India's 3rd-largest HFC by loan asset; home loans via Prime, Emerging Markets and Affordable (Roshni) units.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,252 | +9.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 554 | +4.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.83 | +0.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | Fiscal year | FY ending Mar 2026 | Not in the analysed materials. No older figure is substituted. | ||
| Revenue growth (YoY) | 9.76 | +1.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 5 judged targets kept · 16 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Retail Loan Book Growth | 17% for FY25 | Q2 FY25 | Target period has passed. Promise was achieved. | Achieved |
| Affordable (Roshni) Loan Book | ₹5,000 crores by end of FY25 | Q3 FY25 | Target period has passed and the specific closing figure for FY25 was never provided. The promise remains ghosted. | Ghosted |
| NIM | 4.0% - 4.1% by FY27 | Q3 FY25 | Q1 NIM came in at 3.50%, below the revised guidance. The original 4.0%+ target remains a distant memory. | Revised Down |
2 of PNB Housing's 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹907.3 on 24 Oct 2025 → ₹1,086. High ₹1,224.8 (13 Oct 2026), low ₹750.75 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
3 of 5 judged targets kept · 16 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Retail Loan Book Growth | 17% for FY25 | Q2 FY25 | Target period has passed. Promise was achieved. | Achieved |
| Affordable (Roshni) Loan Book | ₹5,000 crores by end of FY25 | Q3 FY25 | Target period has passed and the specific closing figure for FY25 was never provided. The promise remains ghosted. | Ghosted |
| NIM | 4.0% - 4.1% by FY27 | Q3 FY25 | Q1 NIM came in at 3.50%, below the revised guidance. The original 4.0%+ target remains a distant memory. | Revised Down |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
PNB Housing Q1 FY27
PNB Housing Finance reported a steady Q1 FY27, with robust loan book growth and strong asset quality. Disbursements saw an 18% YoY increase, and PAT grew 4% YoY. While NIM experienced a slight moderation and cost of borrowing increased marginally, management expressed confidence in margin improvement from H2 FY27 and continued strong growth in Affordable and Emerging segments.
Read the full callPNB Housing Q4 FY26
PNB Housing Finance reported a strong Q4 FY26, with retail loan book growing 16% YoY to INR 86,946 crores and disbursements increasing 36% YoY to INR 9,355 crores. Asset quality significantly improved with GNPA falling below 1% to 0.93%. Profitability remained robust, with PAT growing 18% YoY to INR 2,291 crores, and ROA/ROE at 2.66% and 12.73% respectively. However, spreads compressed by 10 bps QoQ due to lower incremental yields and balance transfer pressure, though management expects yields to improve from Q1 FY27.
Read the full callPNB Housing Q3 FY26
PNB Housing delivered a steady Q3 FY26 performance characterized by robust retail growth and significant improvements in asset quality. The company is successfully pivoting towards high-yield Affordable and Emerging Market segments, which now make up nearly 40% of the book. While yields faced pressure from corporate foreclosures and industry-wide run-offs, management successfully offset this through lower borrowing costs and a focus on self-employed segments.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +4% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,868 | 1,923 | 2,030 | 2,064 | 2,168 | 2,110 | 2,170 | 2,252 |
| Expenses | 130 | 149 | 125 | 136 | 84 | 174 | 49 | 185 |
| Other income | 2 | 2 | 15 | 7 | 4 | 2 | -9 | 3 |
| Interest | 1,119 | 1,158 | 1,178 | 1,235 | 1,267 | 1,253 | 1,246 | 1,339 |
| Depreciation | 14 | 14 | 14 | 15 | 16 | 16 | 19 | 16 |
| Profit before tax | 607 | 603 | 727 | 686 | 804 | 669 | 846 | 715 |
| Tax rate | 22.0% | 22.0% | 22.0% | 22.0% | 22.0% | 22.0% | 23.0% | 22.0% |
| Net profit | 472 | 471 | 567 | 532 | 626 | 521 | 649 | 554 |
| EPS (₹ per share) | 18.15 | 18.14 | 21.82 | 20.44 | 24.05 | 20 | 24.90 | 21.28 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 6,499 | 7,014 | 7,634 | 8,512 |
| Expenses | 1,189 | 739 | 557 | 443 |
| Other income | 2 | 10 | 28 | 4 |
| Interest | 3,899 | 4,263 | 4,552 | 5,001 |
| Depreciation | 52 | 51 | 55 | 66 |
| Profit before tax | 1,362 | 1,971 | 2,496 | 3,005 |
| Net profit | 1,052 | 1,528 | 1,949 | 2,328 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 169 | 169 | 260 | 260 | 261 | 261 |
| Reserves | 9,632 | 10,784 | 14,673 | 16,574 | 17,724 | 18,959 |
| Borrowings | 53,005 | 53,621 | 55,017 | 62,310 | — | 71,199 |
| Other liabilities | 2,844 | 2,231 | 2,422 | 3,353 | 2,631 | 3,094 |
| Total liabilities | 65,649 | 66,805 | 72,371 | 82,497 | 85,784 | 93,512 |
| Fixed assets | 150 | 146 | 206 | 239 | 258 | 274 |
| Capital work in progress | 4 | 3 | 15 | 16 | 3 | 6 |
| Investments | 3,472 | 3,188 | 4,345 | 3,381 | 3,114 | 2,779 |
| Other assets | 62,024 | 63,468 | 67,804 | 78,861 | 82,408 | 90,453 |
| Total assets | 65,649 | 66,805 | 72,371 | 82,497 | 85,784 | 93,512 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 11.0% | 9.0% | 10.0% | 12.0% | 12.0% | 13.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 7.0% | 9.0% |
Ownership
Domestic institutions hold 49.29% as of Sept 2026; institutions added 0.96 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of PNB Housing above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 28.01% | unchanged |
| 4.13% | newly disclosed | |
| Mutual fund | 3.42% | +0.07 pp |
| Mutual fund | 3.19% | +0.34 pp |
| Mutual fund | 2.88% | +0.50 pp |
| Insurer | 2.69% | +0.17 pp |
| AIF | 2.41% | unchanged |
| Mutual fund | 2.32% | −0.06 pp |
| Mutual fund | 2.29% | unchanged |
| Mutual fund | 2.29% | +0.14 pp |
| Mutual fund | 2.03% | −0.05 pp |
| Mutual fund | 1.74% | 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.
Filings to Sep 2026
1 new, 5 added, 4 trimmed, 0 sold out — net +9.71 L shares (+6.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹532 Cr | held | Apr '23 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹269 Cr | held | Jun '24 |
| SBI PSU Fund SBI Mutual Fund | ₹199 Cr | held | Jul '26 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹167 Cr | +1.00 L | May '25 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹140 Cr | held | Jun '24 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹112 Cr | held | Aug '26 |
| HDFC Value Fund HDFC Mutual Fund | ₹107 Cr | held | Nov '25 |
| HDFC Banking & Financial Services Fund HDFC Mutual Fund | ₹71 Cr | held | Jul '24 |
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 Sep 2026
5 added, 4 trimmed — net +9.71 L shares (+6.2%)
Shares held by these funds +620%
Oct '23 1.67 cr shares Sep '26
Your own record
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