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Stock Analysis

Description

Punjab & Sind Bank is an Indian public sector bank offering a wide range of banking services, including deposits, loans, and treasury operations, to individuals, MSMEs, and corporates.

Key Growth Triggers

Sustained advances growth driven by retail, agri, and MSME segments (+15.05% YoY in Q3 FY26).
Expansion of digital product portfolio and network reach (200 branches planned).
Strategic capital raising plan (₹8,000 Cr) to support future growth initiatives.

Order Book

Currently no data available for Order Book.

Key Red Flags

No new red flags identified in this report. Previous concerns might persist regarding profitability relative to peers or NIM trends, though not explicitly stated as red flags in this Q3 release.

Key Dates To Watch

EGM scheduled for January 21, 2026, to approve ₹3,000 Cr QIP.

Corporate Announcements

13th Apr 26

Impact Rating: 5

Punjab & Sind Bank disclosed its outstanding debt securities as of March 31, 2026. The bank has four bond series outstanding, with a total of ₹4,237.30 crore issued and outstanding.

13th Apr 26

Impact Rating: 6

Punjab & Sind Bank submitted SEBI-required information on its corporate bonds/debentures, detailing listing specifics. The bank also shared updated credit ratings for its debt instruments from various agencies.

12th Apr 26

Impact Rating: 4

Punjab & Sind Bank has announced the retirement of Sh Shankar Lal Agarwal, who served as a Part-Time Non-Official Director for a one-year term. His retirement is effective upon completion of tenure, with the bank filing the disclosure as per SEBI regulations.

2nd Apr 26

Impact Rating: 7

Punjab & Sind Bank announced provisional March 2026 business figures, with total business reaching ₹2,63,750 crore and gross advances at ₹1,17,920 crore. Total deposits grew 12.37% YoY.

1st Apr 26

Impact Rating: 6

Punjab & Sind Bank announced senior management changes, appointing Sh. Rajendra Kumar Raigar as Chief General Manager and Sh. Rajiv Kumar Bansal as General Manager, effective April 1, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	SBI	1007.15	11.83	929798.54	1.58	21860.59	-4.25	128040.50	5.78	6.47	505419.84	46.36	78596.36	18941.27	1.63	1.15	11.08
2.	Bank of Baroda	308.25	8.28	159328.89	2.71	5180.63	-4.14	33318.24	4.44	6.29	131574.32	63.64	19236.14	5133.56	1.00	1.18	10.53
3.	Punjab Natl.Bank	125.68	8.48	144408.78	2.31	5120.59	8.72	32512.76	6.78	6.32	129502.98	73.64	17035.45	5125.28	1.02	1.07	12.22
4.	Canara Bank	152.96	7.25	138771.73	2.62	4896.43	15.81	32071.97	6.26	6.79	125841.25	60.85	19140.98	4850.03	1.20	1.08	14.05
5.	Union Bank (I)	166.33	6.87	127038.75	2.86	4425.95	-6.84	26664.81	-0.82	6.72	109143.51	67.32	18488.14	4425.95	1.01	1.24	10.38
6.	Indian Bank	864.60	9.88	116444.99	1.88	3108.63	11.01	16628.28	8.19	6.38	64543.17	68.72	11785.54	3107.97	1.51	1.35	10.65
7.	I O B	36.61	16.53	70459.92	0.00	1226.42	57.81	7848.79	14.57	5.95	29979.65	61.94	4262.19	1226.42	2.02	0.89	11.07
8.	Pun. & Sind Bank	28.63	17.56	20343.08	0.24	294.52	22.93	2998.87	9.49	5.98	11999.61	64.40	1158.42	294.52	1.49	0.66	10.87
–	Median: 12 Co.	138.59	8.38	93452.46	2.09	2842.11	9.87	17574.88	6.68	6.23	69163.76	64.02	10902.75	2842.33	1.17	1.08	10.97

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	391	920	902	682	831	1,046	638	875	1,356	723	648	924	967
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	138	362	338	179	194	469	547	413	677	140	268	359	374
Profit before tax	552	181	375	234	213	323	593	227	442	193	295	307	357
Tax %	32%	37%	25%	35%	15%	17%	23%	39%	29%	-44%	36%	22%	18%
Net Profit	373	114	282	153	182	269	457	139	313	278	189	240	295
EPS in Rs	0.55	0.17	0.42	0.23	0.27	0.38	0.67	0.21	0.44	0.41	0.28	0.35	0.42

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	1,742	1,915	2,110	2,536	3,347	3,981	4,423	6,468	2,287	2,145	2,975	3,869	4,272
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	427	429	478	578	581	828	897	904	959	940	1,221	1,568	1,858
Interest	6,352	6,909	6,569	6,014	5,714	6,279	5,872	4,712	4,444	5,019	6,853	7,698	8,088
Depreciation	60	46	46	0	64	-15	54	102	137	148	150	145	0
Profit before tax	246	147	498	201	-595	-859	-1,522	-3,404	1,187	1,620	937	1,338	1,497
Net Profit	301	121	336	201	-744	-543	-991	-2,733	1,039	1,313	595	1,016	1,158
EPS in Rs	10.92	3.03	8.39	5.02	-13.17	-9.62	-14.13	-6.74	1.53	1.94	0.88	1.43	1.66
Dividend Payout %	20%	20%	20%	0%	0%	0%	0%	0%	20%	25%	23%	5%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	275	400	400	400	565	565	701	4,053	6,778	6,778	6,778	7,096	7,096
Reserves	4,536	5,196	5,570	5,742	5,618	5,136	4,895	4,310	7,233	8,331	8,756	6,259	6,538
Borrowings	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Liabilities	2,463	2,394	2,522	2,002	2,167	2,009	2,027	3,367	2,476	2,662	2,943	4,457	3,465
Total Liabilities	94,509	97,753	102,581	96,643	113,759	108,982	100,504	110,482	121,068	136,455	147,657	161,815	165,342
Fixed Assets	1,003	995	1,133	1,095	1,083	1,230	1,241	1,585	1,577	1,519	1,756	1,779	1,766
Gross Block	1,241.40	1,321.58	1,448.37	1,477.43	1,525.62	1,603.92	1,662.83	2,099.05	2,208.94	2,279.53	2,658.15	2,819.51	–
Accumulated Depreciation	238.68	326.75	314.93	382.00	443.02	373.53	422.01	514.14	631.50	760.11	902.37	1,040.65	–
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	28,294	24,007	27,645	27,948	32,982	26,173	24,552	32,023	42,281	44,838	49,599	46,912	48,573
Other Assets	65,212	72,752	73,803	67,600	79,695	81,579	74,711	76,874	77,209	90,097	96,302	113,124	115,003
Total Assets	94,509	97,753	102,581	96,643	113,759	108,982	100,504	110,482	121,068	136,455	147,657	161,815	165,342

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,469	-1,982	930	-495	1,063	-97	2,210	-5,848	-5,999	1,428	1,746	-2,294
Cash from Investing Activity	-58	-84	-38	-33	-51	-61	-63	-446	-121	-88	-229	-168
Cash from Financing Activity	-165	-39	-209	216	1,531	-356	814	5,055	4,068	-1,332	-431	3,898
Net Cash Flow	2,246	-2,105	683	-313	2,543	-514	2,960	-1,239	-2,051	8	1,086	1,437

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	–	–	–	–	–	–	–	–	–	–	–
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	–	–	–	–	–	–	–	–	–	–	–	–
Working Capital Days	–	–	–	–	–	–	–	–	–	–	–	–
ROCE %	–	–	–	–	–	–	–	–	–	–	–	–

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	98.25%	98.25%	98.25%	98.25%	98.25%	98.25%	98.25%	98.25%	98.25%	93.85%	93.85%	93.85%
FIIs	0.00%	0.01%	0.00%	0.03%	0.01%	0.02%	0.00%	0.00%	0.00%	0.73%	0.25%	0.16%
DIIs	0.67%	0.67%	0.66%	0.68%	0.65%	0.65%	0.65%	0.65%	0.65%	4.32%	4.08%	4.03%
Public	1.08%	1.07%	1.10%	1.05%	1.09%	1.09%	1.11%	1.11%	1.10%	1.11%	1.82%	1.96%