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Informist, Saturday, Apr. 18, 2026

By Nandini Sinha

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MUMBAI - PNB Housing Finance Ltd. is expected to post a marginal rise on year in its consolidated net profit for the March quarter, driven by growth in assets under management and loans, according to brokerages.

The lender's consolidated net profit for the quarter is expected to be between INR 5.47 billion and 5.77 billion, according to estimates from three brokerages. PNB Housing Finance had posted a net profit of INR 5.67 billion for Jan-Mar 2025 and INR 5.26 billion for the December quarter.

The highest estimate for PNB Housing Finance's net profit is INR 5.77 billion by Motilal Oswal Financial Services Ltd., while the lowest estimate is INR 5.47 billion by JM Financial Institutional Securities Pvt. Ltd. The company will announce its earnings for the quarter Monday.

PNB Housing Finance's net interest income for the March quarter is expected to be in a range of INR 7.85 billion to INR 8.03 billion. The lender's net interest income in the trailing quarter was INR 7.67 billion.

The highest estimate for the housing finance company's net interest income is INR 8.03 billion by ICICI Securities Ltd., while the lowest estimate is INR 7.85 billion by JM Financial.

Brokerages are divided over PNB Housing Finance's net interest margin. JM Financial and Motilal Oswal expect the lender's net interest margin to fall up to 5 basis points sequentially, while ICICI Securities expects the net interest margin to rise 1 bp.

The net interest margin of housing finance companies is expected to contract as they are offering home loans at significantly lower rates amid intensifying competition with banks, according to Motilal Oswal. PNB Housing Finance's net interest margin in the December quarter was 3.63%.

The lender's assets under management are likely to have risen 12% to over INR 900 billion in the March quarter, according to ICICI Securities and JM Financial. PNB Housing Finance's assets under management for the December quarter were INR 860.48 billion.

"Asset quality improvement and recoveries from the written-off pool in both Retail/Corporate could potentially again result in provision write-backs," Motilal Oswal said in a pre-earnings report. The asset quality of the lender's retail loan book, net interest margin, and credit costs are the key factors to be monitored, according to Motilal Oswal.

PNB Housing Finance's shares have risen over 7% since its December quarter earnings were announced. On Friday, shares of the company closed at INR 923.70 apiece on the National Stock Exchange, up over 3%.

All six brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 1,109 per share. This is over 20% higher than the current market price.

Following are the March quarter earnings estimates of PNB Housing Finance from three brokerages in descending order of the estimates of net profit in INR billion:

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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