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PNB Housing Finance Limited (PNBHOUSING) Fair Value & Analysis

Financial Services · IN · Market cap ₹275B (≈ $2.9B) · ISIN INE572E01012

What is PNB Housing Finance Limited really worth?

PH PNB Housing Finance Limited PNBHOUSING · NSE
Price₹1,166
Fair Value₹762.89
Upside−34.6%
Quality45/100

Below-average quality, and trading another 53% above our fair value of ₹762.89.

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Strengths

Healthy Growth (revenue 5y +2.3 %/yr)
Highly profitable · 58.9% net margin
Moderate debt · generates free cash flow

Risks

!Mixed vs. peers (6/14)
!Moderate moat 60/100
!Weak on balance sheet: 27 out of 100
!Weak on dividend: 14 out of 100

For context

·0.69% dividend yield
Evidence: High Range ₹659.52 – ₹1,429

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 22 days ago

Share price +4.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹659.52 to ₹1,429) leaves room in how you read the outcome.
  • 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)

₹1,185 ₹311.21 Fair Value ₹762.89 May 2021 Sep 2026

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 ₹311.21 – ₹1,185 · fair‑value band ₹659.52 – ₹1,429 · the ₹1,166 price screens above the ₹762.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

PNB Housing Finance Limited (PNBHOUSING) currently trades at ₹1,166, while our model-based Fair Value estimate is ₹762.89, implying the stock looks roughly 52.8% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of ₹1,084 per share, and 2 of the 13 models we run sit above the ₹1,166 price. Bear case: the Growth DCF group reads lowest at ₹83.41, and 11 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, PNB Housing Finance Limited generated revenue of ₹38.9B at a net margin of 58.9%. Revenue grew 21.6% year over year. It earns a return on equity of 12.7%. Net debt stands at ₹498B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹659.52 (bear case) to ₹1,429 (bull case); at ₹1,166, the current price sits within 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 near its 52-week high and 60% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −19% fair-value upside, at −35%, PNBHOUSING screens richer 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 ₹34.56 per share, which is 4.5 % 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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Rev-Margin DCF ₹83.41 ₹606.86 69
5Y P/E Exit ₹579.02 ₹1,333 68
Residual Income ₹690.99 ₹849.39 ₹2,148 68
All 13 models by family
DCF Models
Owner Earnings ₹275.10 ₹1,361 ₹3,360 67
5Y P/E Exit ₹579.02 ₹1,333 68
10Y P/E Exit ₹599.79 ₹1,492 61
Earnings-Based
Graham-Dodd ₹597.89 ₹2,851 ₹3,923 64
Lynch FV ₹758.88 ₹1,084 ₹1,409 61
Dividend Discount
Gordon GGM ₹48.07 ₹104.95 ₹176.58 65
DDM Multi-Stage ₹48.07 ₹85.97 ₹109.37 66
Multiples
P/E Multiple ₹857.27 ₹1,143 ₹1,429 63
P/B Multiple ₹774.40 ₹1,033 ₹1,291 55
Asset-Based
NCAV (Graham) ₹368.76 ₹494.14 ₹737.52 54
Growth DCF
Growth DCF ₹91.41 ₹952.76 ₹2,520 67
Rev-Margin DCF ₹83.41 ₹606.86 69
Economic Profit
Residual Income ₹690.99 ₹849.39 ₹2,148 68

Widest divergence: Earnings-Based (₹1,084) versus Growth DCF (₹83.41). Highest evidence: Rev-Margin DCF (69).

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Key figures & financial health

P/E ratio 13.3
P/S ratio 3.58 P/E × margin
EPS (TTM) ₹87.83 price ÷ EPS = P/E 13.3
Dividend yield 0.7% payout 9.1%
Net margin 26.9% FY2026
Return on equity 12.7% TTM
More key figures
Profitability
Return on assets (EBIT) 2.4% avg 5y
Operating margin 77.6% TTM
Growth
Revenue (TTM) ₹38.9B TTM
Revenue growth (YoY) +21.6% 3y avg +9.8%
EPS growth (YoY) +19.0%
Balance sheet & cash flow
Free cash flow ₹19.9B FY2026
Net debt ₹498B FY2026 · ≈ 25.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 43 · Market factors (momentum, volatility) 86

Profitability 37
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

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

PNB Housing Finance Limited operates as a housing finance company in India. It provides loans to individuals and corporate bodies for purchase, construction, repair, and up-gradation of houses/flats/commercial properties, etc.; residential plot loans and loans for NRIs; loan against property, lease rental discounting, and loans for real estate developers; …

Full company description

PNB Housing Finance Limited operates as a housing finance company in India. It provides loans to individuals and corporate bodies for purchase, construction, repair, and up-gradation of houses/flats/commercial properties, etc.; residential plot loans and loans for NRIs; loan against property, lease rental discounting, and loans for real estate developers; and home loans and fixed deposit products. The company was incorporated in 1988 and is based in Gurugram, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

PNB Housing Finance Limited reported revenue of ₹85.1B in FY2026 versus ₹61.8B in FY2022, a compound +8.3%/yr. Reported net income was ₹22.9B in FY2026, compounding +28.6%/yr from FY2022.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹85.1B
Latest YoY
+13.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.3%
Avg. revenue growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+23.1%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+14.0% (13.3 + 0.7)
Revenue +8.3%/yr
FY22 ₹61.8B
FY23 ₹64.3B
FY24 ₹70.3B
FY25 ₹75.0B
FY26 ₹85.1B
Net income +28.6%/yr
FY22 ₹8.4B
FY23 ₹10.5B
FY24 ₹15.1B
FY25 ₹19.4B
FY26 ₹22.9B
Character of growth · EPS growth decomposed (2015-2026) +14.6 % p.a.
Revenue per share +6.4 %

of which total revenue +12.2 % · buybacks/dilution −5.1 %

EBIT margin +5.1 %
Tax rate +1.9 %
Residual (interest, one-offs) +0.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

PNBHOUSING screens 53% overvalued. Compare with Federal Home Loan Mortgage Corporation →

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Cite: Fair Value Calculator (2026). "PNB Housing Finance Limited Fair Value". https://www.fairvalue-calculator.com/stock/PNBHOUSING

Peer Group

Mortgage Finance · 92 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.

Quality Score 45 · Bottom 25%
Fair Value upside −35% · Below median
Return on equity (TTM) 13% · Below median
Return on assets 3% · Top 25%
Net margin (TTM) 59% · Top 25%
Operating margin (TTM) 78% · Top 25%
Revenue growth 22% · Below median
Dividend yield (TTM) 0.7% · Bottom 25%
Debt / equity 1.47× · Lower than median

Valuation Multiples vs Mortgage Finance median · lower = cheaper

P/E (TTM) 13.3× · Cheaper than median
P/B 1.43× · Pricier than 75% of peers
P/S (TTM) 7.07× · Pricier than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 17.2× · Pricier than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 100
PAST51 · sector 55
HEALTH27 · sector 0
DIVIDEND14 · sector 100

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Mortgage Finance stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Federal Home Loan Mortgage Corporation FMCCT $15.00 $30.00 +100%
Rocket Companies, Inc RKT $13.03 $8.26 −37%
Federal National Mortgage Association FNMAS $10.06 $2.01 −80%
Bajaj Housing Finance Limited BAJAJHFL ₹84.06 ₹39.96 −52%
PennyMac Financial Services, Inc PFSI $70.78 $125.45 +77%
UWM Holdings UWMC $1.46 $0.1600 −89%
LIC Housing Finance Limited LICHSGFIN ₹502.00 ₹1,004 +100%
Aadhar Housing Finance Limited AADHARHFC ₹471.10 ₹325.75 −31%
Walker & Dunlop, Inc WD $39.71 $32.25 −19%
Aptus Value Housing Finance India Limited APTUS ₹258.50 ₹244.80 −5%

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Frequently asked questions

Is PNB Housing Finance Limited (PNBHOUSING) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹762.89 versus a price of ₹1,166, about −35% upside (overvalued).
What is the fair value of PNBHOUSING?
Our model-based fair value for PNB Housing Finance Limited is ₹762.89 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹1,166.
What is the quality score of PNBHOUSING?
PNB Housing Finance Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PNB Housing Finance Limited (PNBHOUSING)?
PNB Housing Finance Limited reported trailing-twelve-month revenue of about ₹38.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of PNBHOUSING?
The net profit margin of PNB Housing Finance Limited is about 58.9%, meaning it keeps roughly 58.9% of revenue as net income. Based on the latest reported figures.
Does PNB Housing Finance Limited pay a dividend?
PNB Housing Finance Limited currently shows a dividend yield of about 0.69% relative to its recent price (as of Aug 13, 2026).
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