PNB Gilts Limited (PNBGILTS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of PNB Gilts Limited ₹131, price ₹71.63, upside +83.1%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 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 Oct 2, 2026.
How to read this chart
60‑month range ₹52.52 – ₹138.82 · fair‑value band ₹72.62 – ₹131.16 · the ₹71.63 price screens below the ₹131.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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PNB Gilts Ltd. operates as a government securities dealer in India.
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PNB Gilts Ltd. operates as a government securities dealer in India. The company involved in underwriting and bidding of government securities issuances; trading of fixed income instruments, such as government securities, treasury bills, state development loans, corporate bonds, and interest rate swaps, as well as various money market instruments, including certificates of deposits, commercial papers, etc.; and provision of custodian services to its constituents. It also provides gilts accounts; debt solutions comprising bond and debenture issuances; and retailing services. It serves provident funds trusts, regional rural banks, co-operative banks, corporates, educational institutions, individuals, etc. PNB Gilts Ltd. was incorporated in 1996 and is based in New Delhi, India. PNB Gilts Ltd. is a subsidiary of Punjab National Bank.
Stock analysis
PNB Gilts Limited (PNBGILTS) currently trades at ₹71.63, while our model-based Fair Value estimate is ₹131.16, implying the stock looks roughly 45.4% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of ₹235.89 per share, and 5 of the 8 models we run sit above the ₹71.63 price.
Bear case: the Asset-Based group reads lowest at ₹63.63, and 3 of the 8 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹72.62 (bear) to ₹131.16 (bull), the price of ₹71.63 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 34/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
PNB Gilts Limited reported revenue of ₹16.3B in FY2026 versus ₹8.4B in FY2022, a compound +17.9%/yr. Reported net income was ₹1.8B in FY2026, compounding +2.3%/yr from FY2022.
Key figures
Market cap ₹12.9B (≈ $134M) · P/E ratio 12.6 · P/S ratio 1.41 · EPS (TTM) ₹5.68 · Dividend yield 2.8% · Net margin 11.2% · Return on equity 11.2% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 83%, PNBGILTS screens cheaper than that median.
Fair Value models
Bear ₹72.62Fair Value ₹131.16Bull ₹131.16
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 (₹1.87 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. 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.
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.43/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.7%
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.
+19.7%
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.
+8.9%
Start year 2021 (pandemic). Over 10 years: +16.8% a year
Revenue growth 20 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.
+13.6%
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What shareholders gained per year (last 5 years), in INR ⓘ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. 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.
+2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.5%
Dividend (yield on the price)2.8%
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.−0.5% vs 7.5%, slowing
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.95% → 15%
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.Capital Markets · 459 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside+83.1% · Top 25%
Profitability
Return on equity (TTM)11.2% · Above median
Return on assets0.7% · Below median
Net margin (TTM)37.7% · Above median
Operating margin (TTM)87.3% · Top 25%
Growth and dividend
Revenue growth−48.1% · Bottom 25%
Dividend yield (TTM)2.8% · Above median
Balance sheet
Debt / equity13.09× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is PNB Gilts Limited (PNBGILTS) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹131.16 versus a price of ₹71.63, about +83% upside (undervalued).
What is the fair value of PNBGILTS?
Our model-based fair value for PNB Gilts Limited is ₹131.16 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹71.63.
What is the quality score of PNBGILTS?
PNB Gilts Limited has a Quality Score of 34/100. 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 PNB Gilts Limited (PNBGILTS)?
Our model-based price target is the fair value of ₹131.16 (as of Oct 2, 2026) from 9 valuation models. Cautious scenario ₹72.62, optimistic scenario ₹131.16. It is a calculation from audited fundamentals, not an analyst target.
What is the PNB Gilts Limited stock forecast for 2026?
Our models put fair value at ₹131.16, about +83% upside versus a price of ₹71.63 (undervalued). Cautious scenario ₹72.62, optimistic scenario ₹131.16. The calculation is refreshed regularly with new filings.
Does PNB Gilts Limited pay a dividend?
PNB Gilts Limited currently shows a dividend yield of about 2.79% relative to its recent price (as of Oct 2, 2026).
What is the intrinsic value of PNB Gilts Limited (PNBGILTS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PNB Gilts Limited it is ₹131.16 per share (as of Oct 2, 2026), against a price of ₹71.63. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is PNB Gilts Limited stock overvalued or undervalued in 2026?
As of Oct 2, 2026, PNBGILTS trades below its calculated fair value: price ₹71.63, fair value ₹131.16, a gap of about +83% (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 PNBGILTS?
No. The price is what the market pays today (₹71.63); the fair value is what the company's own numbers justify (₹131.16). For PNB Gilts Limited the two are ₹59.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is PNB Gilts Limited worth?
The market values PNB Gilts Limited at about ₹12.9B (market capitalisation, as of Oct 2, 2026). Per share that is ₹71.63; our models calculate a fair value of ₹131.16 per share.
What do the bullish and bearish scenarios say about PNBGILTS?
Our models span a range for PNB Gilts Limited: cautious scenario ₹72.62, base ₹131.16, optimistic ₹131.16 per share (as of Oct 2, 2026, price ₹71.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNBGILTS?
PNB Gilts Limited trades at a price-to-earnings ratio of 12.6 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹131.16 is built from several models across several years. Other multiples: P/B 0.8, P/S 4.7, EV/EBITDA 94.6.
How solid is the balance sheet of PNB Gilts Limited (PNBGILTS)?
Balance-sheet figures for PNB Gilts Limited (as of Oct 2, 2026): return on equity 11.2%, debt of 13.09 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is PNBGILTS from its 52-week high?
PNB Gilts Limited trades at ₹71.63, about 27% below its 52-week high of ₹97.57 and 24% above the low of ₹57.67 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹131.16 is for.
Which stocks are comparable to PNB Gilts Limited?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 PNB Gilts Limited stock attractive at the current price?
The data as of Oct 2, 2026: price ₹71.63, calculated fair value ₹131.16 (+83%), Quality Score 34/100, from 9 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 PNBGILTS calculated?
We run PNB Gilts Limited through 9 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 ₹131.16, 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. PNB Gilts Limited currently trades 45 % 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 PNB Gilts Limited (PNBGILTS)?
The closing price on Oct 1, 2026 was ₹71.63. Our model-based fair value is ₹131.16, about +83% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PNB Gilts Limited right now?
The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹72.62 to ₹131.16) 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.
Where does the earnings growth of PNB Gilts Limited (PNBGILTS) come from?
Earnings per share at PNB Gilts Limited grew +5.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +15.5 %, EBIT margin +3.2 %, tax rate +1.4 %, residual (interest, one-offs) −12.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of PNB Gilts Limited
How large is the market capitalisation of PNB Gilts Limited (PNBGILTS)?
The market capitalisation of PNB Gilts Limited is ₹12.9B (≈ $134M). 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 PNB Gilts Limited (PNBGILTS)?
The price-to-sales ratio of PNB Gilts Limited is 1.41 (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 PNB Gilts Limited (PNBGILTS)?
Earnings per share at PNB Gilts Limited are ₹5.68 (price ÷ EPS = P/E 12.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PNB Gilts Limited (PNBGILTS)?
The dividend yield of PNB Gilts Limited is 2.8% (payout 35.2%). 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 PNB Gilts Limited (PNBGILTS)?
The net margin of PNB Gilts Limited is 11.2% (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 PNB Gilts Limited (PNBGILTS)?
The return on equity (ROE) of PNB Gilts Limited is 11.2% (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 PNB Gilts Limited (PNBGILTS)?
On an EBIT basis the return on assets of PNB Gilts Limited is 4.2% (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 PNB Gilts Limited (PNBGILTS)?
The operating margin of PNB Gilts Limited is 87.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PNB Gilts Limited (PNBGILTS)?
Revenue at PNB Gilts Limited is growing −48.1% versus a year earlier (3y avg +19.7%). 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 PNB Gilts Limited (PNBGILTS)?
Earnings per share at PNB Gilts Limited are growing −49.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does PNB Gilts Limited (PNBGILTS) generate?
The free cash flow of PNB Gilts Limited is −₹19.9B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does PNB Gilts Limited (PNBGILTS) carry?
The net debt of PNB Gilts Limited is ₹243B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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