PNB Gilts share price & results
- Sept 2026
- Sept 2026
RBI-licensed Primary Dealer trading & underwriting G-Secs and T-Bills; a Punjab National Bank subsidiary.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 436 | −1.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 92.0 | +26.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 45.0 | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | 10.67 | −4.9 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -149.55 | −137.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -2.63 | −4.9 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −20.6% 1Y
1Y: ₹90.02 on 24 Oct 2025 → ₹71.47. High ₹94.45 (5 Jun 2026), low ₹59.16 (30 Mar 2026).
- Previous close
- ₹71.53
- Market cap
- ₹1.3k Cr
- 52-week range
- ₹59.16 – ₹94.45
- One year
- −19.42%
- Price to earnings (TTM to Sept 2026)
- 6.71×
- Return on equity (TTM to Sept 2026)
- 10.67%
Overview
- Symbol
- NSE:PNBGILTS
- Sector
- Financial Services
- Exchange
- NSE
- Currency
- INR
What PNB Gilts does
Based on the company's own presentations, annual report and earnings calls.
PNB Gilts Ltd is a Reserve Bank of India (RBI) licensed Primary Dealer (PD) — a specialised NBFC mandated to participate in both primary market auctions (bidding and underwriting commitments) and secondary market trading of Government of India dated securities (G-Secs) and Treasury Bills, in support of the government's market borrowing programme. It earns from trading gains, interest/coupon income on its securities holdings, and fee-based income, serving a client base of commercial banks, cooperative and regional rural banks, financial institutions, provident fund trusts, public sector undertakings and private corporates. The company is also building out a foreign exchange (forex) trading line to diversify beyond its core fixed-income business. It is a subsidiary of Punjab National Bank (PNB), operating from a registered office in New Delhi and a dealing/branch office in Mumbai.
- Business type / license
- RBI-licensed Primary Dealer (PD) in Government Securities
- Parent company
- Subsidiary of Punjab National Bank (PNB)
- Core instruments traded
- Government of India dated securities (G-Secs) and Treasury Bills
- Client base
- Commercial banks, cooperative & regional rural banks, financial institutions, PF trusts, PSUs, and private corporates
- Offices
- Registered office in New Delhi plus a dealing/branch office in Mumbai
- Employees
- 53
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +200% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 362 | 419 | 563 | 443 | 425 | 424 | 455 | 436 |
| Expenses | 59 | 12 | 26 | 152 | 30 | 93 | 15 | 34 |
| Operating profit | 303 | 407 | 538 | 292 | 394 | 331 | 439 | 403 |
| Operating margin | 84.0% | 97.0% | 95.0% | 66.0% | 93.0% | 78.0% | 97.0% | 92.0% |
| Other income | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Interest | 315 | 307 | 324 | 345 | 327 | 316 | 331 | 342 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | -12 | 99 | 213 | -53 | 68 | 14 | 108 | 60 |
| Tax rate | −13.0% | 24.0% | 25.0% | −15.0% | 20.0% | 8.0% | 25.0% | 26.0% |
| Net profit | -10 | 75 | 160 | -45 | 54 | 13 | 81 | 45 |
| EPS (₹ per share) | -0.56 | 4.17 | 8.89 | -2.52 | 2.99 | 0.72 | 4.48 | 2.49 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,229 | 1,649 | 1,722 | 1,855 |
| Expenses | 348 | 127 | 97 | 301 |
| Operating profit | 881 | 1,522 | 1,624 | 1,555 |
| Other income | 8 | 4 | 2 | 2 |
| Interest | 972 | 1,411 | 1,313 | 1,312 |
| Depreciation | 1 | 16 | 4 | 4 |
| Profit before tax | -84 | 99 | 311 | 242 |
| Net profit | -78 | 70 | 233 | 182 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 180 | 180 | 180 | 180 | 180 | 180 |
| Reserves | 1,080 | 1,150 | 1,365 | 1,462 | 1,530 | 1,619 |
| Borrowings | 19,243 | 22,403 | 22,384 | 24,843 | 24,884 | 24,497 |
| Other liabilities | 994 | 807 | 773 | 841 | 467 | 458 |
| Total liabilities | 21,497 | 24,540 | 24,702 | 27,326 | 27,060 | 26,755 |
| Fixed assets | 7 | 7 | 5 | 4 | 6 | 5 |
| Capital work in progress | 13 | 0 | 0 | 0 | 0 | 0 |
| Investments | 18,518 | 23,008 | 23,165 | 24,852 | 23,314 | 22,648 |
| Other assets | 2,959 | 1,525 | 1,532 | 2,470 | 3,740 | 4,101 |
| Total assets | 21,497 | 24,540 | 24,702 | 27,326 | 27,060 | 26,755 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 2,483 | -4,564 | -4,638 | -2,875 | -197 | -2,540 |
| Cash from investing | -1 | -1 | -14 | -1 | -1 | -1 |
| Cash from financing | -2,481 | 4,613 | 4,618 | 3,159 | -38 | 2,479 |
| Net cash flow | 1 | 49 | -35 | 283 | -236 | -62 |
| Free cash flow | 2,482 | -4,564 | -4,653 | -2,876 | -198 | -2,541 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 0 | 0 | 0 | 0 | 0 | 0 |
| Working capital days | 69 | 181 | 129 | 39 | 96 | 146 |
| Return on capital employed | 8.0% | 5.0% | 5.0% | 7.0% | 7.0% | 6.0% |
| Dividend payout | 40.0% | 54.0% | 0.0% | 26.0% | 8.0% | 20.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Government Securities contributes 36.8% of reported segment revenue.
Quarter ended 30 Sept 2018 · Standalone
- Government Securities 36.8%
₹43.53 crore
- T-Bills/CP/Certificate of Deposit 22.2%
₹26.24 crore
- Derivatives 15.8%
₹18.65 crore
- Corporate Bonds & Debentures 14.3%
₹16.91 crore
- Mutual Fund Units 6.3%
₹7.40 crore
- Fixed Deposits 2.6%
₹3.09 crore
- Unallocated (including equity shares) 2.0%
₹2.38 crore
- Mutual Fund Commission 0.0%
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Government Securities | 43.53 | 36.8% |
| T-Bills/CP/Certificate of Deposit | 26.24 | 22.2% |
| Derivatives | 18.65 | 15.8% |
| Corporate Bonds & Debentures | 16.91 | 14.3% |
| Mutual Fund Units | 7.40 | 6.3% |
| Fixed Deposits | 3.09 | 2.6% |
| Unallocated (including equity shares) | 2.38 | 2.0% |
| Mutual Fund Commission | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹118.21 crore
- Intersegment adjustment
- Not reported
- Net segment revenue
- ₹118.21 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Ownership
Who owns it
Promoters hold 74.07% as of Sept 2026; institutions cut 0.02 pts since Jun 2026.
- Promoters 74.07%
- Foreign institutions 0.05%
- Domestic institutions 0.00%
- Public 25.87%
Who is on the register
Named in the Sep 2026 filing
Every holder of PNB Gilts above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 74.07% | unchanged |
| 1.69% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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