PNBGILTS

PNB Gilts Limited

Investment company with securities portfolio and subsidiary stakes

Financial Services›Financial Services›Finance›Investment Company

pnbgilts.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹73.09
Market cap
1,316 Cr
Stock P/E
6.8
P/B
0.73
Dividend yield
1.4%
ROE (FY26)
10.6%
ROCE (FY26)
5.8%
Operating margin (FY26)
91.4%
Debt / equity (FY26)
14.55

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

PNB Gilts is a standalone primary dealer regulated by the Reserve Bank of India (RBI) that earns mostly interest income on a securities portfolio, and it is a subsidiary of Punjab National Bank.

Company snapshot

16thBy market cap

Ranked among 41 companies in Investment Company.

Segment mix

Reportable segments as of 2018-03-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 53.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Corporate Bonds & Debentures
16.5%
68 Cr17 Cr—
Derivatives
1.6%
6 Cr-2 Cr—
Fixed Deposits
1.0%
4 Cr4 Cr—
Government Securities
53.5%
219 Cr35 Cr—
Mutual Fund Commission—0 Cr0 Cr—
Mutual Fund Units
8.3%
34 Cr8 Cr—
T-Bills/CP/Certificate of Deposit
17.5%
72 Cr9 Cr—
Unallocated (including equity shares
1.7%
7 Cr2 Cr—

What we see

Concerns
  • ✗Operating cash flow is negative even though the company shows a profit — the business may not be generating real cash yet.
2 more signals from the filings.Sign in free to see them all

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Net Interest Income22 Cr45 Cr53 Cr52 Cr45 Cr50 Cr80 Cr96 Cr95 Cr106 Cr103 Cr92 Cr
Other income0.06 Cr0.13 Cr0.07 Cr0.07 Cr0.08 Cr0.07 Cr0.11 Cr0.08 Cr0.08 Cr0.03 Cr0.16 Cr0.28 Cr
Net operating income22 Cr45 Cr53 Cr52 Cr45 Cr50 Cr80 Cr96 Cr95 Cr106 Cr103 Cr92 Cr
Employee cost4 Cr4 Cr4 Cr4 Cr5 Cr3 Cr11 Cr3 Cr5 Cr7 Cr3 Cr5 Cr
Other expenses4 Cr4 Cr4 Cr3 Cr3 Cr5 Cr9 Cr3 Cr5 Cr8 Cr4 Cr4 Cr
Provisions & contingencies————————————
Depreciation4 Cr4 Cr0.78 Cr0.84 Cr0.86 Cr0.94 Cr0.55 Cr0.61 Cr0.60 Cr1 Cr0.57 Cr0.59 Cr
Profit before tax-10 Cr86 Cr71 Cr153 Cr-12 Cr99 Cr213 Cr-53 Cr68 Cr14 Cr108 Cr60 Cr
Tax %-47.3%21.0%24.6%24.8%13.2%24.4%24.9%14.8%20.3%8.3%25.5%25.6%
Net profit-15 Cr68 Cr53 Cr115 Cr-10 Cr75 Cr160 Cr-45 Cr54 Cr13 Cr81 Cr45 Cr
EPS (₹)₹-0.86₹3.78₹2.97₹6.37₹-0.56₹4.17₹8.89₹-2.52₹2.99₹0.72₹4.48₹2.49

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income——99 Cr247 Cr384 Cr460 Cr249 Cr107 Cr199 Cr377 CrSign in free for the trailing twelve months
Other income0.23 Cr0.32 Cr0.22 Cr0.35 Cr0.30 Cr2 Cr0.18 Cr0.32 Cr0.30 Cr0.30 CrSign in free for the trailing twelve months
Net operating income0.23 Cr0.32 Cr99 Cr248 Cr384 Cr462 Cr249 Cr107 Cr200 Cr377 CrSign in free for the trailing twelve months
Employee cost6 Cr8 Cr7 Cr11 Cr13 Cr15 Cr12 Cr17 Cr16 Cr26 CrSign in free for the trailing twelve months
Other expenses5 Cr16 Cr9 Cr9 Cr8 Cr14 Cr17 Cr16 Cr15 Cr24 CrSign in free for the trailing twelve months
Provisions & contingencies——————————Sign in free for the trailing twelve months
Depreciation0.34 Cr0.48 Cr0.42 Cr1 Cr2 Cr1 Cr1 Cr15 Cr3 Cr3 CrSign in free for the trailing twelve months
Profit before tax257 Cr55 Cr83 Cr250 Cr614 Cr210 Cr-85 Cr99 Cr311 Cr242 CrSign in free for the trailing twelve months
Tax %34.8%33.8%36.3%25.4%26.1%21.1%9.2%29.8%25.1%24.8%Sign in free for the trailing twelve months
Net profit167 Cr37 Cr53 Cr186 Cr454 Cr166 Cr-77 Cr69 Cr233 Cr182 CrSign in free for the trailing twelve months
EPS (₹)₹9.29₹2.03₹2.94₹10.35₹25.23₹9.21₹-4.29₹3.86₹12.95₹10.09Sign in free for the trailing twelve months
Dividend payout %————39.6%32.6%—0.0%7.7%9.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital180 Cr180 Cr180 Cr180 Cr180 Cr180 Cr180 Cr180 Cr180 Cr180 Cr
Reserves719 Cr701 Cr708 Cr863 Cr1,136 Cr1,247 Cr1,080 Cr1,150 Cr1,365 Cr1,530 Cr
Borrowings3,514 Cr4,369 Cr8,234 Cr12,164 Cr9,864 Cr14,531 Cr19,238 Cr22,399 Cr22,381 Cr24,880 Cr
Other liabilities153 Cr136 Cr400 Cr1,051 Cr960 Cr792 Cr999 Cr811 Cr776 Cr471 Cr
Total liabilities4,566 Cr5,386 Cr9,522 Cr14,258 Cr12,140 Cr16,750 Cr21,497 Cr24,540 Cr24,703 Cr27,060 Cr
Fixed assets (net)3 Cr3 Cr2 Cr3 Cr2 Cr2 Cr3 Cr3 Cr3 Cr2 Cr
CWIP——0 Cr—0 Cr0 Cr2 Cr0 Cr——
Investments443 Cr835 Cr8,818 Cr12,965 Cr10,907 Cr15,267 Cr18,518 Cr23,008 Cr23,165 Cr23,314 Cr
Loans & advances——53 Cr77 Cr66 Cr260 Cr1,202 Cr234 Cr55 Cr2,052 Cr
Inventories3,885 Cr4,200 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Trade receivables——0 Cr—0 Cr0 Cr0 Cr0.29 Cr0.36 Cr0.07 Cr
Cash & bank0.94 Cr106 Cr0.21 Cr0.74 Cr1 Cr50 Cr15 Cr298 Cr62 Cr0.44 Cr
Other assets234 Cr242 Cr649 Cr1,213 Cr1,163 Cr1,171 Cr1,757 Cr997 Cr1,417 Cr1,691 Cr
Total assets4,566 Cr5,386 Cr9,522 Cr14,258 Cr12,140 Cr16,750 Cr21,497 Cr24,540 Cr24,703 Cr27,060 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,213 Cr-303 Cr-3,843 Cr-3,898 Cr2,483 Cr-4,564 Cr-4,638 Cr-2,875 Cr-197 Cr-2,540 Cr
Cash from investing197 Cr-393 Cr-0.50 Cr-1 Cr-1 Cr-0.63 Cr-14 Cr-1 Cr-0.97 Cr-0.86 Cr
Cash from financing-1,431 Cr801 Cr3,844 Cr3,900 Cr-2,481 Cr4,613 Cr4,618 Cr3,159 Cr-38 Cr2,479 Cr
Net cash flow-20 Cr105 Cr-0.16 Cr0.54 Cr0.66 Cr49 Cr-35 Cr283 Cr-236 Cr-62 Cr
Free cash flow (OCF − Capex)1,212 Cr-303 Cr-3,844 Cr-3,899 Cr2,481 Cr-4,564 Cr-4,653 Cr-2,877 Cr-198 Cr-2,541 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.9%7.4%5.3%5.8%9.0%4.5%4.3%6.4%6.8%5.8%
ROE %18.6%4.2%6.0%17.9%34.5%11.6%-6.1%5.2%15.1%10.6%
Debtor days——0—000000
Inventory days2827373300000000
Days payable00————————
Cash conversion cycle2826373200000000
Debt / equity3.914.969.2811.677.4910.1815.2716.8414.4814.55
Current ratio1.121.01————————
Net debt / EBITDA7.28—16.9214.299.6720.3121.8214.5313.7416.00