NSE: PNB · BSE: 532461
PUNJAB NATIONAL BANK
Earns revenue from interest on loans, income from its treasury investment portfolio, fees from retail and corporate banking services, and ancillary banking activities. For the year-to-date period ending 31 December 2024, Corporate/Wholesale Banking contributed 42.2% of segment revenue (₹42,743.52 crore), Treasury Operations 28.0% (₹28,384.80 crore), Retail Banking 27.8% (₹28,152.35 crore) and Other Banking Operations 2.1% (₹2,084.08 crore). On a consolidated basis as of Q1 FY27, gross global business stood at ₹29.98 lakh crore, with advances of ₹12.73 lakh crore growing 12.7% year-on-year and deposits of ₹17.25 lakh crore growing 8.5%. Lending rates are anchored to MCLR ranging from 8.00% (overnight) to 9.10% (higher tenor), with the Repo-Linked Lending Rate at 8.10% and Base Rate at 9.50%. The principal cost driver is interest paid on deposits, which management describes as sticky, and the bank is mobilising USD 2.5 billion in FCNR(B) funds to lower funding costs. The Government of India holds 70.08% of paid-up capital, and the board has approved raising up to USD 1.5 billion in foreign currency through an MTN Programme at its GIFT City IFSC Banking Unit. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Corporate/Wholesale Banking (42%), Treasury Operations (28%), Retail Banking (28%), Other Banking Operations (2%). Public sector commercial bank, interest-rate sensitive, with improving asset quality
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 3,861 | 3,348 | 9,107 | 18,480 | 18,393 |
| EPS, as reported (₹) | 3.53 | 3.04 | 8.27 | 16.42 | 16.00 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 19,932 | 22,592 | (27,939) | 22,075 | 25,635 |
| Capex | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — |
| Profit before tax | 6,729 | 7,055 | 6,518 | 6,973 | 6,527 | 6,440 | 7,141 | 7,108 |
| Net profit | 4,432 | 4,649 | 4,643 | 1,832 | 4,849 | 5,190 | 5,225 | 5,339 |
| EPS (₹) | 4.27 | 4.18 | 4.34 | 1.84 | 4.46 | 4.83 | 4.83 | 5.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| STATE BANK OF INDIA | 8,83,184 | 10.3 | — | — | — | — | — | — |
| UNION BANK OF INDIA | 1,39,321 | 6.8 | — | — | — | — | — | — |
| PUNJAB NATIONAL BANK ◆ | 1,38,272 | 6.3 | — | — | — | — | — | — |
| BANK OF BARODA | 1,20,028 | 6.6 | — | — | — | — | — | — |
| INDIAN BANK | 1,12,592 | 8.8 | — | — | — | — | — | — |
| CANARA BANK | 1,06,898 | 5.4 | — | — | — | — | — | — |
| BANK OF MAHARASHTRA | 61,456 | 8.2 | — | — | — | — | — | — |
| BANK OF INDIA | 60,515 | 5.1 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.3 | 7.5 | 4 of 12 | 73% |
| Profit growth | 191.4 | 28.3 | 1 of 12 | 100% |
| Market cap | 138272 | 84177 | 3 of 12 | 82% |
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 resubmits September 2026 financial results with no changes | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 earnings show stronger margins and asset quality | investor communications | medium | — | — |
| 17 Oct 2026 · Notice to shareholders on SEBI special window for physical share demat | compliance | minimal | — | — |
| 16 Oct 2026 · PNB Q2 FY26-27 earnings call recording available on website | investor communications | low | — | — |
| 16 Oct 2026 · PNB Q2 FY27: Net Profit up 12.8% to Rs 5,532 Cr; GNPA improves to 2.55% | compliance | low | — | — |
| 16 Oct 2026 · PNB Q2 FY27 analyst presentation: net profit rises 12.8% to Rs 5,532 Cr | investor communications | medium | — | — |
| 16 Oct 2026 · PNB Q2 FY27 results: standalone net profit Rs 1,496 cr, up 107% YoY | results | high | — | — |
| 14 Oct 2026 · PNB faces RBI monetary penalties for currency chest guideline violations | regulatory legal | high | — | — |
| 13 Oct 2026 · PNB schedules Q2 FY27 earnings call on 16 Oct 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · PNB shares profile of new Part-Time Non-Official Director | management changes | medium | — | — |
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.