PNB Housing Finance is a retail mortgage lender with a ₹89,670 Cr loan book that is chasing a ₹1 lakh crore milestone in FY27, even as bank competition in prime home loans and a repo-rate-driven yield drag test its margins. This quarter's print will speak to whether the guided disbursement ramp — net disbursements 60-70% above Q1 and Affordable at 2.5-2.6x Q1 — materialises, and whether NIM at 3.50% has indeed bottomed out ahead of the guided H2 FY27 improvement.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,263.44 Cr (Q1 FY27, +9.02% YoY) |
| Previous quarter PAT | Rs. 557.34 Cr (Q1 FY27, +4.47% YoY) |
| Previous quarter NIM | 3.50% (Q1 FY27) |
| Market cap | Rs. 28,678.73 Cr |
| CMP | Rs. 1,089.1 |
PNB Housing Finance's board meets on Wednesday, Oct 28, 2026 to consider the un-audited standalone and consolidated results for the quarter/half-year ended Sep 30, 2026.
The Q2 & H1 FY2026-27 earnings conference call is scheduled for Wednesday, Oct 28, 2026 at 7:30 PM IST, after the results disclosure. An investor presentation is to be filed before the event.
The quarter is a proof-point for management's Q2-specific guidance: net disbursements 60-70% above Q1's Rs. 5,882 Cr and Affordable disbursements at 2.5-2.6x Q1's Rs. 555 Cr, against a housing-credit backdrop where bank housing credit grew 11% YoY into June 2026. NIM fell 19 bps QoQ to 3.50% in Q1 on a 12 bps leverage drag and a 7 bps true-up, and management expects margins 'to have bottomed out' with gradual improvement from H2 FY27 toward the 3.55-3.65% FY27 band — with the AAA upgrades from all four domestic agencies expected to deliver at least 10 bps of cost-of-funds benefit against the 7.41% incremental cost of borrowing. Credit cost has been negative for five straight quarters (-0.12% in Q1 on Rs. 67 Cr of written-off-pool recoveries), and the guided path keeps it negative for FY27 even as the retail written-off pool shrinks to around Rs. 340 Cr. The Micro Housing rollout was expected from Q2 FY27 with a reported Rs. 100 Cr FY27 AUM target, while Emerging Developer Finance (Rs. 71 Cr in Q1 vs a Rs. 700 Cr FY27 plan) and Expanded Affordable (Rs. 28 Cr vs Rs. 1,500 Cr plan) start from near-zero bases. The 25 bps repo hike to 5.50% in early October sits outside the Q2 window but is a live Q3 re-pricing consideration on funding costs, and the Rs. 421.81 Cr fraud account remains fully provided with no recovery factored into the numbers.
Guidance scorecard: FY27 targets vs latest actuals: Where the company stood against its stated goals as of Q1 FY27:
Q2 FY27 disbursement and launch tests: The quarter's most direct scorecard items, all to be reported with these results:
NIM bridge and funding costs: Whether the margin inflection call starts to show in the numbers:
Credit cost and the Rs. 420 Cr fraud account: Asset-quality swing factors for the rest of FY27:
Risks and headwinds to monitor: Management-flagged pressures on the model:
NIM fell 19 bps QoQ to 3.50% due to average leverage rising from 3.6 to 3.75 (a 12 bps drag) and a 7 bps true-up impact of Q4 FY26. Management expects margins to have bottomed out, with gradual improvement from H2 FY27 toward the 3.55-3.65% FY27 guidance.
Management guided ROA of 2.4-2.5% for FY27, with the CFO saying it 'should remain in this range for the current year' even as credit costs normalise toward 20-30 bps. Reaching 2.5-2.6% by FY28 requires NIM plus fee income to rise about 50 bps to around 4.5%, which management expects from Construction Finance and Emerging Developer Finance yields plus scale-driven cost reduction.
The loan book stood at Rs. 89,670 Cr at Q1 FY27, so crossing the guided Rs. 1 lakh crore in FY27 requires about Rs. 10,330 Cr of further growth over the remaining nine months. Retail loan growth was +16% YoY in Q1 against the 18-20% FY27 guidance.
The Rs. 421.81 Cr fraud classification tied to Happy Home Corporation was disclosed via exchange filing on July 21, 2026; the account was written off in FY23 and is already fully provided for, so there is no P&L or balance-sheet impact. No recovery or resolution progress update was found in public updates through mid-October 2026, and management cannot quantify expected FY27 recoveries.