PNB Housing Finance LimitedQ2 FY27 Results & Financial Update
PNB Housing Finance Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,423.15 Cr, PAT ₹616.55 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore PNB Housing Finance 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 Housing Finance reported total revenue from operations of INR 2,423.15 crore for the second quarter of fiscal 2027, representing a 7.06% increase compared to INR 2,263.44 crore in the preceding quarter.
Net profit after tax for Q2 FY27 stood at INR 616.55 crore, marking an 10.62% sequential expansion over the INR 557.34 crore reported in Q1 FY27, while company-reported disclosures indicate a 6% year-on-year growth.
Loan assets expanded by 19% year-on-year and 6% sequentially to reach INR 95,079 crore as of September 30, 2026, driven by robust activity across retail housing lines.
Disbursements scaled up significantly during the quarter to INR 9,609 crore, registering a 60% increase over Q2 FY26 and a 59% jump sequentially, supported by all-time high retail disbursements of INR 9,250 crore.
Asset quality metrics demonstrated continued improvement, with Gross Non-Performing Assets (GNPA) tightening to 0.91% at the end of September 2026 compared to 0.95% in the previous quarter.
Profitability ratios strengthened during the quarter, with net interest margin expanding by 17 basis points sequentially to 3.67% and spread improving by 31 basis points to 2.43%.
01 · Business model
What does PNB Housing Finance do?
PNB Housing Finance Limited is a registered housing finance company promoted by Punjab National Bank and regulated by the National Housing Bank and Reserve Bank of India, operating as a deposit-taking institution since its inception.
The company provides financing for the purchase, construction, repairs, and renovation of houses, flats, and commercial properties, alongside loans against property and non-residential premises loans.
Its operations span a nationwide distribution network comprising 404 branches across India as of September 30, 2026, serving both retail borrowers and corporate entities.
The business model focuses on granular retail expansion across prime, emerging, and affordable housing segments, supported by direct branch sourcing and direct selling agent networks.
02 · Historical context
What shaped the business before this quarter
The company was originally listed on Indian stock exchanges on November 7, 2016.
Corporate NPA levels have remained at zero since June 2024 following sustained recovery and resolution efforts.
The company initiated its affordable housing business in select prime and emerging branches during Q1 FY27 before rolling out micro housing through existing affordable branches in Q2 FY27.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Total income | ₹2,423.95 Cr | ₹2,265.36 Cr |
| Interest income | ₹2,289.20 Cr | ₹2,138.43 Cr |
| Other income | ₹0.80 Cr | ₹1.92 Cr |
| Provisions | ₹37.05 Cr | — |
| Profit before tax | ₹796.61 Cr | ₹718.44 Cr |
| Profit after tax | ₹616.55 Cr | ₹557.34 Cr |
| EPS | ₹23.65 | ₹21.33 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Interest income rose to INR 2,289.20 crore in Q2 FY27 from INR 2,138.43 crore in Q1 FY27, reflecting expansion in the underlying loan book.
Fees and commission income increased to INR 130.51 crore during the quarter compared to INR 121.78 crore in the preceding quarter.
Total Assets Under Management reached INR 98,210 crore as of September 30, 2026, growing 17% year-on-year, with loan assets touching INR 95,079 crore.
NIM, spread, funding cost and credit cost
The average yield on loans increased by 26 basis points sequentially to 9.74% during Q2 FY27.
Cost of borrowing improved by 5 basis points sequentially, standing at 7.31% for the quarter.
Net Interest Margin expanded by 17 basis points quarter-on-quarter to reach 3.67% in Q2 FY27.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
Retail disbursements reached an all-time high of INR 9,250 crore, registering a 54% YoY and 59% sequential increase.
Live loan accounts serviced by the company crossed 400,000 as of September 30, 2026.
Average ticket sizes for retail individual housing and non-housing loans stood at INR 29 lakh and INR 27 lakh respectively, with 87% of loans booked having a bureau score above 700.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
Affordable housing loan assets grew 45% year-on-year to INR 9,438 crore, with disbursements reaching INR 1,149 crore and branch count expanding to 234.
Emerging markets loan assets increased by 22% year-on-year to INR 29,318 crore, supported by disbursements of INR 2,882 crore across 88 branches.
Prime loan assets stood at INR 54,635 crore, reflecting a 12% year-on-year growth backed by INR 4,380 crore in quarterly disbursements across 81 branches.
Geography and market mix
Maharashtra, Delhi NCR, and Tamil Nadu accounted for 18.0%, 12.2%, and 12.1% of retail loan assets respectively as of September 30, 2026.
Top 5 states' share in retail loan assets reduced to 69.5% compared to 72.9% a year ago due to broad-based branch expansion.
07 · Asset quality & capital strength
How credit quality and balance-sheet capacity changed
Capital adequacy, net worth and balance-sheet capacity
Capital Risk Adequacy Ratio remained strong at 27.03% as of September 30, 2026, with Tier I capital at 26.62%.
Net worth stood at INR 20,249.19 crore at the end of the quarter, with leverage at 3.93x.
08 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
Advanced the in-house sales enablement platform 'Infinity' and achieved over 90% adoption across lead conversion, application onboarding, and governance categories.
Rolled out AI-driven pre-delinquency calling into production and advanced proof-of-concept deployments for intelligent document processing and knowledge bots.
09 · Reported developments
What changed operationally
Gross Non-Performing Assets improved to 0.91% of loan assets, supported by sustained collection efficiency of 99.3% in retail operations.
Recoveries from the written-off pool totaled INR 75 crore during Q2 FY27, contributing to a negative credit cost of 19 basis points.
10 · Items worth noticing
The line items that can distort a quick read
Recorded an impairment reversal on financial instruments and write-offs amounting to INR 47.56 crore during Q2 FY27.
11 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Capital allocation & funding
Total borrowings reached INR 79,597 crore as of September 30, 2026, diversified across term loans, non-convertible debentures, deposits, NHB refinance, ECBs, and commercial papers.
Maintained AAA credit ratings with a stable outlook across major rating agencies including CRISIL, ICRA, CARE Ratings, and India Ratings.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG Recognitions
Retained A+ ESG rating from Resurgent ESG Services and leader category status from NSE Sustainability Ratings & Analytics for two consecutive years.
13 · Previous-quarter changes
What changed since the previous quarter
NIM expanded by 17 basis points to 3.67% in Q2 FY27 from 3.50% in Q1 FY27, driven by a 26 bps rise in loan yields.
14 · Key Q&A
The quarter, answered directly
What does PNB Housing Finance do?
PNB Housing Finance Limited is a registered housing finance company promoted by Punjab National Bank and regulated by the National Housing Bank and Reserve Bank of India, operating as a deposit-taking institution since its inception.
What is the clearest takeaway from Q2 FY27?
PNB Housing Finance reported total revenue from operations of INR 2,423.15 crore for the second quarter of fiscal 2027, representing a 7.06% increase compared to INR 2,263.44 crore in the preceding quarter.
What drove earnings or loan-book movement?
Interest income rose to INR 2,289.20 crore in Q2 FY27 from INR 2,138.43 crore in Q1 FY27, reflecting expansion in the underlying loan book.
What mattered most for margins, funding or credit cost?
The average yield on loans increased by 26 basis points sequentially to 9.74% during Q2 FY27.
What changed operationally beyond the headline numbers?
Capital Risk Adequacy Ratio remained strong at 27.03% as of September 30, 2026, with Tier I capital at 26.62%.
What should the next disclosure help confirm?
Trajectory of retail disbursement momentum in affordable and emerging housing segments
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Trajectory of retail disbursement momentum in affordable and emerging housing segments
- 02
Sustainability of lower credit costs and recovery trends from the written-off asset pool
- 03
Further adoption rates of digital platforms and artificial intelligence tools across underwriting and collections
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