Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep
Source: Bse
Punjab National Bank (PNB)
Large CapFinancial Services stocks · Large cap · NSE
Punjab National Bank (PNB) is a large public sector bank in India, offering a comprehensive range of banking and financial services. The bank operates through a vast network of domestic and international branches, focusing on retail, agriculture, MSME, and corporate segments, alongside digital banking initiatives.
Data qualityVerify one data layerQuote updated 21 Oct, 01:16 pm ISTPost-result recalculation pendingDetails
Quote21 Oct, 01:16 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Oct, 04:24 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
55NeutralMACD +
Stock trend: 61
Sector RS: 46
Sector 3M: -6.0% vs Nifty 500 -6.0%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PNBD candles · FIT view+9.3%TODAY · PROVISIONALLatest price ₹121.70 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.7%
RSI
63
MACD hist
0.77
52W pos
63%
2026-10-21O ₹122.50H ₹124.20L ₹121.38C ₹121.70Vol 2.3Cr shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PNBNifty Financial ServicesNifty 500
- PNB
- +9.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +14.6 pp
Chart stats
19 Oct 2026- From 52W high
- -9.8%
- 52W range position
- 64%
- ATR (14)
- 2.7%
- Volume vs 20D
- 5.60x
- Avg traded value
- ₹199 Cr
- 20D price channel
- ₹109.4 - ₹125.2
₹135.2
₹98.5 - ₹135.2
₹3.3
Latest completed session
20-session average
31.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average50
Revenue +19.3% · PAT +8.6% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model+75.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 50/100Rev +19% YoY · PAT +9% YoY · +15% QoQ
Filed 16 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹38,791.1 Cr | +19.3% | +15.5% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹5,561.1 Cr | +8.6% | -4.7% |
| PAT margin | 14.3% | -141 bps | -303 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.16
- P/B
- 0.87
- EV/EBITDA
- —
- Market Cap
- 135962.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 6.13%
- ROA
- 1.09%
- Dividend Y
- 2.53%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 76.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- —
- Altman Z
- 1.76
- Book Value
- 136.00
Cash Flow
- FCF Yield
- 18.41%
- FCF Positive Y
- 8/5
- OCF
- 25635.00 Cr
- EPS TTM
- 19.22
Shareholding
- Promoter Hold
- 3.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 38.8k+15.5% vs prev
Net Profit
₹ CrLatest: 5,561-4.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 63.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 63 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
70
RS percentile
Stage 1 Base / Transition
1M return
+3.9%
3M return
+9.1%
6M return
+6.3%
1Y return
+0.6%
RS 1D
+4
RS 20D
+12
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is 10.3% above the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 114.84+5.90%
RS vs Nifty 500115
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation29/30
Growth19/25
Quality2/20
Balance Sheet4/15
Cash Flow10/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 18.4%.
- Fair-value margin of safety is positive at 75.2%.
- Cash flow contributes 10/10 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
6.2
PB
0.9
EV/EBITDA
—
ROE
13.0%
ROCE
6.1%
FCF Yield
18.4%
Debt/Equity
0.1
MoS
+75.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+75.2%
Previous: +75.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
68
68
68
68
68
68
68
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹242.51
+49.8% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹490.11
+75.2% MoS
PEG
0.10
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UNIONBANK
Large
Union Bank of India
Banking
match 167
63
6.4
15.7%
+75%
UNDERVALUED
BANKBARODA
Large
Bank of Baroda
Banking
match 163
70
5.4
12.7%
+73%
UNDERVALUED
MAHABANK
Large
Bank of Maharashtra
Banking
match 162
64
8.5
22.6%
+68%
UNDERVALUED
IOB
Large
Indian Overseas Bank
Banking
match 162
64
10.1
15.6%
+61%
UNDERVALUED
BANKINDIA
Large
Bank of India
Banking
match 162
72
5.0
12.4%
+79%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-19T06:11:28.513Z
Management commentary snapshot
PNB reports strong Q1 FY27 net profit growth of 213.6% YoY, driven by improved asset quality with GNPA at 2.78% and NNPA at 0.28%. Global advances grew 12.7% YoY, but NIM declined sequentially.
While headline net profit growth is impressive, it benefits from a low base (Q1 FY26 RoA 0.37%). Sequential NIM compression and modest QoQ operating profit growth suggest underlying challenges. Asset quality improvement is positive, but sustainability of earnings growth needs close monitoring.
Current business mix
Domestic Credit Mix – June’26
Latest issuer-disclosed distribution across 4 reported categories.
Retail23.7%
Agriculture16.6%
MSME16.9%
Corporate & Others42.8%
Growth engines
RAM Advances Growth
RAM (Retail, Agriculture, MSME) advances grew by 12.8% YoY to Rs 6,88,487 Cr, with its share in domestic advances at 57.2%.
Digital Lending
Total digital lending sanctions in Q1 FY27 amounted to Rs 19,079.20 Cr across 506,909 accounts, covering Retail, Agriculture, and MSME segments.
Retail Advances (Excl. IBPC)
Retail advances excluding IBPC grew by 17.5% YoY to Rs 2,57,064 Cr, with Vehicle Loan growth at 34.4% YoY.
Capacity and execution
Solar Power Plant Capacity
3735 KWp solar power plant capacity installed in owned buildings, branches, and ATMs. An additional 1986 KWp is under execution at HO Buildings.
Tailwinds
Resilient Indian Economy
India's GDP projected at 7.0% for CY 2026, standing out among major economies with strong domestic fundamentals.
Consumption & Infra Investment
Rural demand recovery, tax relief, strong public and private capex momentum, and IT/Financial Services driving growth.
Banking Sector Health
Banking sector credit growth at a 9-quarter high in June'26, with stable asset quality and adequate capital.
Headwinds
Geopolitical Uncertainties
West Asia conflict and trade restrictions are identified as major headwinds.
Crude Oil Volatility
Volatile crude prices contribute to current account deficit and imported inflation.
Inflationary Pressures
El-Nino effect and lower Kharif sowing are cited as factors contributing to inflationary pressures.
Risk radar
NIM Compression
Global NIM declined sequentially from 2.61% in Q4 FY26 to 2.50% in Q1 FY27, impacting profitability.
Treasury Income Volatility
Other income declined 17.7% YoY, with Profit on Sales on Investments down 67.8% YoY, indicating volatility in treasury operations.
NBFC Sector Exposure
NBFC sector exposure is Rs 221,717 Cr, with 98.63% rated AAA & AA. While highly rated, concentration risk remains.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for a seasonal business like banking to account for cyclical trends. QoQ comparison provides insight into sequential momentum, asset quality trends, and operational efficiency.
Sector KPIs management disclosed
Global Advances Growth
Global Advances grew by 12.7% YoY to Rs 12,73,132 Cr and 1.2% QoQ.
Global Deposits Growth
Global Deposits grew by 8.5% YoY to Rs 17,24,837 Cr and 0.8% QoQ.
Net Interest Margin (NIM)
UNDER_STRESSNIM (Global) stood at 2.50% in Q1 FY27, down from 2.61% in Q4 FY26 and 2.70% in Q1 FY26.
Gross NPA %
INTACTGross NPA % improved to 2.78% in Q1 FY27, down 100 bps YoY and 0.17% QoQ.
Management forward view
FY27 Credit Growth Target
Management guides for 12%-13% YoY credit growth for FY27.
FY27 Deposit Growth Target
Management targets 9%-10% YoY deposit growth for FY27.
Asset Quality Improvement
Management aims for Gross NPA % below 2.50% and Net NPA % below 0.3% for FY27.
Digital Transformation & AI
Bank is augmenting digital base, expanding predictive analytics, and partnered with Microsoft for AI enablement program for officers.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NIM % | 2.50% | Improvement towards management's guidance of 2.60%-2.70% for FY27. |
| Deposit Growth % (YoY) | 8.5% | Acceleration towards the 9%-10% guidance to support credit expansion and manage funding costs. |
| Gross NPA % | 2.78% | Continued reduction below the management's target of <2.50% for FY27. |
| Operating Profit Growth % (YoY) | 6.2% | Improvement towards the 9%-10% guidance for FY27, indicating sustainable core profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 81st percentile within Financial Services. Main check: financial discipline is weak at 56/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
95 docs text-extracted · 30 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Financial Services: 81st pctile, median 62 · Large: 46th pctile, median 73
Evidence depth
Financial-only
95 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
56
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 18.4%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸Altman Z is 1.76.
- ▸Promoter holding is only 3%.
- ▸ROCE is low at 6.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Punjab National Bank
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR) 16 Sep - PNB established a USD 1.5 billion Euro Medium Term Note Programme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 21 Aug - RBI imposed Rs. 4,33,900 penalty on PNB for currency chest guideline non-compliance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Special Window for Transfer and Dematerialisation of physical securities
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.