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Last Updated: April 2, 2026, 3:29 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532366 | NSE: PNBGILTS

PNB Gilts Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹56.79Overvalued by 11.40%vs CMP ₹64.10

P/E (4.8) × ROE (16.1%) × BV (₹91.20) × DY (1.56%)

₹1,204.42Undervalued by 1,778.97%vs CMP ₹64.10
MoS: +94.7% (Strong)Confidence: 56/100 (Moderate)Models: 6 Under, 1 Fair
ModelCategoryValueWeightSignal
PE-ROEEarnings₹61.3329%Fair (-4.3%)
Graham NumberEarnings₹166.6221%Under (+159.9%)
Net Asset ValueAssets₹91.299%Under (+42.4%)
Dividend DiscountDividends₹269.7212%Under (+320.8%)
Earnings YieldEarnings₹135.309%Under (+111.1%)
ROCE CapitalReturns₹9,277.4112%Under (+14373.3%)
Revenue MultipleRevenue₹93.187%Under (+45.4%)
Consensus (7 models)₹1,204.42100%Undervalued
Key Drivers: Wide model spread (₹61–₹9,277) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 8.0%

*Investments are subject to market risks

Investment Snapshot

57
PNB Gilts Ltd scores 57/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health42/100 · Moderate
ROCE 6.8% WeakROE 16.1% GoodD/E 7.49 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 74.1% Stable
Earnings Quality65/100 · Strong
OPM expanding (83% → 97%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): 4% YoY FlatProfit (4Q): +8% YoY PositiveOPM: 93.0% (up 9.0% YoY) Margin expansion
Industry Rank65/100 · Strong
P/E 4.8 vs industry 98.5 Cheaper than peersROCE 6.8% vs industry 21.7% Below peers3Y sales CAGR: 30% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:29 am

Market Cap 1,153 Cr.
Current Price 64.1
Intrinsic Value₹1,204.42
High / Low 120/58.6
Stock P/E4.76
Book Value 91.2
Dividend Yield1.56 %
ROCE6.80 %
ROE16.1 %
Face Value 10.0
PEG Ratio0.60

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

View Share Price Target for PNB Gilts Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
PNB Gilts Ltd 1,153 Cr. 64.1 120/58.64.76 91.21.56 %6.80 %16.1 % 10.0
Jindal Poly Investment & Finance Company Ltd 1,134 Cr. 1,078 1,488/6511.28 1,5570.00 %12.8 %14.2 % 10.0
Arunis Abode Ltd 1,173 Cr. 96.2 98.7/6.8170.2 0.521.04 %5.36 %2.17 % 10.0
Dolat Algotech Ltd 1,230 Cr. 69.9 111/65.010.1 59.50.36 %32.0 %24.0 % 1.00
5Paisa Capital Ltd 1,271 Cr. 270 437/24529.3 1340.00 %13.6 %11.9 % 10.0
Industry Average6,725.79 Cr1,029.6498.514,364.490.43%21.71%14.20%7.23

All Competitor Stocks of PNB Gilts Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 297310443347385474440501362419563443425
Expenses 331813673413141259122615230
Operating Profit 263292430280351461426488303407538292394
OPM % 89%94%97%81%91%97%97%98%84%97%95%66%93%
Other Income 0700400110011
Interest 251280354325361371355336315307324345327
Depreciation 0144441111111
Profit before tax 121872-49-108671153-1299213-5368
Tax % 47%25%19%-16%47%21%25%25%-13%24%25%-15%20%
Net Profit 61358-41-156853115-1075160-4554
EPS in Rs 0.340.753.21-2.28-0.863.782.976.37-0.564.178.89-2.522.99

Last Updated: February 4, 2026, 3:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 9:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3464103435004025088821,0527561,2301,5771,6761,850
Expenses 1216161870213132433495552219
Operating Profit 3333943274823324878511,0207148811,5221,6241,631
OPM % 96%96%95%96%83%96%96%97%94%72%97%97%88%
Other Income 000000-81-988422
Interest 2432612762263314035193955109731,4111,3121,303
Depreciation 11000012111533
Profit before tax 9113351257183250614210-8599311327
Tax % 32%33%33%35%-8%36%25%26%21%-9%30%25%
Net Profit 618834167153186454166-7769233244
EPS in Rs 3.414.901.929.290.082.9410.3525.239.21-4.293.8612.9513.53
Dividend Payout % 26%31%57%27%1,277%48%29%40%54%0%26%8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)44.26%-61.36%391.18%-99.40%5200.00%250.94%144.09%-63.44%-146.39%189.61%237.68%
Change in YoY Net Profit Growth (%)0.00%-105.63%452.54%-490.58%5299.40%-4949.06%-106.86%-207.52%-82.95%336.00%48.07%

PNB Gilts Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:15%
5 Years:14%
3 Years:30%
TTM:12%
Compounded Profit Growth
10 Years:10%
5 Years:-1%
3 Years:13%
TTM:435%
Stock Price CAGR
10 Years:14%
5 Years:18%
3 Years:16%
1 Year:-23%
Return on Equity
10 Years:12%
5 Years:13%
3 Years:5%
Last Year:16%

Last Updated: September 5, 2025, 12:20 pm

Balance Sheet

Last Updated: January 7, 2026, 4:13 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 180180180180180180180180180180180180180
Reserves 4865415527196777088631,1361,2471,0801,1501,3651,462
Borrowings 3,7673,8584,9213,5144,3698,23412,1659,86414,53119,24322,40322,38424,843
Other Liabilities 124182119153274001,051960792994807773841
Total Liabilities 4,5574,7615,7714,5665,2529,52214,25812,14016,75021,49724,54024,70227,326
Fixed Assets 4333334347754
CWIP 00000000013000
Investments 6953286404434,9998,81812,96510,90715,26718,51823,00823,16524,852
Other Assets 3,8574,4305,1284,1202517011,2901,2301,4802,9591,5251,5322,470
Total Assets 4,5574,7615,7714,5665,2529,52214,25812,14016,75021,49724,54024,70227,326

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -94-366-1,0881,213-800-3,843-3,8982,483-4,564-4,638-2,875-197
Cash from Investing Activity + -513368-313197-0-0-1-1-1-14-1-1
Cash from Financing Activity + 630711,030-1,4318003,8443,900-2,4814,6134,6183,159-38
Net Cash Flow 2274-370-200-01149-35283-236
Free Cash Flow -95-366-1,0881,212-800-3,844-3,8992,482-4,564-4,653-2,876-198
CFO/OP -20%-81%-328%269%-235%-785%-452%259%-631%-526%-187%-8%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow330.00391.00323.00479.00328.00479.00839.00-8.00700.00862.00-21.00-21.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 000000000000
Inventory Days
Days Payable
Cash Conversion Cycle 000000000000
Working Capital Days -381-106331993102-136691811293996
ROCE %8%9%6%10%7%7%8%8%5%5%7%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 0.24%0.01%0.04%0.01%0.02%0.25%0.10%0.29%0.35%0.53%0.77%0.30%
DIIs 0.00%0.00%0.00%0.00%0.00%0.08%0.00%0.00%0.00%0.00%0.00%0.00%
Public 25.70%25.93%25.89%25.91%25.91%25.60%25.82%25.64%25.58%25.40%25.17%25.62%
No. of Shareholders 83,47281,30684,15481,67382,76582,89783,75284,96084,45383,24585,11683,065

Shareholding Pattern Chart

No. of Shareholders

PNB Gilts Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 12.953.86-4.299.2125.23
Diluted EPS (Rs.) 12.953.86-4.299.2125.23
Cash EPS (Rs.) 13.144.71-4.219.2725.33
Book Value[Excl.RevalReserv]/Share (Rs.) 85.8473.8770.0079.2973.13
Book Value[Incl.RevalReserv]/Share (Rs.) 85.8473.8770.0079.2973.13
Dividend / Share (Rs.) 1.001.000.005.0010.00
Revenue From Operations / Share (Rs.) 93.1087.5768.3254.9858.44
PBDIT / Share (Rs.) 90.2584.5448.9639.7156.65
PBIT / Share (Rs.) 90.0683.6948.8839.6556.55
PBT / Share (Rs.) 17.275.49-4.7211.6734.13
Net Profit / Share (Rs.) 12.953.86-4.299.2125.23
PBDIT Margin (%) 96.9396.5471.6672.2296.93
PBIT Margin (%) 96.7295.5671.5572.1096.75
PBT Margin (%) 18.556.26-6.9121.2358.39
Net Profit Margin (%) 13.904.40-6.2716.7443.16
Return on Networth / Equity (%) 15.085.21-6.1211.6134.49
Return on Capital Employeed (%) 104.64112.5069.5149.7575.61
Return On Assets (%) 0.940.28-0.350.983.74
Total Debt / Equity (X) 14.4816.8415.2710.187.49
Asset Turnover Ratio (%) 0.060.060.060.060.07
Current Ratio (X) 1.071.061.061.091.12
Quick Ratio (X) 1.071.061.061.091.12
Dividend Payout Ratio (NP) (%) 7.720.000.0032.5839.63
Dividend Payout Ratio (CP) (%) 7.610.000.0032.3639.47
Earning Retention Ratio (%) 92.280.000.0067.4260.37
Cash Earning Retention Ratio (%) 92.390.000.0067.6460.53
Interest Coverage Ratio (X) 1.241.080.901.402.58
Interest Coverage Ratio (Post Tax) (X) 1.181.050.911.312.17
Enterprise Value (Cr.) 23567.2024070.3419951.1015551.4310719.61
EV / Net Operating Revenue (X) 14.0615.2716.2215.7110.19
EV / EBITDA (X) 14.5115.8222.6421.7610.51
MarketCap / Net Operating Revenue (X) 0.861.250.831.080.82
Retention Ratios (%) 92.270.000.0067.4160.36
Price / BV (X) 0.931.480.810.750.65
Price / Net Operating Revenue (X) 0.861.250.831.080.82
EarningsYield 0.160.03-0.070.150.52

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 1675.98 Cr. and Equity Capital is Rs. 180.01 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Investment Company5, Sansad Marg, New Delhi Delhi 110001Contact not found
Management
NamePosition Held
Mr. Kalyan KumarChairman, Non Ind & Non Exe Director
Mr. Pareed SunilManaging Director & CEO
Dr. T M BhasinIndependent Director
Mr. Gopal Singh GusainIndependent Director
Mr. Raj Kamal VermaIndependent Director
Dr. Rekha JainIndependent Director
Mr. Amith Kumar SrivastavaNon Exe.Non Ind.Director

FAQ

What is the intrinsic value of PNB Gilts Ltd and is it undervalued?

As of 09 April 2026, PNB Gilts Ltd's intrinsic value is ₹1204.42, which is 1778.97% higher than the current market price of ₹64.10, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (16.1 %), book value (₹91.2), dividend yield (1.56 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of PNB Gilts Ltd?

PNB Gilts Ltd is trading at ₹64.10 as of 09 April 2026, with a FY2026-2027 high of ₹120 and low of ₹58.6. The stock is currently near its 52-week low. Market cap stands at ₹1,153 Cr..

How does PNB Gilts Ltd's P/E ratio compare to its industry?

PNB Gilts Ltd has a P/E ratio of 4.76, which is below the industry average of 98.51. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is PNB Gilts Ltd financially healthy?

Key indicators for PNB Gilts Ltd: ROCE of 6.80 % is on the lower side compared to the industry average of 21.71%; ROE of 16.1 % shows strong shareholder returns. Dividend yield is 1.56 %.

Is PNB Gilts Ltd profitable and how is the profit trend?

PNB Gilts Ltd reported a net profit of ₹233 Cr in Mar 2025 on revenue of ₹1,676 Cr. Compared to ₹166 Cr in Mar 2022, the net profit shows an improving trend.

Does PNB Gilts Ltd pay dividends?

PNB Gilts Ltd has a dividend yield of 1.56 % at the current price of ₹64.10. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in PNB Gilts Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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