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PNB Gilts Ltd (PNBGILTS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532366 NSE: PNBGILTS Finance - NBFC | Small Cap | PNB Gilts Share Price

₹90.33 3.25 (3.73%)

As on 04-Jun'26 16:59

PNB Gilts Ltd (PNBGILTS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532366 NSE: PNBGILTS Finance - NBFC | Small Cap | PNB Gilts Share Price

₹90.33 3.25 (3.73%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,626 Cr.
Current Price
₹90.3
52-Week Low / High
₹59 / 120
TTM EPS
₹10.1
Book Value per Share
₹95
P/E Ratio
8.95
Higher than its 5-year historical median
Industry PE
25.6
Price to Book (P/B)
0.95
In line with its 5-year historical median
EV/EBITDA
16.69
In line with its 5-year historical median
Dividend Yield
1.24%
Profitability Efficiency
Return on Equity (ROE)
16.21%
Return on Capital Employed (ROCE)
6.82%
Return on Assets (ROA)
0.95%
Growth Momentum
1-yr vs 3-yr growth
Net Interest Income Growth (1 Year)
Improving versus 3-year growth rate
124.74%
Book Value Growth (1 Year)
Improving versus 3-year growth rate
16.2%
Asset Quality
Gross NPA(%)
0.00%
Net NPA(%)
0.00%
TTM Sales
₹1,699 Cr.
Reserves
₹1,530 Cr.
Equity
₹180 Cr.
Face Value
₹10
All Time Low / High
₹9.07 / 149.25

PNB Gilts stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 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.

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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.

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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 9.68%, indicating faster growth and gaining its market share.
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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.
Q.1 Stock return of PNB Gilts Ltd over the last decade?
Over the last 9 years, the stock has delivered a CAGR of 13.3% based on the current price.
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10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
PNB Gilts Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Operating Income (₹ Cr.)3665034025219261,0521,0511,2301,5761,6801,699
YoY Gr. Rt. %-37.3%-20.1%29.6%77.6%13.6%-0.1%17%28.2%6.6%-
Adj EPS (₹ ) 1.99.30.12.910.425.29.2-4.33.91310.1
YoY Gr. Rt. %-383.9%-99.1%3575%252%143.8%-63.5%-146.6%NA235.5%-
BVPS (₹ )40.749.947.649.357.973.179.37073.985.895
YoY Gr. Rt. %-22.8%-4.7%3.6%17.5%26.3%8.4%-11.7%5.5%16.2%-
To view Net Profit/Total Funds (%) Colour Rating Guide click here ⓘ
Net Profit/Total Funds (%)0.73.200.71.63.41.2-0.40.310

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Net Interest Income18.4%12.7%16.9%6.6%
Adj EPS23.6%4.6%12%235.5%
BVPS8.7%8.2%2.7%16.2%
Share Price 14.6% 0.5% 12.5% -11.5%

Key Financial Ratios

RATIOS \ YEARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Asset Quality Ratio To view Asset Quality Ratio Colour Rating Guide click here ⓘ
Net NPA to Net Advances (%)0000000000-
Capitalization Ratio To view Capitalization Ratio Colour Rating Guide click here ⓘ
Capital Adequacy Ratio (%) 0000000000-
Margins
Net Profit Margin (%)9.433.20.410.120.143.215.8-6.34.413.910.7
Performance Ratios To view Performance Ratios Colour Rating Guide click here ⓘ
Return on Equity (%)4.820.50.26.119.338.512.1-5.85.416.210.6

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Income + 3675034025229271,0531,0521,2301,5861,683
Interest Income3665034025219261,0521,0511,2301,5831,680
Other Income ⓘ 2665416442301311136
Exceptional Items ⓘ 0000111122
Expenditure ⓘ + 3152474014395954308501,3231,4901,374
Interest Expense ⓘ 2762263314045223975139761,4141,315
Operating Expenses ⓘ 14151619293136376352
Provisions 2665416442301311136
Exceptional Items ⓘ 0000-81-98842
Profit Before Tax ⓘ 51257183250614210-8599311
Taxes ⓘ 1789-0306316044-82978
Profit After Tax 34167153186454166-7769233
Adjusted EPS (₹)1.99.30.12.910.425.29.2-4.33.913.0
Dividend Payout Ratio (%)57.40%26.90%1,272.30%47.70%29%39.60%54.30%0%25.90%7.70%

Valuation of PNB Gilts - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Equity Capital +7328998578881,0431,3161,4271,2601,3301,545
Share Capital ⓘ 180180180180180180180180180180
Reserves ⓘ 5527196777088631,1361,2471,0801,1501,365
Short term borrowings4,9213,5144,3698,23412,1649,86314,53019,23822,39922,381
Long Term Borrowings11-14-192-1-10-74
Current Liabilities 5,0373,6664,3958,63413,20710,82115,32320,23723,20223,152
Trade Payables0001112711
Other Liabilities-4,921-3,514-4,369-8,235-12,165-9,864-14,532-19,246-22,400-22,382
Total Liabilities ⓘ 5,7694,5655,2399,52114,25812,14016,74921,48724,52524,701

Assets

Non Current Asset +6544615,0168,83964882,2743,7202,8631,269
Loan Asset 0000000023455
Other Non Current Asset ⓘ 6544615,0168,83964882,2743,7202,6301,213
Current Asset +5,1164,10422368214,19412,05214,47517,76721,66123,433
Current Investment000012,96510,90713,13414,99820,54122,113
Other Current Asset5,1164,1042236821,2301,1451,3412,7691,1201,319
Total Assets ⓘ 5,7694,5655,2399,52114,25812,14016,74921,48724,52524,701

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ -1,0881,213-800-3,843-3,8982,483-4,564-4,638-2,875-197
Cash Flow From Investing Activity ⓘ -313197-0-0-1-1-1-14-1-1
Cash Flow From Financing Activity ⓘ 1,030-1,4318003,8443,900-2,4814,6134,6183,159-38
Net Cash Flow ⓘ -370-200-01149-35283-236

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Operational & Financial Ratios
EPS (₹)1.909.300.102.9010.4025.209.20-4.303.9013
DPS (₹)1.102.5011.403105011
BVPS (₹)40.749.947.649.357.973.179.37073.985.8

Performance Ratios

ROA (%)0.73.20.00.71.63.41.2-0.40.31.0
ROE (%)4.820.50.26.119.338.512.1-5.85.416.2
ROCE (%)6.49.66.96.86.98.35.34.96.86.8

Valuation Parameters

Price/Book(x)0.61.10.70.60.40.70.80.81.50.9

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

PNB Gilts Ltd FAQs

The current trading price of PNB Gilts on 04-Jun-2026 16:59 is ₹90.33.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of PNB Gilts stood at ₹1,626 Cr

The latest P/E ratio of PNB Gilts as of 03-Jun-2026 is 8.95.

The latest P/B ratio of PNB Gilts as of 03-Jun-2026 is 0.95.

The 52-week high of PNB Gilts is ₹119.8 and the 52-week low is ₹58.75.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of PNB Gilts is ₹1,699 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that PNB Gilts Ltd is a average quality company.

The key valuation ratios of PNB Gilts Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of PNB Gilts Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About PNB Gilts Ltd

In the year 1996 the Reserve Bank of India introduced the system of Primary Dealers with a view to strengthen the institutional infrastructure of government securities market. Six entities were granted licenses of which PNB Gilts was one. The company was established as a wholly owned subsidiary of Punjab National Bank with an initial paid up capital of Rs 50 crore, which is also the minimum capital requirement for a Primary Dealer.

RBI, New Delhi, granted PNB Gilts a certificate of registration vide its letter dated 10th February 1998, to carry on the business of a non-banking finance company. The company decided to expand its capital base & came with an IPO of Rs 3.5 crore shares at an offer price of Rs 30 per share aggregating Rs 105 crore in July 2000. This increased the paid up capital of the company to Rs 135.01 crore and reduced the holding of Punjab National Bank to 74.07%.

In February 2009 Punjab National Bank (PNB) decided to merge its primary dealership subsidiary PNB Gilts with self instead of selling the company,. Punjab National Bank was holding 74.07% stake in PNB Gilts.Punjab National Bank hopes to complete the merger of PNB Gilts with itself by March 2010 and expects net profit to grow 20-23% in the current fiscal.

Products and services offered by the company:

  • Treasury Bills
  • Central Government Dated Securities
  • State Government Securities
  • PSU Bonds
  • Inter-Corporate Deposits
  • CSGL accounts
  • Money market instruments
  • Merchant Banking
  • Mutual Fund Distribution
  • Investment/ trading in Equity and Equity derivatives

In addition to the above, it also offers advisory services to its clients to manage the government securities portfolio.

Achievements/ recognition:

  • The first stand alone Primary Dealer to come up with an IPO & get listed
  • The first PD to achieve ISO 9001:2000 certification.
  • The first to obtain a P1+ rating from CRISIL for its short-term borrowing program. At present the rating from CRISIL is for borrowing up to Rs 250 crore.
  •  The company achieved a turnover of Rs.53,390 crore during 2005-2006.
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