PNB Gilts Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

PNB Gilts Ltd trades at ₹87.8, in a downtrend and 39 weeks into that stage. That is +4.5% against its own 200-day average. It sits at 61% of a 52-week range of ₹62 to ₹105. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 14 straight weeks.

Today the stock is in a downtrend — week 39 of stage 4. At ₹87.8 it trades +4.5% versus its 200-day average and sits at 61% of its 52-week range (₹62–₹105).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +266% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 14 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/BV sits at the 65th percentile of its own range.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

PNB Gilts Ltd trades at 0.9× P/BV, mid-range by its own standards (65th percentile). Its long-run median P/BV is 0.9×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 0.9× is mid-range by its own standards (65th percentile), against a long-run median of 0.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The honest context for that discount: a bank earning about 11% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.

Why the multiple sits where it does: over the past year book value grew while the price moved −11.1% — the price ran ahead of the book, pushing the multiple up its own range.

The price move, decomposed: over 5y, of the +3.2%/yr price move, ~+11.0%/yr came from book-value growth and ~−7.8 pp from the multiple (compressing); over 10y, of the +12.8%/yr price move, ~+9.8%/yr came from book-value growth and ~+3.0 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

PNB Gilts Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −69.7% latest against +1406.7% at its 12-quarter best). The read is built from 8 quarters across 3 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

41.8/100 — rank 22 of 33 in Finance & Investments - Others · 80% evidence confidence

PNB Gilts Ltd scores 41.8 out of 100 against the 33 companies it is compared with in Finance & Investments - Others, ranking 22. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 8.9 + 9.7 + 15 + 8.2 = 41.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

PNB Gilts Ltd reported ₹455 Cr of income in the Jun 26 quarter, −19.2% year on year. Over 10 years it has compounded at 17.4% a year. The last full year, FY26, came in at ₹1,699 Cr. The last four reported quarters add to ₹1,747 Cr.

PNB Gilts Ltd reported ₹455 Cr of income in the Jun 26 quarter, −19.2% year on year. Over 10 years it has compounded at 17.4% a year. The last full year, FY26, came in at ₹1,699 Cr. The last four reported quarters add to ₹1,747 Cr.

FY26 revenue came in at ₹1,699 Cr (+1.4% on the year), capping 10 years at 17.4% compound. The latest quarter (Jun 26) printed ₹455 Cr, −19.2% year on year.

Pace check: the last four quarters averaged −3.0% growth against the decade's 17.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −5.3% over the last 4 quarters against +3.0%/yr over the last 8 — rolling over; TTM profit −69.7% vs +25.9%/yr — rolling over.

→ Revenue slipped — did the net margin hold as it scaled? Next: 17.8% this quarter (−10.6 pp YoY).

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

PNB Gilts Ltd's net margin is 17.8% in the Jun 26 quarter, −10.6 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −6.3% to 43.2%. The current quarter sits inside that band.

PNB Gilts Ltd's net margin is 17.8% in the Jun 26 quarter, −10.6 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −6.3% to 43.2%. The current quarter sits inside that band.

The latest quarter's net margin is 17.8%, −10.6 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −6.3%–43.2%.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ The net margin slipped — did that reach the bottom line? Next: profit −49.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

PNB Gilts Ltd earned ₹81.0 Cr of net profit in the Jun 26 quarter, −49.4% year on year. Full-year FY26 profit was ₹182 Cr. The 10-year compound rate is 18.3%. That is 17.8% of the quarter's revenue. The same quarter a year earlier earned ₹160 Cr. 4 of the last 12 reported quarters were loss-making.

PNB Gilts Ltd earned ₹81.0 Cr of net profit in the Jun 26 quarter, −49.4% year on year. Full-year FY26 profit was ₹182 Cr. The 10-year compound rate is 18.3%. That is 17.8% of the quarter's revenue. The same quarter a year earlier earned ₹160 Cr. 4 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹81.0 Cr, −49.4% year on year. On the full year, FY26 printed ₹182 Cr (−21.9%), and the 10-year compound rate is 18.3%.

🚨 Why profit moved: revenue contributed −19.2% and the margin −10.6 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −90.4% vs revenue −3.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit is up — how clean is the loan book behind it? Next: we hold no quarterly loan-book numbers — the section says so plainly.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for PNB Gilts Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

→ Behind the profits — is the book itself still growing? Next: revenue grew +1.4% in FY26.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

PNB Gilts Ltd's revenue grew +1.4% in FY26 to ₹1,699 Cr, so the book is growing. The latest quarter ran −19.2% year on year. The net margin on that income is 17.8%, −10.6 percentage points against a year ago. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.

FY26 revenue was ₹1,699 Cr, +1.4% on the year, and the latest quarter ran −19.2% year on year. The net margin on that revenue is 17.8% this quarter (−10.6 pp YoY) — growth with a narrowing margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

→ Does all of this actually earn its keep on equity? Next: ROE is 11%.

Returns on equity and assets Two numbers usually rate a lender: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys.

A clean annual return-on-equity ladder is not held for PNB Gilts Ltd. For an insurer especially the standard bank ratios are not the right lens, so this page does not force them onto the filings rather than estimating a series it cannot support. The revenue, margin and ownership sections above and below are the reads this page stands behind.

We do not hold a clean annual return-on-equity series for PNB Gilts Ltd — for an insurer especially, the standard bank ratios are not the right lens, so this page does not force them. The revenue, margin and ownership sections above and below are the reads we stand behind.

→ Who owns PNB Gilts Ltd, and are they adding or leaving? Next: the register is quiet.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of PNB Gilts Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.1 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.2 points over 8 quarters to 0.1%; Domestic institutions: −0.1 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 74.1%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

PNB Gilts Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Frequently asked questions