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Punjab National Bank

PNB NSE
₹122.42 +1.45 (+1.20%)
P/E
6.15
View as Markdown
MCP
Close 4 Nov 2026 ₹122.42 +1.96 +1.63% 1Y
Start ₹120.46

Key Fundamentals

LargecapBanksFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

EPS (TTM)
₹19.89
Book Value
₹131.05
Market Cap
—
P/E (TTM)
6.15
P/B
0.93
ROE
13.00%
Dividend Yield
2.48%
52W High
₹135.15
52W Low
₹98.50
Day Range
₹120.09 – ₹123.14
Volume
1,86,71,173
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
Debt to Equity
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Banks › Public Sector Bank

Punjab National Bank peer comparison
SBI
₹979.0010.48₹9,03,461 Cr1.421.79%15.40%—₹5,38,780 Cr₹89,666 Cr
Union Bank of India
₹183.896.38₹1,39,687 Cr1.022.73%15.70%—₹1,09,300 Cr₹22,000 Cr
Punjab National Bank (this company)
₹122.426.15₹1,39,168 Cr0.932.48%13.00%—₹1,34,543 Cr₹22,932 Cr
Bank of Baroda
₹245.376.98₹1,25,618 Cr0.733.49%12.70%—₹1,36,546 Cr₹18,393 Cr
Indian Bank
₹854.008.70₹1,14,613 Cr1.442.15%15.40%—₹71,835 Cr₹13,220 Cr
Canara Bank
₹118.325.27₹1,07,387 Cr0.883.57%16.10%—₹1,30,895 Cr₹20,314 Cr
Bank of Maharashtra
₹79.618.12₹61,525 Cr1.722.73%22.60%—₹30,262 Cr₹7,536 Cr
Median 7 companies₹183.896.98₹1,25,618 Cr1.022.73%15.40%—₹1,30,895 Cr₹20,314 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
32
Poor
Returns, margins, earnings quality 22% weight
Valuation
79
Strong
Cheap vs sector & own history 24% weight
Growth
40
Weak
Sales & profit trajectory 9% weight
Financial Health
44
Weak
Solvency, leverage, coverage 9% weight
Momentum
66
Strong
Trend strength, vol-adjusted 12% weight
Ownership
60
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Stock is trading at 0.89 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%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish0613
OscillatorsBullish063
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
58.20
Neutral
MACD (12,26,9)
1.83
Bullish
SMA (50)
117.11
Bullish
SMA (200)
114.10
Bullish

As of

Analyst Rating

Based on 19 analysts
BUY68%

13 of 19 analysts rate Buy, 1 Hold, 5 Sell.

As of

BUY
13
68%
HOLD
1
5%
SELL
5
26%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.92%
5Y+9.80%
3Y+14.62%
1Y+5.45%
TTM+3.89%

Net profit

Net profit growth by window
10YTurned to profit
5Y+46.95%
3Y+76.49%
1Y−0.46%
TTM+34.03%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹48,058 Cr
Mar 2018₹48,725 Cr
Mar 2019₹52,147 Cr
Mar 2020₹54,918 Cr
Mar 2021₹81,935 Cr
Mar 2022₹76,242 Cr
Mar 2023₹86,845 Cr
Mar 2024₹1,09,065 Cr
Mar 2025₹1,24,010 Cr
Mar 2026₹1,30,772 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,239 Cr
Mar 2018−₹12,111 Cr
Mar 2019−₹9,550 Cr
Mar 2020₹485 Cr
Mar 2021₹2,695 Cr
Mar 2022₹3,908 Cr
Mar 2023₹3,359 Cr
Mar 2024₹9,157 Cr
Mar 2025₹18,553 Cr
Mar 2026₹18,467 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EPS
₹3.71 −27.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

Punjab National Bank trades at a P/E of 6.18 and a P/B of 0.94 as of 2026-10-30, with a market capitalization of Rs.1,41,191 Cr. The bank has delivered strong 5-year compounded profit growth of 48% but revenue growth has been subdued at 10% over the same period, and contingent liabilities of Rs.5,24,629 Cr remain a material overhang.

Bull Case 8
  • The stock trades at a P/B of 0.94, below book value, suggesting the market is pricing in limited premium over net assets
  • 5-year compounded profit CAGR of 48% reflects a significant turnaround in earnings quality from prior loss-making years
  • TTM profit growth stands at 34%, indicating continued earnings momentum in the most recent period
  • P/E of 6.18 on TTM EPS of Rs.19.89 is well below the broader banking sector average, offering a valuation cushion
  • Dividend yield of 2.42% with a consistent payout ratio of 18.3% provides a tangible return to shareholders
  • ROE has improved to 13% in the last year, up from a 10-year average of 4%, signalling a structural improvement in profitability
  • 5-year stock CAGR of 23% shows the market has rewarded the bank's earnings recovery over a medium-term horizon
  • 3-year compounded profit growth of 76% underscores the pace at which the bank has scaled back to healthy profitability
Bear Case 8
  • Contingent liabilities of Rs.5,24,629 Cr — roughly 3.7x the current market cap — pose a substantial tail risk if even a fraction crystallises
  • 5-year compounded sales growth of only 10% and TTM sales growth of just 4% point to sluggish topline expansion
  • 3-year average ROE of 12.4% remains modest for a bank of this scale, limiting shareholder value creation
  • ROCE of 5.24% is low, indicating the bank generates thin returns on total capital employed
  • Promoter holding has declined by 3.07% over the last three years, which may reflect government stake dilution and reduced promoter commitment
  • Low interest coverage ratio suggests the bank's earnings buffer over its interest obligations is thin, raising vulnerability in a rising-rate scenario
  • The 10-year stock CAGR of -2% means long-term shareholders have seen capital erosion on a compounded basis despite the recent rally
  • Possible capitalisation of interest costs could mean reported profits overstate true operating performance

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

AI News Digest

9h ago

TL;DR: However, the profit beat was heavily aided by an 85% provision cut that is unlikely to recur, and the ₹35 crore fraud at Greater Noida poses reputational risk. Rising slippages in agriculture/MSME, the repo rate hike, and upcoming ECL norms (Apr 2027) are key risks to monitor. The trend is positive on core operations and cost discipline, but sustaining double-digit profit growth will require NIM expansion and stable asset quality rather than provision tailwinds.

Headwinds 4
  • ₹35cr fraud at Greater Noida branch Oct 28

    Customers allege misappropriation of approximately ₹35 crore from dozens of account holders at PNB's Pi-1 Greater Noida branch, involving premature FD breakages and unauthorized withdrawals. Entire branch staff replaced and suspended; police complaints filed.

  • Repo rate hike pressures borrowers Oct 17

    RBI hiked repo rate 25 bps to 5.50% on Oct 7, prompting PNB to raise RLLR from 8.10% to 8.35% effective Oct 8. Higher EMIs and borrowing costs could dampen loan demand.

  • Slippages ticking up, provision tailwind fading Oct 17

    Slippage ratio rose to 0.77% from 0.71% with agriculture and MSME accounting for ~70% of fresh slippages. The 85% provision cut to ₹97 crore that drove Q2 profit growth is not repeatable, and ECL norms from Apr 2027 could add 10-12 bps to credit costs.

Positives 6
  • Record Q2 profit, stock surges 8% Oct 19

    PNB reported record quarterly net profit of ₹5,532 crore in Q2 FY27, up 13% YoY, with NII growing 10.8% to ₹11,601 crore and NIM improving 8 bps QoQ to 2.58%.

  • Asset quality sharply improved Oct 16

    GNPA declined to 2.55% from 3.45% YoY and NNPA fell to 0.25% from 0.36%, with provision coverage ratio at 97.32%. CET1 capital strengthened 169 bps to 14.44%.

  • Cost-to-income ratio target below 50% Oct 25

    PNB targets cost-to-income ratio below 50% this fiscal (currently 50.38%) and ~45% by FY29. Core operating profit surged 29% YoY, and the bank is targeting ₹6,000 crore quarterly profit in coming quarters.

Neutral 2
  • Credit card charges revised Nov 1 Oct 31

    PNB revising Visa and RuPay credit card charges from Nov 1, 2026, including higher cash withdrawal fees (2.5% or ₹400 minimum), new ₹99 reward redemption fee, and 1% charge on utility payments above ₹50,000.

  • New non-official director appointed Oct 12

    PNB appointed Sushil Katara as Part-Time Non-Official Director effective October 9, 2026, notified under SEBI regulations.

Quarterly Results

₹ Cr
PNB quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue
26,858
27,852
28,682
29,145
30,447
31,895
32,523
32,572
32,513
32,889
32,798
33,589
35,267
Expenses
10,259
9,449
9,831
8,473
8,592
7,494
9,142
9,197
8,299
9,298
7,518
8,262
7,839
Financing Profit
−221
959
646
2,136
2,065
3,663
1,742
1,547
2,356
1,426
3,061
2,743
3,964
Fin. Margin %
−1%
3%
2%
7%
7%
11%
5%
5%
7%
4%
9%
8%
11%
Other Income
2,999
2,676
4,294
3,615
4,664
3,392
4,776
5,427
4,171
5,013
4,080
4,365
3,524
Interest
16,820
17,444
18,206
18,536
19,790
20,738
21,640
21,828
21,858
22,164
22,219
22,583
23,464
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
2,778
3,634
4,940
5,751
6,729
7,055
6,518
6,973
6,527
6,440
7,141
7,108
7,488
Tax %
36%
38%
37%
35%
34%
34%
29%
74%
26%
19%
27%
25%
26%
Net Profit
1,990
2,441
3,363
3,991
4,739
4,811
4,643
2,167
4,849
5,577
5,225
5,339
5,561
EPS (₹)
1.81
2.21
3.04
3.61
4.1
4.18
4.34
1.84
4.46
4.83
4.87
5.06
5.13

Profit & Loss

₹ Cr
PNB profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
1,34,543
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
32,917
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
11,195
Fin. Margin %
−3%
−22%
−15%
−58%
−42%
−14%
−9%
−9%
−7%
1%
9%
7%
8%
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
16,982
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
90,431
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
28,177
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
22,932
EPS (₹)
18.33
−18.79
5.58
−43.88
−20.79
0.65
2.45
3.51
3.04
8.27
16.08
16
19.89
Div. Payout %
18%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
0%
0%
0%
0%
0%
18%
21%
18%
18%
19%
—

Balance Sheet

₹ Cr
PNB balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
371
393
426
552
921
1,348
2,096
2,202
2,202
2,202
2,299
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
1,58,683
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
1,37,836
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
17,92,780
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
37,254
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
21,28,852
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
15,611
CWIP
0
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
5,47,217
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
15,66,024
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
21,28,852

Cash Flow

₹ Cr
PNB cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Ratios

PNB financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
8%
−9%
3%
−29%
−22%
1%
3%
4%
3%
9%
15%
13%

Insights

Beta

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

Log in to view Punjab National Bank insights

88 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 70.08%
  • DIIs 16.13%
  • FIIs 6.66%
  • Public 6.27%
  • Others 0.86%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Punjab National Bank

What does Punjab National Bank do?
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.
Where is Punjab National Bank (PNB) listed?
Punjab National Bank trades as PNB on the NSE and under code 532461 on the BSE.
Which sector does Punjab National Bank belong to?
Punjab National Bank is classified under the Banks sector, in the Public Sector Bank industry.
What is the PE ratio of Punjab National Bank?
Punjab National Bank trades at a PE ratio of 6.15 as of 4 Nov 2026, on earnings per share of ₹19.89, against a book value of ₹131.05 per share.
What is the 52-week high and low of Punjab National Bank?
Over the last 52 weeks Punjab National Bank has traded between ₹98.5 and ₹135.15 as of 4 Nov 2026.
Does Punjab National Bank pay dividends?
Punjab National Bank has a dividend yield of 2.48%.
What is the Return on Equity (ROE) of Punjab National Bank?
Punjab National Bank reported a return on equity of 13.00%.

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.

Website pnbindia.in
CEO Mr. Ashok Chandra
Employees 1,02,746
Listed 24 Apr 2002
Face Value ₹2

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