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PNB Gilts Limited (PNBGILTS)

₹73.09 +0.44% last close, 16 Oct

📊 NSE: PNBGILTS 🏢 Finance & Investments 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

PNB Gilts Limited reported Q2 FY27 results on 13 Oct 2026: revenue ₹436 Cr (-1.5% year on year, -4.0% on the previous quarter), and net profit ₹44.8 Cr (against a loss a year earlier); the operating margin was 92.3%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹436	-1.5%	-4.0%
Operating profit	₹403	+37.9%	-8.4%
Net profit	₹44.8	from loss	-44.4%
EPS (₹)	2.49	from loss	-44.4%
Operating margin	92.3%	—	—

Turnaround: profit against a loss a year ago
Operating margin expanded 2634 bps YoY
Operating cash flow was negative in FY26 despite a profit

Quality of profit: of pre-tax profit of ₹60.2 Cr, ₹59.8 Cr (99%) came from the core business and the rest from other income and one-off items.

Share price since the results: +3.4% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

PNBGILTS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 36.55% of the PNBGILTS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.65%. That is close to its usual level. Volume was 0.4 times its average, well below normal.

36.55%Delivery, 16 Oct

42.65%Own 20-session average

0.4×Volume vs its average

₹73.09NSE close · +0.44%

Delivery in the last 5 sessions: 39.9% · 4.9% · 27.3% · 36.8% · 36.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

PNB Gilts Q2 PAT at ₹44.84 Cr vs Loss YoY, Revenue at ₹436.32 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Oct 2026, 01:04 PM

PNB Gilts reported Standalone Revenue from Operations of ₹436.32 Cr for Q2 FY27 (ended September 30, 2026), down 1.6% YoY from ₹443.41 Cr. Profit after tax turned positive to ₹44.84 Cr compared to a net loss of ₹45.35 Cr in Q2 FY26, though down 44.4% sequentially from ₹80.70 Cr in Q1 FY27. Basic EPS stood at ₹2.49 for the quarter compared to negative ₹2.52 in the year-ago period. For H1 FY27, net profit reached ₹125.53 Cr, up 9.4% YoY from ₹114.72 Cr in H1 FY26.

Q2 PAT swung to a profit of ₹44.84 Cr from a loss of ₹45.35 Cr in Q2 FY26
Net loss on fair value changes narrowed significantly to ₹17.71 Cr compared to ₹140.03 Cr in Q2 FY26
Q2 Revenue from operations stood at ₹436.32 Cr versus ₹443.41 Cr in Q2 FY26
H1 FY27 PAT rose 9.4% YoY to ₹125.53 Cr with H1 EPS of ₹6.98

💡 Track interest rate trajectories, RBI repo rate stance, and sovereign bond yields, as trading income and fair value gains in G-Secs heavily dictate quarterly profitability.

PNB Gilts Shareholders Approve ₹2/Share Final Dividend and Material RPTs at 30th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 06:00 PM

PNB Gilts Limited announced the scrutinizer's report and voting results for its 30th Annual General Meeting held on September 28, 2026. All six resolutions were passed with the requisite majority, including the adoption of FY26 financial statements and approval of a final dividend of ₹2 per equity share. Shareholders also approved material related-party transactions with promoter Punjab National Bank and its group entities, with 99.18% of non-promoter polled votes in favor. Additionally, director appointments including Sh. Pareed Sunil and Sh. Amit Kumar Srivastava were confirmed.

Shareholders approved a final dividend of ₹2 per equity share of face value ₹10 for FY26 with 99.9987% votes in favor.
Material related-party transactions with promoter and group entities approved with 99.1846% public votes in favor.
Total voting turnout across all items was anchored by the promoter holding (13,33,33,333 shares), representing over 74% of equity.
Appointment of Sh. Amit Kumar Srivastava as Non-Executive and Non-Independent Director approved with 99.9985% votes in favor.

💡 Track the dividend payment schedule following AGM approval, and monitor Q2 FY27 earnings for interest rate sensitivity and DCM expansion updates.

PNB Gilts Concludes 30th AGM; ₹2/Share Final Dividend Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 03:11 PM

PNB Gilts Limited conducted its 30th Annual General Meeting (AGM) on September 28, 2026, through video conferencing with 59 members present. Key ordinary and special resolutions were tabled, including the approval of a final dividend of ₹2 per equity share of ₹10 face value for FY26. In addition, shareholders voted on the reappointment of MD & CEO Pareed Sunil, the appointment of Amit Kumar Srivastava as Non-Executive Director, and material related-party transactions with its promoter group. Final voting results will be released within two working days.

30th AGM concluded on September 28, 2026, with 59 members attending via video conferencing
Approval sought for a final dividend of ₹2 per equity share for FY 2025-26
AGM notice and annual report were dispatched to 78,743 registered members
Resolutions voted on include appointment of Sh. Amit Kumar Srivastava as Non-Executive Director and related-party transactions

💡 Track the final scrutinizer voting results within two working days to confirm the formal adoption of all resolutions and the payout schedule for the ₹2/share dividend.

PNB Gilts Appoints C&AG-Designated Joint Statutory Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 06:04 PM

PNB Gilts Limited informed the exchanges that the Comptroller and Auditor General (C&AG) of India has appointed M/s RAJ HAR GOPAL & CO and M/s K VENKATACHALAM AIYER & CO as Joint Statutory Auditors for FY 2026-27. Both audit firms have provided their requisite consents via letters dated September 8, 2026. The appointments took effect from September 7, 2026, pursuant to Section 139 of the Companies Act, 2013.

C&AG appointed M/s RAJ HAR GOPAL & CO (FRN: 002074N) and M/s K VENKATACHALAM AIYER & CO (FRN: 004610S) as Joint Statutory Auditors
Appointment is for Financial Year 2026-27 under Section 139 of the Companies Act, 2013
Effective date of appointment is September 7, 2026
Consent letters from both audit firms were submitted on September 8, 2026

💡 Track the upcoming quarterly financial results for Q2 FY27, which will be reviewed under the newly appointed joint statutory auditors.

PNB Gilts Appoints C&AG-Nominated Joint Statutory Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 02:14 PM

PNB Gilts Limited has appointed M/s Raj Har Gopal & Co and M/s K Venkatachalam Aiyer & Co as its Joint Statutory Auditors for FY 2026-27. The appointment follows a nomination by the Comptroller and Auditor General (C&AG) of India via letter dated September 7, 2026, and is subject to the auditors' requisite consent. The announcement represents a routine regulatory rotation applicable to state-owned enterprises and their subsidiaries.

Appointed Joint Statutory Auditors for Financial Year 2026-27 pursuant to C&AG letter dated September 7, 2026
Auditor firms appointed: M/s Raj Har Gopal & Co (FRN: 002074N) and M/s K Venkatachalam Aiyer & Co (FRN: 004610S)
Raj Har Gopal & Co brings 46+ years of history and a team of 19 partners across 17 branches
Appointment is subject to the formal consent of the appointed Joint Statutory Auditors

💡 Track the upcoming quarterly financial results for Q2 FY2027 to ensure a smooth audit transition with no reporting delays or qualifications.

PNB Gilts Dispatches FY26 Annual Report; 30th AGM Scheduled for September 28, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Sep 2026, 04:48 PM

PNB Gilts has dispatched its Annual Report for FY 2025-26 along with the notice convening its 30th Annual General Meeting (AGM) scheduled for September 28, 2026, via Video Conferencing. In the annual message, management highlighted FY26 Profit After Tax of ₹181.62 crore (down from ₹233.03 crore in FY25) amid a challenging steepening yield curve environment. The company recommended a dividend of ₹2 per share for FY26 (up from ₹1 in FY25). Capital adequacy ratio improved to 52.68% from 42.68%, with Net Owned Funds increasing to ₹1,696.44 crore.

30th Annual General Meeting scheduled for Monday, September 28, 2026 at 11:00 a.m. IST via Video Conferencing
Board recommended a dividend of ₹2 per share for FY26, up from ₹1 per share in FY25
FY26 PAT reported at ₹181.62 crore versus ₹233.03 crore in FY25, with interest income growing ~12%
Capital Adequacy Ratio strengthened to 52.68% (from 42.68% in FY25) with Net Owned Funds at ₹1,696.44 crore
Outright secondary market turnover recorded at ₹7,66,635 crore, representing a 2.86% market share

💡 Track voting resolutions and shareholder approval on the ₹2/share dividend during the upcoming AGM on September 28, 2026.

PNB Gilts Chairman Bibhu Prasad Mahapatra Resigns; PNB to Nominate Amit Kumar Srivastava

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Aug 2026, 10:25 PM

PNB Gilts Limited announced the resignation of its Non-Executive Non-Independent Director and Chairman, Mr. Bibhu Prasad Mahapatra, effective August 7, 2026. The resignation follows permission received by parent Punjab National Bank (which holds a 74.07% stake) from the Ministry of Finance to nominate Sh. Amit Kumar Srivastava (Executive Director, PNB) to the Board. This represents a routine rotation of nominee directors by the promoter bank.

Mr. Bibhu Prasad Mahapatra resigned as Chairman and Non-Executive Director effective close of business on August 7, 2026.
The change follows GoI/DFS approval to PNB for nominating Sh. Amit Kumar Srivastava (ED, PNB) as Director.
Parent Punjab National Bank maintains majority control with a 74.07% promoter shareholding.
No disruption to operations is anticipated as this is a standard promoter nominee change.

💡 Track the formal board appointment of Sh. Amit Kumar Srivastava and subsequent election of the new Board Chairman.

PNB Gilts Chairman Bibhu Prasad Mahapatra Resigns; Amit Kumar Srivastava Nominated

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Aug 2026, 08:57 PM

Mr. Bibhu Prasad Mahapatra has resigned as the Non-Executive Non-Independent Director and Chairman of PNB Gilts effective August 7, 2026. The resignation follows the Government of India's approval for Punjab National Bank (the promoter) to nominate Mr. Amit Kumar Srivastava, currently an Executive Director at PNB, to the board. This transition is a routine rotation of nominee directors from the parent bank, which holds a 74.1% stake in the company. The company remains heavily dependent on PNB for liquidity, including a Rs 2,100 Cr intraday facility.

Resignation of Chairman Bibhu Prasad Mahapatra effective close of business hours on August 7, 2026
Nomination of Mr. Amit Kumar Srivastava, Executive Director of PNB, as the new representative director
Promoter Punjab National Bank maintains a dominant 74.1% stake in the company
Company utilizes a Rs 400 Cr overdraft and Rs 2,100 Cr intraday facility from the parent bank

💡 Investors should treat this as a routine administrative change within a PSU-controlled entity; watch for the formal appointment and profile of the incoming Chairman.

PNB Gilts Sets Sep 21 as Record Date for Dividend; Appoints PNB ED to Board

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 07 Aug 2026, 05:05 PM

PNB Gilts has fixed September 21, 2026, as the record date for its final dividend for FY 2025-26, subject to shareholder approval at the upcoming AGM on September 28, 2026. The board also appointed Sh. Amit Kumar Srivastava, an Executive Director at parent Punjab National Bank (PNB), as a Non-Executive Director. Srivastava brings over 31 years of banking experience, including a tenure as Group Chief Risk Officer at PNB. The dividend, if approved, will be paid within 30 days of the AGM.

Record date for FY 2025-26 final dividend fixed for September 21, 2026
30th Annual General Meeting scheduled for September 28, 2026, at 11:00 AM
Appointment of Sh. Amit Kumar Srivastava (ED, PNB) as Non-Executive Director
Dividend payment to be completed within 30 days of the AGM declaration
New director brings 31 years of banking experience across various verticals

💡 Investors should note the record date of September 21 for dividend eligibility and monitor the AGM outcome on September 28 for final approval.

PNB Gilts Sets Sept 21 Record Date for Dividend; Appoints PNB Executive Director to Board

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 07 Aug 2026, 05:03 PM

PNB Gilts has scheduled its 30th Annual General Meeting (AGM) for September 28, 2026, and fixed September 21, 2026, as the record date for the final dividend of FY 2025-26. The board also approved the appointment of Sh. Amit Kumar Srivastava, currently an Executive Director at parent Punjab National Bank (PNB), as a Non-Executive Director, subject to RBI and shareholder approval. This move strengthens the leadership link with PNB, which provides critical liquidity support including a Rs 2,100 Cr intraday facility. The company continues to operate with a strong net worth of Rs 1,710 Cr as of the latest filings.

Record date for the final dividend of FY 2025-26 is fixed as September 21, 2026.
30th Annual General Meeting (AGM) to be held on September 28, 2026, via VC/OAVM.
Appointment of Sh. Amit Kumar Srivastava (ED of PNB) as Non-Executive Director, bringing 31 years of banking experience.
Parent PNB maintains a 74.07% promoter stake in the company.
Dividend payment to be completed within 30 days of declaration at the AGM.

💡 Investors should note the September 21 record date for dividend eligibility and monitor the AGM on September 28 for updates on the company's diversification into forex operations.

PNB Gilts completes 3-hour one-on-one meeting with Canara Bank Securities

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jul 2026, 06:13 PM

PNB Gilts Limited conducted a one-on-one physical meeting with Canara Bank Securities Limited on July 20, 2026, in Mumbai. The meeting lasted approximately 3 hours and 15 minutes, from 11:00 a.m. to 2:15 p.m. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. This filing is a routine update following an earlier intimation on July 15, 2026.

Meeting held on July 20, 2026, for a duration of 3 hours and 15 minutes
Interaction was on a one-on-one basis with Canara Bank Securities Limited
Company maintains a high promoter holding of 74.07% as of March 2026

💡 Investors should monitor the company's upcoming quarterly results for updates on its diversification into Forex and Debt Capital Market (DCM) services.

PNB Gilts Q1 FY27: Net Profit drops 49.6% YoY to ₹80.7 Cr on lower trading gains

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 16 Jul 2026, 08:35 PM

PNB Gilts reported a standalone net profit of ₹80.70 Cr for the quarter ended June 30, 2026, a sharp 49.6% decline from ₹160.07 Cr in the same period last year. While interest income grew 7.3% YoY to ₹433.45 Cr, the overall performance was dragged down by a significant reduction in net gains on securities, which fell from ₹156.69 Cr to just ₹18.23 Cr. Sequentially, however, the company saw a strong recovery from the ₹12.99 Cr profit reported in Q4 FY26. Finance costs remained relatively stable at ₹330.76 Cr compared to ₹324.34 Cr YoY.

Net Profit for Q1 FY27 stood at ₹80.70 Cr, down from ₹160.07 Cr in Q1 FY26.
Net gains on securities (realized and unrealized) plummeted 88.4% YoY to ₹18.23 Cr.
Interest income showed resilience, increasing to ₹433.45 Cr from ₹403.85 Cr in the year-ago quarter.
Finance costs, a major expense for the primary dealer, rose slightly by 2% YoY to ₹330.76 Cr.
Earnings Per Share (EPS) for the quarter halved to ₹4.48 from ₹8.89 in Q1 FY26.

💡 Investors should monitor the trajectory of Indian government bond yields and systemic liquidity, as the company's profitability remains highly sensitive to trading gains on its G-Sec portfolio.

PNB Gilts Schedules One-on-One Analyst Meet with Canara Bank Securities for July 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Jul 2026, 03:40 PM

PNB Gilts Limited has announced a one-on-one meeting with Canara Bank Securities Limited scheduled for July 20, 2026. The meeting will be held physically at the Mumbai office of Canara Bank Securities. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction. This is a standard investor relations activity for the company, which is currently focused on diversifying its income through Forex and Debt Capital Market (DCM) services.

One-on-one meeting scheduled for July 20, 2026, at 11:00 a.m.
Interaction to take place with Canara Bank Securities Limited in Mumbai.
Company maintains a significant TTM revenue of ₹1,855 Cr as of the latest financial context.
Promoter holding remains stable at 74.1% as of March 2026.
Company is currently diversifying into Forex operations to reduce dependence on core G-Sec trading.

💡 Investors should look for any post-meeting disclosures or presentations on the company website that might provide updates on the execution timeline for their new Forex and DCM service lines.

PNB Gilts Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 05:53 PM

PNB Gilts has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MCS Share Transfer Agent Limited, confirms that all securities received for dematerialization during the quarter ended June 30, 2026, were processed within the required 15-day timeframe. This process includes the verification, listing on exchanges, and subsequent cancellation of physical certificates. This is a standard administrative filing and does not impact the company's financial standing.

Compliance certificate covers the quarter ended June 30, 2026
Confirms processing of dematerialization requests within 15 days of receipt
Certificate issued by Registrar and Share Transfer Agent on July 2, 2026
Filing submitted to exchanges on July 3, 2026

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for operational performance updates.

PNB Gilts to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 12:37 PM

PNB Gilts Limited has announced the closure of its trading window for all insiders and designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the official announcement of the quarterly results. The specific date for the board meeting to consider these results will be communicated at a later date.

Trading window closure effective from July 01, 2026.
Closure pertains to the financial results for the quarter ending June 30, 2026.
Window will reopen 48 hours after the results are disclosed to stock exchanges.
Applies to all designated persons and insiders as per the Company's Code of Conduct.
Board meeting date for result approval to be intimated in due course.

💡 No immediate action is required as this is a routine regulatory compliance filing; investors should monitor for the upcoming Q1 earnings date.

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.