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Punjab National Bank (532461) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Punjab National Bank ₹140, price ₹110, upside +27.3%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial · IN · ISIN INE160A01022

PN Broad data Sep 24, 2026

Punjab National Bank

532461 · BSE

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value ₹139.91 · Undervalued (+27.3%)
!Quality 48/100
!Mixed Growth (revenue 5y +14.3 %/yr)
!Loss over the last twelve months · -0.5% net margin (TTM) · fiscal year 2020 1.6%
!Moderate debt
!Narrow moat 34/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

₹131.70 ₹25.65 Fair Value ₹139.91 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹25.65 – ₹131.70 · fair‑value band ₹122.39 – ₹251.46 · the ₹109.90 price screens below the ₹139.91 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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.

Stock analysis

Punjab National Bank (532461) currently trades at ₹109.90, while our model-based Fair Value estimate is ₹139.91, implying the stock looks roughly 21.5% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹198.07 per share, and 3 of the 6 models we run sit above the ₹109.90 price.

Bear case: the Dividend Discount group reads lowest at ₹26.54, and 3 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹122.39 (bear) to ₹251.46 (bull), the price of ₹109.90 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Financial sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

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.

Key figures

Market cap ₹258B (≈ $2.7B) · P/E ratio 39.7 · P/S ratio 1.52 · EPS (TTM) ₹5.78 · Dividend yield 6.4% · Net margin −0.5% · Return on equity 0.0% · Return on assets (EBIT) 0.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).

What moves the price

The share trades about 15% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial peers we cover trades at −3% fair-value upside, at 27%, 532461 screens cheaper than that median.

Fair Value models

Bear ₹122.39 Fair Value ₹139.91 Bull ₹251.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income ₹135.21 ₹172.78 ₹271.47 74
Gordon GGM ₹15.41 ₹30.71 ₹46.51 67
DDM Multi-Stage ₹15.41 ₹26.54 ₹32.42 67
All 6 models by family
Dividend Discount
Gordon GGM ₹15.41 ₹30.71 ₹46.51 67
DDM Multi-Stage ₹15.41 ₹26.54 ₹32.42 67
Multiples
P/E Multiple ₹191.47 ₹255.29 ₹319.11 63
P/B Multiple ₹148.55 ₹198.07 ₹247.58 55
Asset-Based
NCAV (Graham) ₹70.74 ₹94.79 ₹141.48 54
Economic Profit
Residual Income ₹135.21 ₹172.78 ₹271.47 74

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Quality Score breakdown

Overall quality 48/100

Of which business quality 49 · Market factors (momentum, volatility) 46

Profitability 36
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 53
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+11.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.3%
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+73.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+67.2%
Dividend (yield on the price)6.4%
Profit margin 2014 to 2017 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.34% → 14%
2025 sits 359% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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Values & ESG

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Punjab National Bank · Fair Value
₹139.91 +21%Fair Value
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Cite: Fair Value Calculator (2026). "Punjab National Bank Fair Value". https://www.fairvalue-calculator.com/stock/532461

Frequently asked questions

Is Punjab National Bank (532461) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹139.91 versus a price of ₹109.90, about +27% upside (undervalued).
What is the fair value of 532461?
Our model-based fair value for Punjab National Bank is ₹139.91 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹109.90.
What is the quality score of 532461?
Punjab National Bank has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Punjab National Bank (532461)?
Our model-based price target is the fair value of ₹139.91 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario ₹122.39, optimistic scenario ₹251.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Punjab National Bank stock forecast for 2026?
Our models put fair value at ₹139.91, about +27% upside versus a price of ₹109.90 (undervalued). Cautious scenario ₹122.39, optimistic scenario ₹251.46. The calculation is refreshed regularly with new filings.
What is the revenue of Punjab National Bank (532461)?
Punjab National Bank reported trailing-twelve-month revenue of about ₹169B (latest available figure, as of Sep 24, 2026).
Does Punjab National Bank pay a dividend?
Punjab National Bank currently shows a dividend yield of about 6.41% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Punjab National Bank (532461)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Punjab National Bank it is ₹139.91 per share (as of Sep 24, 2026), against a price of ₹109.90. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Punjab National Bank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532461 trades below its calculated fair value: price ₹109.90, fair value ₹139.91, a gap of about +27% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532461?
No. The price is what the market pays today (₹109.90); the fair value is what the company's own numbers justify (₹139.91). For Punjab National Bank the two are ₹30.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Punjab National Bank worth?
The market values Punjab National Bank at about ₹258B (market capitalisation, as of Sep 24, 2026). Per share that is ₹109.90; our models calculate a fair value of ₹139.91 per share.
What do the bullish and bearish scenarios say about 532461?
Our models span a range for Punjab National Bank: cautious scenario ₹122.39, base ₹139.91, optimistic ₹251.46 per share (as of Sep 24, 2026, price ₹109.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532461?
Punjab National Bank trades at a price-to-earnings ratio of 39.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹139.91 is built from several models across several years. Other multiples: P/S 0.0.
How solid is the balance sheet of Punjab National Bank (532461)?
Balance-sheet figures for Punjab National Bank (as of Sep 24, 2026): return on equity 0.0%, debt of 0.80 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 532461 from its 52-week high?
Punjab National Bank trades at ₹109.90, about 15% below its 52-week high of ₹128.61 and 14% above the low of ₹96.74 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹139.91 is for.
Which stocks are comparable to Punjab National Bank?
From the same area (Financial) we also value Nirlon Limited, Industrial & Prudential Investment Company, UPSURGE, IndiaNivesh Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Punjab National Bank stock attractive at the current price?
The data as of Sep 24, 2026: price ₹109.90, calculated fair value ₹139.91 (+27%), Quality Score 48/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532461 calculated?
We run Punjab National Bank through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹139.91, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Punjab National Bank currently trades 21 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Punjab National Bank (532461)?
The closing price on Oct 1, 2026 was ₹109.90. Our model-based fair value is ₹139.91, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Punjab National Bank right now?
The price is below even our cautious bear case (₹122.39). 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. A fairly wide model range (₹122.39 to ₹251.46) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Punjab National Bank

How large is the market capitalisation of Punjab National Bank (532461)?
The market capitalisation of Punjab National Bank is ₹258B (≈ $2.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Punjab National Bank (532461)?
The price-to-sales ratio of Punjab National Bank is 1.52 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Punjab National Bank (532461)?
Earnings per share at Punjab National Bank are ₹5.78 (price ÷ EPS = P/E 39.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Punjab National Bank (532461)?
The dividend yield of Punjab National Bank is 6.4% (payout 122%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Punjab National Bank (532461)?
The net margin of Punjab National Bank is −0.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Punjab National Bank (532461)?
The return on equity (ROE) of Punjab National Bank is 0.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Punjab National Bank (532461)?
On an EBIT basis the return on assets of Punjab National Bank is 0.3% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Punjab National Bank (532461)?
The operating margin of Punjab National Bank is 0.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Punjab National Bank (532461)?
Revenue at Punjab National Bank is growing +73.8% versus a year earlier (3y avg +35.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Punjab National Bank (532461)?
Earnings per share at Punjab National Bank are growing −50.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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