PNBGILTS - PNB Gilts
📢 Recent Corporate Announcements
PNB Gilts Limited has officially appointed Ms. Anju Mittal as an Additional Director (Non-Executive & Non-Independent) effective March 16, 2026. This follows the receipt of formal approval from the Reserve Bank of India (RBI) on March 13, 2026, and the prior allotment of a Director Identification Number (DIN) on December 5, 2025. Ms. Mittal currently serves as the General Manager of the Compliance Division at Punjab National Bank, the company's parent entity. The appointment strengthens the board's alignment with its parent bank and regulatory compliance framework.
- Ms. Anju Mittal appointed as Additional Director (Non-Executive & Non-Independent) effective March 16, 2026
- RBI approval for the appointment was received on March 16, 2026, following a letter dated March 13, 2026
- Ms. Mittal is a General Manager at Punjab National Bank, overseeing the Compliance Division
- The Ministry of Corporate Affairs allotted DIN 11410994 to the appointee on December 5, 2025
ICRA Limited has reaffirmed the highest short-term credit rating of [ICRA] A1+ for PNB Gilts Limited's debt instruments. The reaffirmation applies to both the Commercial Paper programme and the Inter-Corporate Deposit (ICD) programme, each valued at Rs. 1,000 crore. This rating signifies a very strong degree of safety regarding the timely servicing of financial obligations and carries the lowest credit risk. For a primary dealer like PNB Gilts, maintaining this rating is essential for accessing low-cost short-term funding.
- ICRA reaffirmed [ICRA] A1+ rating for Rs. 1,000 crore Commercial Paper programme
- ICRA reaffirmed [ICRA] A1+ rating for Rs. 1,000 crore Inter-Corporate Deposit (ICD) programme
- Total debt instruments covered under the reaffirmation amount to Rs. 2,000 crore
- The [ICRA] A1+ rating is the highest possible rating in the short-term category
PNB Gilts reported a significant turnaround in Q3 FY26, posting a net profit of ₹53.91 crore compared to a net loss of ₹10.11 crore in the same quarter last year. Total revenue from operations grew by 17.2% YoY to ₹424.67 crore, primarily driven by robust interest income. Alongside the results, the company announced a major management reshuffle, appointing a new CFO, CTO, CRO, and a dedicated Chief Compliance Officer, largely sourced from its parent bank, PNB. These changes are aimed at strengthening governance and control functions as per the latest RBI directions.
- Net profit for Q3 FY26 stood at ₹53.91 crore, recovering from a loss of ₹10.11 crore in Q3 FY25.
- Total revenue from operations increased to ₹424.67 crore in Q3 FY26 from ₹362.36 crore YoY.
- Ms. Kishkanda Garg appointed as the new Chief Financial Officer (CFO) for a three-year tenure.
- Nine-month profit for the period ending Dec 31, 2025, rose to ₹168.62 crore from ₹158.01 crore YoY.
- Management overhaul includes new heads for Risk, Technology, and Compliance to align with RBI Governance Directions 2025.
PNB Gilts reported a significant turnaround in Q3 FY26, posting a net profit of ₹53.91 crore compared to a net loss of ₹10.11 crore in the same quarter last year. Revenue from operations grew 17.2% YoY to ₹424.67 crore, primarily driven by robust interest income. The company also announced a comprehensive management restructuring, appointing a new CFO, CTO, CRO, and a dedicated Chief Compliance Officer, largely sourced from its parent bank, Punjab National Bank. This move aligns with the latest RBI governance directions for NBFCs to strengthen internal controls.
- Net Profit of ₹53.91 crore in Q3 FY26 vs a loss of ₹10.11 crore in Q3 FY25.
- Revenue from operations increased to ₹424.67 crore from ₹362.36 crore YoY.
- Earnings Per Share (EPS) improved to ₹2.99 from a negative ₹0.56 YoY.
- Appointment of Ms. Kishkanda Garg as CFO and Mr. Shailesh Saurabh as dedicated Chief Compliance Officer.
- Nine-month profit for FY26 reached ₹168.62 crore, up from ₹158.01 crore in the previous year.
PNB Gilts Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The certificate, issued by MCS Share Transfer Agent Limited, confirms that share certificates received for dematerialization were processed and cancelled within the mandatory 15-day period. This is a standard regulatory filing ensuring that the company's shareholding records with depositories are accurate and up-to-date. There are no material financial implications or operational changes reported in this announcement.
- Compliance certificate filed for the quarter ended December 31, 2025.
- Confirmation that dematerialization requests were processed within 15 days of receipt.
- Registrar and Share Transfer Agent (RTA) involved is MCS Share Transfer Agent Limited.
- Verification and cancellation of physical certificates completed as per SEBI guidelines.
PNB Gilts Limited has announced the closure of its trading window for all insiders and designated persons starting January 01, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the review of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially disclosed to the stock exchanges. The specific date for the board meeting to approve these results is yet to be announced.
- Trading window closure effective from January 01, 2026.
- Closure relates to the financial results for the period ending December 31, 2025.
- Restriction applies to all designated persons and insiders of the company.
- Window to reopen 48 hours after the announcement of the Q3 and nine-month financial results.
- Board meeting date for result approval to be intimated separately.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 6.3% YoY to INR 1,675.98 Cr in FY25. Segmental growth: Interest income (INR 1,511.90 Cr, -0.4% YoY), Net gain on securities (INR 154.76 Cr, +208% YoY), and Fees and commission income (INR 9.20 Cr, +15% YoY).
Profitability Margins
Net Profit Margin improved significantly from 4.4% in FY24 to 13.9% in FY25. Return on Networth (RONW) increased from 5.4% in FY24 to 16.2% in FY25. Annualized RONW for H1 FY26 stood at 14.4%.
EBITDA Margin
Total income net of interest expense grew 119.3% YoY to INR 364 Cr in FY25. PAT for FY25 was INR 233 Cr, a 237.7% increase from INR 69 Cr in FY24.
Credit Rating & Borrowing
The company maintains a CRISIL A1+ rating. Borrowing costs are reflected in finance costs of INR 1,312.41 Cr for FY25, which decreased 7% YoY from INR 1,411.32 Cr.
Operational Drivers
Raw Materials
Borrowed Capital (Call money, Repo, RBI Refinance) represents the primary input cost, with finance costs accounting for 78.3% of total revenue.
Key Suppliers
The Reserve Bank of India (RBI) provides liquidity support (INR 1,848 Cr as of Sep 2025) and PNB provides overdraft facilities (INR 2,500 Cr).
Capacity Expansion
Networth grew 6.3% from INR 1,545 Cr in March 2025 to INR 1,642 Cr in September 2025, enhancing the capacity to hold and trade securities.
Raw Material Costs
Finance costs were INR 1,312.41 Cr in FY25, representing 78.3% of revenue. Costs decreased 7% YoY due to optimized borrowing strategies.
Strategic Growth
Growth Strategy
The company is launching forex operations to diversify its income profile and reduce dependence on the core Primary Dealership business. It is also expanding Debt Capital Market (DCM) services, acting as an arranger for private placements.
Products & Services
Government Securities (G-Secs), Treasury Bills (T-bills), Debt Capital Market (DCM) services, and private placement of debt.
Brand Portfolio
PNB Gilts.
New Products/Services
Forex operations are in the process of being launched to add diversity to the earnings profile.
Market Share & Ranking
One of the largest standalone primary dealerships (PDs) in India.
Strategic Alliances
Wholly owned subsidiary of Punjab National Bank (PNB), which holds a 74.07% stake.
External Factors
Industry Trends
The industry is seeing a shift toward income diversification (Forex, DCM) to mitigate the volatility inherent in core G-Sec trading.
Competitive Landscape
Competes with other standalone primary dealers and bank-owned primary dealership desks.
Competitive Moat
Moat is derived from the PNB brand name, strong parent support, and a large absolute networth of INR 1,642 Cr which provides a buffer against market shocks.
Macro Economic Sensitivity
Highly sensitive to interest rate movements; average networth coverage for a 100 bps change in interest rates was 3.7 times in H1 FY2026.
Geopolitical Risks
Macroeconomic uncertainty and global interest rate trends impact the valuation of unquoted and thinly traded investments.
Regulatory & Governance
Industry Regulations
Governed by RBI Master Directions for NBFC-Scale Based Regulation 2023 and specific Primary Dealer directives regarding asset classification and valuation.
Environmental Compliance
The company reported no unspent amount for CSR activities for the financial year.
Taxation Policy Impact
Current tax liabilities (net) stood at INR 126.94 Lakhs as of March 31, 2025.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position and made provisions for material foreseeable losses on derivative contracts.
Risk Analysis
Key Uncertainties
Inherent volatility in earnings due to interest rate susceptibility; fee-based income constitutes less than 1% of total income.
Geographic Concentration Risk
100% of operations are concentrated in the Indian debt and money markets.
Third Party Dependencies
Heavy reliance on PNB for credit facilities (INR 2,500 Cr) and the RBI for liquidity support schemes.
Technology Obsolescence Risk
Accounting transactions are processed partially through IT systems with some manual intervention, which may pose integrity risks.
Credit & Counterparty Risk
Exposure to PSUs and banks is restricted to 'AA' and 'AAA' rated categories to maintain asset quality.