Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - PNB Gilts appoints RAJ HAR GOPAL & CO and K VENKATACHALAM AIYER & CO as joint statutory auditors for FY2026-27.
Source: Bse
PNB Gilts Limited (PNBGILTS)
Small CapFinancial Services stocks · Small cap · NSE
PNB Gilts Limited operates in Gilt Trading, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹71.54
-0.13 · -0.18%
Market cap ₹1,316 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:17 am ISTDetails
Quote21 Oct, 09:17 am IST
Base fundamentals01 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result13 Oct, 01:04 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
35Bearishfull bear SMA stack · SMA20 -7.7% / mo · MACD +
Stock trend: 27
Sector RS: 47
Sector 3M: -4.1% vs Nifty 500 -4.4%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PNBGILTSD candles · FIT view+0.2%TODAY · PROVISIONALLatest price ₹71.54 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.0%
RSI
42
MACD hist
0.27
52W pos
31%
2026-10-21O ₹71.55H ₹72.34L ₹71.16C ₹71.54Vol 13,257 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
PNBGILTSNifty Financial ServicesNifty 500
- PNBGILTS
- -17.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -11.9 pp
Chart stats
19 Oct 2026- From 52W high
- -28.2%
- 52W range position
- 32%
- ATR (14)
- 4.7%
- Volume vs 20D
- 0.32x
- Avg traded value
- ₹10 Cr
- 20D price channel
- ₹66.8 - ₹80
₹99.8
₹58.6 - ₹99.8
₹3.4
Latest completed session
20-session average
38.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -1.5% · PAT NDF YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model-146.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence43
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
Bad · 0/100Rev -2% YoY · margin expansion
Filed 13 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹436.3 Cr | -1.5% | -4.0% |
| EBITDA | ₹402.5 Cr | +37.9% | -8.4% |
| Operating margin | 92.3% | +2626 bps | -440 bps |
| PAT | ₹44.8 Cr | NDF | -44.4% |
| PAT margin | 10.3% | +2044 bps | -747 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.84
- P/B
- 0.78
- EV/EBITDA
- 17.97
- Market Cap
- 1315.69Cr
Profitability
- ROE
- 11.00%
- ROCE
- 6.15%
- ROA
- 0.38%
- Dividend Y
- 2.70%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -17.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 60.00%
Balance Sheet
- Debt/Equity
- 14.55
- Interest Coverage
- 1.10×
- Altman Z
- 0.38
- Book Value
- 95.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -2540.00 Cr
- EPS TTM
- 10.69
Shareholding
- Promoter Hold
- 74.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,699+1.4% vs prev
Net Profit
₹ CrLatest: 182-21.9% vs prev
Return on Equity
%Latest: 10.6-29.4% vs prev
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
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.5% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 22% 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
38
RS percentile
Stage 1 Base / Transition
1M return
-9.5%
3M return
-17.5%
6M return
-4.1%
1Y return
-21.6%
RS 1D
-3
RS 20D
-4
Sector rank
#10
Industry rank
#16
Stage evidence
- Price is 8.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 76.08-0.94%
RS vs Nifty 50076
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation21/30
Growth4/25
Quality1/20
Balance Sheet1/15
Cash Flow2/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Valuation contributes 21/30 to the score.
- Cash flow contributes 2/10 to the score.
- Growth contributes 4/25 to the score.
Main drags
- Altman Z is 0.4, in distress territory.
- Fair-value margin of safety is negative at -146.0%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
6.8
PB
0.8
EV/EBITDA
18.0
ROE
11.0%
ROCE
6.2%
FCF Yield
—
Debt/Equity
14.6
MoS
-146.0%
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
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-146.0%
Previous: -146.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
30
30
30
30
30
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
₹151.16
+52.7% MoS
Growth-justified P/E
2.7
Growth-justified Value
₹29.08
-146.0% MoS
PEG
—
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
JINDALPHOT
Small
Jindal Photo Limited
Financial Services
match 60
33
—
-2.3%
—
WATCHLIST
CREST
Small
Crest Ventures Limited
Financial Services
match 59
38
31.5
3.8%
-19%
WATCHLIST
GCSL
Small
Gretex Corporate Services Limited
Financial Services
match 59
31
62.6
12.7%
-146%
OVERVALUED
SYSTMTXC
Small
Systematix Corporate Services Limited
Financial Services
match 58
46
77.6
10.9%
-218%
FAIR VALUE
SUMMITSEC
Small
Summit Securities Limited
Financial Services
match 58
69
12.0
1.1%
+53%
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
Issuer presentation review pending
PNB Gilts Limited operates in Gilt Trading, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Sept 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
43Limited 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 2nd percentile of the scored universe and 1st percentile within Financial Services. Main check: balance sheet trust is weak at 8/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
2nd percentile
overall median 67 · Financial Services: 1st pctile, median 62 · Small: 2nd pctile, median 66
Evidence depth
Financial-only
8 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
Do not rely on management narrative unless hard turnaround evidence is visible.
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
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
8
weak · leverage and solvency
Discipline
56
watch · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-2540 Cr.
- ▸Debt/equity is 14.55.
- ▸Altman Z is 0.38.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching PNB Gilts Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - C&AG appoints RAJ HAR GOPAL & CO and K VENKATACHALAM AIYER & CO as joint auditors for FY27, effective 07.09.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Copy of newspaper publication - 30th AGM
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.