PNB Gilts Ltd.

•

pnbgilts.comBSE: 532366NSE: PNBGILTS

Market Cap₹ 1,415 Cr.

Current Price

High / Low₹ 106 / 59

Stock P/E13.8

Book Value₹ 99

Price to Book0.94

Dividend Yield2.54 %

ROCE6.8 %

ROE16.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2018 • Govt. Securities: 53.5% • T-Bills/CP/CDs: 17.5% • Corporate Bonds & Debentures: 16.5%

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

Comfortable capital adequacy - CAR of 42.7%
Asset quality is healthy - gross NPA of just 0.0%
Operating margins have improved to 96.7% from 68.1%
Offers a healthy dividend yield of 2.5%

CONS

Recent results are weak - TTM profit is down 73.4% versus prior year
Company has a low return on capital employed of 6.2%
Company has a low return on equity of 5.3% over last 3 years
Free cash flow has been persistently negative
Company has delivered a poor profit growth of 4.6% over past five years
Recurring exceptional / one-off items are inflating headline profit

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

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1045.10	32.05	650674.48	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1049.00	21.81	246827.97	1.03	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1858.00	27.59	158685.46	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	371.70	29.20	157781.78	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	237.70	75.95	156956.68	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11150.00	14.01	124092.26	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2935.00	10.36	117831.00	1.02	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	399.10	26.62	109254.11	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	315.00	24.81	78950.11	0.87	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.00	27.48	62522.95	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	692.90	26.45	57563.70	0.58	785.20	38.31	4937.90	18.71	9.09	57.98
12.	PNBGILTS	78.60	13.84	1414.88	2.54	80.70	-49.59	454.56	11.80	6.82	96.66

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
	376	347	385	418	409	390	362	360	407	443	425	424	455
	13	67	34	13	14	12	59	12	26	152	30	93	347
Operating Profit	430	280	358	461	426	490	306	407	538	293	396	331	439
OPM %	114.32%	80.65%	93.09%	110.20%	104.17%	125.60%	84.37%	113.12%	132.28%	66.07%	93.33%	78.09%	96.66%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	354	325	361	371	355	336	315	307	324	345	327	316	331
Depreciation	4	4	4	4	1	1	1	1	1	1	1	1	1
	72	-49	-10	86	71	153	-12	99	213	-53	68	14	108
Tax %	19.38%	15.60%	-47.33%	21.02%	24.60%	24.82%	13.22%	24.37%	24.85%	14.82%	20.33%	8.26%	25.46%
Net Profit	58	-41	-15	68	53	115	-10	75	160	-45	54	13	81
	3	-2	-1	4	3	6	-1	4	9	-3	3	1	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	366	503	402	521	926	1,052	1,051	1,230	1,583	1,680	1,747
	39	21	70	35	72	31	336	346	61	55	622
Operating Profit	327	482	332	487	854	1,021	715	883	1,522	1,625	1,125
OPM %	89.34%	95.87%	82.62%	93.38%	92.26%	97.04%	68.03%	71.83%	96.14%	96.70%	64.41%
	0	0	0	0	-80	-8	9	8	6	5	2
Interest	276	226	331	404	522	397	513	976	1,414	1,315	1,319
Depreciation	0	0	0	0	1	2	1	1	15	3	3
Profit before Tax	51	257	1	83	250	614	210	-85	99	311	137
Tax %	32.98%	34.84%	-7.24%	36.33%	25.40%	26.08%	21.15%	9.22%	29.76%	25.06%	25.29%
Net Profit	34	167	1	53	186	454	166	-77	69	233	102
EPS	0.00	0.00	0.00	0.00	0.00	25.23	9.21	-4.29	3.86	12.95	—
Dividend Payout %	57.40%	26.92%	1272.26%	47.68%	28.98%	39.64%	54.31%	0.00%	25.93%	7.72%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 13%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 5%
3 Years:: 12%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 4%
3 Years:: 8%
1 Year:: -16%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 13%
3 Years:: 5%
Last Year:: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	180	180	180	180	180	180	180	180	180	180
	552	719	677	708	863	1,136	1,247	1,080	1,150	1,365
	4,921	3,514	4,369	8,234	12,164	9,863	14,530	19,238	22,405	22,385
Trade Payables	0	0	0	1	1	1	2	7	1	1
	117	152	13	399	1,050	959	790	982	789	770
Total Liabilities	5,769	4,565	5,239	9,521	14,258	12,140	16,749	21,487	24,525	24,701
	3	3	3	3	4	3	3	7	7	5
Capital Work in Progress	0	0	0	0	0	0	0	2	0	0
	640	443	4,999	8,818	12,965	10,907	15,267	18,518	23,008	23,165
	4,961	3,885	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	21	1	106	106	6	8	52	318	298	262
	144	233	131	595	1,284	1,222	1,427	2,643	1,212	1,268
Total Assets	5,769	4,565	5,239	9,521	14,258	12,140	16,749	21,487	24,525	24,701

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1,073	1,300	-780	-3,823	-3,845	2,637	-4,501	-4,637	-2,875	-197
Cash from Investing	-313	197	-0	-0	-1	-1	-1	-14	-1	-1
Cash from Financing	1,030	-1,431	800	3,844	3,900	-2,481	4,613	4,618	3,159	-38
	-370	-20	0	-0	1	1	49	-35	283	-236

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	1.92	9.29	0.08	2.94	10.35	25.23	9.21	-4.29	3.86	12.95
Book Value (₹)	40.65	49.93	47.61	49.31	57.92	73.13	79.29	70.00	73.87	85.84
Dividend per Share (₹)	1.10	2.50	1.00	1.40	3.00	10.00	5.00	0.00	1.00	1.00
Cash EPS (₹)	1.94	9.31	0.11	2.96	10.43	25.33	9.27	-4.21	4.71	13.14
PROFITABILITY
Operating Margin %	89.40%	95.91%	82.66%	93.42%	92.34%	97.11%	68.14%	71.88%	96.14%	96.70%
Net Margin %	9.41%	33.22%	0.35%	10.14%	20.13%	43.17%	15.77%	-6.28%	4.38%	13.87%
ROE %	4.75%	20.51%	0.16%	6.06%	19.31%	38.50%	12.08%	-5.75%	5.36%	16.21%
ROCE %	6.39%	9.58%	6.89%	6.78%	6.92%	8.29%	5.33%	4.89%	6.84%	6.82%
	0.66%	3.24%	0.03%	0.72%	1.57%	3.44%	1.15%	-0.40%	0.30%	0.95%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	0	0	0
Inventory Days	4381	3208	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	4381	3208	0	0	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	6.73x	3.91x	5.10x	9.28x	11.67x	7.49x	10.18x	15.27x	16.84x	14.48x
Interest Coverage (x)	1.19x	2.14x	1.00x	1.21x	1.48x	2.55x	1.41x	0.91x	1.07x	1.24x
	1.02x	1.12x	0.05x	0.08x	1.07x	1.11x	0.94x	0.88x	0.93x	1.01x
GROWTH
Revenue Growth %	-10.58%	37.32%	-20.05%	29.60%	77.56%	13.64%	-0.12%	17.04%	28.76%	6.12%
Operating Profit Growth %	-16.86%	47.33%	-31.10%	46.47%	75.49%	19.51%	-29.92%	23.47%	72.44%	6.76%
Net Profit Growth %	-60.92%	384.61%	-99.15%	3637.38%	252.56%	143.68%	-63.51%	-146.60%	189.88%	235.73%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	189.88%	235.73%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	28.40x	6.22x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.48x	0.94x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.91%	1.24%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.79x	14.48x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.07	74.07	74.07	74.07	74.07	74.07	74.07	74.07	74.07
	0.25	0.10	0.29	0.35	0.53	0.77	0.30	0.18	0.07
	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.61	25.83	25.64	25.58	25.40	25.16	25.63	25.75	25.86

Documents

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

2026-09-04

Copy of Newspaper Publication

2026-09-04 - PNB GILTS LTD. has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Shareholders meeting

2026-09-03 - PNB GILTS LTD. has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-09-01

Copy of Newspaper Publication

2026-09-01 - PNB GILTS LTD. has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Resignation of Director/KMP/SMP

2026-08-07 - PNB GILTS LTD. has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-07

Resignation

2026-08-07 - PNB GILTS LTD. has informed the Exchange regarding Resignation of Mr. Bibhu Prasad Mahapatra as Non-Executive Non-Independent Director and Chairman of the company immediate effect (close of business hours) i.e. August 07, 2026.

2026-08-07

Record Date

2026-08-07 - PNB GILTS LTD. has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.

2026-08-07

Outcome of Board Meeting

2026-08-07 - PNB GILTS LTD. has informed the Exchange regarding Outcome of Board Meeting held on August 07, 2026.

2026-07-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-20 - PNB GILTS LTD. has informed the Exchange about Schedule of meet

2026-07-16

Outcome of Board Meeting

2026-07-16 - PNB GILTS LTD. has submitted to the Exchange, the unaudited standalone financial results for the period ended Jun 30, 2026.