PNB Housing Finance Ltd(PNBHOUSING)

NSE: PNBHOUSINGBSE: 540173

₹ 1,110-1.56%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 28,949 crNext results: 28 Oct 2026Website: www.pnbhousing.comUpdated: 24 Oct 2026

About

PNB Housing Finance is a housing finance company promoted by Punjab National Bank (28.0% stake), offering home loans and loan against property across Prime, Emerging Markets, and Affordable Housing segments. The retail loan book stood at INR 89,178 crore as of Q1 FY27, growing 16% YoY, with total AUM of INR 89,670 crore. In October 2026, the company achieved AAA ratings from all four major credit rating agencies - CRISIL, ICRA, CARE Ratings, and India Ratings - within a 12-month span.^[1]

Loan book mix

Overall loan book: INR 89,670 crore in Q1 FY27 (+15% YoY); retail portfolio: INR 89,178 crore (+16% YoY); corporate book: INR 493 crore.^[2]
Affordable Housing (Roshni) segment loan asset grew 61% YoY to ₹8,153 crore in FY26; Emerging Markets grew 21% YoY to ₹26,820 crore in FY26.^[1]
Affordable and Emerging Markets together represent 41% of the retail portfolio in Q1 FY27, up from 40% in FY26 and 37% in FY25; target is 45% by end FY27.^[2]
Affordable and Emerging Markets contributed 48% of total retail disbursements in FY26, backed by 80% of the branch network.^[1]
Corporate segment restarted in Q4 FY26 after a multi-year pause; INR 215 crore disbursed in Q1 FY27; book capped at ~3% of total in FY27.^[2]

Products and brands

Loan portfolio spans housing and non-housing loans across Prime, Emerging Markets, and Affordable Housing retail segments, plus Loan Against Property and corporate real estate financing.^[1]
Affordable Housing segment operates under the brand 'Roshni'; its mascot was launched in December 2024 to strengthen customer engagement.^[1]
New high-yield initiatives launched in Q1 FY27: Emerging Developer Finance (INR 71 crore disbursed) and pool buyout transactions (INR 146 crore acquired).^[2]
Micro Housing Finance rollout planned from Q2 FY27 via existing Affordable branches, with real volume contribution expected from H2 FY27; target yield 14 - 16%.^[2]

Branch network and operations

Branch network reached 404 as of Q1 FY27, with 12 new branches added in the quarter; in Q2 FY26, branches stood at 356 (198 Affordable, 85 Emerging, 73 Prime).^[2]
Distribution ecosystem includes over 14,000 channel partners nationwide and 2,300+ grassroots connectors under the Roshni Saarthi programme.^[1]
Central Processing Centres in Mumbai, Bengaluru, and Noida; each handles over 26,000 service requests per month; documents for more than 3.82 lakh customers stored on cloud.^[1]
Total outstanding deposits stood at ₹18,055 crore as of 31 March 2026; fixed deposits mobilised from 80,000 customers in FY26.^[1]

Key operating metrics

NIM: 3.50% in Q1 FY27 (-19 bps QoQ from 3.69% in Q4 FY26); spread held flat QoQ at 2.12%; portfolio yield 9.48% (+1 bp QoQ).^[2]
Cost of borrowing: 7.36% in Q1 FY27 (-40 bps YoY, +1 bp QoQ).^[2]
GNPA: 0.95% in Q1 FY27 (-11 bps YoY); NNPA: 0.58% (-11 bps YoY). GNPA crossed below 1% for the first time in FY26, reaching 0.93% as of 31 March 2026.^[2]
Credit cost: -12 bps in Q1 FY27, driven by INR 67 crore recovered from the written-off pool; remaining written-off retail pool ~INR 340 crore.^[2]
Capital adequacy ratio (CRAR): 28.26% in Q1 FY27; opex-to-ATA fell below 1% for the first time to 0.99% in Q1 FY27.^[2]
Affordable segment balance-transfer inflow share fell from 10.5% in Q1 FY26 to 3.4% in Q1 FY27.^[2]

Customers and distribution

Individual housing loan customers are predominantly Middle Income Group (48.57% by number); average loan size ₹31.24 lakh; average LTV at origination 59.78%; average customer age 39 years (FY26).^[1]
Affordable (Roshni) book borrower mix: 43% self-employed and 30% informal income; incremental yield reached 12.13% in Q2 FY26.^[3]

Technology and digital

Infinity sales platform covers Prime, Emerging, and Affordable segments with end-to-end application processing and Salesforce LOS integration; fully adopted by in-house sales team as of Q4 FY26.^[1]
AI Credit Policy GenAI Bot expected to improve loan processing time by 10 - 20%; Agentic AI Bureau Summarisation framework expected to cut underwriting turnaround by 15 - 20%.^[1]
AI-enabled calling engaged 70% of sanctioned-but-not-disbursed pool in Q4 FY26, securing disbursement confirmation from 50%; digital channels generate ~15% of leads.^[4]

Expansion plans

FY27 overall loan book growth guidance: 18 - 20%; total book targeted to cross INR 1 lakh crore in FY27.^[4]
Affordable segment loan book growth guided at 50 - 60% for FY27; Affordable+Emerging share to reach ~50% of retail book by FY28.^[2]
~50 new branches planned for FY27, with majority in Affordable Tier 3 - 4 cities; cumulative FY26+FY27 additions guided at 70 - 80 branches.^[5]
Corporate book targeted at ~3% of total by end FY27 (in 7 - 8 top cities, yield 11.5 - 12%), rising to ~5 - 6% by FY28 and ~8 - 9% by FY29.^[4]

Recent developments

On 07 Oct 2026, CRISIL upgraded the company to AAA/Stable from AA+/Stable, giving it AAA ratings from CRISIL, ICRA, CARE Ratings and India Ratings within 12 months.^[6]
Rating upgrades from ICRA and CRISIL expected to reduce cost of borrowing by ~10 bps once complete (Q1 FY27 call).^[2]
FY26 annual report seeks approval to raise up to Rs.10,000 Crore through privately placed NCDs.^[1]
Dividend of Rs.8 per equity share proposed for FY26, subject to shareholder approval.^[1][4]
Ajai Kumar Shukla assumed the MD/CEO role in Q3 FY26, confirming no change to strategy, business mix, or underwriting approach.^[5]

Market Cap

₹28,949 Cr

High / Low

₹1,224 / 730

Stock P/E

12.5

Price / Book

1.5

Book Value

₹738

EPS

₹87.9

No. of Shares

26.05 Cr

ROE

12.7%

Debt / Equity

3.70

Sales

₹8,505 Cr

Net Profit

₹2,291 Cr

Promoter holding

28.0%

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