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PNBGILTS - PNB Gilts

📊 NSE: PNBGILTS 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 11:03

📢 Recent Corporate Announcements

PNB Gilts Recommends ₹2 Final Dividend for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 20 Apr 2026, 03:28 PM

PNB Gilts Limited has recommended a final dividend of ₹2 per equity share (20% of face value) for the financial year ended March 31, 2026. The company reported a total revenue from operations of ₹1,69,876.16 Lacs for FY26, compared to ₹1,67,598.37 Lacs in the previous year. Interest income, the primary revenue driver, saw a healthy increase to ₹1,68,903.34 Lacs from ₹1,51,190.07 Lacs. The dividend is subject to shareholder approval at the upcoming Annual General Meeting.

Recommended a final dividend of ₹2 per equity share of ₹10 each (20% of face value).
Total revenue from operations for FY26 reached ₹1,69,876.16 Lacs versus ₹1,67,598.37 Lacs in FY25.
Interest income grew by 11.7% year-on-year to ₹1,68,903.34 Lacs.
The company received an unmodified audit opinion from its joint statutory auditors for the FY26 results.
Dividend payment will be processed within 30 days of declaration at the AGM.

💡 Investors should monitor the upcoming record date for dividend eligibility and consider the company's steady interest income growth as a sign of operational stability.

PNB Gilts FY26 Interest Income Rises to ₹1,689 Cr; Recommends ₹2 Final Dividend

🔵 WATCH ⭐ 8/10

EARNINGS 📅 20 Apr 2026, 03:25 PM

PNB Gilts reported its audited financial results for FY26, showing an 11.7% growth in interest income to ₹1,68,903.34 Lacs. Despite the revenue growth, the company faced significant pressure on its trading portfolio, recording a net loss on securities of ₹1,482.49 Lacs for the full year compared to a gain of ₹15,475.97 Lacs in FY25. The Board has recommended a final dividend of ₹2 per equity share (20% of face value) for the financial year 2025-26. The Q4 performance was particularly impacted by a net loss on securities of ₹7,252.77 Lacs.

Annual interest income grew to ₹1,68,903.34 Lacs in FY26 from ₹1,51,190.07 Lacs in FY25.
Recommended a final dividend of ₹2 per equity share of ₹10 each for FY 2025-26.
Net loss on securities for Q4 FY26 stood at ₹7,252.77 Lacs versus a gain of ₹5,891.85 Lacs in Q4 FY25.
Total revenue from operations for FY26 reached ₹1,69,876.16 Lacs compared to ₹1,67,598.37 Lacs in the previous year.
Finance costs for the full year remained relatively flat at ₹1,31,245.54 Lacs.

💡 Investors should weigh the steady dividend yield against the high volatility in the company's trading gains, which are sensitive to interest rate movements. Monitor the interest rate outlook closely as it directly impacts the valuation of the company's government securities portfolio.

PNB Gilts Submits SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 07:00 PM

PNB Gilts Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate, issued by MCS Share Transfer Agent Limited, confirms that all share certificates received for dematerialization were processed within the mandated 15-day timeframe. This filing ensures that the company's shareholding records are accurately updated and that physical certificates are properly cancelled and replaced by electronic entries. This is a standard procedural disclosure required for all listed entities in India.

Compliance certificate issued for the quarter ended March 31, 2026.
Confirmation of processing dematerialization requests within 15 days of receipt.
Securities listed on stock exchanges where previous shares are already listed.
Physical certificates mutilated and cancelled as per regulatory requirements.
Registrar and Share Transfer Agent (RTA) confirmed the substitution of depository names in records.

💡 No action is required from investors as this is a routine administrative filing confirming the company's compliance with SEBI's share processing regulations.

PNB Gilts Appoints Pankaj Kumar as Deputy CEO Effective March 27, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Mar 2026, 12:53 PM

PNB Gilts has appointed Mr. Pankaj Kumar as the new Deputy Chief Executive Officer and Senior Management Personnel, effective March 27, 2026. Mr. Kumar, currently an Assistant General Manager at Punjab National Bank, brings over 22 years of experience in banking, risk management, and treasury operations. Notably, he has previously served a 4-year tenure at PNB Gilts on deputation, ensuring familiarity with the company's internal operations. This appointment is part of the company's efforts to strengthen its senior leadership team.

Appointment of Mr. Pankaj Kumar as Deputy CEO effective March 27, 2026
Over 22 years of experience in banking industry including risk management and treasury
Previous 4-year experience specifically within PNB Gilts Mid Office on deputation
Educational background includes CAIIB and Diploma in Treasury, Investment & Risk Management

💡 This is a routine senior management appointment and does not require immediate portfolio changes. Investors should monitor for any future shifts in treasury management strategy under the new leadership.

PNB Gilts Seeks Shareholder Approval for Appointment of Two Non-Executive Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Mar 2026, 05:33 PM

PNB Gilts Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Sh. Bibhu Prasad Mahapatra and Smt. Anju Mittal as Non-Executive & Non-Independent Directors. Both appointments are proposed for a tenure of up to 5 years, following necessary approvals from the Reserve Bank of India. The remote e-voting period for shareholders is scheduled from March 26, 2026, to April 24, 2026, with a cut-off date of March 20, 2026. These appointments are part of the company's routine board restructuring and regulatory compliance.

Appointment of Sh. Bibhu Prasad Mahapatra as Non-Executive Director for a 5-year term effective January 29, 2026.
Appointment of Smt. Anju Mittal as Non-Executive Director for a 5-year term effective March 16, 2026.
Remote e-voting facility open for 30 days from March 26, 2026, to April 24, 2026.
RBI granted approval for the appointments on January 29, 2026, and March 13, 2026, respectively.
The cut-off date for determining shareholder voting eligibility was March 20, 2026.

💡 This is a routine corporate governance matter regarding board appointments. No immediate action is required from investors other than participating in the e-voting process if they wish to exercise their rights.

PNB Gilts to Close Trading Window from April 1, 2026, Ahead of FY26 Annual Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Mar 2026, 06:59 PM

PNB Gilts Limited has announced the closure of its trading window for all insiders and designated persons starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the results are officially declared to the stock exchanges. The company will provide the specific date for the board meeting to consider these results in a separate notification.

Trading window closure for insiders starts on April 1, 2026.
Closure relates to the financial results for the quarter and year ending March 31, 2026.
Window will reopen 48 hours after the official announcement of the financial results.
The specific board meeting date for result approval will be intimated in due course.

💡 This is a routine regulatory announcement with no impact on the company's fundamentals. Investors should monitor for the upcoming earnings release to evaluate the company's year-end performance.

PNB Gilts Appoints Anju Mittal as Additional Director Effective March 16, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Mar 2026, 12:22 PM

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

💡 This is a routine management update involving a representative from the parent bank and requires no immediate action from investors.

PNB Gilts Receives [ICRA] A1+ Rating Reaffirmation for Rs 2,000 Crore Debt Programmes

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 30 Jan 2026, 01:04 PM

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

💡 Investors can remain confident in the company's creditworthiness as it maintains the highest safety rating for its short-term borrowings. No immediate portfolio changes are necessary based on this routine reaffirmation.

PNB Gilts Reports Q3 Net Profit of ₹53.9 Cr and Major Management Overhaul

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 17 Jan 2026, 06:54 PM

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.

💡 The strong turnaround from loss to profit and the strengthening of the management team are positive signals for shareholders. Investors should maintain a watch on interest rate cycles as they significantly impact the company's primary dealer operations.

PNB Gilts Q3 FY26 Turnaround: Net Profit at ₹53.9 Cr; Major Management Overhaul Announced

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 17 Jan 2026, 06:28 PM

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.

💡 The strong return to profitability and the strengthening of the leadership team are positive indicators for the stock. Investors should watch for continued stability in interest margins and the impact of new management on risk governance.

PNB Gilts Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 03:20 PM

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.

💡 No action is required as this is a routine administrative filing. Investors should continue to monitor the company's quarterly financial results for performance-related insights.

PNB Gilts to Close Trading Window from Jan 1, 2026, for Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Dec 2025, 03:28 PM

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.

💡 This is a standard regulatory procedure and does not impact the company's fundamentals; investors should monitor for the upcoming board meeting date to assess Q3 performance.

View All PNBGILTS Announcements on Live Market Tracking →

💰 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.