MarketFriction

Punjab National Bank

NSE PNB · BSE 532461 · Public Sector Bank
₹109.57 -3.09%
NSE close2026-10-01
52 week range98.50 - 135.15
Market cap₹1,28,434 Cr.
P/E5.81
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty BankNifty PSU Bank No price band Delivery 42.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue26,85827,85228,68229,14530,44731,89532,52332,57232,51332,88932,79833,589
Interest16,82017,44418,20618,53619,79020,73821,64021,82821,85822,16422,21922,583
Expenses10,2599,4499,8318,4738,5927,4949,1429,1978,2999,2987,5188,262
Financing Profit-2219596462,1362,0653,6631,7421,5472,3561,4263,0612,743
Financing Margin %-1%3%2%7%7%11%5%5%7%4%9%8%
Other Income2,9992,6764,2943,6154,6643,3924,7765,4274,1715,0134,0804,365
Depreciation000000000000
Profit before tax2,7783,6344,9405,7516,7297,0556,5186,9736,5276,4407,1417,108
Tax %36%38%37%35%34%34%29%74%26%19%27%25%
Net Profit1,9902,4413,3633,9914,7394,8115,0112,1675,1215,5775,6025,835
EPS in Rs1.812.213.043.614.104.184.341.844.464.834.875.06
Gross NPA %
Net NPA %
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue50,80448,05848,72552,14754,91881,93576,24286,845109,065124,010130,772131,789
Interest34,33132,72233,53034,65636,99750,80546,82351,81768,53480,70488,06988,824
Expenses27,45322,53343,34539,64525,86738,60136,02641,50239,62332,74333,03133,378
Financing Profit-10,980-7,197-28,151-22,153-7,946-7,470-6,607-6,47390810,5639,6729,587
Financing Margin %-22%-15%-58%-42%-14%-9%-9%-7%1%9%7%7%
Other Income6,1009,1688,8837,3679,38812,77712,32912,52914,15817,56020,06217,629
Depreciation4134305815846149828969059069581,2810
Profit before tax-5,2931,540-19,849-15,3708274,3254,8265,15114,16027,16628,45327,216
Tax %-31%41%-37%-35%56%38%19%35%35%32%35%
Net Profit-3,5101,239-12,111-9,5504852,6953,9083,3599,15718,55318,46722,134
EPS in Rs-18.795.58-43.88-20.790.652.453.513.048.2716.0816.0019.22
Dividend Payout %-2%0%0%0%0%0%18%21%18%18%19%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%10%15%3%
Compounded Profit Growth21%48%76%33%
Stock Price CAGR-2%22%12%-1%
Return on Equity4%9%12%13%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital3713934265529211,3482,0962,2022,2022,2022,2992,299
Reserves41,66941,41242,99040,96545,16462,52990,43995,380100,678108,185130,839147,674
Deposits537,758570,383629,651648,439681,874710,2541,113,7171,154,2341,290,3471,379,2251,577,0201,724,795
Borrowing36,69281,67443,33665,33046,82862,51252,29859,37270,14972,586105,807107,558
Other Liabilities19,52218,93216,90922,24215,33314,81421,17628,11330,27336,43841,57951,005
Total Liabilities636,011712,793733,311777,528790,120851,4571,279,7251,339,3011,493,6491,598,6361,857,5442,033,331
Fixed Assets3,6565,3086,2986,3716,2467,26211,04910,69612,08412,34813,08315,625
CWIP000000000000
Investments156,762165,126191,527204,419210,578253,782404,369388,586416,914446,421524,840523,515
Other Assets475,594542,358535,486566,738573,295590,413864,307940,0191,064,6511,139,8671,319,6201,494,191
Total Assets636,011712,793733,311777,528790,120851,4571,279,7251,339,3011,493,6491,598,6361,857,5442,033,331
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4,81414,16721,938-1,742-33,532-12,79330,95020,03222,592-27,93922,07525,635
Cash from Investing Activity-872-1,352159392-629-338-787-1,204-732-1,506-1,578-609
Cash from Financing Activity7,4515,975-9,7677,46013,96913,5915,4152,0321,2753,518-1,138-11,664
Net Cash Flow11,39318,79012,3306,109-20,19246035,57920,85923,135-25,92819,35913,362
Free Cash Flow4,26713,56121,442-2,394-33,972-13,13130,16419,49622,040-29,08320,49024,052
CFO/OP25%67%92%1%-268%-36%72%54%52%-38%30%26%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %8%-9%3%-29%-22%1%3%4%3%9%15%13%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.15%73.15%73.15%73.15%70.08%70.08%70.08%70.08%70.08%70.08%70.08%70.08%
FIIs2.65%3.10%4.82%5.51%8.42%5.70%5.71%5.52%5.67%5.93%6.39%5.93%
DIIs13.80%13.74%12.37%10.76%11.61%14.31%14.67%15.06%15.54%16.09%16.05%16.06%
Public10.41%10.00%9.67%10.57%9.89%9.91%9.54%9.34%8.70%7.91%7.48%7.91%
No. of Shareholders20,83,54621,63,62523,53,62525,29,28325,79,49126,40,52026,53,66525,74,69324,55,48423,09,00322,22,88922,31,532

Fundamentals

Market Cap₹ 1,28,434 Cr.
Current Price₹ 112
Stock P/E5.81
Book Value₹ 136
ROCE6.13 %
ROE13.0 %
Dividend Yield2.68 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)3%
Compounded Profit Growth (TTM)33%
Consolidated figures.
Valuation
Market capRs 125,928 Cr
Enterprise valueRs 1,897,400 Cr
P/E (TTM)5.70x
Price to book0.84x
Price to sales0.96x
EV / EBITDA16.17x
EV / EBIT16.35x
EV / sales14.40x
Price to cash flow4.91x
Earnings yield17.54%
Dividend yield2.74%
P/E, 3-year average9.10x
P/B, 3-year average0.95x
P/E, 5-year average10.52x
P/B, 5-year average0.75x
Profitability
Operating margin (excl. other income)74.74%
Operating margin (incl. other income)90.08%
EBITDA margin89.02%
Pre-tax margin20.65%
Net profit margin16.76%
Net margin, latest quarter17.31%
ROE12.99%
ROCE6.14%
ROA0.95%
ROE, 3-year average12.24%
ROCE, 3-year average6.00%
ROA, 3-year average0.87%
ROE, 5-year average8.82%
ROCE, 5-year average5.22%
ROA, 5-year average0.63%
ROIC (approx.)3.92%
Tax rate35.10%
Other income / net worth13.38%
Growth
Sales growth (latest year)5.45%
Profit growth (latest year)-0.47%
Sales CAGR, 3 years14.62%
Sales CAGR, 5 years9.80%
Profit CAGR, 3 years76.44%
Profit CAGR, 5 years48.33%
Sales growth QoQ2.41%
Profit growth QoQ3.99%
Sales growth YoY (latest quarter)3.12%
Profit growth YoY (latest quarter)174.29%
Per share
EPS (TTM)Rs 19.22
EPS (latest year)Rs 16.00
EPS (latest quarter)Rs 5.06
EPS, 3-year averageRs 13.45
EPS, 5-year averageRs 9.38
Book value per shareRs 130.49
Sales per shareRs 114.67
Cash flow per shareRs 22.31
Free cash flow per shareRs 20.93
Dividend per share (latest year)Rs 3.00
Dividend per share, 3-year averageRs 2.47
Dividend per share, 5-year averageRs 1.74
Dividends
Dividend payout18.75%
Dividend payout, 3-year average18.31%
Dividend payout, 5-year average18.91%
Efficiency
Asset turnover0.06x
Fixed asset turnover8.37x
Leverage
Total debtRs 1,832,354 Cr
Cash and bankRs 60,882 Cr
Net debtRs 1,771,472 Cr
Debt to equity12.22x
Net debt / EBITDA15.10x
Interest coverage1.31x
Owners' fund to total sources7.38%
Debt to assets90.12%
Cash flow
Cash from Operating Activity (latest year)Rs 25,635 Cr
Cash from Investing Activity (latest year)Rs -609 Cr
Cash from Financing Activity (latest year)Rs -11,664 Cr
Net Cash Flow (latest year)Rs 13,362 Cr
Free cash flow (latest year)Rs 24,052 Cr
FCFE (approx.: FCF + change in debt)Rs 173,579 Cr
Cash from ops / profit, 5 years1.17x
Sales to cash flow5.10x
Statement figures
Net sales (TTM)Rs 131,789 Cr
Net sales (latest year)Rs 130,772 Cr
Sales (latest quarter)Rs 33,589 Cr
Operating profit excl. other income (latest year)Rs 97,741 Cr
Operating profit (latest quarter)Rs 25,327 Cr
Other income (TTM)Rs 17,629 Cr
EBITDA (TTM)Rs 117,322 Cr
PBDT (TTM)Rs 28,498 Cr
Profit before tax (TTM)Rs 27,216 Cr
Tax (latest year)Rs 9,986 Cr
Net profit (TTM)Rs 22,088 Cr
Net profit (latest year)Rs 18,393 Cr
Net profit (latest quarter)Rs 5,815 Cr
Depreciation (TTM)Rs 1,281 Cr
Interest (TTM)Rs 88,824 Cr
Cost of goods sold (latest year)Rs 1,086 Cr
Total expenditure (latest year)Rs 33,031 Cr
Total income (latest year)Rs 150,834 Cr
Share capitalRs 2,299 Cr
ReservesRs 147,674 Cr
Shareholders' fundsRs 149,972 Cr
Total assetsRs 2,033,331 Cr
Net blockRs 15,625 Cr
InvestmentsRs 523,515 Cr
Other liabilitiesRs 51,005 Cr
Shares outstanding (crore)1,149.29
Ownership
Promoter holding70.08% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 5.7 is the lowest in its own 7.4-year history (median 16.4, low 5.7, high 190.8).
P/B 0.84 is at the 39th percentile (median 0.95).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodPNBNifty 50Difference
1 week-6.4%-2.8% -3.7 pts
1 month-4.9%-6.8% +1.9 pts
3 months+4.0%-7.6% +11.6 pts
6 months+9.0%+0.4% +8.6 pts
1 year-1.6%-9.9% +8.3 pts
2 years-1.7%-13.6% +11.8 pts
3 years+36.6%+14.2% +22.4 pts
5 years+169.9%+27.9% +142.0 pts
157 mutual fund schemes hold about ₹5,960 Cr. Over three months 32 bought more and 25 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Contra Fund2.78%1,323 +2%
SBI Balanced Advantage Fund1.82%771 +2%
SBI Arbitrage Fund0.80%378 -3%
HDFC Arbitrage Fund(M1.28%327 +39%
ICICI Pru Arbitrage Fund0.89%310 +15%
Kotak Arbitrage Fund(M0.35%266 -42%
SBI Multi Asset Allocation Fund(A1.15%240 -5%
UTI Arbitrage Fund1.64%183 +18%
HSBC Value Fund1.18%181 -1%
ICICI Pru Nifty Next 50 Index Fund1.55%157 -1%
Tata Arbitrage Fund0.48%120 -2%
UTI Nifty Next 50 Index Fund1.55%117 -1%
DSP Arbitrage Fund1.65%110 +17%
Edelweiss Arbitrage Fund0.69%103 +12%
Bandhan Arbitrage Fund(M1.10%88 -22%
Bandhan Arbitrage Fund1.10%85 -22%
Nippon India Arbitrage Fund0.46%80 -8%
Nippon India Arbitrage Fund(M0.46%77 -8%
Aditya Birla SL Arbitrage Fund0.26%71 -3%
Motilal Oswal BSE Enhanced Value Index Fund3.02%68 +4%
HSBC Arbitrage Fund(M1.81%60 +19%
SBI BSE PSU Bank Index Fund12.32%44 +4%
HDFC NIFTY Next 50 Index Fund1.55%42 -1%
DSP Dynamic Asset Allocation Fund(M1.08%41 +1%
Baroda BNP Paribas Large Cap Fund1.56%41 +0%

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was 43% of net profit over the last 3 years
explainLow interest cover Interest cover 1.3x in 2026
lookProfit leans on other income Other income was 71% of pre-tax profit in 2026
lookRegulator order or action Regulator order or action 2026-10-01: Punjab National Bank has informed the Exchange about Action(s) taken or orders passed
lookAuditor change Auditor change 2026-03-25: Punjab National Bank has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Revenue ₹33,589 Cr +3.1% vs Jun 2025. Net profit ₹5,835 Cr +169.3%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
State Bank of India890,49210.66.13 %
Union Bank of India126,7186.146.30 %
Bank of Baroda117,7425.335.63 %
Canara Bank108,4035.466.52 %
Indian Bank107,1178.386.32 %
Bank of Maharashtra60,8868.086.03 %
Indian Overseas Bank59,59910.46.07 %
Bank of India59,2355.035.93 %
UCO Bank28,90410.35.55 %
Central Bank of India27,1905.965.64 %
Punjab & Sind Bank14,97910.85.95 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-06-12Dividend - Rs 3 Per Share
2025-06-20Dividend - Rs 2.90 Per Share
2024-06-21Dividend - Rs 1.50 Per Share
2024-06-21Annual General Meeting
2023-06-23Annual General Meeting/Dividend - Rs 0.65 Per Share
2022-06-22Annual General Meeting/Dividend - Rs 0.64 Per Share
2021-07-16 Annual General Meeting
2020-07-27 Annual General Meeting
2019-07-04 Annual General Meeting
2018-09-10 Annual General Meeting
2017-06-21 Annual General Meeting
2016-06-23 Annual General Meeting
2015-06-22Annual General Meeting/ Dividend - Rs 3.30/- Per Share
2014-12-18Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2014-06-20Annual General Meeting
2014-02-11Interim Dividend Rs.10/- Per Share
2013-06-13Annual General Meeting / Final Dividend Rs.27 Per Equity Share
2012-06-14Annual General Meeting And Dividend Rs.22/- Per Share
2011-06-16Annual General Meeting And Dividend Rs.22/- Per Share
2010-07-08Annual General Meeting And Final Dividend Rs.12/- Per Share
2010-02-04Int Div-Rs.10/- Per Share
2009-06-04Agm/Div-Rs.20/- Per Share
2008-11-12Egm-Election Of Directors
2008-05-29Agm/Dividend - 130%
2007-06-07Agm/Fin Div-Rs.6/- Per Sh
2007-02-14Interim Dividend-40%
2006-06-22Agm/Final Dividend-30% Purpose Revised
DateTypeWhat it says
2026-10-02General UpdatesGeneral Updates
2026-10-01General UpdatesGeneral Updates
2026-10-01Regulatory actionAction(s) taken or orders passed
2026-09-30General UpdatesGeneral Updates
2026-09-29Concall / analyst meetOutcome
2026-09-28Concall / analyst meetSchedule of meet
2026-09-28Concall / analyst meetOutcome
2026-09-21Concall / analyst meetSchedule of meet
2026-09-21Concall / analyst meetSchedule of meet
2026-09-18Credit RatingCredit Rating
2026-09-17General UpdatesElection of Shareholder Director
2026-09-16General UpdatesGeneral Updates
2026-09-11General UpdatesGeneral Updates
2026-09-10Director changeChange in Director(s) of the company.
2026-09-09General UpdatesGeneral Updates - Notice of Strike
2026-09-01Concall / analyst meetOutcome
2026-09-01Shareholder meetingNotice of Extraordinary General Meeting to be held on September 25, 2026
2026-09-01Change in ManagementChange in Management
2026-08-31General UpdatesReview of Interest Rates
2026-08-27Concall / analyst meetSchedule of meet
2026-08-21Regulatory actionAction(s) initiated or orders passed
2026-08-20Concall / analyst meetOutcome
2026-08-19Investor PresentationInvestor Presentation
2026-08-19General UpdatesNewspaper Publication - Special Window for Transfer and Dematerialization of Physical Securities
2026-08-17Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.75
Max pain (expiry 2026-10-27)115
Largest call open interest at120
Largest put open interest at114
Implied volatility, at the money30.3%
Underlying at snapshot109.57
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3032,025
2026-09-2940,000
2026-09-28569
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-08-18NCLTPunjab National Bank Vs M/s. Shri Vishnu Eatables(INDIA)Ltd. & Ors.
2021-08-17NCLTM/s. Punjab National Bank (International) Ltd. Vs Superior Industries Ltd.
2021-08-16NCLTPunjab National Bank Vs Somanil Chemicals Ltd
2021-08-12NCLTPunjab National Bank Vs M/s Dhir Global Industria Pvt Ltd
2021-08-12NCLTSupriyo Kumar Chaudhary (Liquidator for JVL Agro Industries Ltd) Vs Punjab National Bank (OBC)
2021-08-11NCLTPunjab National Bank Vs Kunj Forgings Pvt Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Punjab National Bank?

Punjab National Bank (PNB) has a market capitalisation of Rs 1,28,434 Cr. at the 2026-10-01 close.

What is the P/E ratio of Punjab National Bank?

Punjab National Bank trades at a P/E of 5.81 on trailing twelve-month profit, at the 2026-10-01 close.

What were Punjab National Bank's latest quarterly results?

In the Jun 2026 quarter, Punjab National Bank revenue was Rs 33,589 Cr (+3.1% vs Jun 2025) and net profit was Rs 5,835 Cr.

What is the 52-week high and low of Punjab National Bank?

The 52-week high is Rs 135.15 and the 52-week low is Rs 98.50.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03