PNB Housing Finance Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Comfortable capital adequacy - CAR of 27.3%
- Solid return on assets for a lender - ROA of 2.6%
- Asset quality is healthy - gross NPA of just 0.9%
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 90.0% from 81.4%
CONS
- Company has a low return on capital employed of 9.4%
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 54.3%
- Company has delivered a poor sales growth of 2.3% over past five years
- Though reporting repeated profits, the company pays out little dividend (9.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJHFL | 82.93 | 663.40 | 69100.05 | 0.00 | 715.28 | 22.63 | 3063.02 | 17.79 | 8.83 | 92.39 |
| PIRAMALFIN | 2311.65 | 32.42 | 54700.64 | 0.48 | 460.98 | — | 3368.27 | 33.52 | 7.74 | 64.47 |
| HUDCO | 175.45 | 8.25 | 35123.34 | 3.45 | 851.11 | 35.05 | 3717.17 | 27.10 | 8.41 | 97.08 |
| LICHSGFIN | 556.60 | 5.34 | 30616.51 | 1.80 | 1499.03 | 9.90 | 7082.59 | -1.16 | 8.59 | 97.06 |
| PNBHOUSING | 1142.90 | 12.88 | 29807.28 | 0.70 | 557.34 | 4.47 | 2263.44 | 9.02 | 9.41 | 91.52 |
| AADHARHFC | 471.70 | 18.12 | 20670.21 | 0.00 | 282.36 | 19.00 | 992.89 | 17.06 | 11.31 | 75.02 |
| SAMMAANCAP | 150.05 | 0.00 | 17474.18 | 0.00 | 243.30 | -27.22 | 1651.93 | -31.18 | -4.70 | 99.91 |
| APTUS | 258.20 | 13.13 | 12931.44 | 1.74 | 260.94 | 19.01 | 600.29 | 15.38 | 15.45 | 81.94 |
| HOMEFIRST | 1202.80 | 21.63 | 12576.41 | 0.43 | 1598.51 | 1244.52 | 5380.11 | 1086.05 | 11.13 | 77.98 |
| CANFINHOME | 787.55 | 9.28 | 10486.59 | 1.90 | 267.82 | 19.63 | 1096.15 | 7.43 | 9.14 | 91.29 |
| AAVAS | 1292.95 | 20.89 | 10252.36 | 0.00 | 142.48 | 12.34 | 546.02 | 21.42 | 9.97 | 74.58 |
| INDIASHLTR | 667.55 | 14.48 | 7287.46 | 1.50 | 137.59 | 27.24 | 408.23 | 24.73 | 12.96 | 73.07 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,708 | 1,778 | 1,755 | 1,810 | 1,823 | 1,879 | 1,942 | 2,022 | 2,076 | 2,128 | 2,119 | 2,182 | 2,263 | |
| 201 | 204 | 216 | 170 | 168 | 143 | 155 | 133 | 145 | 88 | 183 | 52 | 1,547 | |
| Operating Profit | 1,507 | 1,574 | 1,539 | 1,640 | 1,655 | 1,736 | 1,787 | 1,889 | 1,931 | 2,040 | 1,936 | 2,129 | 2,072 |
| OPM % | 88.23% | 88.54% | 87.69% | 90.59% | 90.81% | 92.41% | 92.01% | 93.41% | 93.02% | 95.88% | 91.35% | 97.61% | 91.52% |
| Other Income | 0 | 2 | 1 | 4 | 9 | 1 | 1 | 15 | 6 | 3 | 2 | -10 | 2 |
| Interest | 1,048 | 1,057 | 1,087 | 1,070 | 1,097 | 1,118 | 1,158 | 1,178 | 1,234 | 1,267 | 1,253 | 1,246 | 1,339 |
| Depreciation | 13 | 11 | 13 | 14 | 13 | 14 | 14 | 14 | 15 | 16 | 16 | 19 | 16 |
| 447 | 507 | 440 | 560 | 554 | 605 | 616 | 711 | 688 | 760 | 668 | 855 | 718 | |
| Tax % | 22.24% | 24.47% | 23.13% | 21.54% | 21.90% | 22.33% | 21.50% | 22.61% | 22.45% | 23.44% | 22.15% | 23.26% | 22.42% |
| Net Profit | 0 | 0 | 0 | 0 | 433 | 470 | 483 | 550 | 534 | 582 | 520 | 656 | 557 |
| 14 | 15 | 13 | 17 | 17 | 18 | 19 | 21 | 21 | 22 | 20 | 25 | 2 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5,489 | 7,679 | 8,482 | 7,604 | 6,196 | 6,527 | 7,050 | 7,665 | 8,505 | 8,692 | |
| 694 | 750 | 1,737 | 1,257 | 999 | 2,343 | 972 | 922 | 853 | 1,870 | |
| Operating Profit | 4,795 | 6,929 | 6,745 | 6,347 | 5,197 | 4,184 | 6,078 | 6,744 | 7,651 | 6,822 |
| OPM % | 87.36% | 90.23% | 79.52% | 83.47% | 83.88% | 64.10% | 86.21% | 87.97% | 89.96% | 78.49% |
| 1 | 4 | 8 | 20 | 5 | 1,128 | 190 | 350 | 397 | -3 | |
| Interest | 3,537 | 5,167 | 5,875 | 5,101 | 4,065 | 3,900 | 4,263 | 4,552 | 5,011 | 5,104 |
| Depreciation | 24 | 31 | 66 | 59 | 53 | 51 | 51 | 56 | 66 | 68 |
| Profit before Tax | 1,235 | 1,734 | 811 | 1,207 | 1,084 | 1,361 | 1,954 | 2,486 | 2,971 | 3,001 |
| Tax % | 31.87% | 31.30% | 20.32% | 22.96% | 22.83% | 23.14% | 22.82% | 22.11% | 22.87% | 22.86% |
| Net Profit | 841 | 1,192 | 646 | 930 | 836 | 1,046 | 1,508 | 1,936 | 2,291 | 2,315 |
| EPS | 49.94 | 70.76 | 38.41 | 55.26 | 49.53 | 53.16 | 58.06 | 74.49 | 87.94 | — |
| Dividend Payout % | 17.82% | 12.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.71% | 9.10% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 2%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 30%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 18%
- 3 Years:
- 21%
- 1 Year:
- 46%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 12%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 167 | 167 | 168 | 168 | 169 | 169 | 260 | 260 | 261 |
| 6,373 | 7,320 | 7,762 | 8,681 | 9,647 | 10,795 | 14,668 | 16,552 | 18,906 | |
| 55,558 | 74,018 | 68,842 | 60,579 | 54,406 | 54,743 | 55,314 | 62,520 | 71,450 | |
| Trade Payables | 120 | 127 | 87 | 18 | 16 | 30 | 20 | 18 | 15 |
| 1,189 | 2,176 | 1,784 | 1,516 | 1,452 | 1,088 | 2,533 | 3,752 | 3,440 | |
| Total Liabilities | 63,407 | 83,808 | 78,644 | 70,963 | 65,691 | 66,825 | 72,795 | 83,102 | 94,071 |
| 76 | 103 | 251 | 181 | 150 | 146 | 206 | 239 | 274 | |
| Capital Work in Progress | 8 | 4 | 1 | 0 | 0 | 0 | 5 | 5 | 1 |
| 2,413 | 4,561 | 2,076 | 2,045 | 3,483 | 3,196 | 4,346 | 3,381 | 2,779 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 51 | 50 | 47 | |
| Cash & Bank | 2,817 | 4,034 | 8,514 | 6,969 | 5,216 | 3,796 | 2,607 | 3,600 | 3,339 |
| 58,093 | 75,107 | 67,802 | 61,768 | 56,842 | 59,686 | 65,579 | 75,828 | 87,631 | |
| Total Assets | 63,407 | 83,808 | 78,644 | 70,963 | 65,691 | 66,825 | 72,795 | 83,102 | 94,071 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| -15,190 | -16,046 | 9,273 | 12,126 | 11,018 | 2,419 | -480 | -3,579 | -3,894 | |
| Cash from Investing | -50 | -54 | -63 | 21 | -1,475 | 176 | -1,186 | 757 | 684 |
| Cash from Financing | 18,464 | 17,888 | -4,386 | -8,178 | -6,732 | 301 | 4,179 | 7,404 | 8,720 |
| 2,751 | 1,217 | 4,480 | -1,546 | -1,953 | -1,388 | -1,669 | 104 | 421 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - PNB Housing Finance Limited has informed the Exchange regarding Outcome of Board Meeting held on September 07, 2026.
2026-09-07 - PNB Housing Finance Limited has informed the Exchange regarding Outcome of Board Meeting held on September 07, 2026.
2026-09-04 - PNB Housing Finance Limited has informed the Exchange about Analysts or institutional investors meet - Outcome
2026-09-03 - PNB Housing Finance Limited has informed the Exchange about Analysts or institutional investors meet - Outcome
2026-09-03 - Announcement Under Regulation 30 (LODR) Regulations - Intimation of ESG Rating
2026-08-31 - PNB Housing Finance Limited has informed the Exchange about Schedule of meet
2026-08-29 - PNB Housing Finance Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-29 - PNB Housing Finance Limited has informed the Exchange about change in Management
2026-08-27 - PNB Housing Finance Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for PNBHOUSING
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PNB Housing Finance Ltd.
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