Punjab National Bank

•

pnbindia.inBSE: 532461NSE: PNB

Market Cap₹ 1,34,065 Cr.

Current Price

High / Low₹ 135 / 98

Stock P/E6.1

Book Value₹ 127

Price to Book0.83

Dividend Yield2.57 %

ROCE13.3 %

ROE12.9 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Corporate/Wholesale Banking: 38.0% • Treasury: 30.0% • Other Retail Banking-Retail Banking: 29.4%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 51.4% CAGR over last 5 years
Comfortable capital adequacy - CAR of 17.7%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 191.4% YoY, showing strong momentum
Strong provisioning - provision coverage ratio of 97.2%

CONS

A large part of profit comes from other income (69.0% of PBT)
Promoter holding has decreased over last 2 years: -3.1pp
Operating margins have contracted to 22.6% from 26.4%
Thin net interest margin of 2.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBankBank - Public

Part ofNIFTY BANK NIFTY NEXT 50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT

S.No.	Name
1.	SBIN	997.00	10.68	920292.57	1.74	24579.04	13.65	136240.49	8.36	12.16	52.34
2.	UNIONBANK	178.00	6.58	135878.18	2.81	5368.17	29.77	27427.10	1.21	14.57	69.42
3.	PNB	116.65	6.07	134065.18	2.57	5339.15	191.40	33589.17	3.12	13.26	75.40
4.	BANKBARODA	237.80	6.77	122974.99	3.57	1572.59	-53.08	35114.52	6.84	11.20	33.10
5.	INDIANB	852.90	8.99	114882.56	2.14	3299.48	48.73	18095.14	11.11	16.28	67.14
6.	CANBK	123.90	5.66	112385.37	3.39	4864.08	61.96	32957.16	4.55	14.46	68.47
7.	MAHABANK	84.17	8.59	64739.82	2.61	2020.54	26.83	8034.65	13.90	16.53	68.61
8.	IOB	33.13	10.71	63797.08	0.00	1659.24	49.25	8777.57	18.82	11.31	54.56
9.	BANKINDIA	139.80	5.40	63646.30	3.33	3138.46	77.92	20096.90	8.83	10.97	73.18
10.	UCOBANK	23.98	12.18	30069.86	1.83	652.43	24.09	6744.59	15.10	11.00	54.71
11.	CENTRALBK	30.75	6.10	27833.06	3.90	1328.95	5.43	9725.90	12.79	8.27	67.83
12.	PSB	22.78	11.68	16163.74	1.71	331.51	23.16	3213.37	10.40	9.07	71.38

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
Interest Expended	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
Net Interest Income	9,608	10,038	10,408	10,476	10,608	10,657	11,157	10,884	10,744	10,655	10,725	10,579	11,006
	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
Total Income	0	0	0	0	32,760	35,111	35,286	37,299	37,999	36,684	37,903	36,878	37,954
Operating Expenses	0	0	0	0	75,700	83,123	78,971	87,711	88,520	76,710	81,679	71,380	7,708
Operating Profit	0	0	0	0	66,536	70,088	66,516	68,885	73,185	71,549	75,703	75,212	7,663
Provisions & Contingencies	0	0	0	0	9,026	2,802	-4,034	3,707	3,451	6,278	11,304	3,799	555
Profit before Tax	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 %	38.82%	36.49%	38.02%	37.23%	35.38%	34.13%	34.11%	28.77%	73.73%	25.72%	19.41%	26.83%	24.89%
Net Profit	0	0	0	0	3,716	4,432	4,649	4,643	1,832	4,849	5,190	5,225	5,339
EPS	1	2	2	3	4	4	4	4	2	4	5	5	1

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	0	0	0	0	0	1,09,065	1,24,010	1,30,772	—
Interest Expended	32,722	33,530	34,656	36,997	50,805	46,823	51,817	68,534	80,704	88,069	88,824
Net Interest Income	-32,722	-33,530	-34,656	-36,997	-50,805	-46,823	-51,817	40,530	43,306	42,703	—
	9,168	8,883	7,367	9,388	12,235	12,098	12,240	13,329	16,447	18,691	17,629
Total Income	0	0	0	0	0	0	0	1,22,394	1,40,457	1,49,463	1,49,418
	0	0	0	0	0	0	0	28,809	32,550	31,829	—
Operating Profit	-32,722	-33,530	-34,656	-36,997	-50,805	-46,823	-51,817	25,051	27,203	29,565	—
	14,497	25,406	26,693	14,421	18,455	15,731	17,788	11,719	1,150	2,483	—
Profit before Tax	1,540	-19,849	-15,370	827	3,782	4,594	4,861	13,332	26,053	27,082	27,216
Tax %	0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%	37.53%	33.06%	36.87%	24.30%
Net Profit	901	-12,584	-10,026	363	2,152	3,676	3,069	8,329	17,440	17,096	20,603
EPS	6	-55	-30	1	3	4	3	8	16	16	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 10%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 48%
3 Years:: 76%

STOCK PRICE CAGR

10 Years:: -2%
5 Years:: 25%
3 Years:: 20%
1 Year:: 8%

RETURN ON EQUITY

10 Years:: -1%
5 Years:: 9%
3 Years:: 12%
Last Year:: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	426	552	921	1,348	2,096	2,202	2,202	2,202	2,299	2,299
	42,990	40,965	45,164	62,529	90,439	95,380	1,00,678	1,08,185	1,30,839	1,47,674
	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
	43,336	65,330	46,828	62,512	52,298	59,372	70,149	72,586	1,05,807	1,07,558
Other Liabilities & Provisions	16,128	21,934	15,046	14,453	20,689	27,640	29,813	35,878	40,951	50,315
Total Liabilities	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
ASSETS	-	-	-	-	-	-	-	-	-	-
	25,410	29,029	32,338	38,604	44,267	86,128	78,214	65,325	64,389	60,882
Balances with Banks & Money at Call	65,969	68,459	44,958	39,152	69,067	48,066	79,115	66,075	86,370	1,03,240
	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
	4,24,230	4,38,826	4,62,416	4,76,853	6,79,346	7,33,766	8,37,459	9,41,762	10,86,273	12,37,980
	6,298	6,371	6,246	7,262	11,049	10,696	12,084	12,348	13,083	15,625
	19,876	30,424	33,583	35,804	71,627	72,059	69,864	66,704	82,587	92,089
Total Assets	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 Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	21,938	-1,742	-33,532	-12,793	1,240	20,032	22,592	-27,939	22,075	25,635
Cash from Investing	159	392	-629	-338	-787	-1,204	-732	-1,506	-1,578	-609
Cash from Financing	-9,767	7,460	13,969	13,591	5,415	2,032	1,275	3,518	-1,138	-11,664
	12,330	6,109	-20,192	460	5,868	20,859	23,135	-25,928	19,359	13,362

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	5.58	-43.88	-20.79	0.65	2.45	3.51	3.04	8.27	16.08	16.00
Book Value (₹)	186.13	137.05	92.31	87.74	81.44	82.22	85.76	92.71	108.61	121.47
Dividend per Share (₹)	0.03	0.22	0.07	0.05	0.17	0.64	0.65	1.50	2.90	3.00
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.67%	2.46%	2.22%
ROA %	0.12%	-1.67%	-1.28%	0.04%	0.20%	0.28%	0.22%	0.54%	1.01%	0.88%
ROE %	2.29%	-32.50%	-24.96%	0.72%	2.98%	4.18%	3.32%	8.48%	15.37%	12.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.49%	54.48%	51.84%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	96.82%	97.14%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	40.23%	36.52%	35.49%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.07%	0.06%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GROWTH & VALUATION
Net Profit Growth %	124.60%	-1496.51%	20.33%	103.62%	492.41%	70.78%	-16.50%	171.36%	109.39%	-1.97%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.11%	17.16%	11.84%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.03x	5.98x	6.28x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.34x	0.89x	0.83x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.21%	3.02%	2.98%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.15	70.08	70.08	70.08	70.08	70.08	70.08	70.08	70.08
	5.51	8.42	5.70	5.71	5.52	5.67	5.93	6.39	5.93
	10.76	11.61	14.31	14.67	15.06	15.54	16.09	16.05	16.06
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	10.57	9.89	9.91	9.54	9.33	8.71	7.90	7.47	7.92

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

General Updates

2026-09-11 - Punjab National Bank has informed the Exchange about General Updates

2026-09-10

Change in Director(s)

2026-09-10 - Punjab National Bank has informed the Exchange regarding Change in Director(s) of the company.

2026-09-09

General Updates

2026-09-09 - Punjab National Bank has informed the Exchange about General Updates - Notice of Strike

2026-09-01

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - Punjab National Bank has informed the Exchange about outcome

2026-09-01

Shareholders meeting

2026-09-01 - Punjab National Bank has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 25, 2026

2026-09-01

Change in Management

2026-09-01 - Punjab National Bank has informed the Exchange about change in Management

2026-08-31

General Updates

2026-08-31 - Punjab National Bank has informed the Exchange about Review of Interest Rates

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Punjab National Bank has informed the Exchange about Schedule of meet

2026-08-21

Action(s) initiated or orders passed

2026-08-21 - Punjab National Bank has informed the Exchange about Action(s) initiated or orders passed

News

Recent coverage and analyst commentary for PNB

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Free 5nance Account

Name

SBIN

997.00

10.68

920292.57

1.74

24579.04

13.65

136240.49

8.36

12.16

52.34

UNIONBANK

178.00

6.58

135878.18

2.81

5368.17

29.77

27427.10

1.21

14.57

69.42

PNB

116.65

6.07

134065.18

2.57

5339.15

191.40

33589.17

3.12

13.26

75.40

BANKBARODA

237.80

6.77

122974.99

3.57

1572.59

-53.08

35114.52

6.84

11.20

33.10

INDIANB

852.90

8.99

114882.56

2.14

3299.48

48.73

18095.14

11.11

16.28

67.14

CANBK

123.90

5.66

112385.37

3.39

4864.08

61.96

32957.16

4.55

14.46

68.47

MAHABANK

84.17

8.59

64739.82

2.61

2020.54

26.83

8034.65

13.90

16.53

68.61

IOB

33.13

10.71

63797.08

0.00

1659.24

49.25

8777.57

18.82

11.31

54.56

BANKINDIA

139.80

5.40

63646.30

3.33

3138.46

77.92

20096.90

8.83

10.97

73.18

UCOBANK

23.98

12.18

30069.86

1.83

652.43

24.09

6744.59

15.10

11.00

54.71

CENTRALBK

30.75

6.10

27833.06

3.90

1328.95

5.43

9725.90

12.79

8.27

67.83

PSB

22.78

11.68

16163.74

1.71

331.51

23.16

3213.37

10.40

9.07

71.38

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

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

Interest Expended

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

Net Interest Income

9,608

10,038

10,408

10,476

10,608

10,657

11,157

10,884

10,744

10,655

10,725

10,579

11,006

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

Total Income

32,760

35,111

35,286

37,299

37,999

36,684

37,903

36,878

37,954

Operating Expenses

75,700

83,123

78,971

87,711

88,520

76,710

81,679

71,380

7,708

Operating Profit

66,536

70,088

66,516

68,885

73,185

71,549

75,703

75,212

7,663

Provisions & Contingencies

9,026

2,802

-4,034

3,707

3,451

6,278

11,304

3,799

555

Profit before Tax

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 %

38.82%

36.49%

38.02%

37.23%

35.38%

34.13%

34.11%

28.77%

73.73%

25.72%

19.41%

26.83%

24.89%

Net Profit

3,716

4,432

4,649

4,643

1,832

4,849

5,190

5,225

5,339

EPS

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,09,065

1,24,010

1,30,772

—

Interest Expended

32,722

33,530

34,656

36,997

50,805

46,823

51,817

68,534

80,704

88,069

88,824

Net Interest Income

-32,722

-33,530

-34,656

-36,997

-50,805

-46,823

-51,817

40,530

43,306

42,703

—

9,168

8,883

7,367

9,388

12,235

12,098

12,240

13,329

16,447

18,691

17,629

Total Income

1,22,394

1,40,457

1,49,463

1,49,418

28,809

32,550

31,829

—

Operating Profit

-32,722

-33,530

-34,656

-36,997

-50,805

-46,823

-51,817

25,051

27,203

29,565

—

14,497

25,406

26,693

14,421

18,455

15,731

17,788

11,719

1,150

2,483

—

Profit before Tax

1,540

-19,849

-15,370

827

3,782

4,594

4,861

13,332

26,053

27,082

27,216

Tax %

0.00%

-0.00%

0.00%

37.53%

33.06%

36.87%

24.30%

Net Profit

901

-12,584

-10,026

363

2,152

3,676

3,069

8,329

17,440

17,096

20,603

EPS

-55

-30

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

426

552

921

1,348

2,096

2,202

2,299

42,990

40,965

45,164

62,529

90,439

95,380

1,00,678

1,08,185

1,30,839

1,47,674

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

43,336

65,330

46,828

62,512

52,298

59,372

70,149

72,586

1,05,807

1,07,558

Other Liabilities & Provisions

16,128

21,934

15,046

14,453

20,689

27,640

29,813

35,878

40,951

50,315

Total Liabilities

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

ASSETS

25,410

29,029

32,338

38,604

44,267

86,128

78,214

65,325

64,389

60,882

Balances with Banks & Money at Call

65,969

68,459

44,958

39,152

69,067

48,066

79,115

66,075

86,370

1,03,240

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

4,24,230

4,38,826

4,62,416

4,76,853

6,79,346

7,33,766

8,37,459

9,41,762

10,86,273

12,37,980

6,298

6,371

6,246

7,262

11,049

10,696

12,084

12,348

13,083

15,625

19,876

30,424

33,583

35,804

71,627

72,059

69,864

66,704

82,587

92,089

Total Assets

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

21,938

-1,742

-33,532

-12,793

1,240

20,032

22,592

-27,939

22,075

25,635

Cash from Investing

159

392

-629

-338

-787

-1,204

-732

-1,506

-1,578

-609

Cash from Financing

-9,767

7,460

13,969

13,591

5,415

2,032

1,275

3,518

-1,138

-11,664

12,330

6,109

-20,192

460

5,868

20,859

23,135

-25,928

19,359

13,362

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

5.58

-43.88

-20.79

0.65

2.45

3.51

3.04

8.27

16.08

16.00

Book Value (₹)

186.13

137.05

92.31

87.74

81.44

82.22

85.76

92.71

108.61

121.47

Dividend per Share (₹)

0.03

0.22

0.07

0.05

0.17

0.64

0.65

1.50

2.90

3.00

PROFITABILITY

Net Interest Margin %

0.00%

2.67%

2.46%

2.22%

ROA %

0.12%

-1.67%

-1.28%

0.04%

0.20%

0.28%

0.22%

0.54%

1.01%

0.88%

ROE %

2.29%

-32.50%

-24.96%

0.72%

2.98%

4.18%

3.32%

8.48%

15.37%

12.93%

0.00%

53.49%

54.48%

51.84%

ASSET QUALITY

Gross NPA %

0.00%

Net NPA %

0.00%

Provision Coverage %

0.00%

96.82%

97.14%

Slippage Ratio %

—

BALANCE SHEET & LIQUIDITY

CASA %

0.00%

40.23%

36.52%

35.49%

Credit-Deposit Ratio %

0.00%

0.05%

0.07%

0.06%

0.00%

GROWTH & VALUATION

Net Profit Growth %

124.60%

-1496.51%

20.33%

103.62%

492.41%

70.78%

-16.50%

171.36%

109.39%

-1.97%

Book Value Growth %

0.00%

8.11%

17.16%

11.84%

P/E (x)

0.00x

15.03x

5.98x

6.28x

P/B (x)

0.00x

1.34x

0.89x

0.83x

0.00%

1.21%

3.02%

2.98%

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

73.15

70.08

5.51

8.42

5.70

5.71

5.52

5.67

5.93

6.39

5.93

10.76

11.61

14.31

14.67

15.06

15.54

16.09

16.05

16.06

Government

0.00

10.57

9.89

9.91

9.54

9.33

8.71

7.90

7.47

7.92

Punjab National Bank

AI Sector View

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Profit & Loss

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Punjab National Bank

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI