PNBGILTS
PNB Gilts share price & financials
- Price
- ₹92.05
- Market cap
- ₹1.4k Cr
- Sector
- Financial Services
What PNB Gilts does
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
Quarterly results
Q1 FY27: revenue down 19.2%, net profit down 49.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 501 | 362 | 419 | 563 | 443 −12% | 425 +17% | 424 +1% | 455 −19% |
| EBITDA | 488 | 303 | 407 | 538 | 292 −40% | 394 +30% | 331 −19% | 439 −18% |
| Net profit | 115 | -10 | 75 | 160 | -45 −139% | 54 +640% | 13 −83% | 81 −49% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −19.5% 1Y
1Y: ₹99.85 on 10 Sept 2025 → ₹80.34. High ₹103.98 (19 Sept 2025), low ₹59.16 (30 Mar 2026).
Financials, as filed
Revenue grew 14.7% a year over 3 years, FY23 to FY26. Operating margin widened to 83.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.9k Cr |
| Operating profit | ₹881 Cr | ₹1.5k Cr | ₹1.6k Cr | ₹1.6k Cr |
| Operating margin | 71.7% | 92.3% | 94.3% | 83.8% |
| Interest | ₹972 Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Depreciation | ₹1 Cr | ₹16 Cr | ₹4 Cr | ₹4 Cr |
| Net profit | ₹-78 Cr | ₹70 Cr | ₹233 Cr | ₹182 Cr |
| Net margin | -6.3% | 4.2% | 13.5% | 9.8% |
| Cash from operations | ₹-4.6k Cr | ₹-2.9k Cr | ₹-197 Cr | ₹-2.5k Cr |
| Free cash flow | ₹-4.7k Cr | ₹-2.9k Cr | ₹-198 Cr | ₹-2.5k Cr |
| ROCE | 5.0% | 7.0% | 7.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹180 Cr | ₹180 Cr | ₹180 Cr | ₹180 Cr | ₹180 Cr | ₹180 Cr |
| Reserves | ₹1.1k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Borrowings | ₹9.9k Cr | ₹14.5k Cr | ₹19.2k Cr | ₹22.4k Cr | ₹24.8k Cr | ₹24.9k Cr |
| Other liabilities | ₹960 Cr | ₹792 Cr | ₹994 Cr | ₹807 Cr | ₹841 Cr | ₹467 Cr |
| Total liabilities | ₹12.1k Cr | ₹16.8k Cr | ₹21.5k Cr | ₹24.5k Cr | ₹27.3k Cr | ₹27.1k Cr |
| Fixed assets | ₹3 Cr | ₹4 Cr | ₹7 Cr | ₹7 Cr | ₹4 Cr | ₹6 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹13 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹10.9k Cr | ₹15.3k Cr | ₹18.5k Cr | ₹23.0k Cr | ₹24.9k Cr | ₹23.3k Cr |
| Other assets | ₹1.2k Cr | ₹1.5k Cr | ₹3.0k Cr | ₹1.5k Cr | ₹2.5k Cr | ₹3.7k Cr |
| Total assets | ₹12.1k Cr | ₹16.8k Cr | ₹21.5k Cr | ₹24.5k Cr | ₹27.3k Cr | ₹27.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.46 pp while the public added +0.46 pp. The shareholder count grew 1% to 84,279.
- Promoters
- 74.1%
- FIIs
- 0.1%
- Public
- 25.9%
Since Jun 2025
- FIIs −0.46 pp
- Public +0.46 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.1%, FIIs 0.0%, Public 25.9%.Dec '23: Promoters 74.1%, FIIs 0.0%, Public 25.9%.Mar '24: Promoters 74.1%, FIIs 0.0%, Public 25.9%.Jun '24: Promoters 74.1%, FIIs 0.3%, DIIs 0.1%, Public 25.6%.Sep '24: Promoters 74.1%, FIIs 0.1%, Public 25.8%.Dec '24: Promoters 74.1%, FIIs 0.3%, Public 25.6%.Mar '25: Promoters 74.1%, FIIs 0.3%, Public 25.6%.Jun '25: Promoters 74.1%, FIIs 0.5%, Public 25.4%.Sep '25: Promoters 74.1%, FIIs 0.8%, Public 25.2%.Dec '25: Promoters 74.1%, FIIs 0.3%, Public 25.6%.Mar '26: Promoters 74.1%, FIIs 0.2%, Public 25.7%.Jun '26: Promoters 74.1%, FIIs 0.1%, Public 25.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vineet Nahata +0.10 pp 1.70% held
- Haryana Gramin Bank newly disclosed 0.00% held
- Assam Gramin Bank newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of PNB Gilts above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Punjab National Bank Bank | 74.07% | unchanged |
| Vineet Nahata | 1.70% | +0.10 pp |
| Himachal Pradesh Gramin Bank | 0.00% | unchanged |
| JSC Tengri Bank | 0.00% | unchanged |
| Everest Bank Ltd | 0.00% | unchanged |
| PNB MetLife India Insurance Co. Ltd | 0.00% | unchanged |
| PNB Investment Services Ltd. | 0.00% | unchanged |
| PNB Insurance Broking Pvt. Ltd | 0.00% | unchanged |
| Punjab National Bank (International) Ltd. | 0.00% | unchanged |
| Druk PNB Bank Ltd | 0.00% | unchanged |
| Tripura Gramin Bank | 0.00% | unchanged |
| Manipur Rural Bank | 0.00% | 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.
Learn to analyse PNB Gilts
Guides on how to read this kind of business and the numbers that matter.