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 ₹ 1,763 Cr.
- Current Price ₹ 97.9
- High / Low ₹ 130 / 73.6
- Stock P/E 5.21
- Book Value ₹ 85.8
- Dividend Yield 1.02 %
- ROCE 6.80 %
- ROE 16.1 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 1.14 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 | 1,845 | |
| 12 | 16 | 16 | 18 | 70 | 21 | 31 | 32 | 43 | 349 | 55 | 52 | 109 | |
| Operating Profit | 333 | 394 | 327 | 482 | 332 | 487 | 851 | 1,020 | 714 | 881 | 1,522 | 1,624 | 1,736 |
| OPM % | 96% | 96% | 95% | 96% | 83% | 96% | 96% | 97% | 94% | 72% | 97% | 97% | 94% |
| 0 | 0 | 0 | 0 | 0 | 0 | -81 | -9 | 8 | 8 | 4 | 2 | 3 | |
| Interest | 243 | 261 | 276 | 226 | 331 | 403 | 519 | 395 | 510 | 973 | 1,411 | 1,312 | 1,282 |
| 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 | 453 |
| 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 | 340 | |
| 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 | 18.87 |
| 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: | 12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | -1% |
| 3 Years: | 13% |
| TTM: | 435% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 20% |
| 3 Years: | 17% |
| 1 Year: | -18% |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 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 |
| 3,767 | 3,858 | 4,921 | 3,514 | 4,369 | 8,234 | 12,165 | 9,864 | 14,531 | 19,243 | 22,403 | 22,384 | |
| 124 | 182 | 119 | 153 | 27 | 400 | 1,051 | 960 | 792 | 994 | 807 | 773 | |
| 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 |
| 4 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 7 | 7 | 5 | |
| CWIP | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 13 | -0 | -0 |
| Investments | 695 | 328 | 640 | 443 | 4,999 | 8,818 | 12,965 | 10,907 | 15,267 | 18,518 | 23,008 | 23,165 |
| 3,857 | 4,430 | 5,128 | 4,120 | 251 | 701 | 1,290 | 1,230 | 1,480 | 2,959 | 1,525 | 1,532 | |
| 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 |
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
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Board Meeting Intimation for PNB Gilts Ltd. Has informed About The Board Meeting To Be Held On 16.10.2025 To Inter-Alia Consider And Approve The Unaudited Financial Results Of The Company For The Quarter Ended September 30, 2025
2d - Board meeting Oct 16, 2025 to approve Q2/half-year unaudited results; trading window reopens Oct 19, 2025.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct
-
Announcement under Regulation 30 (LODR)-Resignation of Director
30 Sep - Kalyan Kumar resigned as PNB Gilts Chairman effective 30 Sep 2025; elevated to Central Bank MD & CEO.
- Closure of Trading Window 25 Sep
-
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
18 Sep - AGM on 17 Sep 2025: INR1 dividend; appointment of MD&CEO for three years; all seven resolutions passed.
Annual reports
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Financial Year 2025
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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]