Concall transcriptOct 2026
Oct 2026 · Transcript
Source: Bse
Punjab National Bank (PNB)
Large CapFinancial Services stocks · Large cap · NSE
Punjab National Bank (PNB) is a premier public sector bank in India offering commercial banking, retail, corporate, agricultural, and MSME financial services with a global business exceeding Rs 31.18 lakh crore, a vast branch network, and diverse subsidiaries and joint ventures.
Data qualityFresh enough for analysisQuote updated 13 Nov, 03:31 pm ISTDetails
Quote13 Nov, 03:31 pm IST
Base fundamentals08 Nov 2026 · screener
Latest result16 Oct, 04:24 pm IST
Score13 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 15.2 (n=245)
Technical timing lens
Trend score and candlestick chart
77Bullishfull bull SMA stack · SMA20 +8.5% / mo · RSI overbought · MACD + · near 52W high · sector +5.7pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 75
Sector 3M: +6.3% vs Nifty 500 +0.6%
Financial Services FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
PNBW candles · FIT view+40.8%Latest close ₹142.81 on 2026-11-09
Bar
+13.4%
RSI
76
MACD hist
2.44
52W pos
95%
2026-11-09O ₹125.99H ₹145.14L ₹125.92C ₹142.81Vol 25.5Cr sh
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
- +21.4%
- Nifty 500
- +0.3%
- Nifty Financial Services
- +5.8%
- Vs Nifty 500
- +21.1 pp
Chart stats
13 Nov 2026- From 52W high
- -1.6%
- 52W range position
- 95%
- ATR (14)
- 2.6%
- Volume vs 20D
- 2.02x
- Avg traded value
- ₹417 Cr
- 20D price channel
- ₹114.1 - ₹145.1
₹145.1
₹98.5 - ₹145.1
₹3.7
Latest completed session
20-session average
34.2% 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 supports entry, 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
Bullish77
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.5%
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
- 6.36
- P/B
- 0.91
- EV/EBITDA
- —
- Market Cap
- 145443.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 6.13%
- ROA
- 1.08%
- 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
- 0.08
- Interest Coverage
- —
- Altman Z
- 1.74
- Book Value
- 140.00
Cash Flow
- FCF Yield
- 17.21%
- FCF Positive Y
- 8/5
- OCF
- 25635.00 Cr
- EPS TTM
- 19.89
Shareholding
- Promoter Hold
- 3.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 13/11/2026
Revenue
₹ CrLatest: 3.0-94.3% vs prev
Net Profit
₹ CrLatest: 21.1k+24.9% vs prev
Return on Equity
%Latest: 14.8+11.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Weekly technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 76.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~3.5% over last month) — short-term momentum positive.
- RSI(14) at 76 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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
83
RS percentile
Stage 2 UptrendRecent S2
1M return
+21.7%
3M return
+24.3%
6M return
+35.5%
1Y return
+13.4%
RS 1D
0
RS 20D
+17
Sector rank
#4
Industry rank
#1
Stage evidence
- Price is 26.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
29 Oct 2026
S2 age
10 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
263 observations
12 Nov 2026Value 119.31+2.03%
RS vs Nifty 500119
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 17.2%.
- Fair-value margin of safety is positive at 68.5%.
- Cash flow contributes 10/10 to the score.
Main drags
- Altman Z is 1.7, 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
6.4
PB
0.9
EV/EBITDA
—
ROE
13.0%
ROCE
6.1%
FCF Yield
17.2%
Debt/Equity
0.1
MoS
+68.5%
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: 13 Nov 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+68.5%
Previous: +69.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
13 Nov 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
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
₹250.31
+42.9% MoS
Growth-justified P/E
22.8
Growth-justified Value
₹453.49
+68.5% MoS
PEG
0.11
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
6.5
15.7%
+70%
UNDERVALUED
BANKBARODA
Large
Bank of Baroda
Banking
match 163
68
5.5
12.7%
+69%
UNDERVALUED
MAHABANK
Large
Bank of Maharashtra
Banking
match 162
62
8.3
22.6%
+62%
UNDERVALUED
BANKINDIA
Large
Bank of India
Banking
match 162
71
5.0
12.4%
+76%
UNDERVALUED
IOB
Large
Indian Overseas Bank
Banking
match 162
65
8.8
15.6%
+61%
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 2026-11-02T13:10:29.892Z
Management commentary snapshot
Robust advance growth of 14.7% YoY and continued asset quality clean-up drive net profit to Rs 5,532 crore, up 12.8% YoY in Q2 FY27.
The investment thesis remains intact. PNB continues to deliver strong credit growth above guidance, supported by significant asset quality improvements with GNPA dropping to 2.55% and high provisioning coverage. While CASA ratio has softened slightly, profitability metrics like ROA remain above 1% backed by stable core earnings.
Current business mix
Domestic Credit Mix
Latest issuer-disclosed distribution across 4 reported categories.
Retail23.6%
Agriculture16.7%
MSME17.1%
Corporate & Others42.6%
Growth engines
RAM Advances Expansion
RAM advances grew by 13.6% YoY to Rs 7,21,996 crore, representing 57.4% of domestic advances.
Strong MSME and Agri Growth
MSME advances grew 19.8% YoY and Agriculture Priority Sector advances grew 18.1% YoY.
Digital Lending Scale-Up
Digital lending across retail, agriculture, and MSME achieved Rs 22,018 crore in total sanctioned amount across 5,88,720 accounts.
Tailwinds
Robust Consumption and Festive Demand
High-frequency indicators showed positive momentum with gross GST collections up by 11.6% YoY in H1 FY27.
Strong Auto Sales Momentum
Auto sales rose by 20% YoY in H1 FY27 with SIAM expecting continued momentum in H2.
Headwinds
Geopolitical and Crude Volatility
Renewed West Asia conflict and volatile crude prices pose ongoing risks to energy supplies and trade routes.
Inflationary Pressures
Second-round effects of high crude prices and El Nino creating upward pressures on inflation.
Risk radar
CASA Share Moderation
Domestic CASA share softened slightly to 36.6% in Q2 FY27 from 37.3% in Q2 FY25.
Slight QoQ Increase in Slippage Ratio
Annualized slippage ratio increased to 0.77% in Q2 FY27 compared to 0.68% in Q1 FY27.
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
Sequential momentum is vital to evaluate quarter-on-quarter loan growth acceleration, deposit mobilization, and NIM trends, while YoY comparisons are essential for assessing seasonal earnings performance, asset quality cleanup, and annual credit expansion.
Sector KPIs management disclosed
Global Advances Growth (YoY)
POSITIVEGlobal advances grew by 14.7% YoY to reach Rs 13,41,194 crore as of September 2026.
Global Deposits Growth (YoY)
NEUTRALGlobal deposits grew by 9.9% YoY to reach Rs 17,77,240 crore as of September 2026.
Net Interest Margin (NIM)
NEUTRALNIM for Q2 FY27 stood at 2.58%, compared to 2.60% in Q2 FY25 and 2.50% in Q1 FY27.
Gross NPA %
POSITIVEGNPA ratio improved to 2.55% in Q2 FY27 from 3.45% in Q2 FY25 and 2.78% in Q1 FY27.
Management forward view
Credit Growth Guidance Exceeded
Credit growth came in at 14.7% YoY, outperforming the full-year guidance range of 12%-13%.
Asset Quality Targets
Management guided for Gross NPA below 2.50% and Net NPA below 0.3% for FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Credit Growth YoY | 14.7% | Sustaining credit growth within the 12%-13% guidance range without stressing asset quality. |
| Gross NPA % | 2.55% | Further reduction toward the targeted sub-2.50% threshold. |
| Domestic CASA Share % | 36.6% | Stabilization or improvement against the full-year guidance of 38%. |
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 82nd 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 13 Nov 2026
management-trust-v1
103 docs text-extracted · 35 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: 82nd pctile, median 62 · Large: 48th pctile, median 73
Evidence depth
Financial-only
103 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 17.2%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸Altman Z is 1.74.
- ▸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 ↗
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 29 Sep - PNB held a virtual analyst meet hosted by Kotak Securities on 29 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 28 Sep - PNB held a virtual investor/analyst meet on 28 September 2026, sharing only public-domain information.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - PNB representatives to join virtual investor meetings on 28 and 29 September 2026.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 18 Sep - Moody’s, Fitch and CareEdge assigned ratings to PNB’s USD 1.5 billion MTN programme on 17 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 10 Sep - Shri Divesh Sehara nominated as PNB director on 10 Sep 2026, replacing Shri D. Anandan.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 1 Sep - PNB participated in investor/analyst meetings at Ashwamedh–Elara India Dialogue 2026 in Mumbai on 1 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep
Source: Bse
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
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.