PNB Gilts LimitedQ2 FY27 Results & Financial Update
PNB Gilts Limited: Q2 FY27 standalone results and company financials – revenue ₹436.32 Cr, PAT ₹44.84 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 Q2 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 436.32 crore for the quarter ended September 30, 2026, marking a sequential decrease of 4.01% compared to INR 454.56 crore in the preceding quarter ended June 30, 2026.
Total income for Q2 FY27 stood at INR 436.59 crore, reflecting a contraction of 4.00% against INR 454.72 crore recorded in Q1 FY27, driven by minor shifts in interest income and other operating receipts.
Profit before tax (PBT) contracted significantly on a sequential basis by 44.36% to INR 60.24 crore from INR 108.26 crore in the previous quarter, largely reflecting higher financing and operational overheads relative to income adjustments.
Net profit after tax (PAT) followed a similar downward trajectory, declining by 44.44% sequentially to INR 44.84 crore from INR 80.70 crore in Q1 FY27, resulting in a PAT margin of 10.28% compared to 17.75% in the preceding period.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 2.49, down from INR 4.48 in the June 2026 quarter in tandem with the lower net earnings.
Finance costs remained the single largest outgo for the institution, standing at INR 342.16 crore for the current quarter compared to INR 330.76 crore in Q1 FY27, exerting pressure on net spreads.
Tax expenses for Q2 FY27 decreased proportionally with profits to INR 15.40 crore from INR 27.56 crore in the previous quarter, representing an effective tax rate consistent with statutory provisions.
PNB Gilts Limited reported a standalone revenue from operations of INR 436.32 crore for the quarter ended September 30, 2026, registering a sequential moderation compared to the preceding quarter.
01 · Business model
What does PNB Gilts do?
PNB Gilts Limited is a specialized primary dealer operating in the Indian financial sector, primarily focused on underwriting and trading government securities, treasury bills, and other fixed-income instruments.
The company's primary revenue engine is driven by interest income earned from holding government debt securities and trading gains from managing its fixed-income portfolio in response to interest rate movements and liquidity conditions.
As a primary dealer, it acts as an intermediary in the primary issuance of government debt and provides liquidity in the secondary debt market to institutional clients and banks.
The business model is fundamentally exposed to macroeconomic factors, domestic interest rate cycles, bond yields, and liquidity management by the central bank.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹436.32 Cr | ₹454.56 Cr |
| Total income | ₹436.59 Cr | ₹454.72 Cr |
| Profit before tax | ₹60.24 Cr | ₹108.26 Cr |
| Profit after tax | ₹44.84 Cr | ₹80.70 Cr |
| EPS | ₹2.49 | ₹4.48 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 10.3% 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 13.8% 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 ₹0.28 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 on government securities and financial assets stood at INR 434.33 crore in Q2 FY27, remaining relatively stable compared to INR 433.45 crore in Q1 FY27.
Other income increased sequentially by 76.94% to INR 0.28 crore in Q2 FY27 from INR 0.16 crore in the preceding quarter.
Interest income from holdings and operations contributed INR 434.33 crore to the top line during the quarter.
Other income contributed a minor share of INR 0.28 crore to the total income of INR 436.59 crore.
What drove margins
Finance costs increased to INR 342.16 crore during the quarter from INR 330.76 crore in Q1 FY27, compressing net interest margins and overall profitability.
PAT margin contracted by roughly 748 basis points sequentially, dropping from 17.75% in Q1 FY27 to 10.28% in Q2 FY27 due to higher borrowing costs and provisioning.
Finance costs stood at INR 342.16 crore, forming the primary cost component impacting net spreads and profitability.
Tax outgo for the quarter was recorded at INR 15.40 crore on a PBT of INR 60.24 crore.
04 · Reported developments
What changed operationally
Interest income showed resilience, holding steady at INR 434.33 crore despite broader market volatility.
05 · Pressure points & risks
What is not going smoothly
Net profit after tax declined by 44.44% sequentially to INR 44.84 crore, pressured by rising finance costs and provisions.
Borrowing and finance costs climbed to INR 342.16 crore from INR 330.76 crore in Q1 FY27, impacting profitability.
06 · Items worth noticing
The line items that can distort a quick read
The company recorded provisions of INR 10.03 crore during Q2 FY27.
The company recorded provisions of INR 10.03 crore during the quarter.
07 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Reporting Compliance
The standalone financial results for Q2 FY27 were prepared in compliance with Indian Accounting Standards (Ind AS) and reviewed by the statutory auditors.
08 · Previous-quarter changes
What changed since the previous quarter
Compared to Q1 FY27, Q2 FY27 saw a decrease in PAT from INR 80.70 crore to INR 44.84 crore alongside an increase in finance costs.
PAT declined sequentially by 44.44% from INR 80.70 crore in Q1 FY27 to INR 44.84 crore in Q2 FY27.
09 · Key Q&A
The quarter, answered directly
What does PNB Gilts do?
PNB Gilts Limited is a specialized primary dealer operating in the Indian financial sector, primarily focused on underwriting and trading government securities, treasury bills, and other fixed-income instruments.
What is the clearest takeaway from Q2 FY27?
PNB Gilts Limited reported standalone revenue from operations of INR 436.32 crore for the quarter ended September 30, 2026, marking a sequential decrease of 4.01% compared to INR 454.56 crore in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Interest income on government securities and financial assets stood at INR 434.33 crore in Q2 FY27, remaining relatively stable compared to INR 433.45 crore in Q1 FY27.
What mattered most for margins or profitability?
Finance costs increased to INR 342.16 crore during the quarter from INR 330.76 crore in Q1 FY27, compressing net interest margins and overall profitability.
What changed operationally beyond the headline numbers?
The standalone financial results for Q2 FY27 were prepared in compliance with Indian Accounting Standards (Ind AS) and reviewed by the statutory auditors.
What are the main pressure points disclosed for the quarter?
Net profit after tax declined by 44.44% sequentially to INR 44.84 crore, pressured by rising finance costs and provisions.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
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.
11 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Bond Yield Movements: Monitor domestic sovereign bond yield movements and Reserve Bank of India liquidity measures which directly impact primary dealer trading gains.
- 02
Cost of Borrowing: Track trajectory of short-term and long-term financing costs relative to asset yields in subsequent quarters.
- 03
Sovereign Yield Movements: Monitor upcoming quarterly disclosures for shifts in portfolio trading gains and interest spread dynamics driven by Reserve Bank of India monetary policy actions.
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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.