PNBHOUSING
PNB Housing share price & financials
- Price
- ₹1,003
- Market cap
- ₹29.8k Cr
- Sector
- Financial Services
- Calls analysed
- 8
PNB Housing Q1 FY27
What went well
- Disbursements grew 18% YoY to INR 5,882 crores, with comparable cheque handover basis showing 56% YoY growth.
- Overall loan book expanded 15% YoY to INR 89,670 crores, driven by a 16% YoY growth in retail portfolio.
- Profit after tax (PAT) increased 4% YoY to INR 557 crores, leading to an ROA of 2.37% and ROE of 11.44%.
What to watch
- NIM moderated by 19 bps QoQ to 3.50%, attributed to higher leverage and a true-up impact from Q4 FY26.
- Marginal increase in cost of borrowing to 7.36% (up 18 bps incrementally) due to tighter liquidity and financial market volatility.
What PNB Housing does
PNB Housing Finance is a housing finance company (HFC) regulated by the RBI, promoted by Punjab National Bank, that originates and services retail housing and non-housing (loan-against-property) loans as well as a corporate/developer finance book. It operates through three focused verticals - Prime, Emerging Markets and Affordable (branded Roshni) - distributed through its own branch network plus in-house and DSA (direct selling agent) channels, and has been building out higher-yield Affordable and Emerging Markets segments across smaller towns.
Segments
- Prime
- Emerging Markets
- Affordable (Roshni)
- Corporate
- Branch network
- 393 branches
- Affordable (Roshni) segment branches
- 229 branches
- Emerging Markets segment branches
- 87 branches
- Market position
- India's third-largest housing finance company by loan asset
- Operating history
- Over 37 years of experience in housing finance
- Promoter
- Punjab National Bank (PNB)
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 3 delivered 2 missed 16 open- Retail Loan Book Growth delivered said Q2 FY25 Promised: 17% for FY25 Q1 FY27: Target period has passed. Promise was achieved.
- Affordable (Roshni) Loan Book went quiet said Q3 FY25 Promised: ₹5,000 crores by end of FY25 Q1 FY27: Target period has passed and the specific closing figure for FY25 was never provided. The promise remains ghosted.
- NIM revised down said Q3 FY25 Promised: 4.0% - 4.1% by FY27 Q1 FY27: Q1 NIM came in at 3.50%, below the revised guidance. The original 4.0%+ target remains a distant memory.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.0%, net profit up 4.3% 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 | 1,879 | 1,942 | 2,022 | 2,076 | 2,128 +13% | 2,119 +9% | 2,182 +8% | 2,263 +9% |
| Net profit | 470 | 483 | 550 | 534 | 582 +24% | 520 +8% | 656 +19% | 557 +4% |
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 +45.8% 1Y
1Y: ₹808.8 on 10 Sept 2025 → ₹1,178.9. High ₹1,185 (26 Aug 2026), low ₹750.75 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.9%
- 5 Aug
- Q4 FY26
- +8.0%
- 21 Apr
- Q3 FY26
- −7.6%
- 22 Jan
- Q2 FY26
- +2.2%
- 27 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.4% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.5k Cr | ₹7.1k Cr | ₹7.7k Cr | ₹8.5k Cr |
| Interest | ₹3.9k Cr | ₹4.3k Cr | ₹4.6k Cr | ₹5.0k Cr |
| Depreciation | ₹52 Cr | ₹51 Cr | ₹55 Cr | ₹66 Cr |
| Net profit | ₹1.1k Cr | ₹1.5k Cr | ₹1.9k Cr | ₹2.3k Cr |
| Net margin | 16.2% | 21.4% | 25.3% | 26.9% |
| ROE | 10.0% | 12.0% | 12.0% | 13.0% |
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 | ₹168 Cr | ₹169 Cr | ₹169 Cr | ₹260 Cr | ₹261 Cr | ₹261 Cr |
| Reserves | ₹8.8k Cr | ₹9.7k Cr | ₹10.8k Cr | ₹14.7k Cr | ₹17.7k Cr | ₹19.0k Cr |
| Borrowings | ₹59.4k Cr | ₹53.0k Cr | ₹53.6k Cr | ₹55.0k Cr | — | ₹71.2k Cr |
| Other liabilities | ₹3.1k Cr | ₹2.9k Cr | ₹2.2k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹3.1k Cr |
| Total liabilities | ₹71.4k Cr | ₹65.7k Cr | ₹66.9k Cr | ₹72.4k Cr | ₹85.8k Cr | ₹93.5k Cr |
| Fixed assets | ₹181 Cr | ₹150 Cr | ₹146 Cr | ₹207 Cr | ₹258 Cr | ₹274 Cr |
| Capital work in progress | ₹2 Cr | ₹4 Cr | ₹3 Cr | ₹15 Cr | ₹3 Cr | ₹6 Cr |
| Investments | ₹2.0k Cr | ₹3.5k Cr | ₹3.2k Cr | ₹4.3k Cr | ₹3.1k Cr | ₹2.8k Cr |
| Other assets | ₹69.2k Cr | ₹62.1k Cr | ₹63.5k Cr | ₹67.8k Cr | ₹82.4k Cr | ₹90.5k Cr |
| Total assets | ₹71.4k Cr | ₹65.7k Cr | ₹66.9k Cr | ₹72.4k Cr | ₹85.8k Cr | ₹93.5k 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, DIIs added +7.72 pp while FIIs trimmed −7.37 pp. The shareholder count shrank 8% to 1,71,742.
- Promoters
- 28.0%
- FIIs
- 16.8%
- DIIs
- 45.7%
- Government
- 0.0%
- Public
- 9.4%
Since Jun 2025
- DIIs +7.72 pp
- FIIs −7.37 pp
- Public −0.32 pp
How it drifted, 12 quarters
Over this window DIIs went from 7.7% to 45.7% — +38.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 28.1%, FIIs 24.8%, DIIs 7.7%, Public 39.3%.Dec '23: Promoters 28.1%, FIIs 24.7%, DIIs 7.9%, Public 39.3%.Mar '24: Promoters 28.1%, FIIs 25.0%, DIIs 6.9%, Public 40.0%.Jun '24: Promoters 28.1%, FIIs 17.9%, DIIs 10.9%, Public 43.0%.Sep '24: Promoters 28.1%, FIIs 20.4%, DIIs 22.2%, Public 29.3%.Dec '24: Promoters 28.1%, FIIs 24.3%, DIIs 26.9%, Public 20.7%.Mar '25: Promoters 28.1%, FIIs 21.4%, DIIs 29.9%, Public 20.6%.Jun '25: Promoters 28.1%, FIIs 24.2%, DIIs 38.0%, Government 0.0%, Public 9.7%.Sep '25: Promoters 28.0%, FIIs 18.6%, DIIs 40.7%, Government 0.0%, Public 12.7%.Dec '25: Promoters 28.0%, FIIs 17.2%, DIIs 43.0%, Government 0.0%, Public 11.7%.Mar '26: Promoters 28.0%, FIIs 16.6%, DIIs 44.1%, Government 0.0%, Public 11.3%.Jun '26: Promoters 28.0%, FIIs 16.8%, DIIs 45.7%, Government 0.0%, Public 9.4%.
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.
- ICICI Prudential Focus Equity Fund Mutual fund newly disclosed 2.85% held
- Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund newly disclosed 1.03% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund +0.75 pp 2.15% held
- Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund +0.23 pp 2.25% held
- Franklin India Small Cap Fund Mutual fund +0.18 pp 2.33% held
- Pi Opportunities AIF V Llp AIF +0.05 pp 2.41% held
- Haryana Gramin Bank newly disclosed 0.00% held
- Assam Gramin Bank newly disclosed 0.00% held
The same filing shows 6 holders trimming and 4 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 Housing above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Punjab National Bank Bank | 28.03% | unchanged |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund | 3.47% | −0.21 pp |
| HSBC mutual fund- HSBC value fund Mutual fund | 3.35% | −0.24 pp |
| ICICI Prudential Focus Equity Fund Mutual fund | 2.85% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 2.52% | −0.18 pp |
| Pi Opportunities AIF V Llp AIF | 2.41% | +0.05 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 2.38% | unchanged |
| HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund | 2.38% | unchanged |
| Franklin India Small Cap Fund Mutual fund | 2.33% | +0.18 pp |
| Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund | 2.25% | +0.23 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 2.15% | +0.75 pp |
| DSP Small Cap Fund Mutual fund | 2.08% | −0.23 pp |
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.
Mutual funds in PNBHOUSING
Filings to Aug 2026
2 new, 8 added, 2 trimmed, 0 sold out — net +23.58 L shares (+18.6%).
- Held by funds
- ₹1.7k Cr
- 17 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹545 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹545 Cr | held | Apr '23 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹253 Cr | held | Jun '24 |
| SBI PSU Fund SBI Mutual Fund | ₹204 Cr | +11.25 L | Jul '26 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹160 Cr | +2.00 L | May '25 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹131 Cr | held | Jun '24 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹115 Cr | new | Aug '26 |
| HDFC Value Fund HDFC Mutual Fund | ₹101 Cr | held | Nov '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹39 Cr | +0.26 L | Mar '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 2 trimmed — net +23.58 L shares (+18.6%)
- Funds are sitting on
- +13%
- vs est. average cost
- Held by funds
- ₹1.7k Cr
- 17 schemes · ≈ 5.1% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹545 Cr · 0.7% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds +443%
Aug '23 1.26 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse PNB Housing
Guides on how to read this kind of business and the numbers that matter.