Punjab National Bank (532461) Fair Value & Analysis

Financial · IN · Market cap ₹258B

Below-average quality, screening 94% undervalued on our models.

What matters now

• The price is below even our cautious bear case (₹170.01). The market is more pessimistic than our downside scenario.
• Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 18, 2026.

How to read this chart

60‑month range ₹25.65 – ₹131.70 · fair‑value band ₹170.01 – ₹283.35 · the ₹116.70 price screens below the ₹226.68 fair value. Dashed = 300-day average. As of Aug 18, 2026.

Full chart & analysis →

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Analysis

Punjab National Bank (532461) currently trades at ₹116.70, while our model-based Fair Value estimate is ₹226.68, implying the stock looks roughly 94.2% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Financial sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Punjab National Bank generated revenue of ₹169B at a net margin of -0.5%. Revenue grew 73.8% year over year. The stock trades on a trailing P/E of 39.7 (as of Aug 18, 2026). Fundamentals as of Aug 18, 2026

Our scenario range runs from ₹170.01 (bear case) to ₹283.35 (bull case); at ₹116.70, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial peers we cover trades at -6% fair-value upside, at 94%, 532461 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (₹198.07) versus Dividend Discount (₹30.19). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Punjab National Bank provides various banking and financial products and services in India. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations.

Full company description

Punjab National Bank provides various banking and financial products and services in India. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. It offers personal banking products and services, including saving fund accounts, current accounts, fixed deposit, and capital gain account and gold monetization schemes; housing, vehicle, education, personal, and mortgage loans; and cards. The company also provides various micro, small, and medium enterprises schemes; banking products for government customers; agricultural banking services; corporate banking products and services consisting of loans against future lease rentals, working capital financing, and term loans; EXIM finance and cash management services, as well as gold card schemes for exporters; and international banking products and services. In addition, it offers insurance services, such as life, fire, motor vehicle, marine, theft/burglary, fidelity guarantee, personal accident, health, travel, house hold goods, etc.; and depository, mutual fund, merchant banking, and application supported by blocked amount services. Further, the company provides mobile banking, SMS banking, missed call, e-statement, ATM, cash deposit machine, passbook updation machine, and electronic cheque deposit machine services. As of March 31, 2020, it operated a network of 7,041 branches and 9,168 ATMs in India; and 2 branches internationally. The company was founded in 1895 and is headquartered in New Delhi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2016 – FY2025 · reported fiscal years

Punjab National Bank reported revenue of ₹276B in FY2020 versus ₹66.9B in FY2016, a compound +42.6%/yr. Reported net income was ₹185B in FY2025, compounding +63.9%/yr from FY2021.

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.