MarketFriction

PNB Gilts Ltd

NSE PNBGILTS · BSE 532366 · Investment Company
₹71.63 -3.19%
NSE close2026-10-01
52 week range58.60 - 101.45
Market cap₹1,302 Cr.
P/E12.9
Price band 20% Delivery 51.2%

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

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales347385474440501362419563443425424455
Expenses6734131412591226152309315
Operating Profit280351461426488303407538292394331439
OPM %81%91%97%97%98%84%97%95%66%93%78%97%
Other Income040011001100
Interest325361371355336315307324345327316331
Depreciation444111111111
Profit before tax-49-108671153-1299213-536814108
Tax %-16%47%21%25%25%-13%24%25%-15%20%8%25%
Net Profit-41-156853115-1075160-45541381
EPS in Rs-2.28-0.863.782.976.37-0.564.178.89-2.522.990.724.48
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3435004025088821,0527561,2301,5771,6761,6991,747
Expenses161870213132433495552144290
Operating Profit3274823324878511,0207148811,5221,6241,5551,456
OPM %95%96%83%96%96%97%94%72%97%97%92%83%
Other Income0000-81-9884222
Interest2762263314035193955109731,4111,3121,3131,319
Depreciation0000121115333
Profit before tax51257183250614210-8599311242137
Tax %33%35%-8%36%25%26%21%-9%30%25%25%
Net Profit34167153186454166-7769233182102
EPS in Rs1.929.290.082.9410.3525.239.21-4.293.8612.9510.095.67
Dividend Payout %57%27%1,277%48%29%40%54%0%26%8%20%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth17%10%11%-5%
Compounded Profit Growth18%-17%60%-70%
Stock Price CAGR11%1%-3%-26%
Return on Equity13%8%11%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital180180180180180180180180180180180180
Reserves5415527196777088631,1361,2471,0801,1501,3651,530
Borrowings3,8584,9213,5144,3698,23412,1659,86414,53119,24322,40322,38424,884
Other Liabilities182119153274001,051960792994807773467
Total Liabilities4,7615,7714,5665,2529,52214,25812,14016,75021,49724,54024,70227,060
Fixed Assets333334347756
CWIP0000000013000
Investments3286404434,9998,81812,96510,90715,26718,51823,00823,16523,314
Other Assets4,4305,1284,1202517011,2901,2301,4802,9591,5251,5323,740
Total Assets4,7615,7714,5665,2529,52214,25812,14016,75021,49724,54024,70227,060
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-366-1,0881,213-800-3,843-3,8982,483-4,564-4,638-2,875-197-2,540
Cash from Investing Activity368-313197-0-0-1-1-1-14-1-1-1
Cash from Financing Activity711,030-1,4318003,8443,900-2,4814,6134,6183,159-382,479
Net Cash Flow74-370-200-01149-35283-236-62
Free Cash Flow-366-1,0881,212-800-3,844-3,8992,482-4,564-4,653-2,876-198-2,541
CFO/OP-81%-328%269%-235%-785%-452%259%-631%-526%-187%-8%-158%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days000000000000
Inventory Days
Days Payable
Cash Conversion Cycle000000000000
Working Capital Days-106331993102-136691811293996146
ROCE %9%6%10%7%7%8%8%5%5%7%7%6%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%
FIIs0.04%0.01%0.02%0.25%0.10%0.29%0.35%0.53%0.77%0.30%0.18%0.07%
DIIs0.00%0.00%0.00%0.08%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public25.89%25.91%25.91%25.60%25.82%25.64%25.58%25.40%25.17%25.62%25.74%25.86%
No. of Shareholders84,15481,67382,76582,89783,75284,96084,45383,24585,11683,06582,08584,279

Fundamentals

Market Cap₹ 1,302 Cr.
Current Price₹ 71.9
Stock P/E12.9
Book Value₹ 95.0
ROCE6.15 %
ROE11.0 %
Dividend Yield2.78 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-5%
Compounded Profit Growth (TTM)-70%
Standalone figures.
Valuation
Market capRs 1,289 Cr
Enterprise valueRs 25,622 Cr
P/E (TTM)12.61x
Price to book0.75x
Price to sales0.74x
EV / EBITDA17.57x
EV / EBIT17.60x
EV / sales14.67x
Earnings yield7.93%
Dividend yield2.79%
P/E, 3-year average13.50x
P/B, 3-year average1.01x
P/E, 5-year average11.74x
P/B, 5-year average0.92x
Profitability
Operating margin (excl. other income)91.54%
Operating margin (incl. other income)91.65%
EBITDA margin83.50%
Pre-tax margin7.83%
Net profit margin5.85%
Net margin, latest quarter17.75%
ROE11.16%
ROCE6.15%
ROA0.70%
ROE, 3-year average10.91%
ROCE, 3-year average6.60%
ROA, 3-year average0.65%
ROE, 5-year average7.81%
ROCE, 5-year average5.99%
ROA, 5-year average0.54%
ROIC (approx.)4.20%
Tax rate24.83%
Other income / net worth0.11%
Growth
Sales growth (latest year)1.36%
Profit growth (latest year)-22.06%
Sales CAGR, 3 years11.37%
Sales CAGR, 5 years10.06%
Profit CAGR, 5 years-16.75%
Sales growth QoQ7.18%
Profit growth QoQ521.25%
Sales growth YoY (latest quarter)-19.30%
Profit growth YoY (latest quarter)-49.58%
Per share
EPS (TTM)Rs 5.68
EPS (latest year)Rs 10.09
EPS (latest quarter)Rs 4.48
EPS, 3-year averageRs 8.96
EPS, 5-year averageRs 6.36
Book value per shareRs 94.97
Sales per shareRs 97.04
Cash flow per shareRs -141.09
Free cash flow per shareRs -141.16
Dividend per share (latest year)Rs 2.00
Dividend per share, 3-year averageRs 1.33
Dividend per share, 5-year averageRs 2.25
Dividends
Dividend payout19.82%
Dividend payout, 3-year average17.83%
Dividend payout, 5-year average26.95%
Efficiency
Asset turnover0.06x
Fixed asset turnover288.44x
Debtor days0 days
Debtors turnover24270.57x
Cash conversion cycle0 days
Working capital days146 days
Leverage
Total debtRs 24,884 Cr
Cash and bankRs 552 Cr
Net debtRs 24,332 Cr
Debt to equity14.56x
Net debt / EBITDA16.68x
Interest coverage1.10x
Owners' fund to total sources6.32%
Debt to assets91.96%
Cash flow
Cash from Operating Activity (latest year)Rs -2,540 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 2,479 Cr
Net Cash Flow (latest year)Rs -62 Cr
Free cash flow (latest year)Rs -2,541 Cr
FCFE (approx.: FCF + change in debt)Rs -41 Cr
Cash from ops / profit, 5 years-25.85x
Statement figures
Net sales (TTM)Rs 1,747 Cr
Net sales (latest year)Rs 1,699 Cr
Sales (latest quarter)Rs 455 Cr
Operating profit excl. other income (latest year)Rs 1,555 Cr
Operating profit (latest quarter)Rs 439 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 1,459 Cr
PBDT (TTM)Rs 140 Cr
Profit before tax (TTM)Rs 137 Cr
Tax (latest year)Rs 60 Cr
Net profit (TTM)Rs 102 Cr
Net profit (latest year)Rs 182 Cr
Net profit (latest quarter)Rs 81 Cr
Depreciation (TTM)Rs 3 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 1,319 Cr
Cost of goods sold (latest year)Rs 110 Cr
Total expenditure (latest year)Rs 144 Cr
Total income (latest year)Rs 1,701 Cr
Share capitalRs 180 Cr
ReservesRs 1,530 Cr
Shareholders' fundsRs 1,710 Cr
Total assetsRs 27,060 Cr
Net blockRs 6 Cr
InvestmentsRs 23,314 Cr
ReceivablesRs 0 Cr
Other liabilitiesRs 467 Cr
Shares outstanding (crore)18.00
Ownership
Promoter holding74.07% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 12.6 is at the 80th percentile of its own 8.1-year range (median 6.6, low 2.4, high 390.7).
P/B 0.75 is at the 30th percentile (median 0.86).
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.
PeriodPNBGILTSNifty 50Difference
1 week-4.9%-2.8% -2.2 pts
1 month-6.3%-6.8% +0.5 pts
3 months-21.0%-7.6% -13.3 pts
6 months+21.1%+0.4% +20.7 pts
1 year-27.3%-9.9% -17.4 pts
2 years-41.9%-13.6% -28.4 pts
3 years-10.1%+14.2% -24.2 pts
5 years+7.6%+27.9% -20.3 pts

Red flags

F-score 2 of 8
explainWeak cash conversion Cash from operations was -1159% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 10% of total assets in 2026
explainLow interest cover Interest cover 1.2x in 2026
lookAuditor change Auditor change 2026-09-08: PNB GILTS LTD. 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
Sales ₹455 Cr -19.2% vs Jun 2025. Net profit ₹81 Cr -49.4%.
Against our estimate for Jun 2026: sales -26.1%, profit +66.9% in line. Our estimate for Sep 2026: sales Rs 403 Cr, profit Rs 32 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-21Dividend - Rs 2 Per Share
2025-09-10Dividend - Re 1 Per Share
2024-09-13Dividend - Re 1 Per Share
2022-08-25Dividend - Rs 5 Per Share
2021-09-02 Dividend - Rs 3 Per Share
2021-02-11 Interim Dividend - Rs 4 Per Share
2020-11-18 Interim Dividend - Rs 3 Per Share
2020-09-03 Dividend - Rs 3 Per Share
2019-08-14 Annual General Meeting/Dividend - Rs 1.40 Per Share
2018-09-06 Annual General Meeting / Dividend- Re 1 Per Share
2017-09-07 Annual General Meeting/Dividend - Rs 2.50 Per Share
2016-09-08 Anual General Meeting/ Dividend -Rs 1.10/- Per Share
2015-09-10 Annual General Meeting /Dividend - Rs 1.50/- Per Share
2014-08-21Annual General Meeting / Final Dividend - Re 0.90/- Per Share
2013-07-03Bonus 1:30.7500
2013-05-23Dividend Re.1/- Per Share
2012-07-19Annual General Meeting/ Dividend Rs 1 Per Share
2011-06-16Dividend-Rs.1.20 Per Share
2010-05-28Annual General Meeting And Final Dividend Re.1/- Per Share
2009-08-10Agm/Dividend - 8%
2008-09-18Agm/Dividend - 15%
2007-09-20Agm
2006-09-21Agm
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-03Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-08-07ResignationResignation of Director/KMP/SMP
2026-08-07ResignationResignation of Mr. Bibhu Prasad Mahapatra as Non-Executive Non-Independent Director and Chairman of the company immediate effect (close of business ...
2026-08-07Record DateRecord date for the purpose of Dividend is 21-Sep-2026.
2026-08-07Board meeting outcomeOutcome of Board Meeting held on August 07, 2026.
2026-07-20Concall / analyst meetSchedule of meet
2026-07-16Board meeting outcomePNB GILTS LTD. has submitted to the Exchange, the unaudited standalone financial results for the period ended Jun 30, 2026.
2026-07-15Concall / analyst meetSchedule of meet
2026-06-16Disclosure under SEBI TakeovPunjab National Bank has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-06-04Volume querySignificant increase in volume has been observed in PNB GILTS LTD.. The Exchange, in order to ensure that investors have latest relevant information a...
2026-06-03Volume querySignificant increase in volume has been observed in PNB GILTS LTD.. The Exchange, in order to ensure that investors have latest relevant information a...
2026-04-27Shareholder meetingVoting results.
2026-04-20DividendBoard of Directors at its meeting held on April 20, 2026, recommended Final Dividend of Rs. 2 per equity share.
2026-04-20Board meeting outcomePNB GILTS LTD. has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-03-27Board meeting outcomeOutcome of Board Meeting held on March 27, 2026.
2026-03-25Shareholder meetingNotice of Postal Ballot
2026-03-16AppointmentAppointment of Ms. Anju Mittal as an Additional Director (Non-Executive & Non-Independent) of the company w.e.f. March 16, 2026.
2026-01-30AppointmentAppointment of Mr Bibhu Prasad Mahapatra as an Additional Director (Non-Executive & Non-Independent) of the company w.e.f. January 29, 2026.
2026-01-30Credit RatingCredit Rating
2026-01-17Change in ManagementChange in Management
2026-01-17Board meeting outcomePNB GILTS LTD. has submitted to the Exchange, the financial results for the period ended December 31, 2025.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of PNB Gilts Ltd?

PNB Gilts Ltd (PNBGILTS) has a market capitalisation of Rs 1,302 Cr. at the 2026-10-01 close.

What is the P/E ratio of PNB Gilts Ltd?

PNB Gilts Ltd trades at a P/E of 12.9 on trailing twelve-month profit, at the 2026-10-01 close.

What were PNB Gilts Ltd's latest quarterly results?

In the Jun 2026 quarter, PNB Gilts Ltd sales was Rs 455 Cr (-19.2% vs Jun 2025) and net profit was Rs 81 Cr.

What is the 52-week high and low of PNB Gilts Ltd?

The 52-week high is Rs 101.45 and the 52-week low is Rs 58.60.

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