Punjab National Bank

•

pnbindia.inBSE: 532461NSE: PNB

Market Cap₹ 1,34,065 Cr.

Current Price

High / Low₹ 135 / 98

Stock P/E6.5

Book Value₹ 120

Price to Book0.87

Dividend Yield2.57 %

ROCE14.3 %

ROE13.5 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Corporate/Wholesale Banking: 38.2% • Other Retail Banking-Retail Banking: 29.7% • Treasury: 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 52.9% CAGR over last 5 years
Comfortable capital adequacy - CAR of 17.7%
Latest quarter profit grew 213.6% YoY, showing strong momentum
Strong provisioning - provision coverage ratio of 97.2%
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.1

CONS

A large part of profit comes from other income (70.3% of PBT)
Promoter holding has decreased over last 2 years: -3.1pp
Operating margins have contracted to 22.8% from 26.5%
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

Standalone Figures in Rs. Crores / View Consolidated

	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
	25,145	26,355	27,288	28,113	28,556	29,875	31,340	31,989	31,964	31,872	32,231	32,157	32,897
Interest Expended	15,641	16,432	16,995	17,750	18,080	19,358	20,308	21,232	21,386	21,403	21,698	21,776	22,099
Net Interest Income	9,504	9,923	10,293	10,363	10,476	10,517	11,032	10,757	10,578	10,469	10,533	10,380	10,798
	3,434	3,028	2,674	4,248	3,610	4,572	3,412	4,716	5,268	4,342	5,022	4,162	4,333
Total Income	0	0	0	0	32,760	35,111	35,286	37,299	37,999	36,684	37,903	36,878	37,231
Operating Expenses	6,970	6,735	6,636	8,195	7,505	8,235	7,824	8,697	8,765	7,584	8,074	7,042	7,613
Operating Profit	5,968	6,216	6,331	6,416	6,581	6,853	6,621	6,776	7,081	7,227	7,481	7,500	7,519
Provisions & Contingencies	3,965	3,444	2,739	1,588	1,312	288	-285	360	323	643	1,150	424	541
Profit before Tax	2,003	2,772	3,592	4,828	5,269	6,565	6,906	6,416	6,758	6,584	6,331	7,077	6,978
Tax %	37.32%	36.65%	38.11%	37.64%	38.29%	34.45%	34.72%	28.82%	75.22%	25.52%	19.44%	26.16%	24.72%
Net Profit	1,255	1,756	2,223	3,010	3,252	4,303	4,508	4,567	1,675	4,904	5,100	5,225	5,253
EPS	1	2	2	3	3	4	4	4	1	4	4	5	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	1,06,902	1,21,761	1,28,223	—
Interest Expended	32,283	33,073	34,154	36,362	50,273	46,185	50,652	66,819	78,979	86,263	86,976
Net Interest Income	-32,283	-33,073	-34,154	-36,362	-50,273	-46,185	-50,652	40,083	42,782	41,960	—
	8,951	8,881	7,377	9,274	11,922	12,320	12,143	13,384	16,309	18,794	17,860
Total Income	0	0	0	0	0	0	0	1,20,285	1,38,070	1,47,017	1,48,695
	0	0	0	0	0	0	0	28,536	32,261	31,464	—
Operating Profit	-32,283	-33,073	-34,154	-36,362	-50,273	-46,185	-50,652	24,931	26,831	29,290	—
	13,632	24,973	26,512	14,593	18,045	15,762	17,855	11,737	1,675	2,540	—
Profit before Tax	2,012	-19,575	-15,346	739	3,479	4,316	4,288	13,194	25,156	26,750	26,969
Tax %	0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%	37.51%	33.89%	36.81%	24.05%
Net Profit	1,325	-12,283	-9,975	336	2,022	3,457	2,507	8,245	16,630	16,904	20,482
EPS	6	-55	-31	1	2	3	2	7	14	15	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 53%
3 Years:: 89%

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

Standalone Figures in Rs. Crores / View Consolidated

	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
	41,672	40,522	43,866	61,010	88,842	93,285	97,653	1,04,274	1,25,064	1,40,351
	6,21,704	6,42,226	6,76,030	7,03,846	11,06,332	11,46,218	12,81,163	13,69,713	15,66,623	17,11,126
	40,763	60,851	39,326	50,225	42,840	45,681	51,292	50,430	83,777	82,314
Other Liabilities & Provisions	15,766	21,679	14,806	14,237	20,523	27,418	29,521	35,216	40,408	49,802
Total Liabilities	7,20,331	7,65,830	7,74,949	8,30,666	12,60,633	13,14,805	14,61,831	156	182	199
ASSETS	-	-	-	-	-	-	-	-	-	-
	25,210	28,789	32,129	38,398	43,959	85,736	78,177	65,033	64,305	60,856
Balances with Banks & Money at Call	63,122	66,673	43,159	37,595	67,391	46,911	76,932	64,072	84,415	1,01,092
	1,86,725	2,00,306	2,02,128	2,40,466	3,92,983	3,72,168	3,95,997	4,20,318	4,97,311	4,94,112
	4,19,493	4,33,735	4,58,249	4,71,828	6,74,230	7,28,186	8,30,834	9,34,431	10,77,475	12,25,292
	6,298	6,375	6,250	7,264	11,021	10,674	12,051	12,319	13,053	15,577
	19,507	29,978	33,059	35,140	71,049	71,131	67,841	65,663	81,612	88,964
Total Assets	7,20,331	7,65,830	7,74,949	8,30,666	12,60,633	13,14,805	14,61,831	156	182	199

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12,497	1,012	-30,893	-12,613	1,192	20,464	21,780	-27,895	22,272	26,302
Cash from Investing	-527	-1,288	-260	-239	-839	-1,207	-682	-1,539	-1,534	-1,416
Cash from Financing	739	7,407	10,979	13,557	5,293	2,041	1,364	3,430	-1,123	-11,659
	12,709	7,130	-20,174	705	5,646	21,297	22,462	-26,004	19,615	13,227

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	6.23	-44.49	-21.67	0.50	1.93	3.14	2.28	7.49	14.47	14.71
Book Value (₹)	180.20	135.44	89.50	85.49	79.92	80.32	83.01	89.16	103.59	115.10
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	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%	2.70%	2.48%	2.23%
ROA %	0.19%	-1.65%	-1.29%	0.04%	0.19%	0.27%	0.18%	0.55%	0.98%	0.89%
ROE %	3.59%	-32.44%	-25.38%	0.68%	2.86%	4.02%	2.79%	8.70%	15.31%	13.45%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.37%	54.59%	51.79%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.78%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%
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%	40.34%	36.61%	35.63%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.05%	0.05%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.97%	17.01%	17.74%
GROWTH & VALUATION
Net Profit Growth %	133.33%	-1027.14%	18.79%	103.37%	501.32%	71.00%	-27.47%	228.84%	101.71%	1.65%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.41%	16.19%	11.11%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.61x	6.64x	6.84x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.39x	0.93x	0.87x
	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

25,145

26,355

27,288

28,113

28,556

29,875

31,340

31,989

31,964

31,872

32,231

32,157

32,897

Interest Expended

15,641

16,432

16,995

17,750

18,080

19,358

20,308

21,232

21,386

21,403

21,698

21,776

22,099

Net Interest Income

9,504

9,923

10,293

10,363

10,476

10,517

11,032

10,757

10,578

10,469

10,533

10,380

10,798

3,434

3,028

2,674

4,248

3,610

4,572

3,412

4,716

5,268

4,342

5,022

4,162

4,333

Total Income

32,760

35,111

35,286

37,299

37,999

36,684

37,903

36,878

37,231

Operating Expenses

6,970

6,735

6,636

8,195

7,505

8,235

7,824

8,697

8,765

7,584

8,074

7,042

7,613

Operating Profit

5,968

6,216

6,331

6,416

6,581

6,853

6,621

6,776

7,081

7,227

7,481

7,500

7,519

Provisions & Contingencies

3,965

3,444

2,739

1,588

1,312

288

-285

360

323

643

1,150

424

541

Profit before Tax

2,003

2,772

3,592

4,828

5,269

6,565

6,906

6,416

6,758

6,584

6,331

7,077

6,978

Tax %

37.32%

36.65%

38.11%

37.64%

38.29%

34.45%

34.72%

28.82%

75.22%

25.52%

19.44%

26.16%

24.72%

Net Profit

1,255

1,756

2,223

3,010

3,252

4,303

4,508

4,567

1,675

4,904

5,100

5,225

5,253

EPS

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,06,902

1,21,761

1,28,223

—

Interest Expended

32,283

33,073

34,154

36,362

50,273

46,185

50,652

66,819

78,979

86,263

86,976

Net Interest Income

-32,283

-33,073

-34,154

-36,362

-50,273

-46,185

-50,652

40,083

42,782

41,960

—

8,951

8,881

7,377

9,274

11,922

12,320

12,143

13,384

16,309

18,794

17,860

Total Income

1,20,285

1,38,070

1,47,017

1,48,695

28,536

32,261

31,464

—

Operating Profit

-32,283

-33,073

-34,154

-36,362

-50,273

-46,185

-50,652

24,931

26,831

29,290

—

13,632

24,973

26,512

14,593

18,045

15,762

17,855

11,737

1,675

2,540

—

Profit before Tax

2,012

-19,575

-15,346

739

3,479

4,316

4,288

13,194

25,156

26,750

26,969

Tax %

0.00%

-0.00%

0.00%

37.51%

33.89%

36.81%

24.05%

Net Profit

1,325

-12,283

-9,975

336

2,022

3,457

2,507

8,245

16,630

16,904

20,482

EPS

-55

-31

—

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

41,672

40,522

43,866

61,010

88,842

93,285

97,653

1,04,274

1,25,064

1,40,351

6,21,704

6,42,226

6,76,030

7,03,846

11,06,332

11,46,218

12,81,163

13,69,713

15,66,623

17,11,126

40,763

60,851

39,326

50,225

42,840

45,681

51,292

50,430

83,777

82,314

Other Liabilities & Provisions

15,766

21,679

14,806

14,237

20,523

27,418

29,521

35,216

40,408

49,802

Total Liabilities

7,20,331

7,65,830

7,74,949

8,30,666

12,60,633

13,14,805

14,61,831

156

182

199

ASSETS

25,210

28,789

32,129

38,398

43,959

85,736

78,177

65,033

64,305

60,856

Balances with Banks & Money at Call

63,122

66,673

43,159

37,595

67,391

46,911

76,932

64,072

84,415

1,01,092

1,86,725

2,00,306

2,02,128

2,40,466

3,92,983

3,72,168

3,95,997

4,20,318

4,97,311

4,94,112

4,19,493

4,33,735

4,58,249

4,71,828

6,74,230

7,28,186

8,30,834

9,34,431

10,77,475

12,25,292

6,298

6,375

6,250

7,264

11,021

10,674

12,051

12,319

13,053

15,577

19,507

29,978

33,059

35,140

71,049

71,131

67,841

65,663

81,612

88,964

Total Assets

7,20,331

7,65,830

7,74,949

8,30,666

12,60,633

13,14,805

14,61,831

156

182

199

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

12,497

1,012

-30,893

-12,613

1,192

20,464

21,780

-27,895

22,272

26,302

Cash from Investing

-527

-1,288

-260

-239

-839

-1,207

-682

-1,539

-1,534

-1,416

Cash from Financing

739

7,407

10,979

13,557

5,293

2,041

1,364

3,430

-1,123

-11,659

12,709

7,130

-20,174

705

5,646

21,297

22,462

-26,004

19,615

13,227

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

6.23

-44.49

-21.67

0.50

1.93

3.14

2.28

7.49

14.47

14.71

Book Value (₹)

180.20

135.44

89.50

85.49

79.92

80.32

83.01

89.16

103.59

115.10

Dividend per Share (₹)

0.00

0.64

0.65

1.50

2.90

3.00

PROFITABILITY

Net Interest Margin %

0.00%

2.70%

2.48%

2.23%

ROA %

0.19%

-1.65%

-1.29%

0.04%

0.19%

0.27%

0.18%

0.55%

0.98%

0.89%

ROE %

3.59%

-32.44%

-25.38%

0.68%

2.86%

4.02%

2.79%

8.70%

15.31%

13.45%

0.00%

53.37%

54.59%

51.79%

ASSET QUALITY

Gross NPA %

0.00%

3.78%

Net NPA %

0.00%

0.38%

Provision Coverage %

0.00%

96.82%

97.14%

Slippage Ratio %

—

BALANCE SHEET & LIQUIDITY

CASA %

0.00%

40.34%

36.61%

35.63%

Credit-Deposit Ratio %

0.00%

0.04%

0.05%

0.00%

15.97%

17.01%

17.74%

GROWTH & VALUATION

Net Profit Growth %

133.33%

-1027.14%

18.79%

103.37%

501.32%

71.00%

-27.47%

228.84%

101.71%

1.65%

Book Value Growth %

0.00%

7.41%

16.19%

11.11%

P/E (x)

0.00x

16.61x

6.64x

6.84x

P/B (x)

0.00x

1.39x

0.93x

0.87x

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

Peer comparison

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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