Models
PNB GILTS LIMITEDPNBGILTSFinance
₹49per share · Base Model Note
The horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹49implied P/B 0.52× on FY26 book
Against CMP ₹74.20−33.9%close of 28 Oct 2026
Cost of equity14.51%risk-free + beta × equity risk premium
Book equity, FY26₹95per share · excess returns add ₹(46)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 1,710 | 1,873 | 2,052 | 2,248 | 2,463 |
| Net income at 10.6% ROE | 181 | 199 | 218 | 238 | 261 |
| Cost of equity charge at 14.51% | (248) | (272) | (298) | (326) | (357) |
| Excess return | (67) | (73) | (80) | (88) | (96) |
| Present value | (62) | (60) | (57) | (55) | (52) |
| Closing book equity | 1,873 | 2,052 | 2,248 | 2,463 | 2,698 |
| Book equity today | 1,710 |
| PV of 5 years of excess return | (286) |
| PV of the terminal excess return, 5% flat | (540) |
| add non-operating investments | 0 |
| Equity value | 883 |
| ÷ 18.00 crore shares | ₹49 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹59₹100
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 10.6% | — | 14.51% | 5% | ₹49 | (33.9)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.