The company released its Q4 FY26 results in the post-market hours of Monday. Along with the earnings, the company announced a final dividend of Rs 8 per equity share for the financial year, which ended on March 31, 2026.
PNB Housing Finance’s net interest margin for the quarter however, dipped slightly to 3.69% in Q4 FY26 against 3.75% in the year ago period, while the gross non-performing assets ratio improved to 0.93% from 1.08% a year back. The mortgage lender’s assets under management expanded 13% year-on-year to Rs 90,921 crore. Its retail loan asset grew 16% to Rs 86,946 crore while the company resumed corporate lending after a gap of around four years.
Its retail disbursements clocked an all-time high of Rs 9,020 crore in the quarter under review while it disbursed Rs 335 crore to builders marking a re‑entry into the corporate lending segment.
Morgan Stanley on PNB Housing Finance
Morgan Stanley maintained its ‘Overweight’ stance on the shares of PNB Housing Finance, with a target price of Rs 1,160 apiece, ET Now reported. This implies an upside potential of nearly 26% from the stock’s previous closing price of Rs 923.70 apiece.
The international brokerage said that the company reported strong earnings for the March quarter, with profit after tax beating estimates, largely driven by recoveries. NII beat expectations by 1% while PPOP missed by 2% due to other income reversal, it added.Morgan Stanley noted that valuations are inexpensive, and PNB Housing Finance is a self help story with strong growth and low credit risk support upside, ET Now further reported.
JM Financial on PNB Housing Finance
JM Financial maintained its ‘Buy’ rating for the stock, with a target piece of Rs 950 apiece. This implies an upside potential of nearly 3% from the stock’s previous closing price. The domestic brokerage noted that the company’s profit after tax strongly beat its estimate by nearly 20%. “The earnings beat was primarily driven by improving growth trends and elevated recoveries, which continued to keep credit costs in negative territory at -0.80% (vs. -0.19% in 3Q),” it noted.
“The affordable segment showed signs of recovery on a sequential basis, while prime and emerging segments produced strong growth momentum. Corporate segment disbursements were also restarted during the quarter in line with mgmt. guidance, contributing ~4% to overall disbursements. Asset quality trends also showed improvement, with GS3/NS3 at ~0.93%/~0.57%, improving ~11bps QoQ each, supported by continued strong recoveries,” JM Financial highlighted.
Motilal Oswal on PNB Housing Finance
Motilal Oswal Financial Services maintained its ‘Buy’ call on the stock. It noted that the company’s profit after tax beat its estimate by 14%. “PNBHF currently trades at 1.2x FY27E P/BV. The company delivered a stable quarterly performance, underpinned by improving asset quality and supportive credit cost trends, though profitability remains partially constrained by elevated operating expenses and softer fee income. The marginal uptick in NIM, aided by easing cost of funds, is encouraging, but sustainability will hinge on yield dynamics and growth momentum,” it said.
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