Quarter Ended: March 2026
PNB Housing Finance Q4 FY26 – Results Analysis
NSE
pnbhousing
BSE
540173
PNB Housing Finance reported a strong Q4 FY26 performance, supported by growth in core revenue, rising profitability, improving earnings quality, and continued balance sheet expansion.
The quarter showed both sequential and year-on-year profit growth, while the full-year results reflected healthy growth in income, profit, equity and loan book.
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹2,181.53 crore
- QoQ Change: +2.95%
- YoY Change: +7.90%
- Previous Quarter (Q3 FY26): ₹2,119.02 crore
- Previous Year (Q4 FY25): ₹2,021.85 crore
- Total Income (Q4 FY26): ₹2,181.53 crore
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹655.80 crore
- QoQ Growth: +26.03%
- YoY Growth: +19.15%
- Previous Quarter: ₹520.35 crore
- Previous Year: ₹550.38 crore
- PAT (Q4 FY26): ₹655.80 crore
Margin Analysis
Positives
- Revenue growth
- Lower sequential expenses
- Net reversal of impairment / improved credit cost dynamics
- Operating leverage
Key Signal: Margins improved materially
Segment insight
Financials indicate:
- Strong loan-led growth
- Improving asset quality dynamics
- Stable funding structure
- High-margin lending business model
Earning quality check
High Earnings Quality:
- Profit growth appears operationally supported.
Supported By:
- Revenue growth
- Lower expense base
- Improvement in impairment line
- Strong full-year profitability growth
Interpretation:
- High-quality earnings
balance sheet Analysis
Total Assets:
- FY26: ₹93,512.07 crore
- FY25: ₹82,520.36 crore
- Growth: +13.32%
Loan Book:
- FY26: ₹86,433.37 crore
- FY25: ₹74,645.32 crore
- Growth: +15.79%
Borrowings:
- FY26: ₹43,543.17 crore
- FY25: ₹35,555.02 crore
- Growth: +22.47%
Balance Sheet Insight:
- Loan growth
- Equity expansion
- Asset growth
- Stable liability structure
Cash flow analysis
Operating Cash Flow
- FY26: Negative ₹6,983.55 crore
- FY25: Negative ₹8,057.33 crore
- Still negative, but improved
Investing Cash Flow
- Positive ₹684.33 crore
- Reflects:
- Stable
Financing Cash Flow
- Positive ₹8,719.78 crore
- Reflects:
- Strong funding support.
Cash Position
- Cash increased:
- FY26: ₹2,483.06 crore
- FY25: ₹2,062.50 crore
Indicates: Positive liquidity improvement
key risks
- Borrowings rose materially
- Liability-funded growth requires monitoring
- Housing finance remains exposed to asset quality cycles
management strategy signals
- Loan book growth
- Margin optimization
- Funding diversification
- Credit quality improvement
- Profitability scaling
Financial Metrics
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹2,171.91 Crore | +2.42% | +6.63% |
| PBT | ₹854.61 Crore | +27.86% | +20.14% |
| PAT | ₹655.80 Crore | +26.03% | +19.15% |
| EPS | ₹25.17 | +26.04% | +18.84% |
PNB Housing delivered:
- Strong PAT growth
- Strong loan growth
- Improving profitability
- Strong earnings quality
- Strong balance sheet expansion
- Improved liquidity
Official Exchange Filing: PNB Housing Limited
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED