loans — low by Indian standards. Bullish below 2% · Bearish above 4% · Neutral 2–4%.
27	Net NPA (Q4 FY26)	0.13%	Bullish	After provisions, net NPAs were 0.13% of loans. 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)	23.44%	Bullish	Capital adequacy was 23.44%, comfortably above the RBI minimum of 11.5% (incl. buffer). Bullish above 16% · Bearish below 13% · Neutral 13–16%. RBI minimum incl. buffer is 11.5%.
30	Loan (advances) growth	+7.7%	Bearish	Advances grew +7.7% year on year (as reported). 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)	₹10,12,503 cr	Neutral	Borrowings were ₹10,12,503 crore at Mar 2026 — lenders that don't take deposits fund their loans this way. How to read: Information only.
33	Book value growth	+12.8%	Bullish	Equity grew +12.8% to ₹1,32,861 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	₹-4,504 cr	Neutral	Operating cash flow was ₹-4,504 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	₹-3,441 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	₹9,265 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	₹1,319 cr	Neutral	Overall cash and balances changed by ₹1,319 crore in FY26. How to read: Information only — for banks these swing with deposit and loan flows.
38	Investment book growth	+21.6%	Neutral	The investment portfolio (mostly government securities) moved +21.6% to ₹15,549 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	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)	23% / 23% / 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% (₹3,300 cr → ₹3,300 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	55.99% (+0.00 pts YoY)	Neutral	Promoters owned 55.99% at Mar 2026 versus 55.99% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	19.64% (+0.80 pts YoY)	Neutral	FIIs held 19.64% at Mar 2026, up from 18.84% 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	15.05% (-1.12 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 15.05%, down from 16.17%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	10.5 lakh (-6.4% YoY)	Neutral	The shareholder count moved from 11.3 lakh to 10.5 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)	8/8	Bullish	Passed: positive profit, profit grew, ROA ≥ 1%, gross NPA < 3%, net NPA < 1%, CRAR ≥ 14%, ROE ≥ 12%, 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	4 strength(s) · 3 weakness(es)	Neutral	Strengths: Stock is trading at 0.76 times its book value; Stock is providing a good dividend yield of 5.66%; Company has been maintaining a healthy dividend payout of 23.0%; Company's working capital requirements have reduced from 19.2 days to 14.8 days. Weaknesses: Company has low interest coverage ratio; The company has delivered a poor sales growth of 10.0% over past five years; Company might be capitalizing the interest cost. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	16 bullish · 3 bearish · 30 neutral · 0 caution	Bullish	On the numbers published by 08 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 4.0×, P/B 1.00×. 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 08 Apr 2026 – 08 Jul 2026 that an investor could have known on the snapshot date.

30 Apr 2026 PFC names Rajesh Kumar Agarwal Director (Finance) and CFO — PFC informed exchanges that Rajesh Kumar Agarwal took charge as Director (Finance) and CFO effective 23 April 2026 under a Ministry of Power order; the board formalised it on 30 April. source
13 May 2026 PFC Q4 FY26 standalone profit up about 24%; final dividend Rs 3.95 — PFC reported standalone Q4 FY26 net profit of Rs 6,314.8 crore, up 23.6% YoY, for the quarter ended 31 March 2026, and recommended a final dividend of Rs 3.95 per share subject to AGM approval. source
10 Jun 2026 REC receives Presidential approval for merger into PFC — REC disclosed that the Ministry of Power, by letter dated 10 June 2026, conveyed Presidential approval for the proposed merger of REC into PFC. source
23 Jun 2026 PFC board to review REC merger on June 28; USD 300 million bond raised — PFC said its board would meet on 28 June to consider merging subsidiary REC (52.63% held) into itself; the article also reported a USD 300 million bond raise on 23 June. source
24 Jun 2026 PFC fixes 31 July record date for Rs 3.95 final dividend — PFC set Friday 31 July 2026 as record date for the FY26 final dividend of Rs 3.95 per share, subject to AGM approval. source
28 Jun 2026 PFC and REC boards approve merger scheme; swap ratio 88:100 — Both boards approved a scheme to merge REC into PFC, with REC holders to get 88 PFC shares per 100 REC shares; combined loans above Rs 11 lakh crore; completion targeted by 1 April 2027, subject to shareholder, creditor and regulatory approvals. source

What happened next (08 Jul 2026 → 09 Oct 2026)

Price went from ₹403.60 to ₹327.80 by 09 Oct 2026 (-18.8%) while the Nifty 50 moved -5.7% — underperforming by 13.1 points.
Highest ₹431.40 on 29 Jul 2026; lowest ₹313.35 on 01 Oct 2026.
S1 398.88: broken on a closing basis on 10 Aug 2026.
S2 376.00: broken on a closing basis on 17 Aug 2026.
R1 409.59: cleared on a closing basis on 20 Jul 2026.
R2 431.79: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 16 Jul 2026.
Apr–Jun 2026 results (reported 07 Aug 2026): reported profit ₹8,998 crore (+0.2% YoY), NIM 3.54%, gross NPA 0.66%, net NPA 0.13%.

Later news

10 Jul 2026 PFC prices USD 300 million floating rate notes due 2029 — PFC priced a USD 300 million 3-year FRN at overnight SOFR + 110 bps under its USD 8 billion GMTN programme, settling 16 July 2026. source
23 Jul 2026 PFC board approves higher borrowing limits of Rs 9 lakh crore — The board approved raising the rupee borrowing ceiling to Rs 9,00,000 crore and foreign currency borrowing to USD 25 billion, subject to shareholder approval. source
07 Aug 2026 PFC Q1 FY27 consolidated profit flat at Rs 8,998 crore; interim dividend Rs 3.90 — Consolidated Q1 FY27 PAT was Rs 8,997.92 crore (+0.2% YoY) and total income fell 0.2% YoY; standalone PAT rose 5.4% to Rs 4,745 crore. Interim dividend Rs 3.90 with record date 27 August. Shares fell over 3% on 10 August. source
31 Aug 2026 PFC shareholders approve FY26 accounts and dividend at 40th AGM — At the 40th AGM held by video conference, shareholders approved the FY26 financial statements, the final dividend and the enhanced borrowing limit (99.99% in favour). source

Educational summary. On 08 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -18.8% against -5.7% 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 Power Finance Corporation 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 11 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹1,075.20close 08 Jul

Household & personal care (FMCG)NSE: GODREJCPData as of 08 Jul 2026

Godrej Consumer Products — 100-point case study

Technical

Fundamental

What happened next (3 months): -20.0% vs Nifty 50 -5.7%

Technical: positiveFundamental: was mixedP/E 59.2×P/B 8.70×RSI 591Y -15.8%

₹1,570.40close 08 Jul

Adhesives & specialty chemicalsNSE: PIDILITINDData as of 08 Jul 2026

Pidilite Industries — 100-point case study

Technical

Fundamental

What happened next (3 months): -5.6% vs Nifty 50 -5.7%

Technical: positiveFundamental: positiveP/E 64.7×P/B 14.77×RSI 541Y +2.4%

₹100.95close 08 Jul

Public-sector bankNSE: PNBData as of 08 Jul 2026

Punjab National Bank — 100-point case study

Technical

Fundamental

What happened next (3 months): +15.9% vs Nifty 50 -5.7%

Technical: negativeFundamental: positiveP/E 6.3×P/B 0.77×RSI 321Y -9.9%