Inve
IN ⇄ US

Punjab National Bank share price & results

Punjab National Bank· Financial Services

Results to
Sept 2026
Latest analysed call
Q2 FY27
Ownership as of
Sept 2026

Public-sector bank operating in India since 1895, lending to retail, agri, MSME and corporate borrowers.

Company research is public. Sign in to keep your own companies, notes and cases.

Inve AI Signals on PNB
Direct bridge to live research & tools watching Punjab National Bank
Guidance Hit Rate
33 targets · 79% hit rate 11 achieved · 19 active →
Segment Shift
4 segments tracked See revenue & margin mix below →
Reverse DCF
Implied Growth Test priced-in growth in DCF tool →
Concall & Tone
Q2 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹126.1 +3.01% · +₹3.68

Last close 5 Nov 2026 · NSE · INR · Source: Inve

Performance +2.3% 1Y

₹100₹110₹120₹130Nov 25Dec 25Feb 26Mar 26May 26Jun 26Aug 26Sept 26Nov 26Q3 FY26 — 19 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 17 Jul 2026Q2 FY27 — 16 Oct 2026

1Y: ₹123.25 on 4 Nov 2025 → ₹126.1. High ₹132.36 (16 Jan 2026), low ₹99.49 (18 May 2026).

Previous close
₹122.42
Market cap
₹1.4L Cr
52-week range
₹99.49 – ₹132.36
One year
+2.31%
Price to earnings (TTM to Sept 2026)
6.06×
Return on equity (TTM to Sept 2026)
14.20%

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue35,267 ₹ crore+8.5% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating marginUnavailable—Operating profit / revenueQuarter to Sept 2026Not in the filed figures for the quarter to sept 2026. No older figure is substituted.
Net profit5,918 ₹ crore+15.6% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity14.20 %−2.2 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow marginUnavailable—Fiscal yearFY ending Mar 2026Not in the analysed materials. No older figure is substituted.
Revenue growth (YoY)3.89 %−8.3 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

Retail Banking grew from 27% to 31% of revenue over the last two years.

Corporate / Wholesale Banking 38.2% · ₹14,502.27 Cr −3.7pp mix
Retail Banking 30.8% · ₹11,692.92 Cr +4.4% YoY
Treasury Operations 28.9% · ₹10,953.03 Cr −7.8% YoY
Other Banking Operations 2.1% · ₹805.53 Cr +0.6pp mix

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

11 of 14 judged targets kept · 19 open · verdicts reflect calls analysed to Q2 FY27.

Punjab National Bank management guidance track record on Inve: 33 targets tracked across analysed earnings calls (11 achieved, 3 missed, 19 open).

Watch execution in Growth & Demand (1 achieved · 1 delayed/missed) · Operations & Margins (1 delayed/missed).

TargetOriginal wordingSaidLatest callVerdict
Growth Credit Growth11% to 12% for FY26
Call transcript, Q4 FY25 · 7 May 2025		Q4 FY25Q2 FY27:Promise relates to FY26 and was achieved. No new update.
Call transcript, Q2 FY27 · 16 Oct 2026		Achieved
Growth Quarterly SlippagesAround Rs. 1,500 crores to Rs. 1,700 crores
Call transcript, Q4 FY25 · 7 May 2025		Q4 FY25Q2 FY27:Promise relates to FY26 and was consistently missed. No new update.
Call transcript, Q2 FY27 · 16 Oct 2026		Missed
Operations Cost-to-Income Ratio47%-48% by end of FY27
Call transcript, Q1 FY27 · 18 Jul 2026		Q1 FY27Q2 FY27:Cost-to-income ratio slightly increased to 50.45% from 50.31% in Q1. Progress is not being made towards the year-end target of 47-48%.
Call transcript, Q2 FY27 · 16 Oct 2026		At Risk

Source: Inve Guidance Tracker for Punjab National Bank · to Q2 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of Punjab National Bank's 33 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 30 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Counterparties named by Punjab National Bank

  • Punjab National Bank → partners with → Foreign Bank (GIFT City arrangement).

    Q2 FY27 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    To drive traction in GIFT City and M&A financing.

    “Yeah, yeah, yeah. M&A, we are very shortly we are going to have an MoU with one foreign bank, and I am expecting that one or two transactions should happen in this quarter. Even the GIFT City.”

    Exact commercial direction is not specified; disclosed as a partnership or collaboration.

    Evidence drawer

    Evidence type: Transcript excerpt

    “Yeah, yeah, yeah. M&A, we are very shortly we are going to have an MoU with one foreign bank, and I am expecting that one or two transactions should happen in this quarter. Even the GIFT City.”

    Source company: Punjab National Bank · Counterparty: Foreign Bank (GIFT City arrangement) · Call date: 2026-10-16 · Period: Q2 FY27 · Review status: Structured call extraction

  • Punjab National Bank → divests to → Canara HSBC Life.

    Q1 FY26 · Closed / completed · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Reduction of stake through IPO

    “Third, your question about Canara HSBC Life. In fact, we are getting about INR950 crores out of this 10% dilution. Nothing has been factored in the September quarter, all these things, we are going to factor in the Q3.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “Third, your question about Canara HSBC Life. In fact, we are getting about INR950 crores out of this 10% dilution. Nothing has been factored in the September quarter, all these things, we are going to factor in the Q3.”

    Source company: Punjab National Bank · Counterparty: Canara HSBC Life · Call date: 2025-10-18 · Period: Q1 FY26 · Review status: Structured call extraction

Similar pressures reported by peers

Tailwind coverage is not available yet.

Similar commentary provides sector context; it does not establish a business relationship with Punjab National Bank. Each comparison matches a headwind disclosed by Punjab National Bank in the same calendar reporting quarter.

  • Discussions are ongoing with RBI regarding the ECL impact from HTM hardening, suggesting…

    Topic: Regulatory compliance · Regulatory policy · Q2 FY27

    Punjab National Bank reported: Discussions are ongoing with RBI regarding the ECL impact from HTM hardening, suggesting potential future provisioning requirements beyond the loan book.

    Reporting period ended 2026-09-30

    41 other companies · Regulatory policy

    HDFC Bank (HDFCBANK) reported (period ended 2026-09-30): LCR at 113% is close to the regulatory minimum of 100% and the bank's target range of 110-120%, potentially limiting aggressive loan growth without further deposit mobilization.

    ICICI Bank (ICICIBANK) reported (period ended 2026-09-30): The bank continues to hold an additional standard asset provision of ₹1,283 crore mandated by the RBI pending completion and regulatory clearance of the remediation review.

    Bajaj Finance Limited (BAJFINANCE) reported (period ended 2026-09-30): Potential transient impact on AUM and NIM if RBI implements a complete ban on revolver loans; company is launching new term loan variants and awaiting final regulations on insurance norms.

    Kotak Mahindra Bank Limited (KOTAKBANK) reported (period ended 2026-09-30): The one-time impact is expected to be under 2% of net worth on April 1. The recurring +12-15 bps credit cost guidance awaits regulatory clarity, expected during Q3.

    Evidence drawer

    Evidence type: Summary paraphrase

    Discussions are ongoing with RBI regarding the ECL impact from HTM hardening, suggesting potential future provisioning requirements beyond the loan book.

    Source company: Punjab National Bank · Reporting period ended 2026-09-30 · Calendar quarter: Q2 FY27 · Distinct companies matched: 41

    Similar commentary provides sector context; it does not establish a business relationship.

Mentions over time

First observed: Q2 2025 · Latest observed: Q3 2026

Recorded disclosures by calendar reporting quarter
PeriodOther callsOwn calls
Q3 202601
Q2 202501

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

PNB ₹126.1 +3.01%
Guidance Verdict (33 tracked) 11 kept · 19 open· 3 missed
AI Call Brief · Q2 FY27

Punjab National Bank Q2 FY27

Overview

Symbol
NSE:PNB
Exchange
NSE
Currency
INR

What Punjab National Bank does

Based on the company's own presentations, annual report and earnings calls.

Punjab National Bank is a government-majority public sector bank that has operated since 1895, when it began in Lahore. It earns mainly from interest on advances extended across retail, agriculture, MSME and corporate borrowers, funded by customer deposits, alongside fee and treasury income. The bank runs a pan-India branch network complemented by digital channels and overseas branches, and holds stakes in group companies such as PNB Housing Finance, PNB MetLife and PNB Gilts.

Segments

  • Retail
  • Agriculture
  • MSME
  • Corporate & Others
In operation since
1895 (started in Lahore)
Branches added in FY26
144
Recent network expansion
New zonal office in Bengaluru to strengthen the Southern region
WhatsApp Banking users
1.09 crore
PNB ONE 2.0 app features
350+
International presence
Operates overseas branches
Founded 1895Headquarters Dwarka, New Delhi Company website

How the price took the results

Moved an average of ±2.7% across the last 4 priced result releases

Close before → close after
QuarterReleaseRevenue (₹ Cr) Net profit (₹ Cr)Rev YoYBefore → AfterReaction
Q2 FY2716 Oct 2635,267 5,918+8.5%₹115.05 → ₹116.3+1.1%
Q1 FY2718 Jul 2633,589 5,835+3.1%₹105.77 → ₹111.76+5.7%
Q4 FY265 May 2632,798 5,602+0.8%₹108.68 → ₹107.89−0.7%
Q3 FY2619 Jan 2632,889 5,577+3.1%₹132.36 → ₹128.05−3.3%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Your own record

Start an Inve Case for Punjab National Bank

Free account: one company. Everything above stays public.

Write why you follow Punjab National Bank and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Financial Services companies

PEER COMPARISON
Median ₹1.4L Cr Mkt Cap
₹0 Cr₹1.0L Cr₹2.0L Cr₹3.0L CrPunjab National Bank (PNB): ₹1.4L Cr₹1.4L CrPNBUnion Bank of India (UNIONBANK): ₹1.4L Cr₹1.4L CrUNIONBANKCholamandalam Investment and Finance Company Limited (CHOLAFIN): ₹1.4L Cr₹1.4L CrCHOLAFINJio Financial Services Limited (JIOFIN): ₹1.4L Cr₹1.4L CrJIOFINICICI Prudential Asset Management Company Limited (ICICIAMC): ₹1.4L Cr₹1.4L CrICICIAMCTata Capital Limited (TATACAP): ₹1.4L Cr₹1.4L CrTATACAPBank of Baroda (BANKBARODA): ₹1.3L Cr₹1.3L CrBANKBARODABillionbrains Garage Ventures Limited (GROWW): ₹1.3L Cr₹1.3L CrGROWWBajaj Holdings & Investment Limited (BAJAJHLDNG): ₹1.2L Cr₹1.2L CrBAJAJHLDNG

All Financial Services companies → · Financial Services earnings growth →

Quick Answers

Frequently asked questions on Punjab National Bank

Compiled directly from PNB's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Punjab National Bank (PNB) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, Punjab National Bank reported revenue of ₹35.3k Cr, net profit of ₹5.9k Cr. Diluted earnings per share stood at ₹5.13.

How is Punjab National Bank (PNB) valued today, and what growth does the stock price imply?

Punjab National Bank (PNB) trades at ₹126.1, with a market capitalization of ₹138.6k Cr.

Who owns Punjab National Bank (PNB) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 70.1%, FIIs hold 6.7%, DIIs hold 16.1%, Public shareholders hold 7.1%.

Learn to analyse Punjab National Bank

Guides on how to read this kind of business and the numbers that matter.