PNB Gilts LimitedQ1 FY27 Results & Financial Update
PNB Gilts Limited: Q1 FY27 standalone results and company financials – revenue ₹454.56 Cr, PAT ₹80.70 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore PNB Gilts Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
PNB Gilts Limited reported standalone revenue from operations of INR 454.56 crore for the quarter ended 30 June 2026 (Q1 FY27), with total income reaching INR 454.72 crore.
The company's profit before tax (PBT) for the quarter stood at INR 108.26 crore, supported by robust interest income generation across its fixed-income holdings.
Profit after tax (PAT) for the quarter was recorded at INR 80.70 crore, resulting in basic and diluted earnings per share (EPS) of INR 4.48.
Finance costs remained the primary expenditure item at INR 330.76 crore, reflecting the short-term borrowing and liquidity management expenses required to fund the government security portfolio.
Interest income formed the vast majority of top-line earnings at INR 433.45 crore, supplemented by other income of INR 0.16 crore.
Operating expenses included depreciation of INR 0.57 crore and tax expenses totaling INR 27.56 crore for the period.
The financial statements are presented on a standalone basis under Indian Accounting Standards (Ind AS) for the quarterly reporting period.
PNB Gilts Limited posted standalone revenue from operations of INR 454.56 crore for the quarter ended 30 June 2026, accompanied by total income of INR 454.72 crore. The filing reflects active business operations centered around the primary dealership of government securities during the period.
01 · Business model
What does PNB Gilts do?
PNB Gilts Limited operates as a primary dealer in government securities in India, facilitating market-making, underwriting, and trading in sovereign debt instruments.
The core revenue model centres on interest income earned from holding government securities, treasury bills, and other fixed-income instruments, alongside trading gains and commission income from primary issuances.
As a specialized financial institution, the company manages liquidity through short-term borrowing and repo operations, balancing cost of funds against fixed-income yields.
The institutional client base includes banks, mutual funds, provident funds, and corporate treasuries interacting with the domestic debt market.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹454.56 Cr |
| Total income | ₹454.72 Cr |
| Profit before tax | ₹108.26 Cr |
| Profit after tax | ₹80.70 Cr |
| EPS | ₹4.48 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 17.8% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 23.8% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.16 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Interest income contributed INR 433.45 crore to the quarter's earnings, representing the core operational revenue derived from holdings of government securities and treasury instruments.
Revenue from operations apart from interest reached INR 454.56 crore in total, encompassing trading activities, underwriting commissions, and related primary dealership operations.
Non-operating other income contributed a modest INR 0.16 crore to the total income of INR 454.72 crore for Q1 FY27.
Other income contributed INR 0.16 crore to the top-line, resulting in a total income of INR 454.72 crore when combined with other operating items alongside revenue from operations of INR 454.56 crore.
What drove margins
Finance costs stood at INR 330.76 crore for the quarter, constituting the largest expense head and reflecting the cost of funds utilized for building and maintaining the sovereign debt inventory.
Tax expenses for the quarter were recorded at INR 27.56 crore, translating to an effective tax rate relative to the PBT of INR 108.26 crore.
Depreciation and amortisation expenses were contained at INR 0.57 crore for the quarter.
Finance costs stood at INR 330.76 crore, reflecting the cost of borrowings and funds mobilized to support the inventory of government bonds and treasury operations.
Tax provisioning for the quarter was INR 27.56 crore against a PBT of INR 108.26 crore, resulting in an effective tax outgo that shaped the final net profit of INR 80.70 crore.
Depreciation and amortisation expenses were kept low at INR 0.57 crore, underscoring the asset-light, financial nature of primary dealership operations.
04 · Reported developments
What changed operationally
The company recorded a healthy net profit of INR 80.70 crore on total income of INR 454.72 crore for Q1 FY27.
05 · Beyond the numbers
What changed beyond the numbers
Reported update
Standalone Financial Reporting
The financial results for Q1 FY27 were filed on a standalone basis under Ind AS guidelines via official exchange structured reporting.
06 · Key Q&A
The quarter, answered directly
What does PNB Gilts do?
PNB Gilts Limited operates as a primary dealer in government securities in India, facilitating market-making, underwriting, and trading in sovereign debt instruments.
What is the clearest takeaway from Q1 FY27?
PNB Gilts Limited reported standalone revenue from operations of INR 454.56 crore for the quarter ended 30 June 2026 (Q1 FY27), with total income reaching INR 454.72 crore.
What drove revenue or demand?
Interest income contributed INR 433.45 crore to the quarter's earnings, representing the core operational revenue derived from holdings of government securities and treasury instruments.
What mattered most for margins or profitability?
Finance costs stood at INR 330.76 crore for the quarter, constituting the largest expense head and reflecting the cost of funds utilized for building and maintaining the sovereign debt inventory.
What changed operationally beyond the headline numbers?
The financial results for Q1 FY27 were filed on a standalone basis under Ind AS guidelines via official exchange structured reporting.
What should the next disclosure help confirm?
Monitor domestic bond yield curves and monetary policy actions by the Reserve Bank of India, which directly influence trading gains and portfolio valuations.
07 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
08 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Sovereign Yield Movements: Monitor domestic bond yield curves and monetary policy actions by the Reserve Bank of India, which directly influence trading gains and portfolio valuations.
- 02
Cost of Funds: Track short-term borrowing rates and repo market liquidity conditions that dictate finance costs (INR 330.76 crore in Q1 FY27).
- 03
Yield Movement Tracking: Monitor future RBI policy decisions, government borrowing calendars, and domestic yield curve movements for their impact on trading gains and inventory valuation.
- 04
Borrowing Cost Monitoring: Track short-term interest rates and wholesale funding conditions which dictate the finance cost burden of INR 330.76 crore reported this quarter.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.