Punjab National Bank
Punjab National Bank
Banks F&OKey Fundamentals
LargecapPublic Sector BankBanksPrice-based figures as of 9 Oct 2026, 3:55 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Stock is trading at 0.83 times its book value
- Company has delivered good profit growth of 48.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.3%
Weaknesses
6- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.80% over past five years.
- Company has a low return on equity of 12.4% over last 3 years.
- Contingent liabilities of Rs.5,24,629 Cr.
- Company might be capitalizing the interest cost
- Promoter holding has decreased over last 3 years: -3.07%
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year
AI Analysis — Bull vs Bear
As of the 2026-10-08 close, Punjab National Bank traded at Rs 115.29, giving it a market capitalisation of Rs 1,32,502.14 Cr. The stock was valued at a TTM P/E of 6 and a P/B of 0.91, with an ROE of 12.26% and a dividend yield of 2.62%. Profit has compounded at 48% over 5 years and grew 33% on a TTM basis, but TTM sales growth has slowed to 3%. The 10-year record is weak, with a 10-year ROE of 4% and a 10-year stock CAGR of -2%.
- Valuation is low in absolute terms. As of 2026-10-08 the TTM P/E was 6 on EPS of Rs 19.22, which works out to an earnings yield of about 16.7%.
- As of 2026-10-08 the stock traded below book value at a P/B of 0.91. That means the market priced the bank at roughly a 9% discount to its book value even though ROE was 12.26%.
- Profit growth has been strong over several periods: 76% CAGR over 3 years, 48% over 5 years and 21% over 10 years. TTM profit growth of 33% suggests the earnings recovery is still going.
- Return ratios have improved. ROE was 13% last year and 12% on a 3-year average, compared with 9% over 5 years and 4% over 10 years, which points to a structural improvement in profitability.
- Shareholders get a cash return, with a dividend yield of 2.62% as of 2026-10-08 and a dividend payout ratio of 18.3%. The low payout leaves room to retain capital for growth.
- Revenue has compounded at 15% over 3 years, faster than the 10% CAGR over both 5 and 10 years. This shows the balance sheet grew faster in the recent cycle.
- Over the medium term the stock has rewarded holders, with a 3-year CAGR of 14% and a 5-year CAGR of 23%.
- As of 2026-10-08 the price of Rs 115.29 was about 14.7% below the 52-week high of Rs 135.15. Some of the recent optimism has already come out of the price.
- Top-line growth has slowed sharply. TTM sales growth was just 3%, compared with a 3-year CAGR of 15%. This suggests slower loan growth and/or margin compression.
- TTM profit growth of 33% is far ahead of TTM sales growth of 3%. Recent earnings may therefore depend on lower credit costs or one-off items, which may not continue at the same pace.
- The long-term record is poor. Over 10 years, ROE averaged 4% and the stock CAGR was -2%, which shows how large past asset-quality cycles destroyed shareholder value.
- ROE of 12.26% and a 3-year average of about 12% are moderate, and the 5-year average is only 9%. This helps explain why the stock trades below book at a P/B of 0.91.
- Contingent liabilities stand at Rs 5,24,629 Cr, roughly 3.96 times the Rs 1,32,502.14 Cr market cap as of 2026-10-08. These are large off-balance-sheet exposures, although guarantees and derivatives are normal for a bank of this size.
- Promoter (Government of India) holding has fallen by 3.07% over the last 3 years. This points to equity dilution from capital raising, which can limit per-share value growth.
- Momentum is weak, with a 1-year stock return of -2%. As of 2026-10-08 the price of Rs 115.29 was about 17% above the 52-week low of Rs 98.5 and about 14.7% below the 52-week high of Rs 135.15.
- Screening flags show a low interest coverage ratio and an ROCE of 5.24%. These metrics are structurally low for banks because interest expense is their main operating cost, so they say less about PNB than they would about a non-financial company.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- NIM compression year-on-year Oct 2
Q1FY27 domestic NIM fell to 2.64% from 2.84% a year earlier, though it rose 3 bps quarter-on-quarter from 2.61%. Net interest income grew only 2% YoY to ₹10,798 crore, well behind loan growth of 14.8%.
- Provisions doubled in Q1FY27 Oct 2
Provisions doubled to ₹792 crore in Q1FY27 from ₹396 crore a year earlier, which points to higher credit costs. Fresh slippages of ₹2,080 crore were up from ₹1,886 crore YoY, though down from ₹2,758 crore QoQ.
- Deposit growth trailing loan growth Oct 2
Global deposits grew 9.9% YoY to ₹17.8 lakh crore, while advances grew 14.8%. That pushed the credit-deposit ratio to 75.56% from 72.33% a year earlier, which could pressure funding costs and margins.
- Global business crosses ₹31 lakh crore Oct 2
H1FY27 provisional global business rose 12% YoY to ₹31.2 lakh crore, up 4.06% QoQ from ₹29.98 lakh crore. Global advances grew 14.8% to ₹13.4 lakh crore and domestic advances grew 12.6% to ₹12.6 lakh crore.
- Q1FY27 profit roughly tripled Oct 2
Q1FY27 net profit rose to ₹5,253 crore from ₹1,675 crore a year earlier. Operating profit grew 6% to ₹7,519 crore.
- Asset quality keeps improving Oct 2
Gross NPA fell 17 bps to 2.78% and net NPA eased to 0.28% from 0.29% in Q1FY27, keeping the balance sheet clean.
- $1.5B EMTN programme set up Sep 16
PNB set up a USD 1.50 billion Euro Medium Term Note Programme, with the offering circular listed on India INX. This widens overseas funding options to support loan growth.
- Trading window closed before Q2 Oct 3
The trading window is closed from October 1, 2026, until 48 hours after the Q2FY27 results are declared.
- One-year MCLR held at 8.80% Sep 30
PNB kept its one-year MCLR unchanged at 8.80%, so loan pricing at this benchmark tenor stays the same.
- Investor meets with Arihant, Kotak Sep 28
PNB joined virtual group meetings at Arihant Capital's Bharat Connect Conference on September 28 and with Kotak Securities on September 29, 2026. The Kotak meet was moved up to 10:00 AM.
- J&K Bank sells PNB MetLife stake Sep 21
J&K Bank is selling its 0.5% stake in PNB MetLife India Insurance for ₹120.10 crore at ₹117.20 per share. This implicitly values the insurer, which may matter for PNB's own holding.
- Shareholder director elected unopposed Sep 17
The September 25 EGM was cancelled because Smt. Vandana Bhagavatula was the only valid nominee and is deemed elected as Shareholder Director for three years.
- Divesh Sehara joins board Sep 10
The government nominated Shri Divesh Sehara as a Director effective September 10, 2026, replacing Shri D. Anandan.
TL;DR: PNB's business is growing steadily: global business rose 12% YoY to ₹31.2 lakh crore in H1FY27, loans grew close to 15%, Q1FY27 profit roughly tripled to ₹5,253 crore, and gross NPA fell to 2.78%. The main risks are margins and funding: domestic NIM is down 20 bps YoY at 2.64%, NII grew only 2%, provisions doubled, and deposits are growing slower than loans, pushing the credit-deposit ratio to 75.56%. Overall the trend is improving on growth and asset quality but mixed on profitability. The Q2FY27 results will show whether margins can stabilise while loan growth stays strong.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,673 | 26,858 | 27,852 | 28,682 | 29,145 | 30,447 | 31,895 | 32,523 | 32,572 | 32,513 | 32,889 | 32,798 | 33,589 |
| Expenses | 10,990 | 10,259 | 9,449 | 9,831 | 8,473 | 8,592 | 7,494 | 9,142 | 9,197 | 8,299 | 9,298 | 7,518 | 8,262 |
| Financing Profit | -1,381 | -221 | 959 | 646 | 2,136 | 2,065 | 3,663 | 1,742 | 1,547 | 2,356 | 1,426 | 3,061 | 2,743 |
| Fin. Margin % | -5% | -1% | 3% | 2% | 7% | 7% | 11% | 5% | 5% | 7% | 4% | 9% | 8% |
| Other Income | 3,360 | 2,999 | 2,676 | 4,294 | 3,615 | 4,664 | 3,392 | 4,776 | 5,427 | 4,171 | 5,013 | 4,080 | 4,365 |
| Interest | 16,064 | 16,820 | 17,444 | 18,206 | 18,536 | 19,790 | 20,738 | 21,640 | 21,828 | 21,858 | 22,164 | 22,219 | 22,583 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 1,979 | 2,778 | 3,634 | 4,940 | 5,751 | 6,729 | 7,055 | 6,518 | 6,973 | 6,527 | 6,440 | 7,141 | 7,108 |
| Tax % | 39% | 36% | 38% | 37% | 35% | 34% | 34% | 29% | 74% | 26% | 19% | 27% | 25% |
| Net Profit | 1,363 | 1,990 | 2,441 | 3,363 | 3,991 | 4,739 | 4,811 | 5,011 | 2,167 | 5,121 | 5,577 | 5,602 | 5,835 |
| EPS in Rs | 1.22 | 1.81 | 2.21 | 3.04 | 3.61 | 4.1 | 4.18 | 4.34 | 1.84 | 4.46 | 4.83 | 4.87 | 5.06 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 48,710 | 50,804 | 48,058 | 48,725 | 52,147 | 54,918 | 81,935 | 76,242 | 86,845 | 1,09,065 | 1,24,010 | 1,30,772 | 1,31,789 |
| Expenses | 18,760 | 27,453 | 22,533 | 43,345 | 39,645 | 25,867 | 38,601 | 36,026 | 41,502 | 39,623 | 32,743 | 33,031 | 33,378 |
| Financing Profit | -1,394 | -10,980 | -7,197 | -28,151 | -22,153 | -7,946 | -7,470 | -6,607 | -6,473 | 908 | 10,563 | 9,672 | 9,587 |
| Fin. Margin % | -3% | -22% | -15% | -58% | -42% | -14% | -9% | -9% | -7% | 1% | 9% | 7% | 7% |
| Other Income | 6,175 | 6,100 | 9,168 | 8,883 | 7,367 | 9,388 | 12,777 | 12,329 | 12,529 | 14,158 | 17,560 | 20,062 | 17,629 |
| Interest | 31,343 | 34,331 | 32,722 | 33,530 | 34,656 | 36,997 | 50,805 | 46,823 | 51,817 | 68,534 | 80,704 | 88,069 | 88,824 |
| Depreciation | 384 | 413 | 430 | 581 | 584 | 614 | 982 | 896 | 905 | 906 | 958 | 1,281 | 0 |
| PBT | 4,397 | -5,293 | 1,540 | -19,849 | -15,370 | 827 | 4,325 | 4,826 | 5,151 | 14,160 | 27,166 | 28,453 | 27,216 |
| Tax % | 24% | -31% | 41% | -37% | -35% | 56% | 38% | 19% | 35% | 35% | 32% | 35% | — |
| Net Profit | 3,525 | -3,510 | 1,239 | -12,111 | -9,550 | 485 | 2,695 | 3,908 | 3,359 | 9,157 | 18,553 | 18,467 | 22,134 |
| EPS in Rs | 18.33 | -18.79 | 5.58 | -43.88 | -20.79 | 0.65 | 2.45 | 3.51 | 3.04 | 8.27 | 16.08 | 16 | 19.22 |
| Div. Payout % | 18% | -2% | 0% | 0% | 0% | 0% | 0% | 18% | 21% | 18% | 18% | 19% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 371 | 393 | 426 | 552 | 921 | 1,348 | 2,096 | 2,202 | 2,202 | 2,202 | 2,299 | 2,299 |
| Reserves | 41,669 | 41,412 | 42,990 | 40,965 | 45,164 | 62,529 | 90,439 | 95,380 | 1,00,678 | 1,08,185 | 1,30,839 | 1,47,674 |
| Borrowing | 36,692 | 81,674 | 43,336 | 65,330 | 46,828 | 62,512 | 52,298 | 59,372 | 70,149 | 72,586 | 1,05,807 | 1,07,558 |
| Deposits | 5,37,758 | 5,70,383 | 6,29,651 | 6,48,439 | 6,81,874 | 7,10,254 | 11,13,717 | 11,54,234 | 12,90,347 | 13,79,225 | 15,77,020 | 17,24,795 |
| Other Liabilities | 19,522 | 18,932 | 16,909 | 22,242 | 15,333 | 14,814 | 21,176 | 28,113 | 30,273 | 36,438 | 41,579 | 51,005 |
| Total Liabilities | 6,36,011 | 7,12,793 | 7,33,311 | 7,77,528 | 7,90,120 | 8,51,457 | 12,79,725 | 13,39,301 | 14,93,649 | 15,98,636 | 18,57,544 | 20,33,331 |
| Fixed Assets | 3,656 | 5,308 | 6,298 | 6,371 | 6,246 | 7,262 | 11,049 | 10,696 | 12,084 | 12,348 | 13,083 | 15,625 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,56,762 | 1,65,126 | 1,91,527 | 2,04,419 | 2,10,578 | 2,53,782 | 4,04,369 | 3,88,586 | 4,16,914 | 4,46,421 | 5,24,840 | 5,23,515 |
| Other Assets | 4,75,594 | 5,42,358 | 5,35,486 | 5,66,738 | 5,73,295 | 5,90,413 | 8,64,307 | 9,40,019 | 10,64,651 | 11,39,867 | 13,19,620 | 14,94,191 |
| Total Assets | 6,36,011 | 7,12,793 | 7,33,311 | 7,77,528 | 7,90,120 | 8,51,457 | 12,79,725 | 13,39,301 | 14,93,649 | 15,98,636 | 18,57,544 | 20,33,331 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 4,814 | 14,167 | 21,938 | -1,742 | -33,532 | -12,793 | 30,950 | 20,032 | 22,592 | -27,939 | 22,075 | 25,635 |
| Investing | -872 | -1,352 | 159 | 392 | -629 | -338 | -787 | -1,204 | -732 | -1,506 | -1,578 | -609 |
| Financing | 7,451 | 5,975 | -9,767 | 7,460 | 13,969 | 13,591 | 5,415 | 2,032 | 1,275 | 3,518 | -1,138 | -11,664 |
| Net Cash Flow | 11,393 | 18,790 | 12,330 | 6,109 | -20,192 | 460 | 35,579 | 20,859 | 23,135 | -25,928 | 19,359 | 13,362 |
| Free Cash Flow | 4,267 | 13,561 | 21,442 | -2,394 | -33,972 | -13,131 | 30,164 | 19,496 | 22,040 | -29,083 | 20,490 | 24,052 |
| CFO/OP | 25 | 67 | 92 | 1 | -268 | -36 | 72 | 54 | 52 | -38 | 30 | 26 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 8% | -9% | 3% | -29% | -22% | 1% | 3% | 4% | 3% | 9% | 15% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Punjab National Bank is India's first Swadeshi Bank. PNB is a Banking and Financial service bank owned by the Government of India with its headquarters is in New Delhi, India. It is the Second largest PSU after SBI.[1]
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