Whalesbook
Achanak Profit Kaise Badha?
Toofani performance dikhaya PNB Housing Finance ne Q4 FY26 mein. Net profit matlab PAT 19% jump karke ₹6.6 billion tak pahunch gaya, jo ki analysts ke predictions se 14% zyada hai! Is rally ka main reason hai ₹1.8 billion ka provision write-back, jisse company ki asset quality aur bhi behtar dikhi hai. Iss wajah se net credit cost -83 basis points tak gir gaya quarter mein.
Full Year Goals aur Kharcha
Poore FY26 ki baat karein toh PAT 18% badhkar ₹22.9 billion ho gaya. Lekin, operating expenses thode badhe hain, 17% upar jaakar ₹2.5 billion ho gaye, jo analysts ne expect kiya tha usse 7% zyada. Net interest margin mein thoda kammi aayi hai, 3.69% ho gaya hai pehle ke 3.75% se. Fir bhi, Assets Under Management (AUM) 13% badhkar ₹90,921 crore ho gaye, aur retail loan book 16% expand hui.
Valuation Aur Competition
Brokerage firm Motilal Oswal ne 'BUY' rating maintain rakhi hai aur price target badha kar ₹1,260 kar diya hai. Woh expect kar rahe hain loan growth 19% aur PAT growth 13% yearly FY26 se FY28 tak. Company ka current P/E 10-11x hai, jo peers jaise Bajaj Housing Finance (30x) aur HDFC Bank (16x) se kaafi kam hai, par LIC Housing Finance (5-6x) se thoda upar hai. Price-to-book value (P/BV) ratio bhi 1.26x ke aas paas hai, jo value investors ke liye achha hai. Market mein 12 analysts 'Buy' keh rahe hain, average target ₹1,045 hai.
Sector Trends Aur Risks
Indian housing finance sector achha perform kar raha hai, loan books 16% annually grow ho rahe hain. Demand bhi strong hai. Par, income se zyada property prices badhne se affordability issues aa rahe hain. Competition bhi bahut hai banks aur fintech se.
Aage Kya?
Motilal Oswal ne forecast kiya hai ki RoA aur RoE mein sudhar hoga. Axis Capital ne target ₹1,150, UBS ne ₹1,200, aur Morgan Stanley ne ₹1,170 set kiya hai. Company ko retail growth aur asset quality par focus karna hoga is competitive market mein.