Punjab & Sind Bank's Q2 FY27 numbers came in strong, with revenue of Rs. 3,746.52 Cr (+11.07% YoY) and PAT growth of +39.88% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 17, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 3,746.52 Cr (+11.07% YoY) |
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| PAT (Q2) | Rs. 411.97 Cr (+39.88% YoY) |
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| EBITDA margin | 16.48% (+151 bps YoY) |
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| EPS (Q2) | Rs. 0.58 (+38.10% YoY) |
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| Market cap | Rs. 15,106.50 Cr |
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| CMP | Rs. 21.29 |
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Quarter Snapshot
Punjab & Sind Bank delivered 39.9% YoY PAT growth to Rs.411.97 Cr on 22.2% NII growth and a 64.7% drop in provisions, with GNPA at 2.09% — the lowest in five quarters — and ROA of 0.88% within the 0.85–0.90% guidance band. Advances grew 19.87% YoY, above the 16–18% guidance upper bound, with retail banking revenue up 25.9% to 47.8% of total revenue. Deposit growth of 12.97% missed the 13–14% guidance for a second consecutive quarter against system growth of 17.3%, and CRAR slipped to 16.55% from 17.61%.
Key Investment Insights
Key Positives
- PAT grew 39.88% YoY to Rs.411.97 Cr; H1 PAT grew 31.90% YoY to Rs.743.48 Cr
- NII grew 22.19% YoY to Rs.1,160.88 Cr as interest expended grew 9.02% against 13.19% interest earned growth
- PPOP grew 22.25% YoY to Rs.617.45 Cr; operating margin expanded 151 bps YoY to 16.48%
- GNPA fell 83 bps YoY to 2.09%, the lowest in five quarters; NNPA at 0.61% (met <0.65% target) and PCR at 92.48% (within 92–93% target)
- Advances grew 19.87% YoY, above the 16–18% guidance upper bound; retail banking revenue grew 25.92% YoY to 47.8% of total revenue with segment margin up 446 bps
- ROA of 0.88% (annualised) landed within the 0.85–0.90% guidance band; cost-to-income of 59.19% met the <60% target
- CFO swung from −Rs.2,463 Cr in H1 FY26 to +Rs.2,178 Cr in H1 FY27; CFO/PAT at 2.93×
- CD ratio improved 465 bps YoY to 80.90%; FY27 business target of Rs.3,00,000 Cr on track at Rs.2,77,346 Cr
Risk Factors
- Deposit growth of 12.97% YoY missed the 13–14% guidance for the second consecutive quarter and trails system deposit growth of 17.3%
- CRAR declined to 16.55% from 17.61% QoQ as advances growth outpaced internal capital generation; borrowings rose 53.38% YoY
- Other income fell 5.97% YoY in Q2 and 18.83% YoY in H1
- Effective tax rate rose to 27.13% from 17.59% YoY; tax expense grew 144.02% YoY
- Treasury segment margin compressed 393 bps YoY to 16.07% amid yield hardening
- GNPA at 2.09% remains above the <2.0% FY27 target