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Punjab National Bank
(PNB)
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Rating:74Outperform
Price Target:
₹128.00
▲(10.15% Upside)
Action:Upgraded
Date:08/09/26
The score is driven primarily by very strong valuation (low P/E and supported by dividend yield). Financial performance is improving with a meaningful profitability recovery, but leverage and cash-flow stability remain key risks. Technicals are constructive with a clear uptrend, though momentum indicators are near overbought levels, which may limit near-term upside.
Positive Factors
Improving Revenue and Profitability
Sustained revenue expansion alongside a major profitability recovery indicates stronger operating performance and earnings capacity. This provides a healthier base for future growth, although the bank remains exposed to lending spreads and credit costs.
Negative Factors
Softening Profit Margins
The margin decline suggests that the recent profitability improvement may not be fully protected. Pressure on lending spreads, funding costs, or operating leverage could limit earnings growth even if advances and revenue continue expanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Revenue and Profitability
Sustained revenue expansion alongside a major profitability recovery indicates stronger operating performance and earnings capacity. This provides a healthier base for future growth, although the bank remains exposed to lending spreads and credit costs.
Read all positive factors
Punjab National Bank (PNB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.34T
Dividend Yield2.57%
Average Volume (3M)711.92K
Price to Earnings (P/E)6.1
Beta (1Y)1.31
Revenue Growth2.55%
EPS Growth31.34%
CountryIN
Employees103,184
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)19.18
Shares Outstanding11,492,943,000
10 Day Avg. Volume695,630
30 Day Avg. Volume711,922
Financial Highlights & Ratios
PEG Ratio-2.46
Price to Book (P/B)0.77
Price to Sales (P/S)0.77
P/FCF Ratio4.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)16.37
Revenue Forecast (FY)₹634.96B
Punjab National Bank Business Overview & Revenue Model
Company Description
Punjab National Bank is an Indian financial institution offering a diverse range of banking and financial services. Its operations are structured across several key segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and other ancilla...
How the Company Makes Money
PNB generates income primarily through a mix of interest-based revenue and fee/commission-based revenue typical of commercial banks.
1) Net interest income (core earnings)
- Interest on loans and advances: PNB earns interest from lending to retai...
Punjab National Bank Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.50T | 1.51T | 1.40T | 1.24T | 989.09B | 879.77B |
| Gross Profit | 590.31B | 589.11B | 597.61B | 552.61B | 470.92B | 411.54B |
| EBITDA | 278.05B | 283.63B | 268.48B | 149.62B | 59.05B | 55.86B |
| Net Income | 220.88B | 183.93B | 184.80B | 91.07B | 33.48B | 38.61B |
Balance Sheet | ||||||
| Total Assets | 20.39T | 20.33T | 18.58T | 15.99T | 14.94T | 13.39T |
| Cash, Cash Equivalents and Short-Term Investments | 1.63T | 1.64T | 1.51T | 1.31T | 1.57T | 1.34T |
| Total Debt | 1.04T | 1.08T | 2.05T | 725.86B | 701.49B | 593.72B |
| Total Liabilities | 18.82T | 18.83T | 17.24T | 14.88T | 13.90T | 12.41T |
| Stockholders Equity | 1.56T | 1.50T | 1.33T | 1.10T | 1.03T | 975.82B |
Cash Flow | ||||||
| Free Cash Flow | -478.54B | 236.22B | 204.74B | -291.14B | 220.40B | 193.96B |
| Operating Cash Flow | -471.88B | 252.47B | 220.75B | -279.39B | 225.92B | 199.32B |
| Investing Cash Flow | -16.32B | -1.51T | -15.78B | -15.06B | -7.32B | -12.04B |
| Financing Cash Flow | 463.25B | 1.39T | -11.38B | 35.18B | 1.37T | 425.49B |
Punjab National Bank Technical Analysis
Positive
116.20
Price Trends
111.67
Positive
108.47
Positive
112.64
Positive
Market Momentum
1.05
Positive
57.54
Neutral
75.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PNB, the sentiment is Positive. The current price of 116.2 is above the 20-day moving average (MA) of 116.05, above the 50-day MA of 111.67, and above the 200-day MA of 112.64, indicating a bullish trend. The MACD of 1.05 indicates Positive momentum. The RSI at 57.54 is Neutral, neither overbought nor oversold. The STOCH value of 75.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:PNB.
Punjab National Bank Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹9.39T | 10.88 | ― | 1.71% | 6.56% | 4.93% | |
74 Outperform | ₹1.34T | 6.10 | ― | 2.57% | 2.55% | 31.34% | |
71 Outperform | ₹1.24T | 6.80 | ― | 3.55% | 2.73% | -6.67% | |
70 Outperform | ₹10.99T | 13.86 | ― | 2.17% | 1.75% | 11.25% | |
70 Outperform | ₹1.42T | 6.92 | ― | 2.68% | -1.10% | 9.75% | |
67 Neutral | ₹1.14T | 5.73 | ― | 3.33% | -3.69% | 7.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:PNB
Punjab National Bank
116.80
15.54
15.35%
IN:BANKBARODA
Bank of Baroda
239.20
11.95
5.26%
IN:CANBK
Canara Bank
126.00
21.35
20.40%
IN:HDFCBANK
HDFC Bank Limited
713.15
-236.88
-24.93%
IN:SBIN
State Bank of India
1,017.00
222.33
27.98%
IN:UNIONBANK
Union Bank of India Limited
186.55
62.17
49.99%
Punjab National Bank Corporate Events
Punjab National Bank Opens Special Window for Dematerialization of Physical Securities
Aug 19, 2026
Punjab National Bank has notified stock exchanges that it has published a shareholder notice in leading Hindi and English business newspapers regarding a special window for the transfer and dematerialization of physical securities. The disclosure,...
Punjab National Bank Closes Trading Window Ahead of June-Quarter Results
Jun 25, 2026
Punjab National Bank has announced that its trading window will be closed for designated persons, their immediate relatives and other insiders from 1 July 2026 until 48 hours after the bank declares its financial results for the quarter ended 30 J...
Punjab National Bank Keeps Lending Rates Unchanged for June 2026
May 30, 2026
Punjab National Bank has announced that its Marginal Cost of Funds Based Lending Rates across all key tenors, from overnight to three-year loans, will remain unchanged effective 1 June 2026. The bank will also keep its repo-linked lending rate and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.