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.
| ₹ 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 6,256 | (1,865) | (4,662) | (8,057) | (8,984) |
| Capex | (14) | (13) | (39) | (49) | (33) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 70,078 | 34.6 | 3.11 | — | 11.4 | — | — | 92.4 |
| LIC HOUSING FINANCE LTD | 30,982 | 5.4 | 0.75 | 1.1 | 13.5 | — | 7.7 | 97.1 |
| PNB HOUSING FIN LTD. ◆ | 30,721 | 13.3 | 1.60 | 3.5 | 11.9 | — | 2.3 | 91.6 |
| AADHAR HOUSING FINANCE L | 19,978 | 17.4 | 2.65 | 6.9 | 14.5 | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Board approves NCD issuance up to Rs 6,000 crore on private placement | fund raising | high | — | — |
| 7 Sept 2026 · PNB Housing Finance Board approves NCD issuance up to INR 10,000 crore | fund raising | medium | — | — |
| 4 Sept 2026 · PNB Housing Finance management meets institutional investors | investor communications | low | — | — |
| 3 Sept 2026 · PNB Housing management meets investors on housing and real estate | investor communications | low | — | — |
| 3 Sept 2026 · PNB Housing Finance gets A+ ESG rating for 2nd year | credit debt | medium | — | — |
| 31 Aug 2026 · PNB Housing to hold institutional investor meet on Sept 4 in Gurugram | board shareholder meetings | low | — | — |
| 29 Aug 2026 · PNB Housing Finance CIO resigns, deputy steps in | management changes | high | — | — |
| 27 Aug 2026 · PNB Housing Finance to meet investors virtually on Sept 3, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · ICRA upgrades PNB Housing Finance rating to AAA from AA+ | credit debt | high | — | — |
| 24 Aug 2026 · PNB Housing cancels August 25 analyst meet in Gurugram | investor communications | low | — | — |
| 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 |
| 75.4 |
| SAMMAAN CAPITAL LIMITED | 17,203 | — | 0.91 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 12,386 | 21.2 | 2.84 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 12,360 | 12.5 | 2.44 | 6.3 | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 10,400 | 9.2 | 1.74 | — | 18.2 | — | — | 91.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.3 | 13.3 | 9 of 17 | 50% |
| P/B | 1.6 | 1.4 | 9 of 16 | 47% |
| ROE | 11.9 | 11.6 | 9 of 20 | 58% |
| Debt / Equity | 0.0 | 0.0 | 3 of 20 | 0% |
| 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 | 30721 | 7130 | 3 of 19 | 89% |
| 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 |
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.
