Punjab National Bank (PNB) fair value: what the stock is really worth
We calculate from audited financials what Punjab National Bank is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹25.65 – ₹131.65 · fair‑value band ₹117.71 – ₹243.80 · the ₹117.27 price screens below the ₹136.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 18, 2026.
Punjab National Bank provides various banking and financial products and services in India and internationally. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments.
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Punjab National Bank provides various banking and financial products and services in India and internationally. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments. The company offers personal banking products and services, including saving fund accounts, current accounts, fixed deposit, and capital gain account and gold monetization schemes; and housing, vehicle, education, personal, gold, and mortgage and other loans. It also provides various micro, small, and medium enterprises schemes and loans; banking products for government customers; agricultural schemes and loans; corporate banking products and services consist 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, the company offers life and general insurance services; depository, mutual funds, merchant banking, and application supported by blocked amount services; and NRI banking and services. Further, the company provides mobile and internet banking, UPI, SMS banking, missed call, e-statement, ATM, passbook updating machine, and electronic cheque deposit machine services; and point of sale (PoS) is the payment acceptance solutions, NFC-enabled terminals facilitating quick payments, as well as debit and credit cards. Punjab National Bank was incorporated in 1894 and is headquartered in New Delhi, India.
Stock analysis
Punjab National Bank (PNB) currently trades at ₹117.27, while our model-based Fair Value estimate is ₹136.96, implying the stock looks roughly 14.4% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹182.69 per share, and 3 of the 6 models we run sit above the ₹117.27 price.
Bear case: the Dividend Discount group reads lowest at ₹49.77, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹117.71 (bear) to ₹243.80 (bull), the price of ₹117.27 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 47/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Punjab National Bank reported revenue of ₹1.5T in FY2026 versus ₹880B in FY2022, a compound +14.4%/yr. Reported net income was ₹184B in FY2026, compounding +47.7%/yr from FY2022.
Key figures
Market cap ₹1.3T (≈ $14.0B) · P/E ratio 7.4 · P/S ratio 0.90 · EPS (TTM) ₹15.93 · Dividend yield 2.6% · Net margin 12.2% · Return on equity 13.0% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 17%, PNB screens cheaper than that median.
Fair Value models
Bear ₹117.71Fair Value ₹136.96Bull ₹243.80
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹6.20 per share) are deliberately not added.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.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.
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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.3%
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.
+15.1%
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.
+9.8%
Revenue growth 21 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.
+13.7%
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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.
+48.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.3%
Dividend (yield on the price)2.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.43% vs 13%, picking up
Profit margin 2021 to 2026 ⓘ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.5% → 19%
2026 sits 93% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−10.1%
Yearly sales growth analysts expect, extended to five years.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1073 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+67% · Top 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets1% · Below median
Net margin (TTM)31% · Above median
Operating margin (TTM)29% · Below median
Growth and dividend
Revenue growth15% · Above median
Dividend yield (TTM)2.6% · Below median
Balance sheet
Debt / equity0.71× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Punjab National Bank Fair Value". https://www.fairvalue-calculator.com/stock/PNB
Frequently asked questions
Is Punjab National Bank (PNB) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹136.96 versus a price of ₹117.27, about +17% upside (undervalued).
What is the fair value of PNB?
Our model-based fair value for Punjab National Bank is ₹136.96 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹117.27.
What is the quality score of PNB?
Punjab National Bank has a Quality Score of 47/100. 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 (PNB)?
Our model-based price target is the fair value of ₹136.96 (as of Sep 18, 2026) from 6 valuation models. Cautious scenario ₹117.71, optimistic scenario ₹243.80. 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 ₹136.96, about +17% upside versus a price of ₹117.27 (undervalued). Cautious scenario ₹117.71, optimistic scenario ₹243.80. The calculation is refreshed regularly with new filings.
What is the revenue of Punjab National Bank (PNB)?
Punjab National Bank reported trailing-twelve-month revenue of about ₹589B (latest available figure, as of Sep 18, 2026).
Does Punjab National Bank pay a dividend?
Punjab National Bank currently shows a dividend yield of about 2.56% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Punjab National Bank (PNB)?
For today's price to be fair in a discounted-cash-flow model, Punjab National Bank would have to grow free cash flow by -10.8 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of PNB use?
Our models discount Punjab National Bank at 10.5 %: a base by market capitalisation (large), damped by beta 0.53, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Punjab National Bank that is -10.8 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Punjab National Bank (PNB) delivered so far?
Over the past 5 years revenue at Punjab National Bank grew +9.8 % a year. The price currently implies -10.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Punjab National Bank (PNB) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Punjab National Bank (-10.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Punjab National Bank (PNB)?
The free-cash-flow yield on the price is 17.52 %: that much free cash flow Punjab National Bank produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Punjab National Bank (PNB)?
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 ₹136.96 per share (as of Sep 18, 2026), against a price of ₹117.27. 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 18, 2026, PNB trades below its calculated fair value: price ₹117.27, fair value ₹136.96, a gap of about +17% (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 PNB?
No. The price is what the market pays today (₹117.27); the fair value is what the company's own numbers justify (₹136.96). For Punjab National Bank the two are ₹19.69 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 ₹1.3T (market capitalisation, as of Sep 18, 2026). Per share that is ₹117.27; our models calculate a fair value of ₹136.96 per share.
What do the bullish and bearish scenarios say about PNB?
Our models span a range for Punjab National Bank: cautious scenario ₹117.71, base ₹136.96, optimistic ₹243.80 per share (as of Sep 18, 2026, price ₹117.27). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNB?
Punjab National Bank trades at a price-to-earnings ratio of 7.4 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹136.96 is built from several models across several years. Other multiples: P/B 0.8, P/S 2.1, EV/EBITDA 2.2.
How solid is the balance sheet of Punjab National Bank (PNB)?
Balance-sheet figures for Punjab National Bank (as of Sep 18, 2026): return on equity 13.0%, debt of 0.71 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is PNB from its 52-week high?
Punjab National Bank trades at ₹117.27, about 13% below its 52-week high of ₹135.15 and 19% above the low of ₹98.50 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹136.96 is for.
Which stocks are comparable to Punjab National Bank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 18, 2026: price ₹117.27, calculated fair value ₹136.96 (+17%), Quality Score 47/100, 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 PNB 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 ₹136.96, 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 16.1 % above its aggregate fair value. Punjab National Bank currently trades 17 % 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 (PNB)?
The closing price on Sep 18, 2026 was ₹117.27. Our model-based fair value is ₹136.96, about +17% 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?
A fairly wide model range (₹117.71 to ₹243.80) 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 (PNB)?
The market capitalisation of Punjab National Bank is ₹1.3T (≈ $14.0B). 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 (PNB)?
The price-to-sales ratio of Punjab National Bank is 0.90 (P/E × margin). 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 (PNB)?
Earnings per share at Punjab National Bank are ₹15.93 (price ÷ EPS = P/E 7.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Punjab National Bank (PNB)?
The dividend yield of Punjab National Bank is 2.6% (payout 18.8%). 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 (PNB)?
The net margin of Punjab National Bank is 12.2% (fiscal year 2026). 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 (PNB)?
The return on equity (ROE) of Punjab National Bank is 13.0% (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 (PNB)?
On an EBIT basis the return on assets of Punjab National Bank is 0.9% (avg 5y). 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 (PNB)?
The operating margin of Punjab National Bank is 29.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Punjab National Bank (PNB)?
Revenue at Punjab National Bank is growing +15.2% versus a year earlier (3y avg +15.1%). 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 (PNB)?
Earnings per share at Punjab National Bank are growing +1.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Punjab National Bank (PNB) hold?
Punjab National Bank holds more cash than debt, ₹566B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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