NSE: PNBHOUSING · BSE: 540173
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail housing loans, Corporate housing finance, Affordable / emerging-cities segment. Spread-based, asset-light housing finance; earnings move with interest-rate cycle and asset quality.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,196 | 6,527 | 7,050 | 7,665 | 8,505 |
| EBITDA (ex other income) | 5,197 | 5,309 | 6,259 | 7,067 | 8,037 |
| margin % | 83.9 | 81.3 | 88.8 | 92.2 | 94.5 |
| Owners' profit | 0 | 1,046 | 1,508 | 1,936 | 2,291 |
| EPS, as reported (₹) | 49.64 | 62.01 | 58.37 | 74.52 | 88.01 |
| ROE % · ROCE % | 8.5 · — | 9.5 · — | 10.1 · — | 11.5 · — | 11.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 6,256 | (1,865) | (4,662) | (8,057) | (8,984) |
| Capex | (14) | (13) | (39) | (49) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,879 | 1,942 | 2,022 | 2,076 | 2,128 | 2,119 | 2,182 | 2,263 |
| Profit before tax | 605 | 616 | 711 | 688 | 760 | 668 | 855 | 718 |
| Net profit | 470 | 483 | 550 | 534 | 582 | 520 | 656 | 557 |
| EPS (₹) | 18.08 | 18.60 | 21.18 | 20.52 | 22.34 | 19.97 | 25.17 | 21.39 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 64,581 | 31.9 | 2.87 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. ◆ | 29,147 | 12.6 | 1.52 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,079 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 18,768 | 16.3 | 2.49 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,451 | — | 0.71 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,649 | 18.2 | 2.44 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 9,955 | 10.1 | 1.97 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,655 | 8.6 | 1.61 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.6 | 10.1 | 10 of 17 | 44% |
| P/B | 1.5 | 1.0 | 10 of 17 | 44% |
| ROE | 11.9 | 11.8 | 8 of 17 | 56% |
| EBITDA margin | 91.6 | 74.7 | 4 of 19 | 83% |
| Revenue growth | 9.0 | 9.0 | 10 of 19 | 50% |
| Profit growth | 4.5 | 19.3 | 16 of 20 | 21% |
| Market cap | 29147 | 4420 | 2 of 20 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · PNB Housing shares Q2 and H1 FY27 earnings call recording | investor communications | low | — | — |
| 28 Oct 2026 · Q2 FY27: Loan book up 19%, profit up 6% and margin improves to 3.67% | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 FY27 profit rises 6% on strong loan growth and better asset quality | compliance | low | — | — |
| 28 Oct 2026 · PNB Housing Finance Q2 FY27: PAT up 6% at Rs 616.55 crore | results | high | — | — |
| 23 Oct 2026 · PNB Housing raises Rs 253.65 crore via five-year debentures | fund raising | medium | — | — |
| 16 Oct 2026 · Earnings call invite for Q2 and H1 FY2026-27 on October 28, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board Meeting on Oct 28, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · Routine demat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 7 Oct 2026 · PNB Housing Finance gets AAA upgrade from CRISIL, joins all four top agencies | credit debt | high | — | — |
| 6 Oct 2026 · PNB Housing Finance gets Crisil rating upgrade to AAA from AA plus | credit debt | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.