Punjab National Bank
Punjab National Bank
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY14–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
3- Stock is trading at 0.85 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
AI Analysis — Bull vs Bear
Punjab National Bank, India's second-largest public sector bank by market cap of ₹1,35,640 Cr, trades at a PE of 6.1x and 0.92x book value. The bank has delivered 48% profit CAGR over 5 years but carries contingent liabilities of ₹5,24,629 Cr and has posted only 10% sales CAGR over the same period.
- Trading at 0.92x price-to-book value, below the 1x threshold typically considered fair value for banks, indicating potential undervaluation
- Compounded profit growth of 48% CAGR over 5 years reflects a sharp earnings recovery from prior NPA cycle lows
- PE ratio of 6.1x is significantly below the banking sector average, offering an earnings yield of over 16%
- TTM profit growth of 33% indicates continued earnings momentum in the most recent period
- Dividend yield of 2.55% with a consistent payout ratio of 18.3% provides income support to shareholders
- ROE has improved from 4% on a 10-year average to 13% in the last year, showing a clear upward trajectory in return ratios
- 3-year stock CAGR of 24% and 5-year CAGR of 27% demonstrate sustained re-rating by the market over medium term
- Market cap of ₹1,35,640 Cr provides high liquidity and institutional participation as a large-cap PSU bank
- Contingent liabilities of ₹5,24,629 Cr represent a massive potential obligation, nearly 4x the bank's current market cap
- Sales growth of only 9.8% over 5 years indicates weak core business expansion relative to private sector peers
- 10-year stock CAGR of -1% shows the bank destroyed shareholder value over a full market cycle, reflecting legacy NPA damage
- 3-year ROE of only 12% remains below the 15%+ levels expected from well-run banks, indicating suboptimal capital efficiency
- Promoter (Government of India) holding has decreased by 3.07% over last 3 years, signaling potential further dilution
- Low interest coverage ratio suggests vulnerability to margin compression in a changing rate environment
- Potential capitalization of interest costs raises questions about the true quality of reported earnings
- TTM revenue growth has decelerated sharply to just 3% from the 15% three-year CAGR, flagging a possible growth slowdown
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- RBI fine for currency chest lapse Aug 21
PNB penalized ₹4.33 lakh by RBI for non-compliance with currency chest operational guidelines. Impact limited to penalty amount.
- Q1FY27 net profit surges 214% Aug 19
PNB reports 214% YoY jump in Q1FY27 net profit to $555 Mn, driven by lower provisions. Gross NPAs at 2.78% with NIM at 2.50%.
- Investor meets and roadshows scheduled Aug 17
PNB scheduled multiple investor interactions including analyst meet on Aug 20, Singapore/HK roadshow for EMTN program on Aug 20, Motilal Oswal conference on Aug 17, and Emkay Confluence on Aug 14.
TL;DR: PNB delivered a strong Q1FY27 with 214% profit growth and improving asset quality at 2.78% GNPA. The RBI fine is negligible at ₹4.3 lakh. Active investor engagement including international roadshows signals confidence and potential fundraising. The trend is clearly improving with earnings momentum and cleaner books.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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]