Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - ICRA reaffirmed PNB Housing’s AAA stable ratings and assigned AAA for Rs.2,000 crore NCDs.
Source: Bse
PNB Housing Finance Limited (PNBHOUSING)
Small CapFinancial Services stocks · Small cap · NSE
PNB Housing Finance Limited is an Indian housing finance company focused on retail loan assets, including affordable and emerging markets segments. The company aims for asset quality improvement, operational efficiencies through digitization, and a diversified borrowing mix to enhance profitability.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result05 Aug, 12:15 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 -1.8% / mo · MACD +
Stock trend: 57
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PNBHOUSINGD candles · FIT view+11.1%Latest close ₹1147.90 on 2026-10-19
Bar
-1.8%
RSI
50
MACD hist
4.67
52W pos
84%
2026-10-19O ₹1168.50H ₹1174.20L ₹1146.70C ₹1147.90Vol 3.5L 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
PNBHOUSINGNifty Financial ServicesNifty 500
- PNBHOUSING
- +4.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +10.1 pp
Chart stats
19 Oct 2026- From 52W high
- -6.3%
- 52W range position
- 84%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹98.8 Cr
- 20D price channel
- ₹1,065.4 - ₹1,224.8
₹1,224.8
₹729.6 - ₹1,224.8
₹32.6
Latest completed session
20-session average
30.7% 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 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 · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average30
Revenue +9.0% · PAT +4.3% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model+49.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
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 Jun 2026
Average · 30/100Rev +9% YoY · PAT +4% YoY
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,263 Cr | +9.0% | +3.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹557 Cr | +4.3% | -15.1% |
| PAT margin | 24.6% | -111 bps | -545 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.20
- P/B
- 1.58
- EV/EBITDA
- 1495.16
- Market Cap
- 30472.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 9.40%
- ROA
- 2.48%
- Dividend Y
- 0.69%
Growth (CAGR)
- Revenue 5Y
- 2.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 3.70
- Interest Coverage
- —
- Altman Z
- 0.60
- Book Value
- 738.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -8984.00 Cr
- EPS TTM
- 88.86
Shareholding
- Promoter Hold
- 28.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 20.0+300.0% vs prev
Net Profit
₹ CrLatest: 2,315+1.0% vs prev
Return on Equity
%Latest: 12.0-11.4% 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 uptrend intact. RSI 50.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 50 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 57% 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
85
RS percentile
Stage 2 UptrendEstablished S2
1M return
+1.3%
3M return
+4.5%
6M return
+15.9%
1Y return
+23.0%
RS 1D
0
RS 20D
+2
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is 9.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
15 May 2026
S2 age
110 trading sessions
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 136.89-0.67%
RS vs Nifty 500137
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation19/30
Growth14/25
Quality2/20
Balance Sheet0/15
Cash Flow2/10
Piotroski
3/9 (+1)
Penalties
-1
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 49.3%.
- Valuation contributes 19/30 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Altman Z is 0.6, in distress territory.
- Penalty bucket subtracts 1 points.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
13.2
PB
1.6
EV/EBITDA
1495.2
ROE
12.7%
ROCE
9.4%
FCF Yield
—
Debt/Equity
3.7
MoS
+49.3%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+49.3%
Previous: +49.3%
Score history
12 stored score snapshots. Latest stored move: +2 points.
20 Oct 2026
v4.3-runtime-valuation
36
36
36
33
32
33
36
35
35
35
35
37
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
₹1,214.71
+5.5% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,265.93
+49.3% MoS
PEG
0.55
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
REPCOHOME
Small
Repco Home Finance Limited
NBFC / Capital Markets / Insurance
match 154
51
4.3
12.4%
+86%
FAIR VALUE
SRGHFL
Small
SRG Housing Finance Limited
NBFC / Capital Markets / Insurance
match 153
50
5.9
11.6%
+83%
FAIR VALUE
SAMMAANCAP
Large
Sammaan Capital Limited
NBFC / Capital Markets / Insurance
match 147
8
—
-3.2%
—
OVERVALUED
POONAWALLA
Small
Poonawalla Fincorp Limited
NBFC / Capital Markets / Insurance
match 127
13
36.4
5.9%
-37%
OVERVALUED
PIRAMALFIN
Small
Piramal Finance Limited
NBFC / Capital Markets / Insurance
match 125
19
24.3
0.9%
+5%
OVERVALUED
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 2026-06-16T09:40:39.369Z
Management commentary snapshot
Q4 FY26 saw robust retail disbursement growth of 32% YoY and 45% QoQ, driving retail loan asset growth of 16% YoY. Gross NPA improved significantly to 0.93%, achieving a sub-1% milestone. NIM increased QoQ to 3.69%, though spreads moderated.
The company demonstrated strong execution in retail disbursements and loan asset expansion, particularly in focus segments. Asset quality showed notable improvement, with GNPA falling below 1%. While spreads faced some moderation, NIM saw a sequential uptick, supported by improved borrowing costs. The strategic shift towards high-yielding segments and digital initiatives appears to be progressing, warranting continued monitoring of margin trends.
Current business mix
Loan Asset Mix by Segment (31-Mar-26)
Latest issuer-disclosed distribution across 2 reported categories.
Retail98.7%
Corporate1.3%
Growth engines
Retail Loan Asset Growth
Retail Loan Asset grew by 16% YoY to INR 86,946 crore, driven by strong retail disbursements.
Affordable and Emerging Markets Segments
These segments contributed 40% to the retail portfolio and 47% of retail disbursements, with management focusing on higher growth here.
Corporate Segment Revival
The Corporate segment was revived with INR 335 crore disbursed during Q4 FY26, after being nil in previous periods.
Branch Network Expansion
Added 35 branches, taking the total network to 393, with 80% in Affordable and Emerging Markets segments.
Capacity and execution
Branch Network Expansion
Added 35 branches in Q4 FY26, increasing the total network to 393 branches. Affordable segment branches increased by 29 YoY to 229.
Tailwinds
Strong Recovery from Written-off Pool
Recovered INR 167 crore in Q4 FY26 and INR 332 crore in FY26 from the total written-off pool, driving negative credit cost.
Improved Cost of Borrowing
Cost of Borrowing improved to 7.35% in Q4 FY26 from 7.50% in Q3 FY26, contributing to NIM expansion QoQ.
Digitization Initiatives
In-house developed 'Infinity' sales enablement platform, e-Sign/e-Stamp for digital onboarding, and Voice AI initiatives are live or upcoming.
Headwinds
Moderation in Spreads and Yields
Spreads moderated by 10 bps QoQ to 2.12% and overall yield moderated to 9.47% in Q4 FY26 vs 9.72% in Q3 FY26.
Affordable Segment Incremental Yield Moderation
Incremental yield in the Affordable segment moderated to 11.35% in Q4 FY26 from 12.10% in Q3 FY26, attributed to strategic market share expansion.
Risk radar
Asset Quality in Growth Segments
While overall GNPA improved, maintaining asset quality in the high-growth Affordable and Emerging Markets segments will be crucial.
Margin Pressure
Moderation in spreads and yields, despite lower borrowing costs, indicates potential pressure on profitability metrics if not managed effectively.
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
Retail disbursements show strong sequential momentum (QoQ) and annual growth (YoY), both critical for a lending business. Asset quality metrics (GNPA, NNPA) are important to track both sequentially and annually to assess immediate trends and structural improvements. Spreads and NIM are relevant QoQ for immediate performance and YoY for structural changes in the interest rate environment and business mix.
Sector KPIs management disclosed
AUM Growth
AUM stood at INR 90,921 crore, growing 13% YoY and 6% QoQ.
Retail Disbursements
Retail disbursement reached an all-time high of INR 9,020 crore in Q4 FY26, growing 32% YoY and 45% QoQ. For FY26, retail disbursements grew 19% YoY to INR 26,213 crore.
Spreads
Spread for Q4 FY26 was 2.12% vs 2.22% in Q3 FY26 (-10 bps QoQ) and 2.19% in Q4 FY25 (-7 bps YoY). FY26 spread was 2.20% (1 bps YoY).
Net Interest Margin (NIM)
NIM for Q4 FY26 was 3.69% vs 3.63% in Q3 FY26 (6 bps QoQ) and 3.75% in Q4 FY25 (-6 bps YoY). FY26 NIM was 3.68% (-2 bps YoY).
Management forward view
Grow Retail Loan Asset
Management aims to grow Retail Loan Asset, including high-yielding Emerging Markets segment.
Scale-up Affordable Segment
Management intends to grow Affordable Loan Asset, especially in Tier 2 and 3 cities.
Best-in-Class Asset Quality
Management plans to leverage underwriting and collection efficiencies to achieve best-in-class asset quality.
Improve Profitability through Digitization
Management aims to improve RoA and RoE by bringing operational efficiencies and improving productivities through digitization.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Retail Disbursement Growth | 32% YoY (Q4 FY26) | Sustained momentum, particularly in the Affordable and Emerging Markets segments, to drive overall loan asset growth. |
| Gross NPA (GNPA) | 0.93% (31-Mar-26) | Continued stability or further improvement below 1%, especially as the company expands into higher-yielding segments. |
| Net Interest Margin (NIM) & Spreads | NIM 3.69%, Spread 2.12% (Q4 FY26) | Stabilization or improvement in margins, indicating effective management of funding costs and yield on assets amidst growth. |
| Cost of Borrowing | 7.35% (Q4 FY26) | Further reduction or stability in borrowing costs, which is crucial for maintaining and improving profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
market share expansionnot yet verifiablequantified
The company expects to add 40 to 50 new branches annually to deepen its presence in Tier 2 and Tier 3 cities, aligned with long-term growth ambitions.
Timeframe: annually (long-term)Direction: positiveConfidence: expect
"we expect to add 40 to 50 new branches annually"
operational efficiencynot yet verifiablequantified
PNB Housing Finance will continue to maintain its opex to ATA guidance, keeping it range-bound between 1% to 1.1%.
Timeframe: future (ongoing guidance)Direction: maintainConfidence: continue to maintain
"We continue to maintain our opex to ATA guidance of being range-bound between 1% to 1.1%"
revenue outlookpartially deliveredquantified
PNB Housing Finance will continue its guidance of retail loan book growth in the range of 17% to 18%, with a higher focus on Emerging Markets and Affordable segments.
Timeframe: future (ongoing guidance)Direction: positiveConfidence: will continue the guidance
"we will continue the guidance of retail book growth in the range of 17% to 18%"
Outcome check: Revenue YoY averaged 7.9% across 1 later quarter(s).
demand outlooknot yet verifiable
Affordable segment disbursement is expected to revert back to its growth trajectory in Q4 FY26, after recalibration in challenging geographies.
Timeframe: Q4 FY26Direction: positiveConfidence: expect
"we expect affordable disbursement to revert back to growth trajectory of Q4 FY26"
Trust Score
55Limited 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: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
176 docs text-extracted · 69 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Small: 18th pctile, median 66
Evidence depth
Financial-only
176 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-8984 Cr.
- ▸Debt/equity is 3.70.
- ▸Altman Z is 0.60.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching PNB Housing Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Schedule of analysts or institutional investors meet - Prior Intimation
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Schedule of analysts or institutional investors meet - Prior Intimation
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) Regulations - Intimation Of ESG Rating 3 Sep - PNB Housing Finance receives ESG score 82.10, A+ rating, retaining Leader category for second year.
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.