Stock Report

PNB Gilts Limited Reports FY26 Financial Results; Annual Profit at ₹181.62 Crore

Posted On : 2026-04-20 23:12:02( TIMEZONE : IST )

PNB Gilts Limited (NSE: PNBGILTS), a leading Primary Dealer and subsidiary of Punjab National Bank, has released its audited financial results for the quarter and full fiscal year ended March 31, 2026. The company reported a steady performance in its core interest income, though overall profitability saw a decline compared to the previous fiscal year due to market fluctuations and higher net losses on securities.

Annual Performance Overview (FY26 vs. FY25)

The company's full-year performance highlights its resilience in a volatile interest rate environment:

Total Income: Remained stable at ₹1,699.06 crore, a marginal increase from ₹1,676.28 crore in FY25.

Net Profit: The company posted a profit after tax (PAT) of ₹181.62 crore, representing a 22% decrease from the ₹233.03 crore recorded in the previous year.

Interest Income: Grew significantly to ₹1,689.03 crore, up from ₹1,511.90 crore, driven by a robust sovereign and corporate bond portfolio.

Earnings Per Share (EPS): Basic and Diluted EPS for the year stood at ₹10.09, compared to ₹12.95 in FY25.

Quarterly Financial Highlights (Q4FY26)

The final quarter of the fiscal year faced headwinds, primarily due to realized and unrealised losses on its securities portfolio:

Total Revenue from Operations: Stood at ₹424.11 crore, largely unchanged sequentially.

Net Profit for Q4: Reported at ₹12.99 crore, a sharp decline from ₹53.91 crore in the preceding quarter (Q3FY26) and ₹75.02 crore in the corresponding quarter last year.

Impact of Securities Valuation: The quarter saw a net loss on securities of ₹72.53 crore, which heavily weighed down the bottom line despite strong interest earnings of ₹421.67 crore.

Key Expenditure Trends

Finance Costs: Annual finance costs remained flat at ₹1,312.46 crore, indicating stable borrowing costs for the primary dealer operations.

Employee Benefits: Increased to ₹26.12 crore for the year, up from ₹16.10 crore in FY25, reflecting adjustments in human capital investment.

Total Expenses: Rose to ₹1,459.22 crore for the year, primarily pushed by the higher valuation losses on the trading book.

Strategic Context: The Role of a Primary Dealer

As a Primary Dealer, PNB Gilts plays a crucial role in the Indian financial system by supporting the government's borrowing program and providing liquidity to the secondary market for government securities.

Revenue Drivers for PNB Gilts:

Carry Income: The difference between the interest earned on government bonds and the cost of funding those positions (Finance Costs).

Trading Gains: Profits (or losses) arising from the change in the market price of bonds.

Underwriting Commission: Fees earned for ensuring government bond auctions are successful.

Shares of PNB Gilts Limited was last trading in BSE at Rs. 74.41 as compared to the previous close of Rs. 75.15. The total number of shares traded during the day was 54254 in over 727 trades.

The stock hit an intraday high of Rs. 76.80 and intraday low of 71.35. The net turnover during the day was Rs. 4083825.00.