PNB Housing Finance logo

PNB Housing Finance

PNBHOUSING NSE

Key Fundamentals

SmallcapHousing FinanceFinancial Services
Market Cap
₹30,201 Cr
P/E (TTM)
12.83
EBITDA
₹8,037 Cr
Return on Equity
11.92%
Debt to Equity
3.7
Book Value
₹736.93
EPS (TTM)
₹90.23
52W High
₹1,211.50
52W Low
₹729.60

Price-based figures as of 9 Oct 2026, 3:53 pm IST · EPS basis: Standalone · TTM

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 20.2% CAGR over last 5 years

Weaknesses

4
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.36% over past five years.
  • Company has a low return on equity of 12.4% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
10.58% higher than 3Y
Net Income Growth
18.34% lower than 3Y
Cash Flow Change
-11.5% higher than 3Y
EBITDA Margin (Avg.)
2.47% lower than 3Y

AI Analysis — Bull vs Bear

Figures as of 8 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of the 2026-10-08 close, PNB Housing Finance traded at ₹1,150, giving it a market capitalisation of ₹29,992.45 crore. That's a trailing P/E of 12.75 on TTM EPS of ₹90.23 and a P/B of 1.56. The stock was about 5.1% below its 52-week high of ₹1,211.5 and about 57.6% above its 52-week low of ₹729.6. Profit has grown faster than revenue, with a 5-year profit CAGR of 20% against 2% for sales, while ROE has stayed in a narrow range of about 12% and ROCE was 9.02%.

Bull Case 7
  • Profit has compounded at 20% over 5 years, 30% over 3 years and 22% over 10 years. That's a steady record of bottom-line growth well ahead of revenue growth.
  • Growth is picking up again. TTM sales grew 10% and TTM profit grew 15%, against a 5-year sales CAGR of only 2%, which suggests the slow-growth phase may be ending.
  • Valuation looks modest compared with growth. The trailing P/E of 12.75 means an earnings yield of about 7.8%, and the P/E-to-TTM-profit-growth ratio is about 0.85 (12.75 / 15%).
  • A P/B of 1.56 is a moderate multiple for a lender earning an ROE of 11.92%. The price of the book is not stretched compared with the returns it currently earns.
  • ROE has been steady at 12% on 3-, 5- and 10-year averages and improved to 13% last year. That points to consistent, if not high, profitability through credit cycles.
  • The stock has momentum, with returns of 24% over 1 year, 15% CAGR over 3 years and 16% CAGR over 5 years. As of 2026-10-08 it traded within about 5.1% of its 52-week high of ₹1,211.5.
  • The dividend yield is 0.71% at about a 9% payout (implied DPS of about ₹8.2 against EPS of ₹90.23). Keeping most earnings in the business lets the company fund growth from internal capital.
Bear Case 7
  • Sales compounded at only 2.36% over 5 years, well below the 12% 10-year sales CAGR. The loan book and income base grew slowly for a long stretch.
  • ROE of 11.92% (12.4% over 3 years) and ROCE of 9.02% are low for a growth-oriented housing financier. This limits how much value the company can compound internally.
  • The 3-year profit CAGR of 30% is far above the 9% 3-year sales CAGR. Part of the profit growth may come from lower costs (credit costs or provisions) or a low starting base, and that may not continue.
  • Interest coverage is low, and the screen flags possible capitalisation of interest cost. For a leveraged lender, this means earnings are sensitive to changes in funding costs. Debt-to-equity was not available (null) to measure leverage directly.
  • The stock rose about 57.6% from its 52-week low of ₹729.6 to ₹1,150 and returned 24% over 1 year. Its 1-year return is ahead of its 15% 3-year CAGR, so part of the recovery may already be reflected in the price.
  • The dividend yield of 0.71% is low, so shareholders get little cash return while holding the stock.
  • Even after the recent pickup, TTM sales growth of 10% is below the 12% 10-year sales CAGR. The company has not yet shown it can return to its long-term growth rate.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 1
  • IT function head relieved Sep 23

    PNB Housing Finance relieved Anubhav Rajput from services effective September 23, 2026, which adds to churn in senior technology roles. The impact looks contained because Santosh Singh has been serving as Chief Information Officer since September 8, 2026.

Positives 2
  • ₹500 crore NCDs raised Sep 17

    PNB Housing Finance allotted 50,000 secured NCDs aggregating ₹500 crore at an 8.135% p.a. coupon via private placement on NSE's EBP platform, maturing September 17, 2031. The issue adds 5-year funding with 1x minimum security cover on specific book debts and will be listed on NSE's Wholesale Debt Market segment.

  • Jatul Anand appointed COO Sep 21

    PNB Housing Finance appointed Jatul Anand as Chief Operating Officer to oversee key operational functions. He will work with the MD & CEO to drive business performance, filling a senior operations role.

Neutral 2
  • J.P. Morgan conference investor meet Sep 21

    The CFO and IR head met institutional investors at the J.P. Morgan India Conference in Mumbai on September 21, 2026. They discussed strategy and asset quality.

  • Citi Financials Forum participation Sep 17

    The company disclosed it would join a virtual group meeting at the Citi India Financials Investor Forum on September 23, 2026. The disclosure was made under SEBI norms.

TL;DR: PNB Housing Finance is still raising long-term debt, with a ₹500 crore 5-year secured NCD issue priced at 8.135%, and is engaging actively with institutional investors at the J.P. Morgan and Citi forums. Leadership is changing: a new COO has been appointed and the IT function head has left, though a CIO was already in place from September 8. None of the news points to deterioration in fundamentals, and the overall trend looks stable to slightly improving. Watch whether the new management team settles in smoothly and whether asset quality and borrowing costs hold steady in upcoming quarterly results.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
1,699
1,766
1,748
1,801
1,813
1,868
1,923
2,030
2,064
2,168
2,110
2,170
2,252
Expenses
187
190
206
156
153
130
149
125
136
84
174
49
185
Financing Profit
464
519
455
575
563
619
615
726
693
816
683
874
728
Fin. Margin %
27%
29%
26%
32%
31%
33%
32%
36%
34%
38%
32%
40%
32%
Other Income
0
2
3
5
9
2
2
15
7
4
2
-9
3
Interest
1,048
1,058
1,087
1,070
1,097
1,119
1,158
1,178
1,235
1,267
1,253
1,246
1,339
Depreciation
13
11
13
14
13
14
14
14
15
16
16
19
16
PBT
451
509
445
566
559
607
603
727
686
804
669
846
715
Tax %
22%
24%
22%
22%
21%
22%
22%
22%
22%
22%
22%
23%
22%
Net Profit
353
384
347
444
439
472
471
567
532
626
521
649
554
EPS in Rs
13.59
14.81
13.34
17.09
16.89
18.15
18.14
21.82
20.44
24.05
20
24.9
21.28
Gross NPA %
3.76%
1.78%
1.73%
1.5%
1.35%
1.24%
1.19%
1.08%
1.06%
1.04%
1.04%
0.93%
0.95%
Net NPA %
2.58%
1.19%
1.14%
0.95%
0.92%
0.84%
0.8%
0.69%
0.69%
0.69%
0.68%
0.57%
0.58%
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
1,780
2,698
3,908
5,488
7,481
8,478
7,565
6,141
6,491
7,016
7,651
8,500
8,700
Expenses
213
320
442
693
708
1,719
1,235
964
1,173
737
557
442
493
Financing Profit
303
518
822
1,258
1,606
884
1,230
1,111
1,416
2,015
2,542
3,057
3,101
Fin. Margin %
17%
19%
21%
23%
21%
10%
16%
18%
22%
29%
33%
36%
36%
Other Income
0
1
0
0
4
7
15
5
2
7
10
13
-1
Interest
1,265
1,860
2,644
3,537
5,167
5,876
5,100
4,066
3,901
4,264
4,553
5,002
5,106
Depreciation
8
15
19
24
31
66
59
53
51
51
56
66
68
PBT
294
503
804
1,235
1,578
825
1,187
1,063
1,367
1,972
2,496
3,004
3,033
Tax %
34%
35%
35%
32%
31%
17%
22%
23%
23%
23%
22%
22%
—
Net Profit
194
326
524
842
1,081
682
925
822
1,056
1,527
1,949
2,328
2,351
EPS in Rs
9.95
16.73
20.57
32.9
42.01
26.39
35.78
31.72
40.7
58.81
74.98
89.34
90.23
Div. Payout %
16%
13%
19%
18%
14%
0%
0%
0%
0%
0%
7%
9%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
104
127
166
167
167
168
168
169
169
260
260
261
Reserves
1,475
2,019
5,412
6,402
7,268
7,779
8,699
9,632
10,784
14,673
16,574
18,965
Borrowing
16,481
26,014
35,497
53,777
71,859
67,736
59,394
53,005
53,621
55,017
62,310
71,199
Other Liabilities
976
1,511
1,885
2,673
4,456
3,191
3,072
2,844
2,231
2,422
3,353
3,109
Total Liabilities
19,035
29,671
42,960
63,018
83,750
78,874
71,333
65,649
66,805
72,371
82,497
93,533
Fixed Assets
40
58
58
255
102
250
181
150
146
206
239
273
CWIP
18
4
2
10
5
4
2
4
3
15
16
6
Investments
1,586
1,622
3,280
2,413
4,457
2,048
2,033
3,472
3,188
4,345
3,381
2,777
Other Assets
17,392
27,987
39,620
60,340
79,185
76,572
69,117
62,024
63,468
67,804
78,861
90,477
Total Assets
19,035
29,671
42,960
63,018
83,750
78,874
71,333
65,649
66,805
72,371
82,497
93,533
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-6,791
-9,664
-12,406
-15,664
-16,626
8,911
6,731
6,218
-1,772
-4,644
-8,120
-8,973
Investing
-37
-20
-17
-50
-53
-62
-6
-1,476
174
-1,193
757
736
Financing
6,850
9,804
12,322
18,464
17,888
-4,362
-8,331
-6,684
301
4,179
7,404
8,720
Net Cash Flow
22
120
-101
2,751
1,209
4,486
-1,606
-1,942
-1,297
-1,659
41
483
Free Cash Flow
-6,828
-9,684
-12,423
-15,713
-16,679
8,849
6,725
6,203
-1,786
-4,683
-8,168
-9,005
CFO/OP
-427
-399
-350
-317
-238
137
111
127
-28
-68
-109
-104
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
15%
18%
14%
14%
15%
9%
11%
9%
10%
12%
12%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.98%Govt.0.02%DIIs45.71%Public7.44%FIIs16.81%Promot.28.03%As ofJun 2026

Documents

Frequently Asked Questions about PNB Housing Finance

What does PNB Housing Finance Ltd do?
PNB Housing Finance offers retail customers housing and non-housing loans, including individual home loans, loan against property, non-resident property loan, among others. It is promoted by Punjab National Bank. [1]
Where is PNB Housing Finance Ltd (PNBHOUSING) listed?
PNB Housing Finance Ltd trades as PNBHOUSING on the NSE and under code 540173 on the BSE.
Which sector does PNB Housing Finance Ltd belong to?
PNB Housing Finance Ltd is classified under the Financial Services sector, in the Housing Finance industry.
What is the market capitalisation of PNB Housing Finance Ltd?
PNB Housing Finance Ltd has a market capitalisation of ₹30,201 Cr as of 9 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of PNB Housing Finance Ltd?
PNB Housing Finance Ltd trades at a PE ratio of 12.83 as of 9 Oct 2026, on earnings per share of ₹90.23, against a book value of ₹736.93 per share.
What is the 52-week high and low of PNB Housing Finance Ltd?
Over the last 52 weeks PNB Housing Finance Ltd has traded between ₹729.6 and ₹1,211.5 as of 9 Oct 2026.
Does PNB Housing Finance Ltd pay dividends?
PNB Housing Finance Ltd has a dividend yield of 0.70%.
What is the Return on Equity (ROE) of PNB Housing Finance Ltd?
PNB Housing Finance Ltd reported a return on equity of 11.92%. Its debt-to-equity ratio is 3.70.

Company Information

PNB Housing Finance offers retail customers housing and non-housing loans, including individual home loans, loan against property, non-resident property loan, among others. It is promoted by Punjab National Bank. [1]

Website pnbhousing.com
CEO Mr. Vinay Gupta
Employees 2,149
Listed 2016-11-07
Face Value ₹ 10
Shares Outstanding 26,08,03,913

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