PNB Housing Finance Limited Earnings Summary — Q4 FY2026
PNB Housing Finance Hits Multi-Year High in Margins as Asset Quality Improves Sub-1% NPA
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹2,263 Cr is 9.0% higher year-on-year.
- Revenue has compounded at 10.4% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹557 Cr is 4.5% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 11.2% annualised across the period.
- Operating margin stands at 91.5% in Q1 FY2027.
- Operating margin compressed by 150 bps year-on-year.
- Over the last two years operating margin has expanded by 71 bps.
- PBT margin is 31.7%.
- Expenses grew 32.5% against revenue growth of 9.0%.
- Operating profit of ₹2,072 Cr is 7.3% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 61/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 2,263 | 2,182 | 2,119 | 2,128 | 2,076 | 2,022 | 1,942 | 1,879 | 1,823 | 1,810 |
| Expenses | Volatile | 192 | 52 | 183 | 88 | 145 | 133 | 155 | 143 | 168 | 170 |
| Operating Profit | Stable | 2,072 | 2,129 | 1,936 | 2,040 | 1,931 | 1,889 | 1,787 | 1,736 | 1,655 | 1,640 |
| Operating Margin | Stable | 91.5% | 97.6% | 91.3% | 95.9% | 93.0% | 93.4% | 92.0% | 92.4% | 90.8% | 90.6% |
| Other Income | Volatile | 2 | -10 | 2 | 3 | 6 | 15 | 1 | 1 | 9 | 4 |
| Interest | Stable | 1,339 | 1,246 | 1,253 | 1,267 | 1,234 | 1,178 | 1,158 | 1,119 | 1,097 | 1,070 |
| Depreciation | Stable | 16 | 19 | 16 | 16 | 15 | 14 | 14 | 14 | 13 | 14 |
| Profit Before Tax | Improving | 718 | 855 | 668 | 760 | 688 | 711 | 616 | 605 | 554 | 560 |
| Tax | Improving | 161 | 199 | 148 | 178 | 154 | 161 | 132 | 135 | 121 | 121 |
| Net Profit | Improving | 557 | 656 | 520 | 582 | 534 | 550 | 483 | 470 | 433 | 439 |
| Net Margin | Stable | 24.6% | 30.1% | 24.6% | 27.3% | 25.7% | 27.2% | 24.9% | 25.0% | 23.7% | 24.3% |
Key Takeaways
- Net Profit reached a quarterly high of Rs. 656 Crores, growing over 26% sequentially.
- Financing Margin expanded significantly to 40% in Mar 2026, up from 31% two years prior.
- Gross NPA levels improved to a historic low of 0.93%, while Net NPA dropped to 0.57%.
- Quarterly revenue saw steady growth to Rs. 2,182 Crores, reflecting successful retail pivot execution.
- The 'Roshni' affordable housing segment is increasingly contributing to higher-yield asset segments.
- Bussiness expenses were curtailed significantly in the latest quarter to just Rs. 52 Crores.
- Capital health remains robust following the 2023 Rights Issue and subsequent credit re-ratings.
Management Guidance
Management is targeting an ROE range of 13-15% and continues to transition the loan book from wholesale toward retail and affordable housing assets.
Sentiment Shift
Improving
A clear re-rating is visible as the company transitions from asset-quality cleanup to a high-margin retail growth phase.
Outlook
The outlook remains strong with the company emerging as a disciplined compounder, though face-to-face competition with Tier-1 banks in the prime mortgage space and promoter stake dilution remain long-term monitoring points.
From the Annual Report (Key Quotes)
“PNB Housing Finance has successfully navigated a challenging multi-year turnaround.”
“The lender is targeting higher-yield segments to drive margin expansion through 'Roshni'.”
“Asset quality has shown a remarkable recovery, with GNPA levels dropping sub-1%.”
Official Quarterly Documents
Ask AI about this quarter
This summary is AI-generated from PNB Housing Finance Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.