Pnb Gilts Limited (PNBGILTS)

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Pnb Gilts Limited (PNBGILTS) · mywealthgrid

About

Pnb Gilts Limited operates as an investment company within the financial sector, with a market capitalization of ₹1,429 Cr. The company is primarily promoter-controlled (74% holding) with minimal institutional participation (FII 0.07%, DII 0%). Despite robust average operating margins of 91.52%, earnings have been volatile, with losses in Sep 2025 (₹45.35 Cr) and Dec 2024 (₹10.11 Cr), indicating exposure to trading or mark-to-market impacts.

Face value: ₹10

Market cap

₹1,289 Cr

P/E

12.6×

P/B

0.8×

Dividend yield

2.8%

ROE

11.2%

ROCE

—

Debt / equity

14.55

OPM

91.5%

EPS (TTM)

₹5.7

Book value

₹95.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility from trading/mark-to-market exposure: Losses of ₹45.35 Cr (Sep 2025) and ₹10.11 Cr (Dec 2024) despite OPM of 65–84% indicate trading or valuation risks beyond operational control; verify the frequency and magnitude of such losses and their cash-flow impact.
Revenue sensitivity to market cycles: Quarterly revenue ranges ₹362–₹563 Cr and the stock has fallen 23.34% over 1 year; verify whether gilt market activity and interest rate movements are structural headwinds or cyclical.
Concentrated ownership with limited institutional interest: 74% promoter holding and negligible FII/DII (0.07%/0%) participation; verify whether this constrains liquidity, analyst coverage, or creates governance risks.
Below-benchmark capital efficiency: ROE of 11.16% lags typical financial services returns; verify whether this reflects business model constraints or inefficient capital deployment.

Generated analysis · source review pending

Growth drivers

High operating margin structure: Average OPM of 91.52% means revenue growth directly scales profit; verify what catalysts (government debt issuance, dealer participation trends, regulatory liberalization of gilt markets) could drive transaction volumes.
Recent profitability recovery: Jun 2026 net profit of ₹80.7 Cr rebounded from Mar 2026 (₹12.99 Cr) and Sep 2025 loss (₹45.35 Cr); verify whether current margin recovery (96.66% OPM) is sustainable and operational rather than one-time.
Demonstrated cash generation: Regular dividend payouts over multiple years (Sep 2025, Sep 2024, Aug 2022, 2021) alongside ₹80.7 Cr Jun 2026 profit; verify reinvestment plans or AUM expansion initiatives to sustain growth.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹71.6-0.4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 91.5%
+Dividend yield of 2.8%
+Dividend payout of 35.2% of profit
+High promoter holding of 74.1% with no pledge

Cons

−Low return on equity of 10.9% (3-yr avg)
−Profit declined 16.7% a year over the last 5 years
−Heavily leveraged (debt/equity 14.6)
−Weak interest coverage of 1.2×

Research score

Structured signal from quality, growth, valuation and momentum.

43/100

Business quality: 31
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jio Financial Services LimitedJIOFINJIOFIN	₹1,40,316 Cr	₹1,62,084 Cr	₹4,905 Cr	₹3,264 Cr	65.6%	₹2,066 Cr	44.4%	—	1.2%	—
Aditya Birla Capital LimitedABCAPITALABCAPITAL	₹1,02,546 Cr	₹2,81,426 Cr	₹48,186 Cr	₹17,803 Cr	36.7%	₹4,104 Cr	8.5%	—	11.6%	—
Tata Investment Corporation LimitedTATAINVESTTATAINVEST	₹31,122 Cr	₹31,122 Cr	₹404 Cr	₹361 Cr	89.4%	₹431 Cr	109.2%	—	1.4%	—
Cholamandalam Financial Holdings LimitedCHOLAHLDNGCHOLAHLDNG	₹25,721 Cr	₹2,36,121 Cr	₹40,993 Cr	₹22,781 Cr	55.1%	₹2,669 Cr	14%	—	17.5%	—
Tvs Holdings LimitedTVSHLTDTVSHLTD	₹24,010 Cr	₹60,166 Cr	₹62,488 Cr	₹9,940 Cr	15.8%	₹1,970 Cr	5.8%	—	30.4%	—
Maharashtra Scooters LimitedMAHSCOOTERMAHSCOOTER	₹14,113 Cr	₹14,113 Cr	₹289 Cr	₹285 Cr	98.7%	₹279 Cr	99.3%	—	1.1%	—
Jsw Holdings LimitedJSWHLJSWHL	₹12,496 Cr	₹12,496 Cr	₹184 Cr	₹168 Cr	92.2%	₹137 Cr	81.7%	—	0.5%	—
Religare Enterprises LimitedRELIGARERELIGARE	₹7,663 Cr	₹8,064 Cr	₹8,941 Cr	₹60 Cr	1.6%	₹50 Cr	0.9%	—	3.2%	—
Pilani Investment And Industries Corporation LimitedPILANIINVSPILANIINVS	₹4,320 Cr	₹6,712 Cr	₹248 Cr	₹216 Cr	88.5%	₹-12 Cr	11%	—	0.2%	—
Nalwa Sons Investments LimitedNSILNSIL	₹2,633 Cr	₹2,636 Cr	₹98 Cr	₹77 Cr	74.8%	₹55 Cr	56.1%	—	0.3%	—
Kalyani Investment Company LimitedKICLKICL	₹2,065 Cr	₹2,065 Cr	₹78 Cr	₹65 Cr	82.2%	₹41 Cr	47.1%	—	0.4%	—
El Cid Investments LimitedELCIDINELCIDIN	₹2,043 Cr	—	₹134 Cr	₹127 Cr	94.5%	₹109 Cr	81%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	343	500	410	882	1,052	990	1,230	1,576	1,676	1,699
Interest	276	—	—	519	395	510	973	1,411	1,312	1,312
Expenses	16	54	101	31	33	277	349	55	52	144
Financing profit	51	—	—	332	625	202	-92	110	312	242
Financing margin %	14.9%	—	—	37.6%	59.4%	20.5%	-7.5%	7%	18.6%	14.3%
Other income	0	0	0	0	0	2	0	0	0	0
Depreciation	—	—	0	1	2	1	1	15	3	3
Exceptional items	—	—	—	-81	-9	7	8	4	2	2
Profit before tax	51	257	55	250	614	210	-85	99	311	242
Tax	17	89	19	63	160	44	-8	29	78	60
Tax %	33%	34.8%	33.9%	25.4%	26.1%	21.2%	-9.2%	29.8%	25.1%	24.8%
PAT	35	167	37	186	454	166	-77	69	233	182
EPS (₹)	1.9	9.3	2	10.4	25.2	9.2	-4.3	3.9	13	10.1
EPS adjusted (₹)	—	—	—	—	25.2	9.2	-4.3	3.9	13	10.1
	57.3%	26.9%	49.3%	29%	39.6%	54.3%	—	25.9%	7.7%	19.8%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	—	180	180	180	180	180	180
Reserves	—	1,136	1,247	1,080	1,150	1,365	1,530
	12,164	9,864	14,531	19,238	22,399	22,381	24,880
	—	960	792	999	811	776	471
Total equity & liabilities	—	12,140	16,750	21,497	24,540	24,703	27,060
	—	3	3	3	3	3	6
CWIP	—	0	0	2	0	—	—
Investments	12,965	10,907	15,267	18,518	23,008	23,165	23,314
	—	1,230	1,480	2,975	1,529	1,535	3,740
Total assets	—	12,140	16,750	21,497	24,540	24,703	27,060

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,483	-4,564	-4,638	-2,875	-197	-2,540
	-1	-1	-14	-1	-1	-1
	-2,481	4,613	4,618	3,159	-38	2,479
Net cash flow	1	49	-35	283	-236	-62
Free cash flow	2,481	-4,564	-4,653	-2,877	-198	-2,541
CFO / Operating profit %	243.5%	-640.1%	-526.4%	-189%	-12.1%	-163.4%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	75.3%	96.5%	96.9%	72%	71.7%	96.5%	96.9%	91.5%
EBIT margin %	75.2%	96.3%	96.7%	71.9%	71.5%	95.5%	96.7%	91.4%
PAT margin %	8.9%	21.1%	43.2%	16.7%	-6.3%	4.4%	13.9%	10.7%
Working capital
Receivable days	—	—	—	—	—	—	—	—
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	—	14.29	9.68	20.38	21.83	14.72	13.78	16
Debt to equity	—	—	7.49	10.18	15.27	16.84	14.48	14.55
Interest coverage	—	1.6	2.6	1.4	0.9	1.1	1.2	1.2
Asset turnover	—	—	0.09	0.06	0.06	0.06	0.07	0.06
Return ratios
Return on assets %	—	—	3.7%	1%	-0.4%	0.3%	0.9%	0.7%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	—	—	34.5%	11.6%	-6.1%	5.2%	15.1%	10.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%	74.07%
	0.04%	0.01%	0.02%	0.25%	0.1%	0.29%	0.35%	0.53%	0.77%	0.3%	0.18%	0.07%
DII	0.01%	0%	0%	0.08%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.88%	25.92%	25.91%	25.6%	25.83%	25.64%	25.58%	25.4%	25.16%	25.63%	25.75%	25.86%
No. of shareholders	—	—	—	—	—	—	—	—	85,116	83,065	82,085	84,279

Promoter holding up 0 percentage points since Sep 2023.

58 deals · 22 Sept 2023 – 5 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	13,29,593	₹94.61	₹12.58 Cr
5 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	13,01,109	₹94.69	₹12.32 Cr
5 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	11,79,320	₹95.62	₹11.28 Cr
5 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	11,71,085	₹95.59	₹11.19 Cr
5 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Buy	9,75,400	₹95.20	₹9.29 Cr
5 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Sell	9,35,419	₹95.33	₹8.92 Cr
14 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,61,470	₹78.79	₹8.36 Cr
14 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,61,470	₹78.86	₹8.37 Cr
24 Jul 2025	QE SECURITIES LLP	Bulk	NSE	Buy	10,58,171	₹116.46	₹12.32 Cr
24 Jul 2025	QE SECURITIES LLP	Bulk	NSE	Sell	10,51,891	₹116.24	₹12.23 Cr

1–10 of 58

1 / 6

Mr. Bibhu Prasad MahapatraNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Tejendra Mohan BhasinNon-Executive - Independent Director
Mr. Gopal Singh GusainNon-Executive - Independent Director
Mr. Raj Kamal VermaNon-Executive - Independent Director
Mrs. Rekha JainNon-Executive - Independent Director
Mrs. Anju MittalNon-Executive - Non Independent Director
Mr. Pareed SunilExecutive Director-CEO-MD
Ms. Kishkanda GargChief Financial Officer
Ms. Monika KocharCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Pnb Gilts Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

8 announcementsExport CSV

29 Sept 2026, 5:56 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	75.3%	96.5%	96.9%	72%	71.7%	96.5%	96.9%	91.5%
EBIT margin %	75.2%	96.3%	96.7%	71.9%	71.5%	95.5%	96.7%	91.4%
PAT margin %	8.9%	21.1%	43.2%	16.7%	-6.3%	4.4%	13.9%	10.7%
Working capital
Receivable days	—	—	—	—	—	—	—	—
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	—	14.29	9.68	20.38	21.83	14.72	13.78	16
Debt to equity	—	—	7.49	10.18	15.27	16.84	14.48	14.55
Interest coverage	—	1.6	2.6	1.4	0.9	1.1	1.2	1.2
Asset turnover	—	—	0.09	0.06	0.06	0.06	0.07	0.06
Return ratios
Return on assets %	—	—	3.7%	1%	-0.4%	0.3%	0.9%	0.7%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	—	—	34.5%	11.6%	-6.1%	5.2%	15.1%	10.6%

Date	Category	Subject	Filing
29 Sept 2026, 5:56 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 3:04 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
8 Sept 2026, 6:02 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
8 Sept 2026, 2:17 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
4 Sept 2026, 2:21 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 5:13 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
3 Sept 2026, 5:06 pm	AGM/EGM AGM	Notice Of 30Th Annual General Meeting (AGM) To Be Held On September 28, 2026	PDF
1 Sept 2026, 4:32 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Pnb Gilts Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

20

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Pnb Gilts Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends20

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1

1