PNB Housing Finance Limited (PNBHOUSING)

Financial Services · Finance · NSE · Updated 24 July 2026

₹1,066.8 ↑ 1.58% (1Y)

🎯 Key Takeaways

PNB Housing Finance is transitioning from a high-growth phase to a more mature, asset-quality-focused trajectory, with profitability and operational efficiency emerging as key drivers. The company has demonstrated consistent financial improvement, particularly in net profit and asset quality, while expanding its affordable housing footprint and strengthening its capital position.
Revenue grew 3.4% QoQ to ₹1,942 in Q3FY25.
⚠️ 1) Geopolitical instability and macroeconomic headwinds could dampen growth expectations, as explicitly flagged by management. 2) Rising cost of funds

Market Cap

₹27,863

P/E Ratio

15.2

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

PNB Housing Finance is transitioning from a high-growth phase to a more mature, asset-quality-focused trajectory, with profitability and operational efficiency emerging as key drivers. The company has demonstrated consistent financial improvement, particularly in net profit and asset quality, while expanding its affordable housing footprint and strengthening its capital position. Management is emphasizing ESG integration and long-term sustainability, aligning with regulatory and stakeholder expectations. The business is stabilizing after a period of expansion, with growth moderating but profitability remaining robust.

📰 What's Happening

In Q3FY25, the company reported operating profit of ₹1,788 crore with an OPM of 92.0%, reflecting strong margin discipline. The AGM scheduled for August 17, 2026, will review FY26 results, which showed a 18% YoY rise in net profit to ₹2,291 crore and a 13% YoY increase in AUM to ₹86,946 crore. The company also secured CARE AAA ratings on ₹26,338 crore of facilities, underscoring improved creditworthiness. Additionally, it disbursed ₹26,548 crore in loans, expanded its branch network to 392, and facilitated over 5,000 PMAY-U 2.0 subsidies. These developments highlight execution focus on scale, asset quality, and government-backed housing initiatives.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,636	1,708	1,778	1,755	1,810	1,823	1,879	1,942
Operating Profit	1,363	1,507	1,576	1,540	1,644	1,664	1,737	1,788
OPM %	83.2%	88.2%	88.5%	87.7%	90.6%	90.8%	92.4%	92.0%
Net Profit	279	347	383	338	439	433	470	483
EPS	₹16.52	₹13.64	₹0.00	₹13.04	₹16.91	₹16.66	₹18.08	₹18.60

Operating profit has grown steadily from ₹1,363 crore in Q4FY23 to ₹1,788 crore in Q3FY25, with OPM sustaining above 90% despite rising credit costs in affordable housing. Net profit rose from ₹279 crore in Q4FY23 to ₹483 crore in Q3FY25, indicating improved bottom-line control. Revenue growth has been consistent, with YoY increases observed across quarters, supporting the company's expansion in retail and affordable housing segments. The financial trajectory reflects successful scaling of high-margin segments and better cost management, although margin pressure was noted in FY26 due to higher affordable housing costs and competition, as highlighted in the general filing.

🔮 Management Outlook & What's Next

Management expects AUM growth to moderate to approximately 20% in FY27, driven by 8-10% household income growth and continued government incentives in the affordable housing space. They also outlined ESG targets, including reducing GHG emissions intensity per crore AUM by 10% annually and increasing female workforce representation to 25-30% by FY35. The company is focused on maintaining CRAR above 27% and expanding its footprint in government-subsidized housing schemes. These forward-looking statements were shared during the FY26 results disclosure and AGM planning phase, reflecting a strategic shift toward sustainable, regulated growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Bajaj Finance Limited	5.67 L Cr	30.9	22.4%	18.6%	1.37
Bajaj Finserv Limited	2.77 L Cr	14.4	—	13.4%	—
Shriram Finance Limited	2.21 L Cr	23.3	—	—	—
Jio Financial Services Limited	1.54 L Cr	92.1	—	—	—
Power Finance Corporation Limited	1.47 L Cr	5.0	—	—	—
Muthoot Finance Limited	1.33 L Cr	26.6	—	—	—
Cholamandalam Investment and Finance Company Limited	1.32 L Cr	31.9	—	—	—
Tata Capital Limited	1.31 L Cr	—	—	—	—
Indian Railway Finance Corporation Limited	1.29 L Cr	18.4	—	—	—
Bajaj Holdings & Investment Limited	1.15 L Cr	15.3	—	—	—

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN JIOFIN PFC

⚠️ Risk Factors

1) Geopolitical instability and macroeconomic headwinds could dampen growth expectations, as explicitly flagged by management. 2) Rising cost of funds and competitive pressures in the affordable housing segment may compress margins, despite strong profitability. 3) Regulatory changes in housing finance or subsidy structures could impact loan disbursement momentum. 4) Execution risks in scaling operations while maintaining asset quality and compliance, particularly as growth moderates in FY27.

📋 Recent Filings

🧠 Analyst's Read

PNB Housing Finance is executing a disciplined expansion with improving profitability and asset quality, supported by strong capital ratios and government-linked housing initiatives. The key watchpoints are the sustainability of margin performance amid competitive and funding pressures, and the pace of AUM growth moderation in FY27. Management's ESG commitments and credit rating upgrades reflect institutional resilience, but macro sensitivity remains a key near-term risk.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-24.

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