Punjab National Bank (IN:PNB)
:PNB
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Punjab National Bank
(PNB)
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Rating:65Neutral
Price Target:
₹115.00
▲(0.44% Upside)
Action:Downgraded
Date:05/09/26
The score is driven primarily by improving financial performance (material margin and ROE improvement), supported by attractive valuation (low P/E and solid dividend yield). This is partially offset by weak technicals (trading below key moving averages with negative MACD and low RSI) and some stability risks from uneven cash flows and prior leverage volatility.
Positive Factors
Profitability turnaround
A multi-year margin recovery to ~12.3% reflects durable improvement in interest spreads and operating efficiency versus FY2022–FY2023. Sustained higher margins support internal capital generation, reinvestment capacity and resilience to cyclical credit stress over the medium term.
Negative Factors
Leverage volatility
Large year-to-year swings in leverage suggest episodic reliance on external funding or capital adjustments, complicating capital planning and risk management. This instability can pressure capital ratios and strategic execution during adverse cycles over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
A multi-year margin recovery to ~12.3% reflects durable improvement in interest spreads and operating efficiency versus FY2022–FY2023. Sustained higher margins support internal capital generation, reinvestment capacity and resilience to cyclical credit stress over the medium term.
Read all positive factors
Punjab National Bank (PNB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.17T
Dividend Yield2.4%
Average Volume (3M)998.19K
Price to Earnings (P/E)6.3
Beta (1Y)1.25
Revenue Growth6.41%
EPS Growth-2.63%
CountryIN
Employees102,349
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)14.82
Shares Outstanding11,492,943,000
10 Day Avg. Volume1,527,230
30 Day Avg. Volume998,186
Financial Highlights & Ratios
PEG Ratio-2.46
Price to Book (P/B)0.77
Price to Sales (P/S)0.77
P/FCF Ratio4.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹129.50Price Target Upside13.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)15.58
Revenue Forecast (FY)₹634.57B
Punjab National Bank Business Overview & Revenue Model
Company Description
Punjab National Bank provides various banking and financial products and services in India. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments. It offers personal banking produ...
How the Company Makes Money
PNB primarily makes money through a combination of interest-based income and fee-based (non-interest) income typical of commercial banking. The largest driver is net interest income: the bank pays interest on customer deposits and other borrowings...
Punjab National Bank Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47T | 1.49T | 1.40T | 1.24T | 989.09B | 879.77B |
| Gross Profit | 463.86B | 595.10B | 597.61B | 552.61B | 470.92B | 411.54B |
| EBITDA | 270.36B | 283.63B | 268.48B | 149.62B | 59.05B | 55.86B |
| Net Income | 170.35B | 183.93B | 184.80B | 91.07B | 33.48B | 38.61B |
Balance Sheet | ||||||
| Total Assets | 19.21T | 20.33T | 18.58T | 15.99T | 14.94T | 13.39T |
| Cash, Cash Equivalents and Short-Term Investments | 1.48T | 1.64T | 1.51T | 1.31T | 1.57T | 1.34T |
| Total Debt | 1.09T | 1.08T | 2.05T | 725.86B | 701.49B | 593.72B |
| Total Liabilities | 17.78T | 18.83T | 17.24T | 14.88T | 13.90T | 12.41T |
| Stockholders Equity | 1.42T | 1.50T | 1.33T | 1.10T | 1.03T | 975.82B |
Cash Flow | ||||||
| Free Cash Flow | -478.54B | 236.22B | 204.74B | -291.14B | 220.40B | 193.96B |
| Operating Cash Flow | -471.88B | 252.47B | 220.75B | -279.39B | 225.92B | 199.32B |
| Investing Cash Flow | -16.32B | -1.51T | -15.78B | -15.06B | -7.32B | -12.04B |
| Financing Cash Flow | 463.25B | 1.39T | -11.38B | 35.18B | 1.37T | 425.49B |
Punjab National Bank Technical Analysis
Neutral
114.50
Price Trends
117.22
Negative
119.94
Negative
115.72
Negative
Market Momentum
-1.15
Negative
53.97
Neutral
93.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PNB, the sentiment is Neutral. The current price of 114.5 is above the 20-day moving average (MA) of 108.92, below the 50-day MA of 117.22, and below the 200-day MA of 115.72, indicating a neutral trend. The MACD of -1.15 indicates Negative momentum. The RSI at 53.97 is Neutral, neither overbought nor oversold. The STOCH value of 93.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:PNB.
Punjab National Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹1.35T | 6.45 | ― | 2.86% | 2.58% | -4.19% | |
69 Neutral | ₹11.82T | 13.83 | ― | 1.10% | 5.21% | 6.67% | |
68 Neutral | ₹8.89T | 10.74 | ― | 1.64% | 6.98% | 4.74% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹1.24T | 5.69 | ― | 3.15% | -0.57% | 7.81% | |
65 Neutral | ₹1.17T | 6.28 | ― | 2.40% | 6.41% | -2.63% | |
60 Neutral | ₹1.16T | 5.68 | ― | 2.66% | 0.28% | 12.34% |
* Financial Sector Average
IN:PNB
Punjab National Bank
102.05
4.04
4.12%
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128.00
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22.78%
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767.80
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IN:SBIN
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962.95
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23.33%
IN:UNIONBANK
Union Bank of India Limited
161.95
29.44
22.22%
Punjab National Bank Corporate Events
Punjab National Bank Updates Exchanges on Investor and Analyst Meeting
May 7, 2026
Punjab National Bank informed the exchanges that its representatives participated in an investor and analyst group meeting held physically in Mumbai on 7 May 2026, organized by Motilal Oswal. During the session, the bank stated that it shared only...
Punjab National Bank Publishes FY 2026 Earnings Call Recording for Investors
May 5, 2026
Punjab National Bank, a major Indian public-sector lender with extensive retail and corporate banking operations, is listed on both the National Stock Exchange of India and BSE and plays a significant role in financing households, businesses and g...
Punjab National Bank to Switch Share Transfer Agent to KFin Technologies
Apr 13, 2026
Punjab National Bank’s board has approved changing its registrar to an issue and share transfer agent for its listed equity shares from Beetal Financial Computer Services Pvt. Ltd. to KFin Technologies Limited, following a structured reques...
Punjab National Bank Reshuffles Senior Management Across Key Operational and Zonal Roles
Apr 4, 2026
Punjab National Bank has announced a series of senior management changes effective 4 April 2026, reshaping leadership across key operational and zonal functions. Sanjay Gupta has been appointed Chief General Manager of the Data Privacy Management...
Punjab National Bank Reconfirms Compliance Officer and RTA Details for Listed Securities
Apr 1, 2026
Punjab National Bank has announced details of its designated Compliance Officer and the Registrar and Share Transfer Agents handling its listed equity shares, listed bonds, and unlisted certificates of deposit. The disclosure, made in line with SE...
Punjab National Bank Reshuffles Senior Management Across Key Regions
Mar 31, 2026
Punjab National Bank has announced a series of senior management changes effective 1 April 2026, primarily involving elevations and reassignments to key zonal manager and circle head roles across major regions such as Jaipur, Raipur, Agra, Amritsa...
Punjab National Bank Keeps Lending Rates Unchanged From April 1, 2026
Mar 30, 2026
Punjab National Bank has notified the stock exchanges that its marginal cost of funds based lending rates across various tenors will remain unchanged from April 1, 2026. The bank is also keeping its repo-linked lending rate and base rate steady, s...
Punjab National Bank Reshuffles Statutory Central Auditor Line-up for FY 2025-26
Mar 25, 2026
Punjab National Bank has announced a change in its Statutory Central Auditors for the financial year 2025-26, following a directive from the Reserve Bank of India. M/s P S D Associates, Chartered Accountants, has ceased to be part of the bankR...
Punjab National Bank Keeps MCLR and Lending Rates Unchanged From March 1, 2026
Feb 27, 2026
Punjab National Bank has announced that its Marginal Cost of Funds Based Lending Rates (MCLR) across all key tenors, from overnight to three years, will remain unchanged from March 1, 2026, maintaining previously applicable rates. The bank has als...
Fitch Upgrades Punjab National Bank’s Viability Rating, Affirms BBB- IDR
Feb 25, 2026
Punjab National Bank, a major state-owned lender in India with about 70% government ownership, offers extensive retail and corporate banking services and holds a sizeable share of the domestic financial market. Its strategic importance to the Indi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.