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 ₹ 1,421 Cr.
- Current Price ₹ 79.0
- High / Low ₹ 107 / 58.6
- Stock P/E 14.0
- Book Value ₹ 95.0
- Dividend Yield 2.56 %
- ROCE 6.14 %
- ROE 11.1 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.83 times its book value
- Company has been maintaining a healthy dividend payout of 17.8%
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 10.1% over past five years.
- Company has a low return on equity of 11.0% over last 3 years.
- Working capital days have increased from 93.2 days to 145 days
* 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
Part of BSE Financial Services BSE 1000
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 410 | 343 | 500 | 402 | 508 | 882 | 1,052 | 756 | 1,230 | 1,577 | 1,676 | 1,699 | 1,747 | |
| 16 | 16 | 18 | 70 | 21 | 31 | 32 | 43 | 349 | 55 | 52 | 144 | 290 | |
| Operating Profit | 394 | 327 | 482 | 332 | 487 | 851 | 1,020 | 714 | 881 | 1,522 | 1,624 | 1,555 | 1,456 |
| OPM % | 96% | 95% | 96% | 83% | 96% | 96% | 97% | 94% | 72% | 97% | 97% | 92% | 83% |
| 0 | 0 | 0 | 0 | 0 | -81 | -9 | 8 | 8 | 4 | 2 | 2 | 2 | |
| Interest | 261 | 276 | 226 | 331 | 403 | 519 | 395 | 510 | 973 | 1,411 | 1,312 | 1,312 | 1,319 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 15 | 3 | 3 | 3 |
| Profit before tax | 133 | 51 | 257 | 1 | 83 | 250 | 614 | 210 | -85 | 99 | 311 | 242 | 137 |
| Tax % | 33% | 33% | 35% | -8% | 36% | 25% | 26% | 21% | -9% | 30% | 25% | 25% | |
| 88 | 34 | 167 | 1 | 53 | 186 | 454 | 166 | -77 | 69 | 233 | 182 | 102 | |
| EPS in Rs | 4.90 | 1.92 | 9.29 | 0.08 | 2.94 | 10.35 | 25.23 | 9.21 | -4.29 | 3.86 | 12.95 | 10.09 | 5.67 |
| Dividend Payout % | 31% | 57% | 27% | 1,277% | 48% | 29% | 40% | 54% | 0% | 26% | 8% | 20% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 17% |
| 5 Years: | 10% |
| 3 Years: | 11% |
| TTM: | -5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | -17% |
| 3 Years: | 60% |
| TTM: | -70% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 4% |
| 3 Years: | 8% |
| 1 Year: | -24% |
| Return on Equity | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 8% |
| 3 Years: | 11% |
| Last Year: | 11% |
Balance Sheet
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 |
| Reserves | 541 | 552 | 719 | 677 | 708 | 863 | 1,136 | 1,247 | 1,080 | 1,150 | 1,365 | 1,530 |
| 3,858 | 4,921 | 3,514 | 4,369 | 8,234 | 12,165 | 9,864 | 14,531 | 19,243 | 22,403 | 22,384 | 24,884 | |
| 182 | 119 | 153 | 27 | 400 | 1,051 | 960 | 792 | 994 | 807 | 773 | 467 | |
| Total Liabilities | 4,761 | 5,771 | 4,566 | 5,252 | 9,522 | 14,258 | 12,140 | 16,750 | 21,497 | 24,540 | 24,702 | 27,060 |
| 3 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 7 | 7 | 5 | 6 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 0 | 0 |
| Investments | 328 | 640 | 443 | 4,999 | 8,818 | 12,965 | 10,907 | 15,267 | 18,518 | 23,008 | 23,165 | 23,314 |
| 4,430 | 5,128 | 4,120 | 251 | 701 | 1,290 | 1,230 | 1,480 | 2,959 | 1,525 | 1,532 | 3,740 | |
| Total Assets | 4,761 | 5,771 | 4,566 | 5,252 | 9,522 | 14,258 | 12,140 | 16,750 | 21,497 | 24,540 | 24,702 | 27,060 |
Cash Flows
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -366 | -1,088 | 1,213 | -800 | -3,843 | -3,898 | 2,483 | -4,564 | -4,638 | -2,875 | -197 | -2,540 | |
| 368 | -313 | 197 | -0 | -0 | -1 | -1 | -1 | -14 | -1 | -1 | -1 | |
| 71 | 1,030 | -1,431 | 800 | 3,844 | 3,900 | -2,481 | 4,613 | 4,618 | 3,159 | -38 | 2,479 | |
| Net Cash Flow | 74 | -370 | -20 | 0 | -0 | 1 | 1 | 49 | -35 | 283 | -236 | -62 |
| Free Cash Flow | -366 | -1,088 | 1,212 | -800 | -3,844 | -3,899 | 2,482 | -4,564 | -4,653 | -2,876 | -198 | -2,541 |
| CFO/OP | -81% | -328% | 269% | -235% | -785% | -452% | 259% | -631% | -526% | -187% | -8% | -158% |
Ratios
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -10 | 63 | 319 | 93 | 102 | -136 | 69 | 181 | 129 | 39 | 96 | 145 |
| ROCE % | 9% | 6% | 10% | 7% | 7% | 8% | 8% | 5% | 5% | 7% | 7% | 6% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Average Leverage times |
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| Secondary Market Outright Turnover Rs crore |
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| Total Securities Turnover (Primary + Secondary) Rs crore |
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| Dated Securities Portfolio (Daily Average Holding) Rs crore |
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| T-Bills Portfolio (Daily Average Holding) Rs crore |
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| Number of Offices count |
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| Secondary Market Outright Turnover Ratio % |
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Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Resignation of Director
- Bibhu Prasad Mahapatra resigns as Non-Executive Chairman and Director of PNB Gilts effective August 7, 2026.
-
Announcement under Regulation 30 (LODR)-Change in Directorate
- Board appointed Amit Kumar Srivastava as director; AGM on September 28, 2026, record date September 21, 2026.
-
Board Meeting Outcome for Outcome Of Board Meeting
- Board appointed Amit Kumar Srivastava as non-executive director, approved AGM on September 28, 2026 and dividend record date September 21.
-
Approved The Notice Of 30Th Annual General Meeting Of The Company Is Scheduled To Be Held On Monday, September 28, 2026, At 11.00 A.M. (IST) Through VC/OAVM
- Board approved Amit Kumar Srivastava’s appointment, AGM on September 28, 2026, and dividend record date September 21, 2026.
-
Record Date For Entitlement Of Final Dividend 2025-26, If Declared At Ensuing AGM, Fixed As Monday, September 21, 2026
- Board appointed Amit Kumar Srivastava as director, approved 30th AGM on September 28, 2026, and dividend record date September 21.
Annual reports
-
Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
from bse
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Annual Report 2021
from bse
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Annual Report 2020
from bse
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Annual Report 2019
from bse
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Annual Report 2018
from bse
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Annual Report 2017
from bse
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Annual Report 2016
from bse
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Annual Report 2015
from bse
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Annual Report 2014
from bse
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Annual Report 2013
from bse
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Annual Report 2012
from bse
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Annual Report 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]