Overview

Detailed Summary

PNB Gilts Limited is a primary dealer in the Government Securities Market, with over 90% of its operations in this area. The company supports the government borrowing program through underwriting and trading activities.
Incorporated in 1996, PNB Gilts is a subsidiary of Punjab National Bank and operates as an NBFC, having been granted the license by the RBI to function as a standalone primary dealer.
Despite starting as a wholly owned subsidiary, PNB Gilts took its IPO in 2000, reducing the parent company's stake significantly and expanding its paid-up capital.
The company showed adaptability and resilience by diversifying its activities into merchant banking in the early 2000s, although these operations were later discontinued.
PNB Gilts achieved high credit ratings for its commercial paper programs, demonstrating strong creditworthiness and sound financial management practices.

Sector: Finance
Industry: Finance - Investment / Others
Market Cap: 1,386 Cr
Volatility: High Risk
P/E Ratio: 5.7
Industry P/E: 25.6
PEG Ratio: 0.5
P/B Ratio: 0.8
52W High: 119.84
52W Low: 73.55

Sales CAGR

1Y: 6.32%
3Y: 30.41%
5Y: 13.69%
10Y: 19.27%

Profit CAGR

1Y: 235.73%
3Y: 12.03%
5Y: 4.57%
10Y: 23.65%

ROE

TTM: 10.94%
3Y: 5.45%
5Y: 12.29%
10Y: 11.40%

ROCE

TTM: 5.81%
3Y: 5.90%
5Y: 6.03%
10Y: 6.57%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ALGOQUANT	58.85	1,666 Cr	133.21	14.92	0.00	14.71	15.58	7.48
PIFL	30.88	1,602 Cr	343.11	1.84	0.00	0.51	0.12	0.14
PNBGILTS	76.94	1,386 Cr	5.69	0.84	1.30	10.94	5.81	0.89
JPOLYINVST	1128.00	1,192 Cr	1.33	0.73	0.00	13.47	12.02	52.97
CENTRUM	23.00	1,047 Cr	-5.91	2.32	0.00	-28.18	8.98	-0.96
VHL	3120.00	995 Cr	4.29	0.27	0.16	6.54	6.89	6.19
DAMCAPITAL	140.65	994 Cr	9.58	3.21	0.71	36.27	48.27	16.76

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	347	385	474	440	501	362	419	563	443	425
Expenses	67	34	13	14	12	59	12	26	152	30
Interest	325	361	371	355	336	315	307	324	345	327
Financing Profit	-45	-10	90	72	153	-12	100	213	-53	67
Financing Margin %	-13.01	-2.65	18.99	16.26	30.47	-3.36	23.85	37.89	-12.01	15.84
Other Income	0.07	3.61	0.25	0.07	0.81	1.37	0.24	0.14	0.65	1.00
Depreciation	3.68	3.92	3.99	0.78	0.84	0.86	0.94	0.55	0.61	0.60
Profit Before Tax	-49	-11	86	71	153	-12	99	213	-53	68
Tax %	15.60	-47.33	21.02	24.60	24.82	13.22	24.37	24.85	14.82	20.33
Net Profit	-41	-15	68	53	115	-10	75	160	-45	54
EPS in Rs	-2.28	-0.86	3.78	2.97	6.37	-0.56	4.17	8.89	-2.52	2.99
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	500	402	508	882	1,052	756	1,230	1,576	1,676	1,845
Expenses	18	70	21	31	32	43	349	55	52	109
Interest	226	331	403	519	395	510	973	1,411	1,312	1,282
Financing Profit	257	1.64	83	332	625	202	-92	110	312	454
Financing Margin %	51.30	0.41	16.39	37.64	59.38	26.80	-7.46	6.99	18.61	24.59
Other Income	0.23	0.16	0.22	0.35	0.30	0.91	0.18	0.32	0.30	2.56
Depreciation	0.34	0.49	0.42	1.45	1.89	1.15	1.36	15	3.42	3.19
Profit Before Tax	257	1.32	83	250	614	210	-85	99	311	453
Tax %	287.06	-1,380.94	275.24	393.70	383.42	472.89	1,084.49	336.07	399.05	25.03
Net Profit	167	1.41	53	186	454	166	-77	69	233	340
EPS in Rs	9.29	-0.04	2.90	10.35	25.22	9.22	-4.29	3.86	12.95	13.53
Dividend Payout %	371.60	8.00	210.00	345.00	252.30	184.20	—	386.00	1,295.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	180	180	180	180	180	180	180	180	180	180
Reserves	552	719	677	708	863	1,136	1,247	1,080	1,150	1,365
Borrowings	4,921	3,514	4,369	8,234	12,164	9,863	14,530	19,238	22,399	22,381
Other Liabilities	117	153	27	400	1,051	960	793	999	811	776
Total Liabilities	5,770	4,566	5,252	9,522	14,258	12,140	16,750	21,497	24,540	24,703
Fixed Assets	2.80	3.01	2.67	2.58	3.46	2.89	3.37	7.02	7.17	5.02
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13	0.00	0.00
Investments	0.00	0.00	4,999	8,818	12,965	10,907	15,267	18,518	23,008	23,165
Other Assets	5,767	4,562	251	702	1,290	1,230	1,480	2,959	1,525	1,532
Total Assets	5,770	4,566	5,252	9,522	14,258	12,140	16,750	21,497	24,540	24,703

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1,088	1,213	-800	-3,843	-3,898	2,483	-4,564	-4,638	-2,875	-197
Cash from Investing Activity	-313	197	-0.26	-0.50	-1.34	-1.20	-0.63	-14	-1.05	-0.97
Cash from Financing Activity	1,030	-1,431	800	3,844	3,900	-2,481	4,613	4,618	3,159	-38
Net Cash Flow	-370	-20	0.18	-0.16	0.54	0.66	49	-35	283	-236

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%
FIIs	0.24%	0.01%	0.04%	0.01%	0.02%	0.25%	0.10%	0.29%	0.35%	0.53%	0.77%	0.30%
DIIs	0.00%	0.00%	0.01%	0.00%	0.00%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	25.69%	25.92%	25.88%	25.92%	25.91%	25.60%	25.83%	25.64%	25.58%	25.40%	25.16%	25.63%
Total Shareholders	83,472	81,306	84,154	81,673	82,765	82,897	83,752	84,960	84,453	83,245	85,116	83,065

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Frequently Asked Questions about PNB Gilts Ltd

PNB Gilts Ltd (PNBGILTS) is currently trading at 76.35 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

PNB Gilts Limited is a primary dealer in the Government Securities Market, with over 90% of its operations in this area. The company supports the government borrowing program through underwriting and trading activities. Incorporated in 1996, PNB Gilts is a subsidiary of Punjab National Bank and operates as an NBFC, having been granted the license by the RBI to function as a standalone primary dealer. Despite starting as a wholly owned subsidiary, PNB Gilts took its IPO in 2000, reducing the parent company's stake significantly and expanding its paid-up capital. The company showed adaptability and resilience by diversifying its activities into merchant banking in the early 2000s, although these operations were later discontinued. PNB Gilts achieved high credit ratings for its commercial paper programs, demonstrating strong creditworthiness and sound financial management practices.

Over the past 52 weeks, PNB Gilts Ltd has traded between a low of ₹73.55 and a high of ₹119.84. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

PNB Gilts Ltd has a market capitalization of approximately 1,385.54. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

PNB Gilts Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 5.69 and operates in the Finance sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 1,385.54 Cr, PNB Gilts Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

PNB Gilts Ltd operates in the Finance sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of PNB Gilts Ltd is 5.69. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Pnb Gilts Ltd

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Standalone Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Standalone Cash Flows (in ₹ Crores)

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Shareholding History

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Frequently Asked Questions about PNB Gilts Ltd

What is PNB Gilts Ltd share price today?

What does PNB Gilts Ltd do?

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

What is the market capitalization of PNB Gilts Ltd?

Should I consider investing in PNB Gilts Ltd stock?

Is PNB Gilts Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does PNB Gilts Ltd belong to and why does it matter?

What is the PE ratio of PNB Gilts Ltd?

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