Micro NBFC
Market Cap
₹1,445 ₹1,445 Cr.
P/E
14.13
PEG
5.89
PEG = P/E ÷ 5yr Forward EPS CAGR
5yr Forward EPS CAGR Thesis - Base Case

- The thesis comes to life if historical revenue momentum broadly holds while funding costs remain contained and secondary-market activity stays supportive.- The bull path requires lower funding costs and stronger outright turnover, while the bear path is driven by higher funding costs, adverse bond-yield moves and weaker trading activity.

Key Ratios

Debt to Equity
Debt to Equity
14.48
Div Yield (%)
Div Yield (%)
2.49
Individual < 2 lac
Individual < 2 lac
16.09 %
Institutions
Institutions
0.07 %
Market cap
Market cap
1,445 Cr
No. of Shareholders
No. of Shareholders
84,279
OPM (%)
OPM (%)
83.38 %
PE
PE
14.13
Prom Holding
Prom Holding
74.07 %
ROCE (%)
ROCE (%)
104
ROE (%)
ROE (%)
15.11
Sales
Sales
1,746 Cr
  • PNB Gilts
  • Dhunseri Ventures
  • GKW
  • TJI PSU
Last updated on 28 Sep 2026
  • PNB Gilts is an RBI-licensed standalone Primary Dealer since 1998. It underwrites and trades government securities, corporate bonds and money-market instruments. It handles constituent gilt accounts and debt arrangership for banks, funds and corporates.
  • Profit comes from net interest income and trading gains. Trading turned negative in FY26 while net interest held up.
  • It is a SEBI-registered stock broker. It ranked fourth in corporate-bond arrangership at FY26-end per PRIME.
  • It is shifting toward a larger corporate-bond book alongside government securities.
  • It funds its trading book with short-term wholesale borrowing. Capital remains far above the regulatory minimum.
  • It is digesting last year's high profit. Near-term profit depends mainly on the path of interest rates.
  • The government auditor flagged Rs11.43Cr of prior-year royalty and incentive costs booked in FY26. Management disputes any understatement of profit.
  • 30th AGM and dividend vote 28 Sep 2026
    Shareholders vote on the Rs2 dividend and market-price securities deals with PNB group firms.
  • Dealer performance markers With H1FY27 commentary
    Results show whether the 40% T-bill hurdle and 1.5% turnover target still hold. They also show where arrangership ranks.
  • Royalty and incentive accounting fix No timeline
    The next accounts show whether the prior-year booking is corrected or repeated.
  • PNB credit line increase No timeline
    Sanction sets the new limit, pricing and pledge terms for wholesale funding.
  • Income-tax disputes No timeline
    Orders decide whether the Rs7.33Cr claim is paid or reduced.
Price Range

See where the stock is trading versus its 52-week high and low.

Low
59
52W Range
High
106
Timeline

Key company specific updates.

Custom financial statement

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Forensics

8 Yes

Positive for this company

1 Neutral

Neutral for this company

2 No

Negative for this company

4 No Data

Insufficient data to analyse

Revenue mix

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Borrowings Break-Up

Operational Metrics

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    Peer Comparison

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    FAQs on PNB Gilts Ltd. Business

    PNB Gilts Limited, a subsidiary of Punjab National Bank, is a prominent player in the Indian debt market. It holds a significant market share by supporting government borrowing programs and trading various fixed income instruments.

    PNB Gilts major competitors are Dhunseri Ventures, GKW, Hexa Tradex, Oswal Greentech, Jaykay Enterprises, IL&FS Invest.Manager, Maha Rashtra Apex.
    Market Cap of PNB Gilts is ₹1,445 Crs.
    While the median market cap of its peers are ₹856 Crs.

    PNB Gilts seems to be less financially stable compared to its competitors.
    Altman Z score of PNB Gilts is 0.36 and is ranked 8 out of its 8 competitors.

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