PNB Housing Finance Q4 FY26: Profit up 19%, ₹8 dividend

Results snapshot and why investors tracked it

PNB Housing Finance reported its March-quarter (Q4 FY26) results after market hours on April 20, posting a 19% year-on-year rise in net profit. The New Delhi-based non-banking financial company (NBFC) said improving operating leverage supported the profit growth. Alongside earnings, the board proposed a dividend of ₹8 per equity share (face value ₹10) for FY26. The numbers were followed by a sharp move in the stock in the next session, with reports of the share price rising as much as 10%.

Net profit rises to ₹656 crore

For Q4 FY26, the company reported net profit of ₹656 crore versus ₹550 crore in the same quarter last year. Another figure in the provided information puts consolidated net profit at ₹655.80 crore for the quarter, indicating broadly the same outcome on a rounded basis. Profit before tax (PBT) for Q4 FY26 was reported at ₹854.61 crore, up 20.2% from ₹711.21 crore in Q4 FY25. The improvement was attributed to operating leverage and supported by better credit trends reflected in provisions.

Net interest income growth, but mixed margin picture

Net interest income (NII) for the quarter was reported at ₹813 crore, up 10.8% from ₹734 crore in Q4 FY25. A separate figure cited NII at ₹808 crore, but both point to double-digit year-on-year growth. Net interest margin (NIM) for Q4 FY26 stood at 3.69%. That was lower than 3.75% in Q4 FY25 (a dip of six basis points), but it improved sequentially, with one data point citing 3.63% in the previous quarter.

Total income and operating costs

Total income for Q4 FY26 was reported at ₹2,171.91 crore, up 6.6% year-on-year. Total operating expenditure was ₹1,474.34 crore, up 5.8% year-on-year, with the rise attributed to higher interest costs (up 5.8% year-on-year) and higher employee expenses (up 19.5% year-on-year). Operating profit before provisions and contingencies was ₹697.57 crore in Q4 FY26, up 5.6% year-on-year.

Provision write-backs supported quarterly profitability

The company wrote back provisions of ₹176.22 crore in March 2026, compared with ₹64.83 crore written back in the same period last year. The larger write-back was one of the disclosed items explaining the improvement in profitability and the higher profit before tax. Management commentary in the provided text also pointed to disciplined collections and portfolio management.

Asset quality improves, GNPA falls below 1%

Gross non-performing assets (GNPA) ratio improved to 0.93% from 1.08% a year earlier. Another data point in the provided text also compared GNPA sequentially, stating GNPA declined to 0.93% from 1.04% in Q3 FY26. Management described this as a move to “sub-1% levels” driven by collections and portfolio management.

Loan book growth led by retail assets

PNB Housing Finance reported strong growth in its loan book over the year. Total loan assets rose 15.3% to ₹87,347 crore as on March 31, 2026, from ₹75,765 crore as on March 31, 2025. Retail loan assets grew 16% year-on-year to ₹86,946 crore as of March 31, 2026, and were stated to be 99.5% of total loan assets. The affordable and emerging markets segment was reported to have grown 28% year-on-year, and another provided line added that it contributed 40% to retail loan assets.

Disbursements hit record retail levels; corporate lending restarts

Disbursements in Q4 FY26 increased 36% year-on-year to ₹9,355 crore. Retail disbursements were reported at an all-time high of ₹9,020 crore for the quarter. The company also disclosed a “disciplined re-entry” into corporate lending, with ₹335 crore disbursed to builders in Q4 FY26, after a gap of around four years.

AUM crosses ₹90,000 crore in FY26

Assets under management (AUM) reached ₹90,921 crore in FY26, reflecting 13% growth from FY25. The AUM number is consistent across multiple parts of the provided text and was highlighted alongside the retail-heavy loan mix.

Dividend announced: ₹8 per share for FY26

The board proposed a dividend of ₹8 per equity share with a face value of ₹10 for the year ended March 31, 2026. In the provided text, this dividend is described both as a quarterly dividend and as a final dividend for FY26. In both cases, the payout amount and face value are consistent.

Stock reaction: up to 10% move reported

Following the earnings announcement, PNB Housing Finance shares were reported to have jumped 10% to ₹996.35 and, in another update, traded around ₹997.4 versus a prior close of ₹906.75. Another data point cited an intraday high of ₹972.75, up 7.3% on the BSE. The move was also reported to have outpaced the broader market on the day, with the BSE Sensex up 0.45% during the same session.

Key numbers table (as reported)

Why the quarter mattered for the housing finance theme

The quarter combined three elements investors typically track in housing finance: profit growth, improving asset quality, and steady expansion in the retail book. The data shows a retail-led growth approach, with retail loan assets accounting for 99.5% of total loan assets as of March 31, 2026. At the same time, NIM was lower than the year-ago quarter, even though it improved sequentially, keeping attention on funding costs and spreads. The company also highlighted its expansion in affordable and emerging markets, alongside a measured restart of corporate lending.

Management commentary

Ajai Shukla, managing director and CEO, said FY 2025-26 marked a year of resilient and balanced growth, adding that the company expanded its retail loan portfolio while sustaining asset quality and profitability. The company also said disciplined collections and portfolio management helped bring GNPA to sub-1% levels.

Conclusion

PNB Housing Finance closed Q4 FY26 with net profit of about ₹656 crore, NII growth around 11%, and GNPA improving to 0.93%, while proposing a dividend of ₹8 per share. The stock reaction suggested the market focused on profit momentum, the sub-1% GNPA print, and retail disbursement strength. Future updates investors are likely to track, based on disclosed developments, include how the company scales its affordable and emerging markets book and how its re-entry into corporate lending evolves.