HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
PNB Housing Finance Ltd.
NSE: PNBHOUSINGFinancial ServicesMortgage Finance
- Last close
- ₹1,089.10
- Day change
- −₹49.40 (−4.34%)vs
- Market cap
- ₹30,877 crIndian rupees
- Research updated
- 1 report
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About PNB Housing Finance
PNB Housing Finance Ltd. is a non-banking financial institution in India, primarily focused on providing home loans to individuals and corporate clients. Established in 1988, it functions as a subsidiary of the Punjab National Bank, one of India’s largest public sector banks. The organization offers a variety of financial products, including loans for residential purchases, home construction finance, home improvement and extension loans, as well as loans against property for personal or business purposes. By catering to a broad demographic, ranging from salaried individuals to self-employed professionals, PNB Housing Finance plays a crucial role in supporting the housing sector's growth in India. It contributes significantly to the financial inclusion agenda by enabling home ownership for a diverse range of customers, including those in underserved markets. In the financial market, PNB Housing Finance is considered a significant player in the mortgage industry, providing valuable housing finance solutions and influencing the real estate sector's development through its diverse loan portfolio and widespread network of branches across the country.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: PNBHOUSING
- Next results
- Chief executive
- Mr. Ajai Kumar Shukla
- Employees
- 2,355
- Headquarters
- Gurugram, India
- ISIN
- INE572E01012
- Website
- pnbhousing.com
Public research · Report of
Business model & financial foundation
PNB Housing Finance (NSE: PNBHOUSING), Housing finance: revenue of ₹8,505 crore in FY26 (+10.6% on FY25) and net profit of ₹2,291 crore.
- Revenue, FY26 (₹ crore)
- 8,505
- consolidated
- Revenue growth, FY26
- +10.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,291
- to owners
- Return on equity, FY26
- 12.7%
- on average equity
- Market capitalisation (₹ crore)
- 29,575
- at the close of 15 Oct 2026
Company profile
PNB Housing finances housing and non-housing retail mortgages through Prime, Emerging Markets and Affordable (Roshni) channels. Interest spread and fee income fund distribution expenses and credit losses; recoveries from legacy written-off corporate assets have recently added to profit. Deposits, bank loans, NHB refinance and debt markets fund the balance sheet. A small corporate book is being restarted under the new CEO.
| Item | Value |
|---|---|
| Legal name | PNB Housing Finance Limited |
| Exchange and ticker | NSE: PNBHOUSING; BSE: 540173 |
| ISIN | INE572E01012 |
| Sector | Financial Services |
| Industry | Housing finance |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | C N K & Associates LLP and M M Nissim & Co LLP (since 2024) |
| Market capitalisation | ₹29,575 crore (15 Oct 2026) |
| Shares outstanding | 26.03 crore shares (FY26) |
| Price | ₹1,200 (close, 15 Oct 2026) |
| 52-week range | ₹729.6 - ₹1,225 (to 15 Oct 2026) |
| Website | https://www.pnbhousing.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| PHFL Home Loans and Services Limited | 100% | Distribution of housing loans |
| PEHEL Foundation | 100% | Section 8 CSR subsidiary |
PNB is promoter, not controlling parent; 28.03% at June 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 28.04% | 28.00% | 28.04% | 28.03% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 18.61% | 17.20% | 16.60% | 16.81% |
| Domestic institutions | 40.68% | 43.00% | 44.07% | 45.71% |
| of which mutual funds | 28.89% | 30.01% | 31.11% | 33.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
PNB Housing earns mortgage interest and origination/service fees through Prime, Emerging Markets and Affordable/Roshni distribution. The consolidated listed group includes wholly owned distribution and CSR entities; operating loan books are Company metrics. Funding combines bank loans, deposits, NHB refinance and markets. Prime faces bank price competition, while informal/self-employed channels can earn higher yields but require stronger underwriting. Corporate lending is restarted at small scale rather than treated as a repeat of the legacy book.
| Segment | loan assets, FY26 (₹ crore) | Share |
|---|---|---|
| Retail management operating channels (not statutory segments) | 86,946 | 99.5% |
| Corporate lending | 401.0 | 0.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| LIC Housing Finance (LICHSGFIN) | Large prime mortgage lender and bank competition comparator |
| Can Fin Homes (CANFINHOME) | Bank-promoted retail HFC |
| Aadhar Housing Finance (AADHARHFC) | Affordable housing distribution and underwriting |
| Aavas Financiers (AAVAS) | Affordable and self-employed housing |
| Aptus Value Housing Finance India (APTUS) | High-yield self-employed affordable housing |
| Home First Finance Company India (HOMEFIRST) | Affordable housing growth comparator |
| Bajaj Housing Finance (BAJAJHFL) | Rapidly growing prime mortgage competitor |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income (lender revenue) | 2,125 | 2,541 | 7,057 | 7,692 | 8,505 |
| Other operating costs (vendor classification) * | 177.5 | 189.6 | 258.6 | 311.6 | 341.6 |
| Profit before tax | 1,084 | 1,361 | 1,954 | 2,486 | 2,971 |
| Total tax expense | 247.5 | 314.9 | 445.9 | 549.6 | 679.4 |
| Net profit after tax | 836.5 | 1,046 | 1,508 | 1,936 | 2,291 |
| Diluted EPS (INR) | 41.02 | 53.16 | 58.20 | 74.25 | 87.80 |
| Interest income | 6,742 | 7,274 | 8,071 | ||
| Fees and commission income | 272.9 | 364.3 | 394.5 | ||
| Net gain on fair value changes | 35.0 | 27.3 | 38.9 | ||
| Other revenue from operations | n.a. | n.a. | n.a. | ||
| Other income | 7.01 | 26.3 | 0.52 | ||
| Total income | 7,057 | 7,692 | 8,505 | ||
| Finance cost | 4,261 | 4,551 | 5,000 | ||
| Fees and commission expense | 12.3 | 13.8 | 11.3 | ||
| Employee benefits expense | 337.3 | 421.5 | 486.7 | ||
| Depreciation, amortisation and impairment | 51.2 | 55.9 | 66.5 | ||
| Other expenses | 270.1 | 321.8 | 355.9 | ||
| Impairment on financial instruments & write-offs (net; credit negative) | 171.1 | -158.5 | -386.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 9,872 | 11,014 | 14,974 | 16,863 | 19,219 |
| Borrowings incl. debt securities, deposits, sub-debt | 35,426 | 36,482 | 55,017 | 62,310 | 71,199 |
| Cash & equivalents plus other bank balances | 5,233 | 3,788 | 2,607 | 3,600 | 3,339 |
| Trade payables * | 98.2 | 63.9 | 64.2 | 18.0 | 14.6 |
| Net property, plant and equipment * | 0.10 | 131.8 | 0.31 | 0.31 | 0.33 |
| Capital work in progress * | 0.00 | 0.08 | 5.43 | 4.67 | 1.38 |
| Total assets | 72,405 | 82,520 | 93,512 | ||
| Loans (net, balance sheet) | 64,108 | 74,645 | 86,433 | ||
| Deposits | 17,758 | 17,642 | 18,055 | ||
| Investments | 4,346 | 3,381 | 2,779 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from/(used in) operating activities | 5,546 | 5,175 | -4,662 | -8,057 | -8,984 |
| Free cash flow (vendor definition) * | 6,239 | -1,880 | -4,701 | -8,106 | -9,017 |
| Cash dividends paid (outflows negative) | n.r. | 0.00 | -130.2 | ||
| PPE/intangible purchases incl CWIP (outflows negative) | -15.0 | -14.7 | -39.3 | -49.1 | -33.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 20.35 | 19.66 | 25.84 | 25.98 | 26.03 |
| Net interest income (press release, reported) | n.r. | 2,750 | 3,110 | ||
| PAT if net provisions zero; calculated at reported tax rate | 1,993 | ||||
| PAT at 25bp credit cost on average gross loans | 1,836 | ||||
| Three-year CFO/PAT; not conventional conversion for lender (x) | -3.78x | ||||
| Non-loan receivables growth; calculated (%) | -3.0% | -5.9% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income (lender revenue) | 1,880 | 1,943 | 2,037 | 2,082 | 2,131 | 2,121 | 2,172 | 2,265 |
| Other operating costs (vendor classification) * | 76.1 | 89.9 | -39.5 | 79.7 | 86.5 | 98.6 | 83.1 | |
| Profit before tax | 604.7 | 615.7 | 711.2 | 687.9 | 759.6 | 668.4 | 854.6 | 718.4 |
| Total tax expense | 135.1 | 132.4 | 160.8 | 154.4 | 178.1 | 148.1 | 198.8 | 161.1 |
| Net profit after tax | 469.7 | 483.3 | 550.4 | 533.5 | 581.6 | 520.4 | 655.8 | 557.3 |
| Diluted EPS (INR, not annualised) | 18.02 | 18.53 | 21.10 | 20.45 | 22.29 | 19.93 | 25.11 | 21.33 |
| Interest income | 1,780 | 1,848 | 1,906 | 1,980 | 2,017 | 2,019 | 2,054 | 2,138 |
| Fees and commission income | 91.6 | 88.1 | 109.5 | 81.7 | 96.2 | 94.6 | 122.0 | 121.8 |
| Net gain on fair value changes | 6.80 | 5.21 | 6.45 | 14.1 | 14.2 | 5.06 | 5.51 | 3.23 |
| Other income | 0.98 | 1.35 | 14.9 | 5.76 | 2.74 | 1.64 | -9.62 | 1.92 |
| Total income | 1,880 | 1,943 | 2,037 | 2,082 | 2,131 | 2,121 | 2,172 | 2,265 |
| Finance cost | 1,119 | 1,158 | 1,178 | 1,234 | 1,267 | 1,253 | 1,246 | 1,339 |
| Fees and commission expense | 3.22 | 3.09 | 4.51 | 3.44 | 0.36 | 3.36 | 4.10 | 3.29 |
| Employee benefits expense | 108.8 | 98.3 | 105.1 | 118.0 | 109.2 | 133.9 | 125.6 | 134.7 |
| Depreciation, amortisation and impairment | 13.9 | 14.4 | 14.3 | 14.7 | 16.4 | 16.2 | 19.2 | 16.4 |
| Other expenses | 76.1 | 89.9 | 88.4 | 79.7 | 91.2 | 86.5 | 98.6 | 83.1 |
| Impairment on financial instruments & write-offs (net; credit negative) | -45.6 | -36.1 | -64.8 | -56.2 | -113.2 | -40.5 | -176.2 | -29.1 |
| Other revenue from operations | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -15.4% | 19.6% | 177.7% | 9.0% | 10.6% |
| Net margin | 39.4% | 41.2% | 21.4% | 25.2% | 26.9% |
| Return on equity | 8.9% | 10.0% | 11.6% | 12.2% | 12.7% |
| Return on assets | 2.1% | 2.5% | 2.6% | ||
| Dividend payout | 0.0% | 5.7% | |||
| EPS, diluted (₹) | 41.02 | 53.16 | 58.20 | 74.25 | 87.80 |
| Book value per share (₹) | 485.2 | 560.3 | 579.6 | 649.1 | 738.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on PNB Housing Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on PNB Housing Finance
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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