PNB Housing Finance logo

PNB Housing Finance

PNBHOUSING NSE

Key Fundamentals

SmallcapHousing FinanceFinancial Services
Market Cap
₹30,416 Cr
Volatility
Moderate
P/E Ratio
13.07
EBITDA
₹8,037 Cr
Return on Equity
11.92%
Debt to Equity
3.7
Book Value
₹736.93
EPS
₹61.35
52W High
₹1,211.5
52W Low
₹729.6

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
ROE
3.83% lower than 3Y
ROCE
-2.7% higher than 3Y
EBITDA Margin (Avg.)
2.47% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

PNB Housing Finance trades at a market cap of ₹30,416 Cr with a P/E of 13.3x and P/B of 1.6x. The company has delivered strong profit CAGR of 20% over five years but revenue growth has been sluggish at just 2.4% CAGR over the same period, with ROE at around 12-13%.

Bull Case 8
  • Strong profit growth with 20.2% CAGR over the last 5 years and 30% compounded profit growth over 3 years, indicating improving operational efficiency
  • Reasonable valuation at a P/E of 13.3x, which is modest for a housing finance company in a growing mortgage market
  • P/B ratio of 1.6x suggests the stock is not excessively priced relative to book value for a financials name with improving profitability
  • TTM profit growth of 15% shows continued earnings momentum even on a higher base after the 30% three-year CAGR
  • ROE has improved from a 3-year average of 12% to 13% in the last year, signaling a gradual upward trend in return ratios
  • Stock price CAGR of 45% over 1 year and 21% over 3 years reflects strong market re-rating as fundamentals have improved
  • TTM revenue growth has accelerated to 10% compared to the 5-year sales CAGR of just 2.4%, suggesting a revenue growth inflection
  • India's structural housing under-penetration and government focus on affordable housing provide a long runway for mortgage lenders
Bear Case 8
  • Very weak sales growth of just 2.36% CAGR over the past 5 years raises concerns about the company's ability to scale its loan book
  • Low interest coverage ratio flags potential vulnerability to rising interest rates or asset quality deterioration
  • ROE of 12.4% over 3 years is below the 15%+ threshold typically expected from well-run lending institutions
  • Concerns around possible capitalization of interest costs could mean reported profits overstate true economic earnings
  • Dividend yield of only 0.68% offers minimal income return to shareholders despite profitable operations
  • 10-year sales CAGR of 12% has decelerated sharply to just 2% over 5 years, indicating a prolonged growth slowdown rather than a one-off event
  • As a housing finance company, PNB Housing is inherently leveraged and exposed to credit cycle risks, with debt-to-equity data unavailable for independent verification
  • 52-week high and low data are unavailable, limiting visibility into recent price volatility and downside risk from peak levels

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • ₹10,000 Cr NCD issue approved Aug 17

    Shareholders approved a ₹10,000 crore NCD issuance and raised borrowing limits to ₹1,50,000 crore at the 38th AGM on August 17, 2026. This strengthens the company's funding capacity for loan book growth.

  • Active institutional investor engagement Aug 31

    PNB Housing held or scheduled at least four investor meetings between Aug 19–Sep 4, including sessions with Citi and three fund managers. MD & CEO Ajai Kumar Shukla and CFO Vinay Gupta discussed strategy, margins, and asset quality.

Neutral 2
  • New CIO Santosh Kumar Singh Aug 29

    Santosh Kumar Singh appointed as CIO effective September 8, 2026, succeeding Anubhav Rajput who resigned. Singh brings 26+ years of financial services IT experience.

  • Investor meet on India housing Aug 27

    PNB Housing will participate in a virtual group meeting on September 3, 2026, covering India Housing & Real Estate sector updates.

TL;DR: PNB Housing Finance is in a quiet but constructive phase with no material negatives surfacing. The ₹10,000 crore NCD approval and higher borrowing ceiling signal confidence in continued loan book expansion. Frequent institutional investor engagement suggests sustained market interest. Key things to watch going forward are asset quality trends and margin trajectory discussed at the recent meets, plus how the CIO transition impacts IT strategy.

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 ₹30,416 Cr, 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 13.07, on earnings per share of ₹61.35, 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.
Does PNB Housing Finance Ltd pay dividends?
PNB Housing Finance Ltd has a dividend yield of 0.68%.
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
Issued Size 26,05,08,563

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