PNB Gilts Ltd
The Co’s primary activities include supporting government borrowing program via underwriting of government securities issuances and trading in a gamut of fixed income instruments such as Government securities, Treasury Bills, State Development Loans, Corporate Bonds, Interest Rate Swaps and various money market instruments such as Certificates of Deposits, Commercial Papers etc.[1]
- Market Cap ₹ 1,520 Cr.
- Current Price ₹ 84.4
- High / Low ₹ 125 / 73.6
- Stock P/E 8.51
- Book Value ₹ 91.2
- Dividend Yield 1.18 %
- ROCE 6.80 %
- ROE 16.1 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.93 times its book value
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of 5.23% over last 3 years.
- Dividend payout has been low at 11.2% of profits over last 3 years
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Finance Investment Company
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 346 | 410 | 343 | 500 | 402 | 508 | 882 | 1,052 | 756 | 1,230 | 1,577 | 1,676 | 1,788 | |
| 12 | 16 | 16 | 18 | 70 | 21 | 31 | 32 | 43 | 349 | 55 | 52 | 248 | |
| Operating Profit | 333 | 394 | 327 | 482 | 332 | 487 | 851 | 1,020 | 714 | 881 | 1,522 | 1,624 | 1,539 |
| OPM % | 96% | 96% | 95% | 96% | 83% | 96% | 96% | 97% | 94% | 72% | 97% | 97% | 86% |
| 0 | 0 | 0 | 0 | 0 | 0 | -81 | -9 | 8 | 8 | 4 | 2 | 2 | |
| Interest | 243 | 261 | 276 | 226 | 331 | 403 | 519 | 395 | 510 | 973 | 1,411 | 1,312 | 1,292 |
| Depreciation | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 15 | 3 | 3 |
| Profit before tax | 91 | 133 | 51 | 257 | 1 | 83 | 250 | 614 | 210 | -85 | 99 | 311 | 247 |
| Tax % | 32% | 33% | 33% | 35% | -8% | 36% | 25% | 26% | 21% | -9% | 30% | 25% | |
| 61 | 88 | 34 | 167 | 1 | 53 | 186 | 454 | 166 | -77 | 69 | 233 | 180 | |
| EPS in Rs | 3.41 | 4.90 | 1.92 | 9.29 | 0.08 | 2.94 | 10.35 | 25.23 | 9.21 | -4.29 | 3.86 | 12.95 | 9.98 |
| Dividend Payout % | 26% | 31% | 57% | 27% | 1,277% | 48% | 29% | 40% | 54% | 0% | 26% | 8% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 14% |
| 3 Years: | 30% |
| TTM: | -1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | -1% |
| 3 Years: | 13% |
| TTM: | -18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 15% |
| 3 Years: | 10% |
| 1 Year: | -28% |
| Return on Equity | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 13% |
| 3 Years: | 5% |
| Last Year: | 16% |
Balance Sheet
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 |
| Reserves | 486 | 541 | 552 | 719 | 677 | 708 | 863 | 1,136 | 1,247 | 1,080 | 1,150 | 1,365 | 1,462 |
| 3,767 | 3,858 | 4,921 | 3,514 | 4,369 | 8,234 | 12,165 | 9,864 | 14,531 | 19,243 | 22,403 | 22,384 | 24,843 | |
| 124 | 182 | 119 | 153 | 27 | 400 | 1,051 | 960 | 792 | 994 | 807 | 773 | 841 | |
| Total Liabilities | 4,557 | 4,761 | 5,771 | 4,566 | 5,252 | 9,522 | 14,258 | 12,140 | 16,750 | 21,497 | 24,540 | 24,702 | 27,326 |
| 4 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 7 | 7 | 5 | 4 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 0 | 0 |
| Investments | 695 | 328 | 640 | 443 | 4,999 | 8,818 | 12,965 | 10,907 | 15,267 | 18,518 | 23,008 | 23,165 | 24,852 |
| 3,857 | 4,430 | 5,128 | 4,120 | 251 | 701 | 1,290 | 1,230 | 1,480 | 2,959 | 1,525 | 1,532 | 2,470 | |
| Total Assets | 4,557 | 4,761 | 5,771 | 4,566 | 5,252 | 9,522 | 14,258 | 12,140 | 16,750 | 21,497 | 24,540 | 24,702 | 27,326 |
Cash Flows
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -94 | -366 | -1,088 | 1,213 | -800 | -3,843 | -3,898 | 2,483 | -4,564 | -4,638 | -2,875 | -197 | |
| -513 | 368 | -313 | 197 | -0 | -0 | -1 | -1 | -1 | -14 | -1 | -1 | |
| 630 | 71 | 1,030 | -1,431 | 800 | 3,844 | 3,900 | -2,481 | 4,613 | 4,618 | 3,159 | -38 | |
| Net Cash Flow | 22 | 74 | -370 | -20 | 0 | -0 | 1 | 1 | 49 | -35 | 283 | -236 |
Ratios
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -381 | -10 | 63 | 319 | 93 | 102 | -136 | 69 | 181 | 129 | 39 | 96 |
| ROCE % | 8% | 9% | 6% | 10% | 7% | 7% | 8% | 8% | 5% | 5% | 7% | 7% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
28 Nov - CFO & CISO Chandra Prakash resigned effective 28-Nov-2025; transferred to PNB.
-
Announcement under Regulation 30 (LODR)-Change in Management
28 Nov - CFO & CISO Chandra Prakash resigned effective Nov 28, 2025; transfer to PNB; successor to be appointed.
-
Announcement under Regulation 30 (LODR)-Credit Rating
28 Nov - CRISIL reaffirmed A1+ for Rs.1000 crore CP and assigned A1+ to Rs.2100 crore bank facilities on Nov 27, 2025.
-
Announcement under Regulation 30 (LODR)-Resignation of Director
26 Nov - Amit Kumar Srivastava resigns as PNB Gilts Non-Executive Director effective 26 Nov 2025 after elevation to PNB Executive Director.
-
Corrigendum - Letter Dated 18.11.2025
24 Nov - PNB Gilts appoints Anju Mittal (Non-Executive, Non-Independent) as Additional Director, effective upon RBI approval or DIN allotment.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
from nse
Products & Services
The range of products and services offered by the company includes T-bills, Central Government dated securities, state government securities, public sector unit (PSU) bonds, inter-corporate deposits, gilt accounts, money market instruments, and investment/trading in equity and equity derivatives. In addition, it offers advisory services to clients for managing their G-Sec portfolios. [1]