PNB Gilts Limited (PNBGILTS) AI Stock Analysis

• Market Cap: ₹16.62B
• Dividend Yield: 1.11%
• Average Volume (3M): 43.27K
• Price to Earnings (P/E): 9.0
• Beta (1Y): 1.69
• Revenue Growth: -10.05%
• EPS Growth: -18.64%
• Country: IN
• Employees: 52
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -2.52
• Shares Outstanding: 180,010,130
• 10 Day Avg. Volume: 44,866
• 30 Day Avg. Volume: 43,271
• PEG Ratio: 0.03
• Price to Book (P/B): 0.98
• Price to Sales (P/S): 0.91
• P/FCF Ratio: -7.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 59 Neutral
• Price Target: ₹105.00 ▲(16.60% Upside)

PNB Gilts Limited's overall stock score is primarily influenced by its financial performance and valuation. The company shows strong operational efficiency but faces challenges with revenue growth and cash flow management. The stock appears undervalued with a low P/E ratio, but technical indicators suggest a bearish trend. Addressing financial risks and improving cash flow could enhance the stock's attractiveness.

PNB Gilts Limited Business Overview & Revenue Model

Company Description

PNB Gilts Ltd. operates as a primary dealer in government securities in India. The company is involved in underwriting government securities issuances; and trading of fixed income instruments, such as government securities, treasury bills, state development loans, corporate bonds, and interest rate swaps, as well as various money market instruments, including certificates of deposits, commercial papers, etc.; and provision of custodian services to its constituents. It also provides gilts accounts and mutual funds, and bonds issued by public sector undertakings and other corporate bodies. In addition, the company trades in short term money market instruments comprising call/notice/term money, repo/reverse repo, inter corporate deposits, and commercial papers. It serves provident funds trusts, regional rural banks, co-operative banks, corporates, individuals, etc. The company was incorporated in 1996 and is based in New Delhi, India. PNB Gilts Ltd. is a subsidiary of Punjab National Bank.

How the Company Makes Money

PNB Gilts Limited generates revenue primarily through brokerage fees and commissions earned from trading activities in government securities and debt instruments. The company also earns income from interest on its own investments in fixed-income securities. Additionally, PNBGILTS may receive management fees from clients for advisory and portfolio management services. Its revenue model is supported by its strong relationships with institutional investors, banks, and other financial entities, enabling it to capture a significant share of the market for government securities in India. Factors contributing to its earnings include the volume of trading activities, interest rate fluctuations, and the overall demand for government bonds.

PNB Gilts Limited Financial Statement Overview

Summary

PNB Gilts Limited demonstrates strong operational efficiency with high gross and EBIT margins. However, challenges with revenue growth, cash flow management, and high leverage pose financial risks. Recent improvements in ROE are positive, but the company needs to address cash flow issues and stabilize revenue growth to enhance financial stability.

Income Statement

PNB Gilts Limited shows strong gross profit margins consistently above 97%, indicating efficient cost management. However, the net profit margin has been volatile, with a significant drop in 2023 due to a net loss. Revenue growth has been inconsistent, with a decline in 2025. The EBIT and EBITDA margins are robust, reflecting operational efficiency, but the recent revenue decline is a concern.

Balance Sheet

The company has a high debt-to-equity ratio, peaking at over 16 in 2024, indicating significant leverage and potential financial risk. Return on equity has fluctuated, with a negative ROE in 2023, but improved to 15% in 2025. The equity ratio remains low, suggesting reliance on debt financing.

Cash Flow

PNB Gilts Limited faces challenges with negative operating and free cash flows over the years, indicating cash management issues. The free cash flow to net income ratio is consistently around 1, but the operating cash flow to net income ratio is negative, highlighting cash flow inefficiencies.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.99B	3.64B	15.77B	9.27B	8.44B	10.64B
Gross Profit	16.40B	16.55B	15.41B	8.98B	4.79B	10.44B
EBITDA	14.31B	3.12B	15.31B	8.89B	7.23B	10.24B
Net Income	3.40B	2.33B	694.11M	-772.22M	1.66B	4.54B
Balance Sheet
Total Assets	0.00	247.03B	245.40B	214.97B	167.50B	121.40B
Cash, Cash Equivalents and Short-Term Investments	0.00	2.64B	3.00B	3.18B	133.94B	110.69B
Total Debt	0.00	223.84B	224.03B	192.43B	145.33B	98.64B
Total Liabilities	-15.45B	231.57B	232.10B	202.37B	153.23B	108.23B
Stockholders Equity	15.45B	15.45B	13.30B	12.60B	14.27B	13.16B
Cash Flow
Free Cash Flow	0.00	-1.98B	-28.77B	-46.53B	-45.64B	24.81B
Operating Cash Flow	0.00	-1.97B	-28.75B	-46.38B	-45.64B	24.83B
Investing Cash Flow	0.00	-9.75M	-10.47M	-144.23M	-6.31M	-12.09M
Financing Cash Flow	0.00	-378.88M	31.59B	46.18B	46.13B	-24.81B

PNB Gilts Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 90.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PNBGILTS, the sentiment is Negative. The current price of 90.05 is below the 20-day moving average (MA) of 96.02, below the 50-day MA of 98.91, and below the 200-day MA of 95.61, indicating a bearish trend. The MACD of -2.17 indicates Positive momentum. The RSI at 35.13 is Neutral, neither overbought nor oversold. The STOCH value of 29.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PNBGILTS.

PNB Gilts Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SMCGLOBAL	71 Outperform	₹14.09B	11.51	―	1.76%	-1.20%	-41.78%
TFCILTD	69 Neutral	₹33.13B	30.40	―	0.84%	7.91%	16.20%
ARMANFIN	68 Neutral	₹17.55B	282.70	―	―	0.02%	-96.51%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PNBGILTS	59 Neutral	₹16.62B	9.03	―	1.11%	-10.05%	-18.64%

PNB Gilts Limited Corporate Events

PNB Gilts Announces Trading Window Closure Ahead of Financial Results

PNB Gilts Limited has announced the closure of its trading window from October 1, 2025, until 48 hours after the release of its financial results for the quarter and half-year ending September 30, 2025. This measure, in compliance with SEBI regulations, is aimed at preventing insider trading and ensuring transparency in the company’s operations.

PNB Gilts Launches ‘Saksham Niveshak’ Campaign to Engage Shareholders

PNB Gilts Limited has launched a 100-day campaign named ‘Saksham Niveshak’ to encourage shareholders to claim unpaid dividends and update their KYC details. This initiative aims to prevent the transfer of unclaimed dividends to the Investor Education and Protection Fund, thereby promoting transparency and empowering investors by facilitating direct claims processing.