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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100Rev +9% YoY · PAT +4% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Loan Asset Mix by Segment (31-Mar-26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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
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.
"we expect to add 40 to 50 new branches annually"
PNB Housing Finance will continue to maintain its opex to ATA guidance, keeping it range-bound between 1% to 1.1%.
"We continue to maintain our opex to ATA guidance of being range-bound between 1% to 1.1%"
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.
"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).
Affordable segment disbursement is expected to revert back to its growth trajectory in Q4 FY26, after recalibration in challenging geographies.
"we expect affordable disbursement to revert back to growth trajectory of Q4 FY26"
Trend score and candlestick chart
78Bullishfull bull SMA stack · SMA20 +6.5% / mo · MACD − · near 52W high
Technical chart
PNBHOUSINGdaily · 1Y · AUTO+47.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 58. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.1% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 60% 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.
Relative Strength & Trend Stage
- Price is 18.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.9%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 52.7%.
- Valuation contributes 17/30 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 16th percentile of the scored universe and 29th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-8984 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 29th pctile, median 62 · Small: 18th pctile, median 66
172 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 13.10
- P/B
- 1.58
- EV/EBITDA
- 1494.25
- Market Cap
- 30410.00Cr
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
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.