Punjab National Bank (PNB) Fair Value & Analysis
Financial Services · IN · Market cap ₹1.2T (≈ $12.8B) · ISIN INE160A01022
What is Punjab National Bank really worth?
Below-average quality, trading 40% below our fair value of ₹195.04.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 6 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from ₹208.05 to ₹195.04 (−6.3%) since Jul 18, 2026. Share price +3.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (₹146.28). The market is more pessimistic than our downside scenario.
- Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ₹25.65 – ₹131.65 · fair‑value band ₹146.28 – ₹243.80 · the ₹117.00 price screens below the ₹195.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Punjab National Bank (PNB) currently trades at ₹117.00, while our model-based Fair Value estimate is ₹195.04, implying the stock looks roughly 40.0% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of ₹182.69 per share, and 3 of the 6 models we run sit above the ₹117.00 price. Bear case: the Dividend Discount group reads lowest at ₹49.77, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Punjab National Bank generated revenue of ₹589B at a net margin of 31.2%. Revenue grew 15.2% year over year. It earns a return on equity of 13.0%. The balance sheet holds a net cash position of ₹566B. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹146.28 (bear case) to ₹243.80 (bull case); at ₹117.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 67%, PNB screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹5.59 per share, which is 2.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (₹182.69) versus Dividend Discount (₹49.77). Highest evidence: Residual Income (69).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 61
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Punjab National Bank provides various banking and financial products and services in India and internationally. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments.
Full company description
Punjab National Bank provides various banking and financial products and services in India and internationally. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments. The company offers personal banking products and services, including saving fund accounts, current accounts, fixed deposit, and capital gain account and gold monetization schemes; and housing, vehicle, education, personal, gold, and mortgage and other loans. It also provides various micro, small, and medium enterprises schemes and loans; banking products for government customers; agricultural schemes and loans; corporate banking products and services consist of loans against future lease rentals, working capital financing, and term loans; EXIM finance and cash management services, as well as gold card schemes for exporters; and international banking products and services. In addition, the company offers life and general insurance services; depository, mutual funds, merchant banking, and application supported by blocked amount services; and NRI banking and services. Further, the company provides mobile and internet banking, UPI, SMS banking, missed call, e-statement, ATM, passbook updating machine, and electronic cheque deposit machine services; and point of sale (PoS) is the payment acceptance solutions, NFC-enabled terminals facilitating quick payments, as well as debit and credit cards. Punjab National Bank was incorporated in 1894 and is headquartered in New Delhi, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Punjab National Bank reported revenue of ₹1.5T in FY2026 versus ₹880B in FY2022, a compound +14.4%/yr. Reported net income was ₹184B in FY2026, compounding +47.7%/yr from FY2022.
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Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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