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Informist, Tuesday, Jan. 20, 2026

By Nandini Sinha

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MUMBAI - PNB Housing Finance Ltd. is expected to post a double-digit on-year rise in its net profit for the December quarter on the back of loan growth, according to brokerages tracking the company.

The lender's consolidated net profit is expected to rise nearly 13% on year to INR 5.44 billion from INR 4.83 billion, according to the average of estimates from five brokerages. However, the net profit is expected to fall over 6% sequentially.

The highest estimate for PNB Housing's net profit is INR 5.65 billion by ICICI Securities Ltd., while the lowest estimate is INR 5.08 billion by Nirmal Bang. The company will release its December quarter earnings Wednesday.

PNB Housing's net interest income is also expected to rise nearly 13% on year to INR 7.78 billion from INR 6.9 billion, according to the average of estimates. The company's net interest income in the trailing quarter was INR 7.50 billion. The highest estimate for the housing finance company's net interest income is INR 8.09 billion by Nirmal Bang Equities Pvt. Ltd., while the lowest estimate is INR 7.60 billion by Motilal Oswal Financial Services Ltd.

Brokerages are divided over PNB Housing's net interest margin. Nirmal Bang and ICICI Securities expect the company's net interest margin to rise 6-20 basis points on year and 4-25 basis points sequentially. Motilal Oswal and JM Financial expect it to fall up to 5 bps quarter-on-quarter. Mirae Asset Sharekhan also expects the net interest margin to decline.

"Large HFCs are likely to witness margin contraction due to heightened competitive intensity and PLR (prime lending rate) cuts," according to Motilal Oswal. The company's net interest margin in the September quarter was 3.67% and in the year-ago quarter was 3.7%.

PNB Housing is expected to post an on-year loan growth of 15%, according to Motilal Oswal and Mirae Assets Sharekhan. "Expect provision write-backs from recoveries in both Retail and Corporate written-off pools," to Motilal Oswal.

The company's loan book is likely to rise around 13% on year to INR 868.10 billion at the end of December, according to brokerage estimates.     

PNB Housing's shares have risen nearly 3% since its September quarter earnings were announced. At 1053 IST, shares of PNB Housing were trading at INR 960 a piece on the National Stock Exchange, slightly down.

All six brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 1,073 per share. This is nearly 11% higher than the current market price.

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

End

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

Edited by Deepshikha Bhardwaj

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