PNB Housing Finance Limited (PNBHOUSING) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of PNB Housing Finance Limited ₹1,329, price ₹1,092, upside +21.7%, quality 45 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 Sep 30, 2026.
How to read this chart
60‑month range ₹308.80 – ₹1,185 · fair‑value band ₹644.42 – ₹2,273 · the ₹1,092 price screens below the ₹1,329 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 30, 2026.
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PNB Housing Finance Limited operates as a housing finance company in India.
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PNB Housing Finance Limited operates as a housing finance company in India. It provides loans to individuals and corporate bodies for purchase, construction, repair, and up-gradation of houses/flats/commercial properties, etc.; residential plot loans and loans for NRIs; loan against property, lease rental discounting, and loans for real estate developers; and home loans and fixed deposit products. The company was incorporated in 1988 and is based in Gurugram, India.
Stock analysis
PNB Housing Finance Limited (PNBHOUSING) currently trades at ₹1,092, while our model-based Fair Value estimate is ₹1,329, implying the stock looks roughly 17.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹1,523 per share, and 6 of the 13 models we run sit above the ₹1,092 price.
Bear case: the Asset-Based group reads lowest at ₹493.74, and 7 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹644.42 (bear) to ₹2,273 (bull), the price of ₹1,092 sits inside 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 45/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
PNB Housing Finance Limited reported revenue of ₹85.1B in FY2026 versus ₹61.8B in FY2022, a compound +8.3%/yr. Reported net income was ₹22.9B in FY2026, compounding +28.6%/yr from FY2022.
Key figures
Market cap ₹285B (≈ $3.0B) · P/E ratio 12.3 · P/S ratio 3.32 · EPS (TTM) ₹88.69 · Dividend yield 0.7% · Net margin 26.9% · Return on equity 12.7% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (medium confidence).
What moves the price
The share trades about 8% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 22%, PNBHOUSING screens cheaper than that median.
Fair Value models
Bear ₹644.42Fair Value ₹1,329Bull ₹2,273
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 (₹40.90 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.72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.4%
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.
+9.8%
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.
+2.3%
Start year 2021 (pandemic). Over 10 years: +12.4% a year
Revenue growth 14 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.
+23.1%
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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. Basis: EBIT basis. 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.
≈ +14.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.3%
Dividend (yield on the price)0.7%
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.16.4% vs 15.4%, steady
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.16% → 30%
Start year 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 51% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than 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).
+22.4%
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.
−2.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +17.5% a year for the price and −6.1% for the forecasts.
Compare PNB Housing Finance Limited with another stock
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.Mortgage Finance · 90 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside+21.7% · Above median
Profitability
Return on equity (TTM)12.7% · Above median
Return on assets2.6% · Above median
Net margin (TTM)61.4% · Top 25%
Operating margin (TTM)75.2% · Top 25%
Growth and dividend
Revenue growth5.8% · Below median
Dividend yield (TTM)0.7% · Bottom 25%
Balance sheet
Debt / equity1.47× · Below median
Valuation Multiplesvs Mortgage Finance median · lower = cheaper
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Is PNB Housing Finance Limited (PNBHOUSING) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of ₹1,329 versus a price of ₹1,092, about +22% upside (undervalued).
What is the fair value of PNBHOUSING?
Our model-based fair value for PNB Housing Finance Limited is ₹1,329 (as of Sep 30, 2026), built from audited fundamentals. The current price: ₹1,092.
What is the quality score of PNBHOUSING?
PNB Housing Finance Limited has a Quality Score of 45/100. 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 Housing Finance Limited (PNBHOUSING)?
Our model-based price target is the fair value of ₹1,329 (as of Sep 30, 2026) from 13 valuation models. Cautious scenario ₹644.42, optimistic scenario ₹2,273. It is a calculation from audited fundamentals, not an analyst target.
What is the PNB Housing Finance Limited stock forecast for 2026?
Our models put fair value at ₹1,329, about +22% upside versus a price of ₹1,092 (undervalued). Cautious scenario ₹644.42, optimistic scenario ₹2,273. The calculation is refreshed regularly with new filings.
What is the revenue of PNB Housing Finance Limited (PNBHOUSING)?
PNB Housing Finance Limited reported trailing-twelve-month revenue of about ₹37.7B (latest available figure, as of Sep 30, 2026).
Does PNB Housing Finance Limited pay a dividend?
PNB Housing Finance Limited currently shows a dividend yield of about 0.73% relative to its recent price (as of Sep 30, 2026).
What growth is priced into PNB Housing Finance Limited (PNBHOUSING)?
For today's price to be fair in a discounted-cash-flow model, PNB Housing Finance Limited would have to grow free cash flow by +22.4 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.3 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of PNBHOUSING use?
Our models discount PNB Housing Finance Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.31, 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 PNB Housing Finance Limited that is +22.4 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has PNB Housing Finance Limited (PNBHOUSING) delivered so far?
Over the past 5 years revenue at PNB Housing Finance Limited grew +2.3 % a year. The price currently implies +22.4 % 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 PNB Housing Finance Limited (PNBHOUSING) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into PNB Housing Finance Limited (+22.4 % 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 PNB Housing Finance Limited (PNBHOUSING)?
The free-cash-flow yield on the price is 6.98 %: that much free cash flow PNB Housing Finance Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PNB Housing Finance Limited (PNBHOUSING)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PNB Housing Finance Limited it is ₹1,329 per share (as of Sep 30, 2026), against a price of ₹1,092. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is PNB Housing Finance Limited stock overvalued or undervalued in 2026?
As of Sep 30, 2026, PNBHOUSING trades below its calculated fair value: price ₹1,092, fair value ₹1,329, a gap of about +22% (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 PNBHOUSING?
No. The price is what the market pays today (₹1,092); the fair value is what the company's own numbers justify (₹1,329). For PNB Housing Finance Limited the two are ₹237.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is PNB Housing Finance Limited worth?
The market values PNB Housing Finance Limited at about ₹285B (market capitalisation, as of Sep 30, 2026). Per share that is ₹1,092; our models calculate a fair value of ₹1,329 per share.
What do the bullish and bearish scenarios say about PNBHOUSING?
Our models span a range for PNB Housing Finance Limited: cautious scenario ₹644.42, base ₹1,329, optimistic ₹2,273 per share (as of Sep 30, 2026, price ₹1,092). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNBHOUSING?
PNB Housing Finance Limited trades at a price-to-earnings ratio of 12.3 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,329 is built from several models across several years. Other multiples: P/B 1.5, P/S 7.6, EV/EBITDA 17.6.
How solid is the balance sheet of PNB Housing Finance Limited (PNBHOUSING)?
Balance-sheet figures for PNB Housing Finance Limited (as of Sep 30, 2026): return on equity 12.7%, debt of 1.47 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is PNBHOUSING from its 52-week high?
PNB Housing Finance Limited trades at ₹1,092, about 8% below its 52-week high of ₹1,185 and 47% above the low of ₹744.94 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,329 is for.
Which stocks are comparable to PNB Housing Finance Limited?
From the same area (Financial Services) we also value Federal Home Loan Mortgage Corporation, Rocket Companies, Inc, Federal National Mortgage Association, Bajaj Housing Finance 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 PNB Housing Finance Limited stock attractive at the current price?
The data as of Sep 30, 2026: price ₹1,092, calculated fair value ₹1,329 (+22%), Quality Score 45/100, from 13 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 PNBHOUSING calculated?
We run PNB Housing Finance Limited through 13 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 ₹1,329, 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 Housing Finance Limited currently trades 18 % 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 Housing Finance Limited (PNBHOUSING)?
The closing price on Oct 1, 2026 was ₹1,092. Our model-based fair value is ₹1,329, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PNB Housing Finance Limited right now?
The model range is unusually wide (₹644.42 to ₹2,273). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (45/100) 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.
Where does the earnings growth of PNB Housing Finance Limited (PNBHOUSING) come from?
Earnings per share at PNB Housing Finance Limited grew +14.6 % a year from 2015 to 2026. Broken into its drivers: revenue per share +6.4 %, EBIT margin +5.1 %, tax rate +1.9 %, residual (interest, one-offs) +0.6 %. 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 Housing Finance Limited
How large is the market capitalisation of PNB Housing Finance Limited (PNBHOUSING)?
The market capitalisation of PNB Housing Finance Limited is ₹285B (≈ $3.0B). 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 PNB Housing Finance Limited (PNBHOUSING)?
The price-to-sales ratio of PNB Housing Finance Limited is 3.32 (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 Housing Finance Limited (PNBHOUSING)?
Earnings per share at PNB Housing Finance Limited are ₹88.69 (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PNB Housing Finance Limited (PNBHOUSING)?
The dividend yield of PNB Housing Finance Limited is 0.7% (payout 9.0%). 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 Housing Finance Limited (PNBHOUSING)?
The net margin of PNB Housing Finance Limited is 26.9% (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 Housing Finance Limited (PNBHOUSING)?
The return on equity (ROE) of PNB Housing Finance Limited is 12.7% (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 Housing Finance Limited (PNBHOUSING)?
On an EBIT basis the return on assets of PNB Housing Finance Limited is 2.4% (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 Housing Finance Limited (PNBHOUSING)?
The operating margin of PNB Housing Finance Limited is 75.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PNB Housing Finance Limited (PNBHOUSING)?
Revenue at PNB Housing Finance Limited is growing +5.8% versus a year earlier (3y avg +9.8%). 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 Housing Finance Limited (PNBHOUSING)?
Earnings per share at PNB Housing Finance Limited are growing +4.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PNB Housing Finance Limited (PNBHOUSING) carry?
The net debt of PNB Housing Finance Limited is ₹498B (fiscal year 2026, ≈ 25.0 yrs of FCF). 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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