Check Before You Invest : PNB Gilts Ltd

Q: Which industry/sub-sector does PNB Gilts Ltd belong to?

PNB Gilts Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.

Q: Is PNB Gilts Ltd a good quality company?

PNB Gilts Ltd is a average quality company, based on a somewhat consistent multi-year financial track record. This assessment is based on the bank’s performance on Total Income growth, Pre-Provision Operating Profit, RoA, RoE, CAR, and Asset Quality, along with how these metrics compare with its long-term averages.

Q: Is PNB Gilts Ltd undervalued or overvalued?

PNB Gilts Ltd appears Fair, as its key valuation ratios are in line with their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: 7.15, Historic Median: 7.64. Price to Book, Current: 0.76, Historic Median: 0.93. Price to Sales, Current: 0.76, Historic Median: 1.17. EV to EBITDA, Current: 16.48, Historic Median: 16.03

Q: Is PNB Gilts Ltd a good buy now?

PNB Gilts Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Q: Total Income growth of PNB Gilts Ltd?

PNB Gilts Ltd Operating Income growth is 6.6% for FY-2025, which is below its 5-year CAGR of 12.66%, indicating slower growth.

Q: Return on Assets of PNB Gilts Ltd?

PNB Gilts Ltd Return on Asset is 1%, which is in line with its 5-year historical median of 1%, indicating stable earnings on assets. Efficiency & Key Metrics. NPM (%), Current: 13.87, Historic Median: 13.87. PPOP (%), Current: 183.04, Historic Median: -17.18. RoA (%), Current: 1, Historic Median: 1

Q: Return on Equity (ROE) of PNB Gilts Ltd?

PNB Gilts Ltd Return on Equity is 16.2% for FY-2025, which is above its 5-year historical median of 12.1%, indicating the business is making better use of its shareholders capital.

Q: Pre-provisioning operating profit margin of PNB Gilts Ltd?

PNB Gilts Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is 183.04% for FY-2025, which is above its 5-year median(-17.18%), indicating increasing margins.

Q: Net Profit Margin of PNB Gilts Ltd?

PNB Gilts Ltd Net Profit Margin, which is the difference between the rate of interest earned on assets and the rate of interest paid on liabilities, is 13.87% for FY-2025, which is in line with its 5-year median( 13.87%), indicating stable margins.

Q: Does its ROIC exceed its WACC?

PNB Gilts Ltd return on invested capital (ROIC) is 4.84% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

Check Before You Invest : PNB Gilts Ltd

BSE: 532366 NSE: PNBGILTS ISIN: INE859A01011

| Sector: BFSI | Industry: Finance - NBFC

Snapshot

Q.1 Which industry/sub-sector does PNB Gilts Ltd belong to?

PNB Gilts Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.

Q.2 Is PNB Gilts Ltd a good quality company?

PNB Gilts Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on the bank’s performance on Total Income growth, Pre-Provision Operating Profit, RoA, RoE, CAR, and Asset Quality, along with how these metrics compare with its long-term averages.

Q.3 Is PNB Gilts Ltd undervalued or overvalued?

PNB Gilts Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	7.15	7.64
Price to Book	0.76	0.93
Price to Sales	0.76	1.17
EV to EBITDA	16.48	16.03

Q.4 Is PNB Gilts Ltd a good buy now?

PNB Gilts Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Total Income growth, NPM, PPOP, RoA and RoE compared to its last 5-year median.
How efficiently has it grown and managed operations?
By checking its Total Asset growth.
How strong is its Capital position and Asset Quality?
By checking its Capital Adequacy Ratio (CAR), GNPA and NNPA.

A: What are the trends in income and profitability?

Q.1 Total Income growth of PNB Gilts Ltd?

PNB Gilts Ltd Operating Income growth is 6.6% for FY-2025, which is below its 5-year CAGR of 12.66%, indicating slower growth.

Q.2 Return on Assets of PNB Gilts Ltd?

PNB Gilts Ltd Return on Asset is 1%, which is in line with its 5-year historical median of 1%, indicating stable earnings on assets.

	Current Level	5-year Historic Median
NPM (%)	13.87	13.87
PPOP (%)	183.04	-17.18
RoA (%)	1	1

Q.3 Return on Equity (ROE) of PNB Gilts Ltd?

PNB Gilts Ltd Return on Equity is 16.2% for FY-2025, which is above its 5-year historical median of 12.1%, indicating the business is making better use of its shareholders capital.

Q.4 Pre-provisioning operating profit margin of PNB Gilts Ltd?

PNB Gilts Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is 183.04% for FY-2025, which is above its 5-year median(-17.18%), indicating increasing margins.

Q.5 Net Profit Margin of PNB Gilts Ltd?

PNB Gilts Ltd Net Profit Margin, which is the difference between the rate of interest earned on assets and the rate of interest paid on liabilities, is 13.87% for FY-2025, which is in line with its 5-year median( 13.87%), indicating stable margins.

Q.6 Does its ROIC exceed its WACC?

PNB Gilts Ltd return on invested capital (ROIC) is 4.84% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

B: Does the bank grow efficiently and manage its operating costs?

Q.7 Total Asset growth of PNB Gilts Ltd?

PNB Gilts Ltd Total Asset growth is 0.72% for FY-2025, which is below its 5-year CAGR of 11.62%, indicating slower growth.

C: How strong is the bank’s capital position and asset quality?

Q.8 Capital Adequacy ratio of PNB Gilts Ltd?

PNB Gilts Ltd Capital Adequacy ratio (CAR) is 42.68% for FY-2025, which is above the regulatory requirement of 15%, indicating strong capital position.

Ownership & governance

D: Promoter shareholding and pledge status of PNB Gilts Ltd?

Q.1 Promoter shareholding and pledge status of PNB Gilts Ltd?

Promoters hold 74.07% of the PNB Gilts Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does PNB Gilts Ltd performance compare with that of its Peers?

Q.1 AUM Growth of PNB Gilts Ltd vs Industry Peers?

PNB Gilts Ltd AUM CAGR is 11.62%, compared to the 5-year industry median CAGR of 9.71%, indicating faster growth and gaining its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of PNB Gilts Ltd vs industry peers

PNB Gilts Ltd profit metrics are in line with the industry median level of 4.76%, indicating similar profitability compared to peers.

Profit Metrics

	Current Level	5-year Industry Median
NPM (%)	13.87	12.87
PPOP (%)	183.04	-
RoA (%)	1	1.4

Q.3 Operating efficiency of PNB Gilts Ltd vs industry peers?

PNB Gilts Ltd ROCE (6.8) is above the industry median of (4.15); while the current ROE (12.1) are above than the 5-year average Industry ROE (2.3). This shows that the business is positioned in the top quartile of the industry.

Operating Efficiency

	Current Level	5-year Industry Median
NPM (%)	13.87	12.87
PPOP (%)	183.04	-
RoA (%)	1	1.4
ROCE (%)	6.8	4.15
ROE (%)	16.2	2.3

Valuation & price assessment

Q.1 Stock return of PNB Gilts Ltd over the last decade?

Over the last 9 years, the stock has delivered a CAGR of 11.5% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	11.5%	6.5%	7.1%	-18.5%

Q.2 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	7.15	7.64	29.12
Price to Book	0.76	0.93	1.11
Price to Sales	0.76	1.17	9.10
EV to EBITDA	16.48	16.03	11.77

Q.3 Valuation ratios of PNB Gilts Ltd vs historical and industry averages?

The current Price-to-Book (P/B) ratio of 0.76 is lower than its historical median of 0.93, indicating that the stock is trading below its historical average valuation.

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Check Before You Invest : PNB Gilts Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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