Small Housing Finance
Market Cap
₹28,767 ₹28,767 Cr.
P/E
12.43
PEG
0.99
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

Thesis is live if affordable disbursements sustain a high run rate and the mix shift toward Affordable/Emerging/Corporate expands NIM despite credit-cost normalisation.

Bull path needs a rating upgrade to reduce borrowing costs, 50%+ affordable growth, and a clean corporate re-entry at high yields.

Bear path is triggered by BT-out spikes, affordable vintage delinquencies, or corporate credit incidents that force the corporate book to stay capped.

Key Ratios

Debt to Equity
Debt to Equity
3.71
Div Yield (%)
Div Yield (%)
0.73
Individual < 2 lac
Individual < 2 lac
6.26 %
Institutions
Institutions
62.54 %
Market cap
Market cap
28,767 Cr
No. of Shareholders
No. of Shareholders
1.72 L
OPM (%)
OPM (%)
94.08 %
PE
PE
12.43
Prom Holding
Prom Holding
28.03 %
ROCE (%)
ROCE (%)
11.82
ROE (%)
ROE (%)
11.92
Sales
Sales
8,691 Cr
  • PNB Housing Finance
  • LIC Housing Finance
  • Housing & Urban Dev.
  • TJI NBFC - Deposit -Taking
Last updated on 26 Sep 2026
  • PNB Housing Finance is India's third-largest housing finance company by assets under management. Its retail book splits into Prime, Emerging and Affordable housing loans.
  • About 41% of the book is self-employed. About a third is non-housing. The top five states hold about 70% of the book.
  • It cleared corporate bad loans by FY23. It launched its affordable vertical, Roshni, in FY24.
  • Prime loans are the base at 59% of the retail book. Emerging loans at 31% and Affordable loans at 10% drive growth.
  • PNB's 28.8% promoter stake underpins its ratings, per ICRA and India Ratings. The AAA ratings support low-cost borrowings.
  • It is shifting toward high-yield Emerging and Affordable loans. Growth comes via pool buyouts and micro-housing through existing branches.
  • Q1 reported disbursement growth of 18% understates momentum after a switch to cheque-based booking. On the old basis growth was 56%.
  • Near-term profit depends on the high-yield ramp improving margins. Management guides 18-20% book growth and 3.6-3.7% NIM for FY27.
  • The fast-growing Affordable and Emerging book has little repayment history. Early Affordable arrears rose to 1.60% in Q1 from 1.32% in Q4.
  • CRISIL upgrade to AAA Near term
    An upgrade would cut borrowing costs by about 10 basis points, as cited for past AAA upgrades.
  • First quarter under new affordable head Q2FY27
    The print shows whether growth and collections hold after the leadership change.
  • Disbursement and margin catch-up mid-Oct 2026
    The print shows whether disbursements rebound 60-70% on the quarter. It shows whether NIM recovers from 3.50%.
  • Seasoning of high-yield book Next 2 quarters
    Vintage data for the 41% high-yield book show whether early arrears broaden.
  • Credit-cost path Through FY27
    Results show whether recoveries keep credit costs negative in FY27 as guided.
Price Range

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

Low
730
52W Range
High
1212
Timeline

Key company specific updates.

Custom financial statement

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Forensics

7 Yes

Positive for this company

2 Neutral

Neutral for this company

5 No

Negative for this company

0 No Data

Insufficient data to analyse

Market Share

1.56 %
(as of Jun 26)
Housing Loan - Market Share

Revenue mix

Location Wise Break-Up

Borrowing Break-Up - NBFC

Customer Segment

AUM Break-Up - NBFC

Segment Wise Break-Up

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    FAQs on PNB Housing Finance Ltd. Business

    PNB Housing Finance Limited offers loans for residential and commercial properties, as well as loan against property. It operates through a branch-based model and utilizes an enterprise system solution for efficient backend processes and customer service.

    PNB Housing Finance major competitors are LIC Housing Finance, Housing & Urban Dev., Sammaan Capital, Home First Finance, Aptus Value Housing, Aavas Financiers, Can Fin Homes.
    Market Cap of PNB Housing Finance is ₹28,429 Crs.
    While the median market cap of its peers are ₹11,764 Crs.

    PNB Housing Finance seems to be less financially stable compared to its competitors.
    Altman Z score of PNB Housing Finance is 0.6 and is ranked 5 out of its 8 competitors.

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