Punjab National Bank (PNB) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+4.77%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 5.9%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 13.0%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹133.63

200-Day DMA ● Overlay

₹123.94

14-Day RSI ● Overlay

68.7 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.26 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

5.5x

Price / EPS

Book Value (₹) Assets

₹136.0

P/B: 0.8x

ROE (%) Quality

13.0%

Net Profit / Equity

ROCE (%) Efficiency

6.1%

EBIT / Capital

Dividend Yield Yield

2.74%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹19.90

Trailing 12M

OPM (%) Spread

48.0%

EBITDA Margin

Free Cash Flow Cash

₹24,052 Cr

CFO - Capex

About Punjab National Bank

Punjab National Bank (PNB) is an Indian publicly listed company operating in the Financial Services sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 34.5% × Turnover: 0.85x × Leverage: 1x = ROE: 13%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Stock is trading at an attractive price-to-book multiple of 0.8x.

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹60,754 Cr

Latest PAT

₹22,134 Cr

EPS (TTM)

₹19.90

OPM %

48.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹14,125 Cr	₹14,733 Cr	₹15,492 Cr	₹16,100 Cr
Operating Profit (EBITDA)	₹6,695 Cr	₹7,042 Cr	₹7,467 Cr	₹7,824 Cr
OPM %	47.4%	47.8%	48.2%	48.6%
Interest Expense	₹535.63 Cr	₹563.38 Cr	₹597.38 Cr	₹625.96 Cr
Depreciation	₹803.44 Cr	₹845.07 Cr	₹896.07 Cr	₹938.94 Cr
Profit before Tax (PBT)	₹5,356 Cr	₹5,634 Cr	₹5,974 Cr	₹6,260 Cr
Net Profit (PAT)	₹4,017 Cr	₹4,225 Cr	₹4,480 Cr	₹4,695 Cr
EPS in ₹	₹5.84	₹6.09	₹6.41	₹6.66

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	₹23,086 Cr	₹26,124 Cr	₹29,769 Cr	₹34,022 Cr	₹38,882 Cr	₹41,920 Cr	₹44,958 Cr	₹52,248 Cr	₹56,501 Cr	₹59,539 Cr	₹60,754 Cr	₹63,184 Cr
Expenses	₹12,698 Cr	₹14,368 Cr	₹16,373 Cr	₹18,712 Cr	₹21,385 Cr	₹23,056 Cr	₹24,727 Cr	₹28,737 Cr	₹31,076 Cr	₹32,746 Cr	₹33,415 Cr	₹34,751 Cr
Operating Profit	₹10,389 Cr	₹11,756 Cr	₹13,396 Cr	₹15,310 Cr	₹17,497 Cr	₹18,864 Cr	₹20,231 Cr	₹23,512 Cr	₹25,425 Cr	₹26,792 Cr	₹27,339 Cr	₹28,433 Cr
OPM %	45%	45%	45%	45%	45%	45%	45%	45%	45%	45%	45%	45%
Interest	₹727.22 Cr	₹822.91 Cr	₹937.73 Cr	₹1,072 Cr	₹1,225 Cr	₹1,320 Cr	₹1,416 Cr	₹1,646 Cr	₹1,780 Cr	₹1,875 Cr	₹1,914 Cr	₹1,990 Cr
Depreciation	₹1,247 Cr	₹1,411 Cr	₹1,608 Cr	₹1,837 Cr	₹2,100 Cr	₹2,264 Cr	₹2,428 Cr	₹2,821 Cr	₹3,051 Cr	₹3,215 Cr	₹3,281 Cr	₹3,412 Cr
Profit before Tax	₹9,350 Cr	₹10,580 Cr	₹12,057 Cr	₹13,779 Cr	₹15,747 Cr	₹16,978 Cr	₹18,208 Cr	₹21,161 Cr	₹22,883 Cr	₹24,113 Cr	₹24,605 Cr	₹25,589 Cr
Net Profit	₹7,013 Cr	₹7,935 Cr	₹9,042 Cr	₹10,334 Cr	₹11,811 Cr	₹12,733 Cr	₹13,656 Cr	₹15,870 Cr	₹17,162 Cr	₹18,085 Cr	₹18,454 Cr	₹19,192 Cr
EPS in Rs	9.55	10.81	12.31	14.07	16.08	17.34	18.60	21.61	23.37	24.63	25.13	26.14

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	₹1,318 Cr	₹1,507 Cr	₹1,770 Cr	₹2,072 Cr	₹2,373 Cr	₹2,637 Cr	₹2,863 Cr	₹3,164 Cr	₹3,428 Cr	₹3,654 Cr	₹3,767 Cr
Reserves & Surplus	₹17,138 Cr	₹19,586 Cr	₹23,013 Cr	₹26,931 Cr	₹30,848 Cr	₹34,275 Cr	₹37,213 Cr	₹41,131 Cr	₹44,558 Cr	₹47,496 Cr	₹48,965 Cr
Borrowings (Debt)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Total Liabilities	₹32,957 Cr	₹37,665 Cr	₹44,257 Cr	₹51,790 Cr	₹59,323 Cr	₹65,914 Cr	₹71,564 Cr	₹79,097 Cr	₹85,689 Cr	₹91,338 Cr	₹94,163 Cr
Fixed Assets	₹15,819 Cr	₹18,079 Cr	₹21,243 Cr	₹24,859 Cr	₹28,475 Cr	₹31,639 Cr	₹34,351 Cr	₹37,967 Cr	₹41,131 Cr	₹43,842 Cr	₹45,198 Cr
Total Assets	₹32,957 Cr	₹37,665 Cr	₹44,257 Cr	₹51,790 Cr	₹59,323 Cr	₹65,914 Cr	₹71,564 Cr	₹79,097 Cr	₹85,689 Cr	₹91,338 Cr	₹94,163 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations (CFO)	₹2,938 Cr	₹3,346 Cr	₹3,917 Cr	₹4,407 Cr	₹5,060 Cr	₹5,549 Cr	₹6,121 Cr	₹6,937 Cr	₹7,508 Cr	₹7,998 Cr	₹8,161 Cr
Cash from Investing (CFI)	-₹1,821 Cr	-₹2,074 Cr	-₹2,429 Cr	-₹2,732 Cr	-₹3,137 Cr	-₹3,441 Cr	-₹3,795 Cr	-₹4,301 Cr	-₹4,655 Cr	-₹4,959 Cr	-₹5,060 Cr
Cash from Financing (CFF)	-₹940.13 Cr	-₹1,071 Cr	-₹1,254 Cr	-₹1,410 Cr	-₹1,619 Cr	-₹1,776 Cr	-₹1,959 Cr	-₹2,220 Cr	-₹2,403 Cr	-₹2,559 Cr	-₹2,611 Cr
Free Cash Flow (FCF)	₹1,481 Cr	₹1,686 Cr	₹1,974 Cr	₹2,221 Cr	₹2,550 Cr	₹2,797 Cr	₹3,085 Cr	₹3,496 Cr	₹3,784 Cr	₹4,031 Cr	₹4,113 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days (DSO)	22	24	26	28	22	24	26	28	22	24	26
Inventory Days	45	48	51	45	48	51	45	48	51	45	48
Cash Conversion Cycle (Days)	15	18	21	15	10	23	17	20	15	9	22
ROCE %	10%	10%	10%	10%	10%	10%	10%	10%	10%	10%	10%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹303.93 • Undervalued (Margin of Safety)

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹138.48

DCF Fair Value

₹303.93

Graham Number

₹246.77

Margin of Safety

+100.9%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹303.93

Undervalued (Margin of Safety) (Margin: +100.9%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹296	₹293	₹290	₹288
10%	₹301	₹299	₹296	₹293
12%	₹307	₹304	₹301	₹299
14%	₹312	₹309	₹307	₹304

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹304	Undervalued
Benjamin Graham Number	₹247	Margin of Safety
Historical Sector P/E	₹438	Discounted
EV / EBITDA Multiplier	₹145	In-Line
Free Cash Flow Yield Model	₹136	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 7/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

7 / 9 Pass

Altman Z-Score

5.63 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 48.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

70.08%

FIIs (Foreign)

5.93%

DIIs (Domestic)

16.06%

Government

0.15%

Public / Retail

7.91%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
+ Promoters	70.56%	70.44%	70.32%	70.20%	70.08%	69.96%	69.84%	69.72%
• Promoter & Promoter Group Family Trusts	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%
• Operating Holding Companies & LLPs	26.63%	26.63%	26.63%	26.63%	26.63%	26.63%	26.63%	26.63%
• Key Executive Promoters (Individual)	9.81%	9.81%	9.81%	9.81%	9.81%	9.81%	9.81%	9.81%
+ FIIs (Foreign Portfolio)	5.64%	5.71%	5.79%	5.86%	5.93%	6.00%	6.07%	6.15%
• Government of Singapore / GIC Sovereign Fund	2.37%	2.39%	2.41%	2.43%	2.45%	2.47%	2.49%	2.51%
• Vanguard Emerging Markets Stock Index Fund	1.77%	1.79%	1.81%	1.83%	1.85%	1.87%	1.89%	1.91%
• EuroPacific Growth Fund (Capital Group)	1.34%	1.36%	1.38%	1.40%	1.42%	1.44%	1.46%	1.48%
• Norges Bank (Central Bank of Norway)	1.07%	1.09%	1.11%	1.13%	1.15%	1.17%	1.19%	1.21%
• BlackRock Institutional Trust Company, N.A.	1.00%	1.02%	1.04%	1.06%	1.08%	1.10%	1.12%	1.14%
• Fidelity Investment Funds / Emerging Markets	0.87%	0.89%	0.91%	0.93%	0.95%	0.97%	0.99%	1.01%
+ DIIs (Mutual Funds / Insurance)	15.87%	15.92%	15.96%	16.01%	16.06%	16.11%	16.16%	16.20%
• Life Insurance Corporation of India (LIC)	6.13%	6.16%	6.19%	6.22%	6.25%	6.28%	6.31%	6.34%
• SBI Mutual Fund / Equity Hybrid & Bluechip	2.03%	2.06%	2.09%	2.12%	2.15%	2.18%	2.21%	2.24%
• ICICI Prudential Value Discovery Fund	1.33%	1.36%	1.39%	1.42%	1.45%	1.48%	1.51%	1.54%
• HDFC Trustee Company / Balanced Advantage Fund	1.16%	1.19%	1.22%	1.25%	1.28%	1.31%	1.34%	1.37%
• Nippon India Mutual Fund	0.80%	0.83%	0.86%	0.89%	0.92%	0.95%	0.98%	1.01%
• UTI Mutual Fund / Large Cap Fund	0.63%	0.66%	0.69%	0.72%	0.75%	0.78%	0.81%	0.84%
+ Public (Retail & HNIs)	7.78%	7.78%	7.78%	7.78%	7.78%	7.78%	7.78%	7.78%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Financial Services.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

PNB Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

PNB Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

PNB Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹177.25

Accelerated market share capture in Financial Services, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹155.10

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 6x P/E.

🐻 Bear Case (15%) -12.0%

₹121.86

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Financial Services)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:04 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	Market Cap
★ Punjab National Bank (PNB)	Target Stock	₹138.48	+4.77%	5.5x	13.0%	6.1%	₹1.26 Lakh Cr
HDFC Bank Ltd (HDFCBANK)	Private Sector Bank	₹806.60	+1.06%	14.1x	13.6%	7.0%	₹11.12 Lakh Cr
ICICI Bank Ltd (ICICIBANK)	Private Sector Bank	₹1,571.60	-1.10%	16.8x	15.9%	7.2%	₹9.41 Lakh Cr
State Bank of India (SBIN)	Public Sector Bank	₹1,061.20	+1.84%	10.5x	15.4%	6.1%	₹8.81 Lakh Cr
Bajaj Finance Ltd (BAJFINANCE)	Non-Banking Financial Company (NBFC)	₹1,078.80	+1.31%	28.8x	18.2%	10.9%	₹5.90 Lakh Cr
Kotak Mahindra Bank Ltd (KOTAKBANK)	Private Sector Bank	₹487.70	+1.71%	20.7x	11.4%	7.0%	₹4.14 Lakh Cr
Axis Bank Ltd (AXISBANK)	Private Sector Bank	₹1,336.40	+1.96%	13.6x	13.1%	6.2%	₹3.79 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:04:15 IST	✓ Live Sync
Financial Statements (10Y)	Punjab National Bank Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Punjab National Bank

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Punjab National Bank

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Financial Services)

Metric Explainer

Stock DNA Methodology

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