PNB Housing Finance Ltd
PNB Housing Finance Ltd
Financial Services F&OKey Fundamentals
SmallcapHousing FinanceFinancial ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY12–FY26.
Tapetide Score
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Technical Indicators
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
AI Analysis — Bull vs Bear
PNB Housing Finance Ltd trades at a market cap of ₹30,262 Cr with a P/E of 12.9x and P/B of 1.55x. The company has delivered strong profit growth of 20% CAGR over 5 years but revenue growth has been sluggish at just 2% CAGR over the same period, reflecting a divergence between top-line and bottom-line performance.
- Strong profit compounding at 20% CAGR over 5 years and 30% CAGR over 3 years indicates improving operational efficiency
- P/E of 12.9x is relatively undemanding for a housing finance company delivering double-digit profit growth
- Stock price CAGR of 50% over the last 1 year reflects strong re-rating momentum and renewed investor confidence
- TTM profit growth of 15% shows continued earnings momentum in the most recent period
- ROE has improved to 13% in the last year from a 3-year average of 12%, signaling gradual improvement in capital efficiency
- P/B of 1.55x is modest for a housing finance company with improving return ratios
- Compounded sales growth of 10% on a TTM basis shows acceleration from the 5-year CAGR of 2%, indicating a revenue recovery trajectory
- 5-year sales CAGR of just 2.36% is significantly below industry peers, indicating structural challenges in loan book growth
- Low interest coverage ratio raises concerns about the company's ability to service debt comfortably from operating profits
- Potential capitalization of interest costs may overstate reported profitability and asset quality
- 3-year ROE of only 12.4% is below the cost of equity for most financial services firms, indicating suboptimal shareholder value creation
- Dividend yield of just 0.69% offers minimal income return to shareholders despite improving profitability
- 10-year sales CAGR of 12% has decelerated sharply to 2% over 5 years, showing a prolonged slowdown in business scale
- As a housing finance company with high leverage, the business is inherently sensitive to interest rate cycles and asset quality stress
- Debt-to-equity ratio is not disclosed, limiting visibility into the actual leverage position of the balance sheet
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 profit dips 15% QoQ Aug 4
Consolidated net profit fell 15% quarter-on-quarter to ₹557.34 crore in Q1FY27, signaling sequential margin or asset quality pressure despite 4.5% YoY growth.
- CBO resignation mid-cycle Aug 3
Chief Business Officer Ms. Valli Sekar resigned effective September 1, 2026, with Mr. Satish Kumar Singh designated as replacement from August 3. Leadership transitions in the business function carry execution risk.
- A+ ESG, 16% loan growth Jul 23
PNB Housing secured an 'A+' ESG rating and grew retail loans 16% YoY to ₹86,946 crore in FY26, with an affordable housing book of ₹8,153 crore underscoring sustainable lending focus.
- ₹8 per share dividend announced Jul 30
Board recommended a final dividend of ₹8 per share for FY26, with TDS document submission deadline of August 8, 2026, reflecting confidence in capital adequacy.
- 38th AGM and Annual Report Jul 23
Annual Report FY26 released and 38th AGM scheduled for August 17, 2026 via VC/OAVM, with e-voting window from August 13–16, 2026.
- Q1FY27 earnings call held Aug 5
PNB Housing hosted its Q1FY27 earnings conference call on August 5, 2026 at 8:00 AM IST; audio recording made available for investors.
- Revenue up 9% YoY Aug 4
Q1FY27 revenue rose 9% YoY to ₹2,263.44 crore, indicating steady topline momentum even as profitability faced sequential pressure.
TL;DR: PNB Housing Finance delivered solid annual metrics — 16% retail loan growth, A+ ESG rating, and a healthy ₹8 dividend — but Q1FY27 showed sequential profit weakness of 15% QoQ despite revenue growth. The CBO transition adds near-term execution uncertainty. The structural growth story remains intact with strong affordable housing positioning, but investors should watch margin trends and leadership stability in the coming quarters.
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 | 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% |
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 | 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% | — |
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 | 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 |
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 | -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 |
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 % | 15% | 18% | 14% | 14% | 15% | 9% | 11% | 9% | 10% | 12% | 12% | 13% |
Documents
Frequently Asked Questions about PNB Housing Finance Ltd
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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]