# PNB Housing Finance (PNBHOUSING) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/pnbhousing

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,100.2
- Change: +0.02%
- As of: 2026-11-06
- 1D return: +0.02%
- 5D return: +3.79%
- 1M return: -4.33%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

PNBHousing (₹1,100.20) exhibits a mixed technical structure as of 6 November 2026. The daily trend is bearish and weak, with the price trading below its 20-day and 50-day moving averages and the Supertrend indicator signaling downside pressure. Recent anomalies highlight significant selling interest, including an extreme volume-driven drop on 29 October (-1.1% return, 4.43x volume ratio) and wide intraday ranges on 30 October and 23 October. Despite this short-term weakness, the weekly trend remains bullish with developing momentum (ADX 23.09), and the monthly trend is clearly bullish with the price above all major indicators. The stock is positioned in the lower-middle of its 20-day range (+27.6%) but near the upper-middle of its 252-day range (+74.8%). Key support lies at ₹1,095.70 (pivot) and ₹1,079.00 (low), while immediate resistance is at ₹1,100.90. A break above ₹1,116.70 would be required to challenge the weekly bullish bias.

- Trend Divergence: Daily trend is bearish/weak (price below 20/50 EMA & Supertrend; ADX 13.67), while weekly and monthly trends remain bullish.
- Recent Volatility: High-severity downward anomalies on 29–30 October included extreme volume spikes and wide intraday ranges, indicating active distribution.
- Key Levels: Immediate support at ₹1,095.70 (pivot) and ₹1,079.00 (low); resistance at ₹1,100.90 and ₹1,116.70.
- Range Position: Trading in the lower-middle of the 20-day range (+27.6%) but well within the upper half of the 252-day range (+74.8%).
- Confirmation/Invalidation: A sustained close above ₹1,116.70 would signal a potential reversal toward weekly highs; a break below ₹1,079.00 would extend daily downside risk.

- Bullish Engulfing Reversal
- Morning Star
- Doji
- Harami
- Outside Bar

### News Context

PNB Housing Finance has outlined an aggressive expansion strategy for its corporate lending segment, aiming to quadruple the corporate loan book from ₹689 crore to approximately ₹3,000 crore by March 2027. This shift is intended to increase the corporate portfolio's share of total loans from 3% to 8–10%, while the company maintains its overall loan growth guidance of 18–20% for the current financial year. Management notes that recent Reserve Bank of India rate hikes have not significantly dampened market demand, with improved activity anticipated in the second half due to seasonal factors.

In the broader funding context, Indian banks are prioritizing Certificate of Deposits (CDs) over term deposits to mobilize resources following the RBI’s October 7 repo rate hike. While this sector-wide trend highlights a preference for avoiding long-term locked-in liabilities, PNB Housing’s specific funding mix and cost implications were not detailed in the provided reports.

- Corporate Loan Expansion: Targeting a 4x increase in the corporate loan book to ~₹3,000 crore by March 2027, raising its contribution to the total portfolio from 3% to 8–10%.
- Growth Guidance: Maintaining overall loan growth guidance of 18–20% for the financial year, citing resilient demand despite recent RBI rate increases.
- Sector Funding Trend: Banks are favoring short-term CD issuances over term deposit rate hikes to manage liquidity; weighted average CD rates reached 6.93% in October 2026.
- Monitoring Condition: Track whether the accelerated corporate lending pace impacts asset quality metrics or funding costs relative to the broader banking sector's reliance on CDs.

- [Banks holding off upping term deposit rates by relying on CD issuances for resource mobilisation](https://www.thehindubusinessline.com/money-and-banking/banks-holding-off-upping-term-deposit-rates-by-relying-on-cd-issuances-for-resource-mobilisation/article71653169.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to ₹3,000 cr](https://www.thehindubusinessline.com/money-and-banking/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-3000-cr/article71652963.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to Rs 3,000 crore](https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-rs-3000-crore/articleshow/135424562.cms)

### What Changed

PNB Housing Finance Limited has completed the full redemption of its Commercial Paper series CP-535 on November 5, 2026. The company redeemed 18,000 units with a total principal amount of INR 9,00,00,00,000/- upon maturity. This action was confirmed via NSE filings and executed in compliance with SEBI regulations and NSE listing requirements. A subsequent filing on November 6, 2026, further confirmed the redemption and payment of interest and principal associated with this instrument. These events represent the closure of a specific short-term debt obligation rather than a change in the company's long-term capital structure or equity profile.

- CP-535 fully redeemed on November 5, 2026, involving 18,000 units and a principal value of INR 9,00,00,00,000/-
- Redemption executed in compliance with SEBI regulations and NSE listing requirements
- Interest and principal payments confirmed via NSE filing dated November 6, 2026

- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_06112026134947_SEintimationIntandRedemption_7068_sd.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_05112026172210_Intimation_of_Redemption_of_CP_-_05th_Nov.pdf)

### Official Filings

PNB Housing Finance disclosed significant operational and financial developments for Q2 FY27 alongside routine debt management activities. The company reported strong growth, with overall disbursements rising 60% YoY to ₹9,609 crores, driven by retail lending which hit an all-time high of ₹9,250 crores (up 54% YoY). The loan book expanded 19% YoY to ₹95,079 crores, while Profit After Tax increased 6% YoY to ₹617 crores. Asset quality improved notably, with Gross NPA declining to 0.91% and negative credit costs of 19 bps due to recoveries. Credit ratings were upgraded to AAA by CRISIL, achieving AAA status from all four leading domestic agencies. To manage margin pressure following RBI’s 25 bps policy rate hike, the company adjusted pricing effective November 1, 2026, raising retail rates by 10-15 bps and corporate rates by 15-20 bps. Concurrently, PNB Housing redeemed a ₹9,000 crore Commercial Paper series on November 5, 2026, and set record dates for further CP and NCD interest/redemption payments in late November and December 2026.

- Q2 FY27 Disbursements grew 60% YoY to ₹9,609 crores; Retail disbursements reached an all-time high of ₹9,250 crores (up 54% YoY).
- Loan book expanded 19% YoY to ₹95,079 crores; PAT increased 6% YoY to ₹617 crores with ROA at 2.53% and ROE at 12.33%.
- Asset quality strengthened: GNPA declined to 0.91% and credit costs were negative 19 bps due to ₹75 crores in recoveries.
- Credit rating upgraded to AAA by CRISIL (stable outlook), joining other top agencies; Pricing adjusted Nov 1, 2026, with retail rates up 10-15 bps and corporate rates up 15-20 bps.

- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_06112026134947_SEintimationIntandRedemption_7068_sd.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_05112026172210_Intimation_of_Redemption_of_CP_-_05th_Nov.pdf)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_04112026164016_Intimation_of_Record_Date_of_CP_F.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PNBHOUSING_02112026160847_Intimation_of_Earnings_Call_Transcript.pdf)
- [PNB HOUSING FINANCE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14347_WebXMLFile_20261102_161252885.xml)
- [Asset/Liability management Statement |SUBJECT: Asset/Liability management Statement](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_02112026183402_SECPALMNov2sd.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PNBHOUSING_29102026150344_Intimation_of_Newspaper_Publication.pdf)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_29102026152612_SE_Intimation_Record_date_Nov_Dec_26_sd.pdf)

### Fundamentals

PNB Housing Finance demonstrates a clear trajectory of asset-led growth and earnings expansion through Q2 FY2026-27. Revenue rose to ₹2,424 crore (+14% YoY), driven by loan book growth from ₹78,818 crore to ₹94,124 crore over the trailing year. Net profit increased to ₹617 crore, with EPS rising to ₹23.65 per share. However, financing margins contracted from 36% in Sep 2025 to 34% in Sep 2026, indicating competitive pricing pressure or mix shifts despite higher volumes.

The balance sheet reflects aggressive funding: borrowings surged to ₹48,396 crore (Sep 2026) while deposits declined slightly to ₹17,704 crore. This reliance on wholesale funding coincides with persistent negative free cash flow (-₹9,016 crore TTM), suggesting the company is investing heavily in growth capital that has not yet converted into operating cash generation. Return on Equity improved to 13%, supported by rising profits, but the widening gap between asset growth and cash generation warrants monitoring. Institutional ownership shifted significantly, with DIIs increasing their stake to 49.29% while FIIs reduced theirs to 14.19%.

- Revenue grew 14% YoY to ₹2,424 crore in Q2 FY2026-27, with net profit reaching ₹617 crore and EPS at ₹23.65.
- Financing margin contracted to 34% in Sep 2026 from 36% in Sep 2025, despite strong top-line growth.
- Borrowings increased to ₹48,396 crore as of Sep 2026, while deposits fell to ₹17,704 crore, highlighting funding structure changes.
- Free cash flow remained deeply negative at -₹9,016 crore (TTM), reflecting heavy capital deployment for loan book expansion.

### Bull Case

PNB Housing Finance presents a conditional upside case anchored in strategic portfolio diversification and resilient demand, despite near-term technical weakness. The company has set an explicit target to quadruple its corporate loan book from ₹689 crore to approximately ₹3,000 crore by March 2027, aiming to raise corporate lending’s share of the total portfolio from 3% to 8–10%. This expansion is supported by maintained overall loan growth guidance of 18–20% for the current financial year, with management noting that recent RBI rate hikes have not significantly dampened market demand. Additionally, while daily technical indicators show a bearish trend, the monthly and weekly charts remain bullish, suggesting that the longer-term structural trend has not yet been invalidated. The stock’s one-year return of +21.1% and year-to-date gain of +11.5% provide a historical backdrop of performance, though investors should monitor the execution of the corporate lending strategy against the backdrop of rising wholesale funding costs.

- Corporate loan book targets 4x growth to ₹3,000 crore by March 2027, increasing portfolio share from 3% to 8–10%.
- Overall loan growth guidance remains at 18–20% for the financial year, with management citing resilient demand post-RBI rate hikes.
- Monthly and weekly technical trends are bullish, contrasting with the daily bearish signal, indicating potential medium-term support.
- Stock has delivered a +21.1% one-year return and +11.5% year-to-date return as of November 6, 2026.

- [Banks holding off upping term deposit rates by relying on CD issuances for resource mobilisation](https://www.thehindubusinessline.com/money-and-banking/banks-holding-off-upping-term-deposit-rates-by-relying-on-cd-issuances-for-resource-mobilisation/article71653169.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to ₹3,000 cr](https://www.thehindubusinessline.com/money-and-banking/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-3000-cr/article71652963.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to Rs 3,000 crore](https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-rs-3000-crore/articleshow/135424562.cms)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_06112026134947_SEintimationIntandRedemption_7068_sd.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_05112026172210_Intimation_of_Redemption_of_CP_-_05th_Nov.pdf)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_04112026164016_Intimation_of_Record_Date_of_CP_F.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PNBHOUSING_02112026160847_Intimation_of_Earnings_Call_Transcript.pdf)
- [PNB HOUSING FINANCE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14347_WebXMLFile_20261102_161252885.xml)
- [Asset/Liability management Statement |SUBJECT: Asset/Liability management Statement](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_02112026183402_SECPALMNov2sd.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PNBHOUSING_29102026150344_Intimation_of_Newspaper_Publication.pdf)

### Bear Case

PNB Housing Finance faces near-term technical weakness and elevated volatility, with the daily Supertrend signaling a bearish trend as of November 6, 2026. The stock has retreated from recent highs, posting a -4.3% return over both the last 10 days and three months, while currently trading in a drawdown of -10.2% against its peak. Technical indicators show negative momentum, with the 20-day and 50-day moving averages sloping downward (-8.77 and -9.23 respectively), suggesting short-term selling pressure despite a bullish monthly structure. Operationally, the company is expanding into corporate lending, aiming to grow this segment from ₹689 crore (3% of the portfolio) to ₹3,000 crore by March 2027. This strategic shift introduces concentration risk as the firm moves beyond its core retail housing finance base. Additionally, the broader funding environment remains tight; following the RBI's October 7 repo rate hike, banks are relying on Certificate of Deposits at a weighted average rate of 6.93% rather than raising term deposit rates, indicating rising wholesale funding costs and liquidity premiums that could compress margins.

- Daily technical trend is bearish with negative slope on 20-day and 50-day moving averages, reflecting short-term distribution.
- Stock is in a -10.2% current drawdown with high annualized volatility (+35.3%) and maximum historical drawdown of -33.3%.
- Strategic pivot to corporate loans aims for 4x growth to ₹3,000 crore by March 2027, increasing exposure to non-retail credit risk.
- Funding costs remain elevated post-RBI rate hike, with banks utilizing CDs at 6.93% weighted average rate to avoid long-term liability locks.

- [Banks holding off upping term deposit rates by relying on CD issuances for resource mobilisation](https://www.thehindubusinessline.com/money-and-banking/banks-holding-off-upping-term-deposit-rates-by-relying-on-cd-issuances-for-resource-mobilisation/article71653169.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to ₹3,000 cr](https://www.thehindubusinessline.com/money-and-banking/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-3000-cr/article71652963.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to Rs 3,000 crore](https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-rs-3000-crore/articleshow/135424562.cms)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_06112026134947_SEintimationIntandRedemption_7068_sd.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_05112026172210_Intimation_of_Redemption_of_CP_-_05th_Nov.pdf)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_04112026164016_Intimation_of_Record_Date_of_CP_F.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PNBHOUSING_02112026160847_Intimation_of_Earnings_Call_Transcript.pdf)
- [PNB HOUSING FINANCE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14347_WebXMLFile_20261102_161252885.xml)
- [Asset/Liability management Statement |SUBJECT: Asset/Liability management Statement](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_02112026183402_SECPALMNov2sd.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PNBHOUSING_29102026150344_Intimation_of_Newspaper_Publication.pdf)

### FAQs

**What are PNB Housing Finance's growth targets and current financial performance for FY26-27?**

The company aims to quadruple its corporate loan book to ₹3,000 crore by March 2027, rising from the current ₹689 crore (3% of the portfolio). For the full financial year, overall loan growth guidance remains at 18-20%. In Q2 FY27, disbursements grew 60% YoY to ₹9,609 crore, with profit after tax increasing 6% YoY to ₹617 crore.

**How has asset quality changed recently, and what credit ratings does the company hold?**

Asset quality improved with Gross Non-Performing Assets (GNPA) declining to 0.91%, supported by negative credit costs of 19 basis points due to ₹75 crore in recoveries. The company achieved a AAA credit rating with a stable outlook from CRISIL, maintaining AAA ratings across all four leading domestic agencies.

**What pricing adjustments is PNB Housing implementing following the RBI's rate hike?**

Effective November 1, 2026, the company raised retail lending rates by 10-15 basis points and corporate lending rates by 15-20 basis points. These adjustments aim to offset the impact of the Reserve Bank of India's 25 basis point policy rate hike announced on October 7, 2026.

**What is the current technical trend and price range for PNBHOUSING shares?**

As of November 6, 2026, the share closed at ₹1,100.20. The daily trend is bearish with support near ₹1,095.70 and resistance at ₹1,100.90. However, the weekly and monthly trends remain bullish. The stock has returned +21.1% over the past year but is currently in a -10.2% drawdown.

- [Banks holding off upping term deposit rates by relying on CD issuances for resource mobilisation](https://www.thehindubusinessline.com/money-and-banking/banks-holding-off-upping-term-deposit-rates-by-relying-on-cd-issuances-for-resource-mobilisation/article71653169.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to ₹3,000 cr](https://www.thehindubusinessline.com/money-and-banking/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-3000-cr/article71652963.ece)
- [PNB Housing aims for a 4x growth in corporate loan book to Rs 3,000 crore](https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-rs-3000-crore/articleshow/135424562.cms)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_06112026134947_SEintimationIntandRedemption_7068_sd.pdf)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_05112026172210_Intimation_of_Redemption_of_CP_-_05th_Nov.pdf)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_04112026164016_Intimation_of_Record_Date_of_CP_F.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PNBHOUSING_02112026160847_Intimation_of_Earnings_Call_Transcript.pdf)
- [PNB HOUSING FINANCE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14347_WebXMLFile_20261102_161252885.xml)
- [Asset/Liability management Statement |SUBJECT: Asset/Liability management Statement](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_02112026183402_SECPALMNov2sd.pdf)
- [PNB Housing Finance Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PNBHOUSING_29102026150344_Intimation_of_Newspaper_Publication.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,095.7
- Risk regime: Price Risk Requires Attention

### Support levels
- 1100.903125
- 1072.746875
- 1052.19375

### Resistance levels
- 1116.5
- 1130.6906250000002
- 1154.6

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.02% |
| return_10 | +1.02% |
| return_1m | -0.17% |
| return_1y | +21.09% |
| return_20 | -4.33% |
| return_3m | -4.33% |
| return_5 | +3.79% |
| return_6m | +3.30% |
| return_since_start | +21.15% |
| return_ytd | +11.51% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -33.34% |
| annualized_volatility | +35.31% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# PNB Housing Finance Limited FY2026-27 Q2: Revenue rises 13.9% year on year

PNB Housing Finance reported consolidated revenue from operations of ₹2,423 crore for the quarter ended 30 September 2026, up 13.9% year on year and 7.1% sequentially. Profit for the period increased 6.0% year on year to ₹617 crore, while basic EPS rose to ₹23.65 from ₹22.34. Loan balances expanded over the year, alongside higher interest income; expenses grew faster than revenue.

## Interest income drives revenue growth

Interest earned rose 13.5% year on year to ₹2,289 crore, accounting for most of the increase in revenue from operations. Fees and commission income was ₹131 crore, while net gain on fair value changes was ₹3.4 crore. Revenue from operations increased for a fourth consecutive quarter, from ₹2,119 crore in Q3 FY2025-26 to ₹2,423 crore in Q2 FY2026-27.

Other income, reported separately from revenue from operations, was ₹80 lakh, compared with ₹1.92 crore in Q1 FY2026-27 and ₹2.74 crore in Q2 FY2025-26.

## Loan book and balance sheet expand

Loans stood at ₹94,124 crore on 30 September 2026, compared with ₹86,433 crore on 31 March 2026 and ₹78,818 crore on 30 September 2025. Financial assets totalled ₹1,01,295 crore, including investments of ₹3,708 crore.

Borrowings were ₹48,396 crore at 30 September 2026, up from ₹43,543 crore at 31 March 2026 and ₹36,375 crore a year earlier. The larger loan balance coincided with higher interest income over the year.

## Expenses rise faster than revenue; profit before tax grows

Total expenses increased 18.7% year on year to ₹1,627 crore and 5.2% sequentially. Finance costs were ₹1,415 crore, up 11.7% year on year and 5.7% from Q1 FY2026-27. Other expenses rose 9.8% year on year to ₹100 crore and 20.5% sequentially; employee benefit expense was ₹139 crore.

Profit before tax reached ₹797 crore, up 4.9% year on year and 10.9% sequentially. The impairment line was negative ₹47.6 crore, compared with negative ₹113.2 crore in Q2 FY2025-26 and negative ₹29.1 crore in Q1 FY2026-27.

## Tax and earnings per share

Tax expense was ₹180 crore, up 1.1% year on year and 11.8% sequentially. It comprised current tax of ₹178.5 crore and deferred tax of ₹1.6 crore. Profit for the period was ₹617 crore, up 6.0% year on year and 10.6% sequentially. Basic EPS was ₹23.65, compared with ₹22.34 in Q2 FY2025-26 and ₹21.39 in Q1 FY2026-27.

## Key Takeaway

The quarter combined continued loan-book expansion and higher interest income with year-on-year growth in profit and EPS. Borrowings rose alongside the larger balance sheet, while expenses grew faster than revenue from operations, tempering the earnings growth.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +28.01%
- FII holding: +14.19%
- DII holding: +49.29%
- Mutual fund holding: +36.46%
- Retail holding: +5.68%
- Promoter pledged: +0.00%

### Major reported shareholders

- Punjab National Bank — +28.01%
- Aditya Birla Sun Life Mutual Fund - Aditya Birla Sun Life Large Cap Fund — +4.13%
- Hsbc Mutual Fund - Hsbc Value Fund — +3.42%
- Icici Prudential Focus Equity Fund — +3.19%
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund — +2.88%
- Sbi Life Insurance Co. Ltd — +2.69%
- Pi Opportunities Aif V Llp — +2.41%
- Hdfc Mutual Fund - Hdfc Multi Cap Fund — +2.32%
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund — +2.29%
- Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund — +2.29%

## Official filings

- 2026-11-06 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_06112026134947_SEintimationIntandRedemption_7068_sd.pdf)
- 2026-11-05 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_05112026172210_Intimation_of_Redemption_of_CP_-_05th_Nov.pdf)
- 2026-11-04 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_04112026164016_Intimation_of_Record_Date_of_CP_F.pdf)
- 2026-11-02 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PNBHOUSING_02112026160847_Intimation_of_Earnings_Call_Transcript.pdf)
- 2026-11-02 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14347_WebXMLFile_20261102_161252885.xml)
- 2026-11-02 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_02112026183402_SECPALMNov2sd.pdf)
- 2026-10-29 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PNBHOUSING_29102026150344_Intimation_of_Newspaper_Publication.pdf)
- 2026-10-29 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_29102026152612_SE_Intimation_Record_date_Nov_Dec_26_sd.pdf)
- 2026-10-29 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_29102026152612_SE_Intimation_Record_date_Nov_Dec_26_sd.pdf)
- 2026-10-29 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_29102026152612_SE_Intimation_Record_date_Nov_Dec_26_sd.pdf)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PNBHOUSING_28102026164903_Outcome_of_Board_Meeting_28_October_2026_sd.pdf)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_28102026174123_SecurityCoverCertificateCovering_28_october_2026.pdf)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_28102026173827_StatementOfDeviation_28_October_2026.pdf)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_28102026174004_StatementOfDeviation_28_October_2026.pdf)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_28102026174410_4_LineItemsRatio_28_october_2026.pdf)
- 2026-10-28 — Financial Results Filing: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1748225_28102026075830_WEB.xml)
- 2026-10-28 — Financial Results Filing: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1748226_28102026075925_WEB.xml)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PNBHOUSING_28102026224117_Audio_Recording_of_Earning_Call_Sd.pdf)
- 2026-10-28 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14347_WebXMLFile_20261028_230254841.xml)
- 2026-10-27 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_27102026165310_Intimation_of_Redemption_F.pdf)
- 2026-10-23 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PNBHOUSING_23102026125722_SE_intimation_Allotment_of_NCD_LXXIX.pdf)
- 2026-10-23 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_14347_WebXMLFile_20261023_130645415.xml)
- 2026-10-23 — Generic Announcement: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/PNBHOUSING_23102026173619_Interest_Payment.pdf)
- 2026-10-19 — Shareholding Disclosure: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741115_19102026101907_WEB.xml)
- 2026-10-16 — Board Meeting Notice: PNB Housing Finance Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PNBHOUSING_16102026180342_PriorIntimationBMOctober28_F.pdf)

## News and market events

- 2026-11-01 — The Hindu: **Banks holding off upping term deposit rates by relying on CD issuances for resource mobilisation** — Following the RBI's 25 basis point repo rate hike on October 7, Indian banks have opted to raise short-term resources through Certificate of Deposits (CDs) instead of increasing term deposit rates, resulting in a net incremental CD issuance of ₹19,905 crore in October 2026 at a weighted average rate of 6.93%. This strategy reflects a preference for avoiding long-term locked-in liabilities despite rising wholesale funding costs and liquidity premiums. — [Source](https://www.thehindubusinessline.com/money-and-banking/banks-holding-off-upping-term-deposit-rates-by-relying-on-cd-issuances-for-resource-mobilisation/article71653169.ece)
- 2026-11-01 — The Hindu: **PNB Housing aims for a 4x growth in corporate loan book to ₹3,000 cr** — PNB Housing Finance aims to quadruple its corporate loan book to approximately ₹3,000 crore by March 2027, with corporate lending expected to rise from 3% to 8-10% of the total portfolio. The company maintains its overall loan growth guidance of 18-20% for the current financial year and anticipates improved demand in the second half due to the festive season, noting that recent RBI rate hikes have not significantly dampened market demand. — [Source](https://www.thehindubusinessline.com/money-and-banking/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-3000-cr/article71652963.ece)
- 2026-11-01 — Economic Times: **PNB Housing aims for a 4x growth in corporate loan book to Rs 3,000 crore** — PNB Housing Finance aims to expand its corporate loan book significantly by the end of March 2027. The company intends to maintain a focus on retail housing finance while growing its corporate lending portfolio. Currently, the corporate loan book stands at Rs 689 crore, contributing to 3 percent of overall loans. Loan growth guidance of 18-20 percent for the financial year remains unchanged, despite interest rate increases. — [Source](https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-aims-for-a-4x-growth-in-corporate-loan-book-to-rs-3000-crore/articleshow/135424562.cms)
- 2026-10-29 — The Hindu: **No business impact from rate hike; 100 bps rise unlikely in FY27: Ajai Shukla** — PNB Housing Finance reported a 19% growth in its loan book to ₹95,709 crore in Q2 FY27, with PAT growing 6% due to higher write-offs. The company's MD/CEO stated that a 25 basis point rate hike has not slowed the market and expressed skepticism about the likelihood of a 75-100 bps rate hike in FY27, maintaining guidance for 20% book growth. — [Source](https://www.thehindubusinessline.com/companies/no-business-impact-from-rate-hike-100-bps-rise-unlikely-in-fy27-ajai-shukla/article71641156.ece)
- 2026-10-29 — MONEYCONTROL: **Buy PNB Housing Finance; target of Rs 1350: ICICI Securities** — ICICI Securities has issued a 'Buy' recommendation for PNB Housing Finance, setting a price target of Rs 1350. — [Source](https://www.moneycontrol.com/news/business/buy-pnb-housing-finance-target-of-rs-1350-icici-securities-3-14063795.html)
- 2026-10-29 — Mint: **PNB Housing Finance targets ₹3,000 crore corporate loan book by FY27-end | Company Business News** — PNB Housing Finance Ltd plans to increase its corporate loan book to ₹3,000 crore by the end of FY27, up from roughly ₹700 crore, as part of a portfolio diversification strategy. The company intends to maintain its 18-20% growth guidance despite a recent rating upgrade that is expected to lower borrowing costs. — [Source](https://www.livemint.com/companies/pnb-housing-finance-corporate-loan-book-rs-3000-crore-fy27-11793262912694.html)
- 2026-10-29 — MONEYCONTROL: **PNB Housing Finance to expand non-housing loans, targets 40% of retail mix share** — PNB Housing Finance targets a 40 percent share for non-housing loans in its retail asset mix by the end of the fiscal year to comply with principal business criteria norms. The lender plans to raise interest rates across all tenors starting November 1, 2026. — [Source](https://www.moneycontrol.com/news/business/banks/pnb-housing-finance-to-expand-non-housing-loans-targets-40-of-retail-mix-share-14063486.html)
- 2026-10-29 — MONEYCONTROL: **Buy PNB Housing Finance; target of Rs 1400: Emkay Global Financial** — Buy PNB Housing Finance; target of Rs 1400: Emkay Global Financial Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Kiren Rijiju MLC Election Results Moon Rise Time Today Silver Price Nagpur MLC Election Result Amazon Layoffs US Fed Rates Varanasi MLC Polls News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance mor — [Source](https://www.moneycontrol.com/news/business/stocks/buy-pnb-housing-finance-target-of-rs-1400-emkay-global-financial-14063419.html)
- 2026-10-29 — MONEYCONTROL: **PNB Housing Finance shares fall 3% despite growth in Q2 profit; 3 brokerages say ‘Buy’, see up to 34% upside** — PNB Housing Finance shares fall 3% despite growth in Q2 profit; 3 brokerages say ‘Buy’, see up to 34% upside Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Kiren Rijiju MLC Election Results Moon Rise Time Today Silver Price Nagpur MLC Election Result Amazon Layoffs US Fed Rates Varanasi MLC Polls News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX — [Source](https://www.moneycontrol.com/news/business/markets/pnb-housing-finance-shares-fall-3-despite-growth-in-q2-profit-3-brokerages-say-buy-see-up-to-34-upside-14063343.html)
- 2026-10-29 — CNBC-TV18: **11:11 | Vance reaches out to Iran to revive nuclear talks; Jio Platforms extends rally; Fed changes meeting format** — JD Vance has reportedly reached out to Iran’s security chief to explore restarting nuclear talks, weeks after Trump warned against negotiations, while Jio Platforms extends its post-listing rally. Plus, earnings, Apple’s first touchscreen MacBook Pro, the rupee, Delhi’s voter rolls in today’s 11:11 roundup. — [Source](https://www.cnbctv18.com/business/vance-reaches-out-to-iran-to-revive-nuclear-talks-jio-platforms-extends-rally-fed-changes-meeting-format-20022174.htm)
- 2026-10-29 — CNBC-TV18: **PNB Housing Finance shares fall despite 11% sequential profit growth; asset quality improves** — PNB Housing Finance’s loan book grew 19.2% year-on-year to ₹95,079 crore in Q2FY27 from ₹79,771 crore. The retail loan book increased 18.8% to ₹94,391 crore. — [Source](https://www.cnbctv18.com/market/pnb-housing-finance-shares-fall-despite-11-sequential-profit-growth-asset-quality-improves-20022111.htm)
- 2026-10-29 — Mint: **Indian shares set for positive start after Fed holds rates steady; elevated oil weighs** — INDIA-STOCKS:Indian shares set for positive start after Fed holds rates steady; elevated oil weighs — [Source](https://www.livemint.com/market/stock-market-news/indian-shares-set-for-positive-start-after-fed-holds-rates-steady-elevated-oil-weighs-11793240729336.html)
- 2026-10-29 — Mint: **Top stocks to watch today: Jio Platforms, IndiGo, Coal India, Meesho shares in focus on Thursday, 29 Oct | Full list** — Top stocks to watch today: Jio Platforms, Coal India, IndiGo, Trent, Meesho, Hero Motocorp among shares in focus on Thursday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-jio-platforms-indigo-coal-india-meesho-shares-in-focus-on-thursday-29-oct-full-list-11793236670600.html)
- 2026-10-28 — The Hindu: **PNB Housing Finance net profit up 6 per cent; considering a hike in lending rates** — PNB Housing Finance posts 6% quarterly profit rise with steady NIM at 3.67% and potential lending rate hikes in November. — [Source](https://www.thehindubusinessline.com/money-and-banking/pnb-housing-finance-net-profit-up-6-per-cent-considering-a-hike-in-lending-rates/article71637062.ece)
- 2026-10-28 — MONEYCONTROL: **PNB Housing Finance Q2 net profit rises 6% to Rs 617 crore** — PNB Housing Finance Q2 net profit rises 6% to Rs 617 crore Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Jio IPO Listing Price Cyclone Arnab Live Gold Price Akash Ambani Karnataka MLC Polls Israel exit polls HUL Q2 Results Prashant Kishor News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up — [Source](https://www.moneycontrol.com/news/business/pnb-housing-finance-q2-net-profit-rises-6-to-rs-617-crore-14062764.html)
- 2026-10-09 — Mint: **Stock recommendations for 9 October from MarketSmith India** — MarketSmith India reveals its top stock recommendations for today, 9 October. Get expert insights into the best-performing stocks to guide your investment decisions. — [Source](https://www.livemint.com/market/stock-market-news/stock-recommendations-for-9-october-from-marketsmith-india-11791471713807.html)
- 2026-09-29 — CNBC-TV18: **Explained - Why JPMorgan choses these two NBFCs as its top picks** — JPMorgan said NBFCs continue to gain market share in both the housing finance and gold loan segments. On asset quality, the brokerage said conditions remain strong, with risks largely limited to the micro-loan against property (micro-LAP) segment. — [Source](https://www.cnbctv18.com/market/pnb-housing-iifl-finance-shares-explained-why-jpmorgan-choses-these-two-nbfcs-as-top-picks-20000631.htm)
- 2026-09-21 — Economic Times: **Which NBFCs will gain the most from rate hike cycle? JM Financial lists top picks** — JM Financial highlights how soaring bond yields and policy rate hikes impact Indian NBFCs. While housing finance companies like LIC Housing Finance and PNB Housing Finance stand to benefit on NIMs, vehicle and MFI lenders face headwinds. Top stock picks include Aditya Birla Capital, Piramal Finance, and CreditAccess Grameen. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/which-nbfcs-will-gain-the-most-from-rate-hike-cycle-jm-financial-lists-top-picks/articleshow/134386955.cms)
- 2026-09-18 — CNBC-TV18: **Dalal Street gains for 3rd straight day: 5 reasons behind today’s rally** — The Nifty Bank gained 303 points to 56,359, while the Midcap index climbed 759 points to 62,191. Market breadth favoured advances, with the advance-decline ratio at 2:1. — [Source](https://www.cnbctv18.com/market/dalal-street-gains-for-3rd-straight-day-5-reasons-behind-todays-rally-19993682.htm)
- 2026-09-17 — BUSINESS: **Volumes soar at India Cements Ltd counter** — India Cements Ltd recorded volume of 12.54 lakh shares by 14:14 IST on NSE, a 26.47 times surge over two-week average daily volume of 47358 shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-soar-at-india-cements-ltd-counter-126091700777_1.html)
- 2026-09-15 — MONEYCONTROL: **Strong growth, margin levers at play for this housing finance company** — MCPro, Moneycontrol Research, PNB Housing Finance, stock recommendation — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/strong-growth-margin-levers-at-play-for-this-housing-finance-company-14029869.html)
- 2026-09-12 — Economic Times: **F&O Talk: Nifty has slipped below its crucial support, says Sudeep Shah; picks 5 stocks for next week** — After a turbulent trading day, Indian stock indices bounced back significantly as oil prices and bond yields eased. The Sensex and Nifty ended with modest declines, having experienced deeper dips earlier. Previous climbs in crude oil prices and geopolitical issues had weighed down on investor confidence. Analysts suggest maintaining caution and closely watching Niftys support and resistance levels, highlighting particular metal stocks and equities to watch for the week ahead. — [Source](https://economictimes.indiatimes.com/markets/expert-view/fo-talk-nifty-has-slipped-below-its-crucial-support-says-sudeep-shah-picks-5-stocks-for-next-week/articleshow/134119208.cms)
- 2026-09-08 — BUSINESS: **Stock Alert: Swiggy, Shiprocket, Neuland Lab, PNB Housing Finance** — Shares of Inox Wind, Kaynes Technology, LIC Housing Finance and SAIL barred from fresh F&O positions on 7 September 2026. — [Source](https://www.business-standard.com/markets/capital-market-news/stock-alert-swiggy-shiprocket-neuland-lab-pnb-housing-finance-126090800124_1.html)
- 2026-09-04 — BUSINESSTODAY: **PNB Housing Finance to strengthen affordable segment coverage amid strong growth** — PNB Housing Finance to strengthen affordable segment coverage amid strong growth — [Source](https://www.businesstoday.in/latest/corporate/story/pnb-housing-finance-to-strengthen-affordable-segment-coverage-amid-strong-growth-553359-2026-09-04)
- 2026-09-02 — CNBC-TV18: **ICICI Bank, PNB Housing, Data Patterns among Neuberger Berman’s India picks** — Conrad Saldanha, Managing Director, Portfolio Manager at Neuberger Berman believes the current risk-off phase could create opportunities in India, particularly as fundamentals remain relatively resilient. — [Source](https://www.cnbctv18.com/market/icici-bank-pnb-housing-finance-data-patterns-bharat-electronics-netweb-cg-power-neuberger-berman-19982001.htm)

## Business profile

**Strategic vision:** Housing finance company providing home loans and related financial products.

### Business segments
- **Housing Finance:** Provides home loans, loan against property, and Roshni Home Loans.
- **Ancillary Financial Services:** Subsidiary PHFL Home Loans & Services Ltd. offers professional and consultancy services, including sourcing, marketing, and distribution of financial instruments, insurance, and credit products.

### Competitive strengths
- Decades of specialized experience in housing finance
- Network of branches across the country

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/pnbhousing
Markdown representation: https://faxioms.com/stocks/pnbhousing?render=md