PNB Housing Finance Q2 FY27 results: net profit up 6.0% to ₹616.55 crore, revenue up 13.9%

How did PNB Housing Finance perform in Q2 FY27?

On a consolidated basis, PNB Housing Finance reported revenue of ₹2,423 crore for Q2 FY27, up 13.9% from ₹2,128 crore in Q2 FY26 and 7.1% from ₹2,263 crore in Q1 FY27. Profit before tax was ₹796.61 crore, compared with ₹759.64 crore a year earlier and ₹718.44 crore in the previous quarter. Net profit rose to ₹616.55 crore from ₹581.59 crore and ₹557.34 crore, respectively.

Basic EPS increased to ₹23.65 from ₹22.34 in Q2 FY26 and ₹21.39 in Q1 FY27. The profit margin was 25.4%, down 1.9 percentage points from the year-ago quarter but up 0.8 percentage points from the previous quarter. EBITDA and EBITDA margin were not reported in the consolidated figures. On a standalone basis, revenue was ₹2,459.69 crore and profit after tax was ₹661.44 crore.

What changed in PNB Housing Finance's costs and profit?

Total expenses rose ₹256.38 crore, or 18.7%, to ₹1,627 crore in Q2 FY26 comparison. Finance costs were the largest increase, up ₹147.69 crore to ₹1,415 crore, while employee cost rose ₹29.74 crore to ₹138.96 crore. Other expenses increased ₹8.92 crore to ₹100.11 crore and depreciation increased ₹0.38 crore to ₹16.78 crore. There was no exceptional item.

Other income fell ₹1.94 crore to ₹0.80 crore from ₹2.74 crore in Q2 FY26, while tax increased ₹2.01 crore to ₹180.06 crore. Profit before tax consequently rose ₹36.97 crore to ₹796.61 crore, and net profit increased ₹34.96 crore to ₹616.55 crore. Against Q1 FY27, total expenses rose ₹80.42 crore, other income fell ₹1.12 crore and tax increased ₹18.96 crore.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹4,686.59 crore, up ₹482.62 crore or 11.5% from ₹4,203.97 crore in H1 FY26. Total income rose 11.3% to ₹4,689.31 crore, while profit before tax increased 4.7% to ₹1,515.05 crore from ₹1,447.56 crore. Net profit for the first half was ₹1,173.89 crore, up 5.3% from ₹1,115.09 crore. Basic EPS increased to ₹45.04 from ₹42.86.

What do the balance sheet and cash flow show?

Total assets rose to ₹101,638.1 crore as of 30 September 2026 from ₹93,512.07 crore as of 31 March 2026. Total equity increased to ₹20,249.19 crore from ₹19,219.13 crore, while cash fell to ₹2,004.22 crore from ₹2,483.06 crore. A borrowing figure was not provided in the reported balance-sheet data.

For H1 FY27, operating cash flow was an outflow of ₹7,725.41 crore, compared with an outflow of ₹3,870.59 crore in H1 FY26. Investing cash flow was an outflow of ₹949.61 crore against an inflow of ₹270.8 crore, while financing cash flow was an inflow of ₹8,196.18 crore against ₹2,868.22 crore. Capital expenditure was ₹15.83 crore, compared with ₹16.29 crore.

How has PNB Housing Finance done over the last 8 quarters?

Revenue increased in each of the last eight quarters on a year-on-year basis, reaching ₹2,423 crore in Q2 FY27 from ₹1,941.76 crore in Q3 FY25. Over the same period, the highest quarterly profit was ₹655.8 crore in Q4 FY26, while the latest profit was ₹616.55 crore. Revenue has continued to move higher, with the latest quarter above both ₹2,263.44 crore in Q1 FY27 and ₹2,181.53 crore in Q4 FY26. EBITDA-margin data was not available for the quarterly trend.

What else did the company announce?

The board approved the un-audited consolidated and standalone financial results for the quarter and half-year ended 30 September 2026, along with the limited review reports of the joint statutory auditors. The board also approved the regulatory disclosures, related-party transaction statement, security cover certificate, statement on use of issue proceeds and a CFO certificate concerning CP proceeds. The same-day investor presentation reported loan-book growth of 19%, profit growth of 6% and NIM of 3.67%.

What did PNB Housing Finance's management say?

Management maintained FY27 loan-book growth guidance of 18%-20% and normalized ROA guidance of approximately 2.4%. It said retail disbursements reached ₹9,250 crore, up 54% YoY, and that the company held AAA ratings from CRISIL, ICRA, CARE Rating and India Rating. Retail lending rates were set to rise 10-15 bps and corporate lending rates 15-20 bps from 1 November 2026, with the overall NIM impact expected to remain broadly neutral to positive.

Management said normalized credit cost was expected at approximately 10-12 bps after unusually strong recoveries slow. Affordable and Emerging Markets were targeted at 45% of the retail book by FY27-end, while the construction-finance book was targeted at ₹3,000 crore in FY27. Management also identified further repo hikes, prime home-loan competition, yield dilution from affordable sourcing and PBC norms as risks; 30-plus vintage delinquency rose to 0.40%, and management promised a deeper review.

CEO Ajai Kumar Shukla said: “The next couple of quarters will now be focused upon translating these successful POCs into production deployment and redefining our customer journey by leveraging GenAI and Agentic AI across various functions.” CFO Vinay Gupta said the company would begin evaluating DA pool sell-downs from Q3 FY27, adding: “So we will have some room and buffers, to do, DA sell-downs. So that we will start evaluating now from Q3, and we'll start, you know, doing some of the deals which will help in terms of the overall NIM as well as the ROE.”

How did PNB Housing Finance shares react?

PNB Housing Finance shares fell 0.8% on the reaction day from the previous close, against a 1.1% median rise for the Housing Finance Company industry and a 0.7% rise in the Nifty Smallcap 250. By the next day’s close, the stock was down 5.2% from its pre-results close, compared with a 0.4% industry median rise and a 1.3% fall in the Nifty Smallcap 250. The stock’s relative move was 1.9 percentage points below the sector on the reaction day and 5.6 percentage points below it by the next day’s close.

Earlier results-day reactions were mixed: the shares rose 3.8% on 4 August 2026 and 8.0% on 20 April 2026, while they fell 8.0% on 21 January 2026. The other recorded moves were 0.5% on 27 October 2025, negative 0.2% on 21 July 2025, negative 1.6% on 21 April 2025, 0.4% on 21 January 2025 and 2.3% on 24 October 2024.

How did other Housing Finance Company companies do?

Seven other Housing Finance Company companies had filed for the quarter, and their median revenue growth was 14.6%. Three peers grew revenue more slowly than PNB Housing Finance, while four grew faster. All seven peers reported higher profit.