PNB HOUSING FIN LTD.

Lends against residential property, with a near-totally retail loan book of ₹86,946 crore out of a total ₹87,347 crore as of 31 March 2026. The affordable and emerging-cities segment accounts for 40% of the retail book, up from 37% a year earlier, and the company is targeting 50% within two years. It re-entered corporate housing finance in Q4 FY26 with ₹335 crore of disbursements, and plans to scale that to roughly 3% of the book in FY27 at 11.5-12% yields. Funding comes from bank loans of ₹18,600 crore, fixed deposits of ₹18,055 crore, and non-convertible debentures, including a recent ₹500 crore allotment at 7.83% and a proposed ₹10,000 crore NCD programme. Operating costs are dominated by employee expense (5.7% of revenue) and other operating expense (4.2%); with negligible materials, the EBITDA margin prints 94.5% because revenue is essentially net interest income. Asset quality is tight: GNPA at 0.93%, with ₹332 crore of recoveries from written-off accounts in FY26 producing a negative credit cost of -45 bps, and credit ratings were upgraded to AAA in FY26.