PNB Gilts Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: February 22, 2025, 6:54 am

Market Cap	1,546 Cr.
Current Price	85.9
High / Low	149/82.1
Stock P/E	6.87
Book Value	82.2
Dividend Yield	1.16 %
ROCE	6.81 %
ROE	5.18 %
Face Value	10.0
PEG Ratio	-0.38

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for PNB Gilts Ltd

Competitors of PNB Gilts Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Monarch Networth Capital Ltd	2,787 Cr.	355	501/226	18.0	93.0	0.14 %	51.8 %	43.4 %	10.0
Monotype India Ltd	55.6 Cr.	0.79	2.42/0.54	6.95	0.13	0.00 %	438 %	%	1.00
Multipurpose Trading & Agencies Ltd	5.20 Cr.	10.5	13.3/7.81	27.4	10.2	0.00 %	4.44 %	3.91 %	10.0
Munoth Financial Services Ltd	33.1 Cr.	64.4	75.5/54.6		21.2	0.00 %	1.71 %	1.79 %	10.0
Naperol Investments Ltd	490 Cr.	852	2,041/801	2,578	3,204	0.00 %	0.08 %	0.05 %	10.0
Industry Average	3,197.53	N/A		59.21	N/A	N/A	17.99	15.43	N/A

All Competitor Stocks of PNB Gilts Ltd

Quarterly Result

Metric	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Sales	184	215	271	262	242	283	339	297	310	443	347	385	474
Expenses	100	44	41	143	49	212	85	33	18	13	67	34	13
Operating Profit	84	171	230	119	193	71	255	263	292	430	280	351	461
OPM %	46%	80%	85%	45%	80%	25%	75%	89%	94%	97%	81%	91%	97%
Other Income	-9	-10	18	1	0	-0	1	0	7	0	0	4	0
Interest	87	110	131	136	133	186	255	251	280	354	325	361	371
Depreciation	1	0	0	0	0	0	0	0	1	4	4	4	4
Profit before tax	-12	50	117	-16	59	-115	1	12	18	72	-49	-10	86
Tax %	-20%	21%	29%	62%	17%	23%	1,256%	47%	25%	19%	16%	-47%	21%
Net Profit	-14	40	83	-6	49	-89	-8	6	13	58	-41	-15	68
EPS in Rs	-0.79	2.22	4.61	-0.34	2.72	-4.94	-0.44	0.34	0.75	3.21	-2.28	-0.86	3.78

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	288	346	410	343	500	402	508	882	1,052	756	927	1,576
Expenses	10	12	16	16	18	70	21	31	32	43	45	55
Operating Profit	278	333	394	327	482	332	487	851	1,020	714	881	1,522
OPM %	96%	96%	96%	95%	96%	83%	96%	96%	97%	94%	95%	97%
Other Income	1	0	0	0	0	0	0	-81	-9	8	8	4
Interest	189	243	261	276	226	331	403	519	395	510	973	1,411
Depreciation	1	1	1	0	0	0	0	1	2	1	1	15
Profit before tax	89	91	133	51	257	1	83	250	614	210	-85	99
Tax %	31%	32%	33%	33%	35%	-8%	36%	25%	26%	21%	9%	30%
Net Profit	61	61	88	34	167	1	53	186	454	166	-77	69
EPS in Rs	3.40	3.41	4.90	1.92	9.29	0.08	2.94	10.35	25.23	9.21	-4.29	3.86
Dividend Payout %	22%	26%	31%	57%	27%	1,277%	48%	29%	40%	54%	0%	26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	0.00%	44.26%	-61.36%	391.18%	-99.40%	5200.00%	250.94%	144.09%	-63.44%	-146.39%	189.61%
Change in YoY Net Profit Growth (%)	0.00%	44.26%	-105.63%	452.54%	-490.58%	5299.40%	-4949.06%	-106.86%	-207.52%	-82.95%	336.00%

PNB Gilts Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	16%
5 Years:	25%
3 Years:	14%
TTM:	20%

Compounded Profit Growth
10 Years:	1%
5 Years:	5%
3 Years:	-47%
TTM:	2751%

Stock Price CAGR
10 Years:	10%
5 Years:	22%
3 Years:	13%
1 Year:	-19%

Return on Equity
10 Years:	12%
5 Years:	14%
3 Years:	4%
Last Year:	5%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 7:53 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	135	180	180	180	180	180	180	180	180	180	180	180	180
Reserves	488	486	541	552	719	677	708	863	1,136	1,247	1,080	1,150	1,300
Borrowings	3,122	3,767	3,858	4,921	3,514	4,369	8,234	12,165	9,864	14,531	19,243	22,403	21,070
Other Liabilities	92	124	182	119	153	27	400	1,051	960	792	994	807	648
Total Liabilities	3,837	4,557	4,761	5,771	4,566	5,252	9,522	14,258	12,140	16,750	21,497	24,540	23,198
Fixed Assets	4	4	3	3	3	3	3	4	3	4	7	7	6
CWIP	0	0	0	0	0	0	0	0	0	0	13	0	0
Investments	182	695	328	640	443	4,999	8,818	12,965	10,907	15,267	18,518	23,008	21,635
Other Assets	3,650	3,857	4,430	5,128	4,120	251	701	1,290	1,230	1,480	2,959	1,525	1,558
Total Assets	3,837	4,557	4,761	5,771	4,566	5,252	9,522	14,258	12,140	16,750	21,497	24,540	23,198

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-696	-94	-366	-1,088	1,213	-800	-3,843	-3,898	2,483	-4,564	-4,638	-2,875
Cash from Investing Activity +	-8	-513	368	-313	197	-0	-0	-1	-1	-1	-14	-1
Cash from Financing Activity +	898	630	71	1,030	-1,431	800	3,844	3,900	-2,481	4,613	4,618	3,159
Net Cash Flow	194	22	74	-370	-20	0	-0	1	1	49	-35	283

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	275.00	330.00	391.00	323.00	479.00	328.00	479.00	839.00	-8.00	700.00	862.00	-21.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	0	0	0	0	0	0	0	0	0	0
Working Capital Days	4,123	3,596	3,426	5,296	2,883	93	102	68	69	181	129	39
ROCE %	8%	8%	9%	6%	10%	7%	7%	8%	8%	5%	5%	7%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%
FIIs	0.51%	0.45%	0.31%	0.33%	0.24%	0.01%	0.04%	0.01%	0.02%	0.25%	0.10%	0.29%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.00%	0.00%
Public	25.42%	25.48%	25.62%	25.61%	25.70%	25.93%	25.89%	25.91%	25.91%	25.60%	25.82%	25.64%
No. of Shareholders	79,037	80,681	84,896	83,352	83,472	81,306	84,154	81,673	82,765	82,897	83,752	84,960

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	3.86	-4.29	9.21	25.23	10.35
Diluted EPS (Rs.)	3.86	-4.29	9.21	25.23	10.35
Cash EPS (Rs.)	4.71	-4.21	9.27	25.33	10.43
Book Value[Excl.RevalReserv]/Share (Rs.)	73.87	70.00	79.29	73.13	57.91
Book Value[Incl.RevalReserv]/Share (Rs.)	73.87	70.00	79.29	73.13	57.91
Dividend / Share (Rs.)	1.00	0.00	5.00	10.00	3.00
Revenue From Operations / Share (Rs.)	87.57	68.32	54.98	58.44	49.01
PBDIT / Share (Rs.)	84.54	48.96	39.71	56.65	47.31
PBIT / Share (Rs.)	83.69	48.88	39.65	56.55	47.23
PBT / Share (Rs.)	5.49	-4.72	11.67	34.13	13.88
Net Profit / Share (Rs.)	3.86	-4.29	9.21	25.23	10.35
PBDIT Margin (%)	96.54	71.66	72.22	96.93	96.54
PBIT Margin (%)	95.56	71.55	72.10	96.75	96.37
PBT Margin (%)	6.26	-6.91	21.23	58.39	28.31
Net Profit Margin (%)	4.40	-6.27	16.74	43.16	21.12
Return on Networth / Equity (%)	5.21	-6.12	11.61	34.49	17.87
Return on Capital Employeed (%)	112.50	69.51	49.75	75.61	54.74
Return On Assets (%)	0.28	-0.35	0.98	3.74	1.30
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.00	0.47
Total Debt / Equity (X)	16.84	15.27	10.18	7.49	11.67
Asset Turnover Ratio (%)	0.06	0.06	0.06	0.07	0.07
Current Ratio (X)	1.06	1.06	1.09	1.12	1.12
Quick Ratio (X)	1.06	1.06	1.09	1.12	1.12
Dividend Payout Ratio (NP) (%)	0.00	0.00	32.58	39.63	16.30
Dividend Payout Ratio (CP) (%)	0.00	0.00	32.36	39.47	16.17
Earning Retention Ratio (%)	0.00	0.00	67.42	60.37	83.70
Cash Earning Retention Ratio (%)	0.00	0.00	67.64	60.53	83.83
Interest Coverage Ratio (X)	1.08	0.90	1.40	2.58	1.64
Interest Coverage Ratio (Post Tax) (X)	1.05	0.91	1.31	2.17	1.52
Enterprise Value (Cr.)	24070.34	19951.10	15551.43	10719.61	12589.97
EV / Net Operating Revenue (X)	15.27	16.22	15.71	10.19	14.27
EV / EBITDA (X)	15.82	22.64	21.76	10.51	14.78
MarketCap / Net Operating Revenue (X)	1.25	0.83	1.08	0.82	0.48
Retention Ratios (%)	0.00	0.00	67.41	60.36	83.69
Price / BV (X)	1.48	0.81	0.75	0.65	0.41
Price / Net Operating Revenue (X)	1.25	0.83	1.08	0.82	0.48
EarningsYield	0.03	-0.07	0.15	0.52	0.43

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of PNB Gilts Ltd as of February 23, 2025 is: ₹23.67

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of February 23, 2025, PNB Gilts Ltd is Overvalued by 72.44% compared to the current share price ₹85.90

Intrinsic Value of PNB Gilts Ltd as of February 23, 2025 is: 19.43

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of February 23, 2025, PNB Gilts Ltd is Overvalued by 77.38% compared to the current share price ₹85.90

Last 5 Year EPS CAGR: -17.90%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Cash Conversion Cycle of 0.00, which is a positive sign. The company has shown consistent growth in sales (447.00 cr) and profit (149.42 cr) over the years.	The stock has a low average ROCE of 7.33%, which may not be favorable. The stock has a high average Working Capital Days of 58.17, which may not be favorable. The company has higher borrowings (10,081.62) compared to reserves (842.08), which may suggest financial risk.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in PNB Gilts Ltd:
1. Net Profit Margin: 4.4%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 112.5% (Industry Average ROCE: 17.99%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 5.21% (Industry Average ROE: 15.43%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.05
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.06
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 6.87 (Industry average Stock P/E: 59.21)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 16.84
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

PNB Gilts Ltd. is a Public Limited Listed company incorporated on 13/03/1996 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74899DL1996PLC077120 and registration number is 077120. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 1576.36 Cr. and Equity Capital is Rs. 180.01 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Investment Company	5, Sansad Marg, New Delhi Delhi 110001	pnbgilts@pnbgilts.com http://www.pnbgilts.com

Management
Name	Position Held
Mr. Kalyan Kumar	Chairman, Non Ind & Non Exe Director
Mr. Vikas Goel	Managing Director & CEO
Dr. T M Bhasin	Independent Director
Mr. P P Pareek	Independent Director
Mr. S K Kalra	Independent Director
Dr.(Mrs.) Neharika Vohra	Independent Director
Mr. Gopal Singh Gusain	Independent Director
Mr. Amith Kumar Srivastava	Non Exe.Non Ind.Director

FAQ

What is the latest intrinsic value of PNB Gilts Ltd?

Let's break down PNB Gilts Ltd's intrinsic value simply:

We calculate intrinsic value using the PE Ratio Method - comparing the company's current price-to-earnings ratio with its historical average and industry peers. Think of it like checking if a stock is "on sale" compared to its typical pricing.

As of 22 February 2025:

Calculated Fair Value: ₹23.67
Current Market Price: ₹85.90
Variance: 72.44% lower

This suggests PNB Gilts Ltd is currently overvalued by 72.44%. For context:

Market Cap: 1,546 Cr.
52-Week Range: 149/82.1
Reserves (Sep 2024): ₹1,300 Cr
Liabilities: 23,198 Cr

Remember: The PE method gives a snapshot based on earnings multiples. While useful for quick comparisons, investors should also consider growth prospects, industry trends, and economic conditions. This calculation assumes historical PE ratios remain relevant - always verify with current market dynamics.

What is the Market Cap of PNB Gilts Ltd?

The Market Cap of PNB Gilts Ltd is 1,546 Cr..

What is the current Stock Price of PNB Gilts Ltd as on 22 February 2025?

The current stock price of PNB Gilts Ltd as on 22 February 2025 is ₹85.9.

What is the High / Low of PNB Gilts Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of PNB Gilts Ltd stocks is 149/82.1.

What is the Stock P/E of PNB Gilts Ltd?

The Stock P/E of PNB Gilts Ltd is 6.87.

What is the Book Value of PNB Gilts Ltd?

The Book Value of PNB Gilts Ltd is 82.2.

What is the Dividend Yield of PNB Gilts Ltd?

The Dividend Yield of PNB Gilts Ltd is 1.16 %.

What is the ROCE of PNB Gilts Ltd?

The ROCE of PNB Gilts Ltd is 6.81 %.

What is the ROE of PNB Gilts Ltd?

The ROE of PNB Gilts Ltd is 5.18 %.

What is the Face Value of PNB Gilts Ltd?

The Face Value of PNB Gilts Ltd is 10.0.