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PNB Gilts Q2 FY27 results: net profit ₹44.84 crore vs ₹45.35 crore loss, revenue down 1.6%
PNB Gilts Limited reported a net profit of ₹44.84 crore for Q2 FY27, against a net loss of ₹45.35 crore in the year-ago quarter. Revenue was ₹436.32 crore, down 1.6% from Q2 FY26 but lower than ₹454.56 crore in the previous quarter, while profit margin moved to 10.3%. The results are on a standalone basis.
Key points
- Revenue was ₹436.32 crore in Q2 FY27, down 1.6% from ₹443.41 crore a year earlier and down 4.0% from ₹454.56 crore in Q1 FY27.
- Net profit was ₹44.84 crore, compared with a net loss of ₹45.35 crore in Q2 FY26 and ₹80.70 crore in Q1 FY27.
- Profit before tax was ₹60.24 crore, against a loss of ₹53.24 crore a year earlier and ₹108.26 crore in the previous quarter.
- Basic EPS was ₹2.49, against a loss of ₹2.52 in Q2 FY26 and ₹4.48 in Q1 FY27.
- For H1 FY27, revenue was ₹873.17 crore and net profit was ₹125.53 crore, with basic EPS of ₹6.98.
How did PNB Gilts perform in Q2 FY27?
PNB Gilts reported revenue of ₹436.32 crore for Q2 FY27, the July–September 2026 quarter, down 1.6% from ₹443.41 crore in Q2 FY26 and down 4.0% from ₹454.56 crore in Q1 FY27. Total income was ₹436.59 crore, against ₹443.49 crore a year earlier and ₹454.72 crore in the previous quarter. The company does not report a separate EBITDA figure in the filed results.
Profit before tax was ₹60.24 crore in Q2 FY27, against a loss of ₹53.24 crore in Q2 FY26 and ₹108.26 crore in Q1 FY27. Net profit was ₹44.84 crore, against a net loss of ₹45.35 crore a year earlier and ₹80.70 crore in the previous quarter. Basic EPS was ₹2.49, against a loss of ₹2.52 in Q2 FY26 and ₹4.48 in Q1 FY27.
The profit margin was 10.3% in Q2 FY27, compared with a loss of 10.2% in Q2 FY26 and 17.8% in Q1 FY27. All figures are standalone, as approved by the board on 13 October 2026 following a limited review by the joint statutory auditors. No consolidated figures were given.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 436.32 | 454.56 | 443.41 | −1.6% | −4.0% |
| Other income | 0.28 | 0.16 | 0.08 | +250.0% | +75.0% |
| Total expenses | 376.53 | 346.53 | 497.29 | −24.3% | +8.7% |
| Profit before tax | 60.24 | 108.26 | −53.24 | turned to profit | −44.4% |
| Tax | 15.40 | 27.56 | −7.89 | −44.1% | |
| Net profit | 44.84 | 80.70 | −45.35 | turned to profit | −44.4% |
| EPS (₹) | 2.49 | 4.48 | −2.52 | turned to profit | −44.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in PNB Gilts' costs and profit?
Total expenses fell to ₹376.53 crore in Q2 FY27 from ₹497.29 crore in Q2 FY26, a decline of ₹120.76 crore, or 24.3%. Finance costs were ₹342.16 crore, down ₹2.95 crore, or 0.9%, from ₹345.11 crore a year earlier. Depreciation was ₹0.59 crore, down ₹0.02 crore, or 3.3%, and other expenses were ₹4.39 crore, up ₹1.60 crore, or 57.3%.
Employee cost rose to ₹4.53 crore from ₹2.53 crore a year earlier, an increase of ₹2 crore, or 79.1%. Other income was ₹0.28 crore against ₹0.08 crore, an increase of ₹0.20 crore, or 250.0%. The quarter carried an exceptional gain of ₹0.18 crore, against ₹0.57 crore in Q2 FY26.
Tax was ₹15.40 crore in Q2 FY27, against a tax credit of ₹7.89 crore a year earlier, a difference of ₹23.29 crore. Against the previous quarter, total expenses rose ₹30 crore, or 8.7%, finance costs rose ₹11.40 crore, or 3.4%, and employee cost rose ₹1.03 crore, or 29.4%. The filing does not state the reasons for the year-on-year expense movement.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 4.53 | 2.53 | +2 | +79.1% |
| Finance costs | 342.16 | 345.11 | −2.95 | −0.9% |
| Depreciation | 0.59 | 0.61 | −0.02 | −3.3% |
| Other expenses | 4.39 | 2.79 | +1.60 | +57.3% |
| Total expenses | 376.53 | 497.29 | −120.76 | −24.3% |
| Other income | 0.28 | 0.08 | +0.20 | +250.0% |
| Tax | 15.40 | −7.89 | +23.29 | |
| Exceptional items | +0.18 (gain) | +0.57 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue was ₹873.17 crore, up 0.8% from ₹866.64 crore in H1 FY26. Total income was ₹873.60 crore against ₹866.83 crore, an increase of ₹6.77 crore, or 0.8%.
Profit before tax for H1 FY27 was ₹168.50 crore, up 5.5% from ₹159.77 crore in H1 FY26. Net profit was ₹125.53 crore, up 9.4% from ₹114.72 crore, and basic EPS was ₹6.98 against ₹6.37. The filing reviewed by the joint statutory auditors covers the quarter and half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 873.17 | 866.64 | +0.8% |
| Profit before tax | 168.50 | 159.77 | +5.5% |
| Net profit | 125.53 | 114.72 | +9.4% |
| EPS (₹) | 6.98 | 6.37 | +9.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹26,754.56 crore as of 30 September 2026, against ₹27,060.44 crore as of 31 March 2026. Total equity was ₹1,799.16 crore, compared with ₹1,709.57 crore at the previous balance sheet date. Cash was ₹151.52 crore against ₹0.44 crore. Borrowings were not given in the available figures.
For H1 FY27, operating cash flow was ₹574.11 crore, compared with an outflow of ₹2,453.24 crore in H1 FY26. Investing cash flow was ₹0.20 crore against an outflow of ₹0.54 crore, and financing cash flow was an outflow of ₹423.25 crore against an inflow of ₹2,441.60 crore. Capital expenditure was ₹0.15 crore against ₹0.54 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 26,755 | 27,060 |
| Total equity | 1,799 | 1,710 |
| Cash and equivalents | 151.52 | 0.44 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 574.11 | −2,453 |
| Cash from investing | 0.20 | −0.54 |
| Cash from financing | −423.25 | 2,442 |
| Capital expenditure | 0.15 | 0.54 |
Source: Company's results filing (XBRL).
How has PNB Gilts done over the last 8 quarters?
Revenue across the last eight quarters reached its highest point at ₹563.27 crore in Q1 FY26 and its lowest at ₹362.36 crore in Q3 FY25. It stood at ₹436.32 crore in Q2 FY27, below ₹454.56 crore in the previous quarter and ₹443.41 crore a year earlier.
Net profit bottomed at a loss of ₹45.35 crore in Q2 FY26 and peaked at ₹160.07 crore in Q1 FY26. It has since moved to ₹53.91 crore in Q3 FY26, ₹12.99 crore in Q4 FY26, ₹80.70 crore in Q1 FY27 and ₹44.84 crore in Q2 FY27. The filing does not give an EBITDA margin for these quarters.
How did PNB Gilts shares react?
The filing appeared in market hours on 13 October 2026, with the stock at ₹75.41 against a previous close of ₹70.90. It rose 1.2% after five minutes, 0.6% after 15 minutes and 0.2% after 30 minutes. On the reaction day it closed 7.5% above the pre-results close.
By the next day's close the stock was up 4.0% from its pre-results close, and by five sessions it was up 0.8%. The median move for other Investment Company stocks was 0.2% on the reaction day, 0.6% by the next day and -2.2% over five sessions, leaving the stock ahead by 7.4 percentage points, 3.4 percentage points and 3.0 percentage points respectively. The Nifty Microcap 250 was up 0.2% on the reaction day.
On earlier results days, the reaction-day move was -3.1% on 16 July 2026, 1.5% on 20 April 2026, 2.3% on 17 January 2026 and -7.7% on 16 October 2025. Earlier moves in 2025 also included 8.8% on 23 July, -3.6% on 2 May and -4.6% on 28 January.
| After the filing | Stock | Investment Company median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | +0.6% | |
| 30 minutes | +0.2% | |
| Reaction day | +7.5% | +0.2% |
| Next day | +4.0% | +0.6% |
| 5 days | +0.8% | −2.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 16 July 2026 | −3.1% |
| 20 April 2026 | +1.5% |
| 17 January 2026 | +2.3% |
| 16 October 2025 | −7.7% |
| 23 July 2025 | +8.8% |
| 2 May 2025 | −3.6% |
| 28 January 2025 | −4.6% |
| 24 October 2024 | +3.1% |
Source: MarketPing price-reaction measurement.
How did other Investment Company companies do?
Twenty Investment Company companies were compared for revenue growth this quarter, with a median revenue growth of 29.4%. Of these, 15 grew faster than PNB Gilts and 5 grew slower than PNB Gilts.
Profit was compared across 22 peers, and 17 of them reported higher profit than PNB Gilts. The peer data was compiled as of 4 November 2026.
| PNB Gilts revenue growth (YoY) | −1.6% |
|---|---|
| Median of 20 other Investment Company companies | +29.4% |
| Companies with slower revenue growth than PNB Gilts | 5 of 20 |
| Companies with faster revenue growth than PNB Gilts | 15 of 20 |
| Companies whose net profit rose | 17 of 22 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was PNB Gilts' revenue in Q2 FY27?
Revenue from operations was ₹436.32 crore, down 1.6% from ₹443.41 crore in Q2 FY26 (standalone).
Did PNB Gilts make a profit in Q2 FY27?
Yes. Net profit was ₹44.84 crore, against a net loss of ₹45.35 crore in Q2 FY26.
What was PNB Gilts' EPS in Q2 FY27?
Basic earnings per share were ₹2.49, against a loss of ₹2.52 in Q2 FY26.
How did PNB Gilts shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.5% from the previous close; the median Investment Company stock moved +0.2%.
When did PNB Gilts announce its Q2 FY27 results?
On 13 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for PNB Gilts Ltd. Has Informed The Exchange About The Board Meeting To Be Held On 13.10.2026 To Inter-Alia Consider And Approve The Unaudited Financial Results Of The Company For The Quarter Ended On September 30, 2026. (BSE, 7 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For Quarter And Half Year Ended September 2026 (BSE, 13 October 2026) · PDF
- Unaudited Financial Results For Quarter And Half Year Ended September 2026 (BSE, 13 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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