PNB Gilts Ltd.

PNB Gilts Ltd.

PNBGILTS.NS
PNB Gilts Ltd.IN flagNational Stock Exchange of India
87.96
INR
+0.63
- -
15.83BMarket Cap
PNB Gilts Ltd.
PNBGILTS.NS
(National Stock Exchange of India)

Recent

price

87.96

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
3.52
5.73
2.06
15.79
19.21
22.71
19.07
27.79
22.35
24.13
46.27
59.07
46.83
52.8
76.86
93.14
93.14
Revenue per Share
2.04
1.7
1.17
3.4
3.41
4.9
1.92
9.29
0.08
2.94
10.35
25.23
9.21
-4.29
3.86
12.95
18.85
Basic EPS, GAAP
45.48
-11.44
-71.8
-38.68
-5.26
-20.31
-60.43
67.38
-44.45
-213.53
-216.61
137.85
-253.56
-258.47
-159.78
-11
- -
Free Cash Flow per Basic Share
- -
- -
1.05
0.87
0.88
1.05
1.81
1.32
3.01
1.21
1.69
10
3
5
- -
1
- -
Dividend per Share
7.5
7.5
10.87
12.09
15.61
17.1
17.11
23.92
20.39
21.51
28.04
38.21
42.53
33.23
36.34
45.73
- -
Book Value per Share
31.14
31.66
32.06
34.56
36.95
40.05
40.65
50.54
47.61
49.3
57.91
73.11
79.28
69.34
73.83
85.87
- -
Tangible Book Value per Share
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
Basic Weighted Avg Shares
633
1,032
370
2,844
3,458
4,088
3,432
5,003
4,023
4,344
8,329
10,633
8,430
9,504
13,835
16,760
16,788
Sales/Revenue/Turnover
110.87
98.64
283.96
97.54
96.41
96.12
95.37
96.5
82.5
108.19
100.98
95.1
83.49
88.31
102.08
96.71
100.82
Operating Margin (%)
5
9
9
7
6
9
5
3
5
4
14
19
12
14
154
34
32
Depreciation Expense
367
306
211
612
614
883
345
1,672
14
529
1,864
4,541
1,657
-772
694
2,330
3,397
Net Income, GAAP
34.49
30.57
28.98
31
32.33
33.41
32.98
34.84
- -
36.33
25.4
26.08
21.15
- -
29.76
25.06
25.03
Effective Tax Rate (%)
57.94
29.63
56.86
21.53
17.75
21.59
10.05
33.41
0.35
12.17
22.37
42.71
19.66
-8.13
5.02
13.9
20.23
Profit Margin (%)
- -
- -
- -
4,277
-429
3,794
786
9,046
8,281
-79,518
9,925
12,428
-8,340
-32,528
2,462
14,470
- -
Working Capital
7,469
8,546
- -
- -
- -
- -
- -
- -
- -
- -
6
3
10
44
41
25
- -
LT Debt
5,606
5,723
5,776
6,231
6,655
7,210
7,317
9,099
8,571
8,877
10,425
13,164
14,273
12,600
13,298
15,452
- -
Total Equity
2.7
3.94
2.95
5.86
5.52
5.81
4.29
6.24
- -
4.17
5.62
6.12
4.08
- -
4.48
5.1
- -
Return on Invested Capital (%)
2.85
2.24
0.99
6.67
6.11
6.37
4.67
6.85
- -
4.64
5.39
6.42
4.4
- -
4.95
5.26
8.88
Return on Capital (%)
27.19
22.65
12.74
29.64
24.61
29.98
11.2
45.27
0.35
14.02
41.79
76.16
22.8
-11.32
11.08
31.55
- -
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
223,815
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
25
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
180
- -
Market Capitalization
19,562
14,504
17,934

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
245,988
- -
Cash, Cash Equivalents & STI
- -
231,343
- -
Accounts Receivable, Net
- -
3,839
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
231,518
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
223,815
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.58%
8.94%
16.2%
Free Cash Flow
-37.51%
-115.39%
-93.12%
Net Income, GAAP
409.39%
-4.12%
235.73%
Sales/Revenue/Turnover
19.62%
17.28%
21.14%
Total Cash Common Dividend
- -
- -
-80%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,429
2,939
3,656
2,810
13,835
2025
4,403
5,008
3,162
2,986
16,760
2026
5,633
4,098
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3.22
-2.28
-0.86
- -
3.86
2025
2.97
6.37
-0.56
- -
12.95
2026
8.89
2.99
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
1
2026
- -
- -
- -
- -
- -
Business
PNB Gilts Ltd. operates primarily as a government securities dealer in India, offering a comprehensive range of fixed income products and services. The company’s core offerings include government securities such as Central Government dated securities, Treasury Bills, State Government Securities, and State Development Loans; floating rate bonds; public sector unit (PSU) bonds; corporate bonds; money market instruments including certificates of deposits and commercial papers; and inter-corporate deposits. Additionally, PNB Gilts provides specialized services such as gilts accounts, debt capital market solutions comprising bond and debenture issuances, retailing services, and advisory services for managing government securities portfolios. The company serves a diverse client base including provident funds trusts, regional rural banks, cooperative banks, corporates, and individual investors across India. Founded in 1996 and headquartered in New Delhi, PNB Gilts Ltd. is a subsidiary of Punjab National Bank. It is recognized as one of the pioneering primary dealers authorized by the Reserve Bank of India to underwrite and bid for government securities issuances. The company plays a pivotal role in the domestic fixed income market, contributing to market depth and transparency by actively trading and underwriting a broad spectrum of fixed income products. Its operations extend nationwide, supported by an independent marketing and sales team catering to specific client requirements. Recently, in 2025, PNB Gilts has undergone significant governance expansion with the appointment of Anju Mittal as an Additional Director (Non-Executive), subject to regulatory approvals, enhancing oversight capabilities. The company has also focused on strategic operational improvements reflected in steady financial results and market activities, including approvals of unaudited quarterly financial results showing ongoing profitability and operational resilience. Although historically linked to potential mergers with Punjab National Bank, recent updates suggest PNB Gilts remains an autonomous entity with ongoing investment in expanding its product offerings and market reach. The company continues to emphasize customized solutions for clients’ investment needs, backed by in-house research and robust risk management frameworks. PNB Gilts operates within the financial services and investment banking sector, specializing in debt market activities and government securities trading. Its clientele includes institutional investors such as provident funds, banks, and corporate entities alongside retail investors. The company maintains a strong position in India’s fixed income segment by leveraging its expertise in underwriting government securities, managing debt instruments, and providing tailored advisory services. The firm is committed to corporate social responsibility initiatives aligned with national development, focusing on environmental sustainability, education, and healthcare through partnerships with NGOs and employee engagement programs. Overall, PNB Gilts Ltd. stands as a key player in India’s debt capital markets, delivering a wide spectrum of fixed income products and specialized services while continuously adapting its governance and operations to maintain leadership in the primary dealership and government securities sector.