PNB Gilts Ltd

₹ 71.5 -2.42%

23 Oct - close price

About

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]

Key Points

Products & Services:^[1]

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.

Website BSE NSE

Market Cap ₹ 1,287 Cr.
Current Price ₹ 71.5
High / Low ₹ 99.9 / 58.6
Stock P/E 6.72
Book Value ₹ 100.0
Dividend Yield 2.80 %
ROCE 6.15 %
ROE 11.0 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.72 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 10.9% over last 3 years.
Working capital days have increased from 93.5 days to 146 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

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	347	385	474	440	501	362	419	563	443	425	424	455	436
	67	34	13	14	12	59	12	26	152	30	93	15	34
Operating Profit	280	351	461	426	488	303	407	538	292	394	331	439	403
OPM %	81%	91%	97%	97%	98%	84%	97%	95%	66%	93%	78%	97%	92%
	0	4	0	0	1	1	0	0	1	1	0	0	0
Interest	325	361	371	355	336	315	307	324	345	327	316	331	342
Depreciation	4	4	4	1	1	1	1	1	1	1	1	1	1
Profit before tax	-49	-10	86	71	153	-12	99	213	-53	68	14	108	60
Tax %	-16%	47%	21%	25%	25%	-13%	24%	25%	-15%	20%	8%	25%	26%
	-41	-15	68	53	115	-10	75	160	-45	54	13	81	45
EPS in Rs	-2.28	-0.86	3.78	2.97	6.37	-0.56	4.17	8.89	-2.52	2.99	0.72	4.48	2.49
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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	1,740
	16	16	18	70	21	31	32	43	349	55	52	144	173
Operating Profit	394	327	482	332	487	851	1,020	714	881	1,522	1,624	1,555	1,567
OPM %	96%	95%	96%	83%	96%	96%	97%	94%	72%	97%	97%	92%	90%
	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	1,313	1,316
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	250
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	192
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	10.68
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:	-3%

Compounded Profit Growth
10 Years:	18%
5 Years:	-17%
3 Years:	60%
TTM:	7%

Stock Price CAGR
10 Years:	9%
5 Years:	2%
3 Years:	-6%
1 Year:	-21%

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	Sep 2026
Equity Capital	180	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	1,619
	3,858	4,921	3,514	4,369	8,234	12,165	9,864	14,531	19,243	22,403	22,384	24,884	24,497
	182	119	153	27	400	1,051	960	792	994	807	773	467	458
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	26,755
	3	3	3	3	3	4	3	4	7	7	5	6	5
CWIP	0	0	0	0	0	0	0	0	13	0	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	22,648
	4,430	5,128	4,120	251	701	1,290	1,230	1,480	2,959	1,525	1,532	3,740	4,101
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	26,755

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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-81%	-328%	269%	-235%	-785%	-452%	259%	-631%	-526%	-187%	-8%	-158%

Ratios

	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	146
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

Mar 2026

Average Leverage
times

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x,xxx.xx	x,xxx.xx	x,xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx	xx,xxx.xx		xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx		x,xxx.xx	xxx.xx
x					x				x	x
							x.xx	x.xx	x.xx	x.xx

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Secondary Market Outright Turnover
Rs crore

Total Securities Turnover (Primary + Secondary)
Rs crore

Dated Securities Portfolio (Daily Average Holding)
Rs crore

T-Bills Portfolio (Daily Average Holding)
Rs crore

Number of Offices
count

Secondary Market Outright Turnover Ratio
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%
	0.01%	0.02%	0.25%	0.10%	0.29%	0.35%	0.53%	0.77%	0.30%	0.18%	0.07%	0.05%
	0.00%	0.00%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	25.91%	25.91%	25.60%	25.82%	25.64%	25.58%	25.40%	25.17%	25.62%	25.74%	25.86%	25.87%
No. of Shareholders	81,673	82,765	82,897	83,752	84,960	84,453	83,245	85,116	83,065	82,085	84,279	82,216

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%
	1.01%	1.32%	0.18%	0.12%	0.29%	0.51%	0.24%	0.02%	0.35%	0.18%	0.05%
	1.21%	0.61%	0.45%	0.26%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	23.71%	24.00%	25.30%	25.55%	25.63%	25.42%	25.70%	25.91%	25.58%	25.74%	25.87%
No. of Shareholders	42,674	47,785	43,695	40,887	52,718	79,037	83,472	82,765	84,453	82,085	82,216

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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PNB Gilts Ltd

PNB Gilts Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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