PNB Housing Finance

Loan growth accelerates to 19%, disbursements jump 60% in Q2FY27

PNB Housing Finance has recorded 6% growth in the net profit to Rs 616.55 crore for the quarter ended September 2026 (Q2FY2027) over Q2FY2026. The loan book of the company surged 19%, while overall AUM jumped 17% end September 2026 over September 2025. The company has posted strong 60% growth in the disbursement in Q2FY2027. Meanwhile, the margins of the company were healthy, while asset quality improved in Q2FY2027.

The net interest margin was healthy at 3.67% in the quarter ended September 2026, compared with 3.50% in the preceding quarter and 3.67% in the corresponding quarter last year. Net interest income for the quarter ended September 2026 increased 17% to Rs 874.54 crore as against Rs 750.48 crore in the same period of the previous year.

Income from operations increased 13% to Rs 2289.20 crore in the quarter ended September 2026. Interest expense moved up 12% to Rs 1414.66 crore, while other expenses (including staff cost of Rs 138.96 crore and other expenses of Rs 104.50 crore) increased 21% to Rs 243.46 crore. Ensuing Gross profit advanced 16% to Rs 765.83 crore.

The depreciation rose marginally to Rs 16.78 crore in Q2FY2027 against Rs 16.40 crore in Q2FY2026. The write back of provisions declined to Rs 47.56 crore against Rs 113.18 crore in same quarter last year. PBT increased 5% to Rs 796.61 crore.

Effective tax rate eased to 22.60% bps on yoy basis from 23.44%. The profit after tax of the company improved 6% to Rs 616.55 crore in the quarter ended September 2026.

Loan book and disbursements

The AUM of the company surged 17% to Rs 98210 crore end September 2026 over September 2025. The loan portfolio of the company increased 19% to Rs 95079 crore, While the loans sold outstanding declined 24% to Rs 3131 crore end September 2026 over September 2025. The disbursements surged 60% to Rs 9609 crore in the quarter ended September 2026.

Affordable and Emerging Markets segment grew by 45% and 22% YoY respectively, and together contributed 41% to the Retail Loan Asset.? Retail disbursements reached an all-time high of Rs 9,250 crore, registering a growth of 54% YoY. Corporate disbursement for Q2 FY27 stood at Rs 360 crore.

Spread improved by 31 basis points QoQ to 2.43% in Q2 FY27. Yield on loans increased by 26 basis points QoQ to 9.74% during the quarter. Cost of borrowing improved by 5 basis points QoQ to 7.31% in Q2 FY27. Net Interest Margin expanded by 17 basis points QoQ to 3.67% in Q2 FY27

Opex to ATA stood at 1.03% in Q2 FY27. ROA for Q2 FY27 stood at 2.53% and ROE at 12.33%.

The Company`s distribution network comprised 404 branches across India at end September 2026.

Asset quality

Gross NPA ratio declined to 0.91% at end September 2026 from 0.95% a quarter ago and 1.04% a year ago. Meanwhile, Net NPA ratio also eased to 0.55% at end September 2026 from 0.58% a quarter ago.

In absolute terms, GNPA stood at Rs 863.00 crore and NNPA at Rs 518.00 crore at end September 2026.

Book value of the company stood at Rs 776.4 per share, while adjusted book value was at Rs 756.6 per share at end September 2026.

Capital Risk Adequacy Ratio remained strong at 27.03% as on 30 September 2026; with Tier I at 26.62%.

Commenting on the performance Ajai Shukla, MD&CEO said: ?Q2 FY27 has been another encouraging quarter for PNB Housing Finance as we continued to deliver consistent growth across business parameters. Our focus on granular retail expansion, particularly in the Affordable and Emerging Markets segments, has enabled us to strengthen our market position while maintaining prudent risk discipline.

We recorded strong growth in loan assets and achieved our highest-ever retail disbursements, underscoring the strength of our franchise and customer proposition. At the same time, asset quality continued to improve, supported by strong collection performance and sustained recovery efforts.

Our profitability metrics strengthened during the quarter, driven by improved spreads, stable margins and efficient cost management. We remain committed to driving profitable growth while maintaining a high quality portfolio and a strong balance sheet.

As we move into the second half of FY27, we remain confident in the long-term housing finance opportunity and will continue to focus on expanding our retail footprint, enhancing customer experience and delivering sustainable value to our stakeholders.?

Financial Performance H1FY2027:

For the half year ended September 2026 (H1FY2027), PNB Housing Finance reported 11% rise in Income from operations at Rs 4427.63 crore. Interest expense moved up 10% to Rs 2753.29 crore, while other expenses increased 16% to Rs 464.53 crore. Ensuing Gross profit increased 12% to Rs 1471.49 crore. Depreciation increased 7% to Rs 33.14 crore, while provision write back declined 55% to Rs 76.70 crore. PBT improved 5% to Rs 1515.05 crore. Effective tax rate stood at 22.52% H1FY2027, compared with 22.97% in H1FY2026. The PAT of the company improved 5% to Rs 1173.89 crore in H1FY2027.

PNB Housing Finance: Consolidated Results
Particulars	2609 (3)	2509 (3)	Var %	2609 (6)	2509 (6)	Var %	2603 (12)	2503 (12)	Var %
Income from operations	2138.43	2017.45	6	4427.63	3997.80	11	8071.17	7273.73	11
Other Income	285.52	113.15	152	261.68	214.67	22	433.87	417.90	4
Total Income	2423.95	2130.60	14	4689.31	4212.47	11	8505.04	7691.63	11
Interest Expenses	1414.66	1266.97	12	2753.29	2501.34	10	5000.24	4551.40	10
Other expenses	243.46	200.77	21	464.53	401.87	16	853.86	757.10	13
Gross profit	765.83	662.86	16	1471.49	1309.26	12	2650.94	2383.13	11
Depreciation	16.78	16.40	2	33.14	31.10	7	66.48	55.89	19
Profit before tax and Provisions	749.05	646.46	16	1438.35	1278.16	13	2584.46	2327.24	11
Provisions and write off	-47.56	-113.18	-58	-76.70	-169.40	-55	-386.15	-158.53	144
Profit before tax?	796.61	759.64	5	1515.05	1447.56	5	2970.61	2485.77	20
Provision for tax	180.06	178.05	1	341.16	332.47	3	679.37	549.63	24
PAT	616.55	581.59	6	1173.89	1115.09	5	2291.24	1936.14	18
EPS*(Rs)	94.6	89.3	?	90.0	85.6	?	87.9	74.5	?
Equity	260.8	260.5	?	260.8	260.5	?	260.8	260.5	?
Adj BV (Rs)	756.6	668.9	?	756.6	668.9	?	718.5	628.7	?
* EPS and Adj BV are calculated on diluted equity as given for each year. Face Value: Rs 10, Figures in Rs Crore, Figures as per Ind AS
Source: Capitaline Corporate Database

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