Whalesbook
Aisa Kaise Hua? Results Acchi, Stock Neeche!
PNB Housing Finance ne FY26 ke Q4 mein apna net profit 14.39% badhaya hai, jo ki ₹648.7 crore tak pahunch gaya hai. Iske peeche Net Interest Income (NII) mein 8.2% ka growth hai, jo ₹796 crore par pahunch gaya. Company ne apne Assets Under Management (AUM) ko bhi 13% badha kar ₹90,921 crore se upar le gaye hain. Aur sabse achhi baat ye hai ki retail loans ab book ka 99.5% ban gaye hain.
Par Stock Phir Bhi Gira?
Sabse ajeeb baat ye hai ki itne strong operational numbers aur ₹8 per share ke dividend ke baad bhi, April 20, 2026 ko stock 2.01% gir kar ₹905.80 par band hua. Investors ko shayad kuch aur expect tha, ya market mein kuch aur chal raha hai.
Baaki Companies Se Compare Karein To?
Agar PNB Housing Finance ka Price-to-Earnings (P/E) ratio dekha jaye, toh yeh lagbhag 11.02x hai. Dusri taraf, Bajaj Housing Finance ka 30.92x, HDFC Ltd ka 19.16x, aur LIC Housing Finance ka 5.44x se 5.22x ke aas paas hai. Housing finance sector toh future mein bahut grow karne wala hai, lagbhag USD 839.91 billion tak 2034 tak. PNB Housing Finance chal toh raha hai, par shayad market ko lagta hai ki aage competition aur margin pressure aa sakta hai.
Kya Hain Risks Aur Challenges?
Company ne asset quality ko sudhara hai, gross NPAs ab bas 0.93% hain aur credit cost negative -0.45% hai. Lekin aage profit margin maintain karna ek challenge ho sakta hai. Spreads 10 basis points kam ho kar 2.12% ho gaye hain, jisse net interest margins (NIM) par pressure aa sakta hai, haalanki NIM thoda 3.69% tak badha hai quarter-over-quarter. 99.5% retail loans par depend hona bhi ek risk hai, kyunki retail demand mein change aa sakta hai. Debt-to-equity ratio 3.63 hai.
Aage Ka Outlook Kya Hai?
Management confident hai aur FY26 ke liye 17%-18% retail loan growth ka target rakha hai. Analysts bhi mostly positive hain, average price target ₹1,044.67 de rahe hain, matlab 13.10% ka upside ho sakta hai. 12 mein se 10 analysts ne 'Buy' rating di hai. Lekin market ka reaction dikha raha hai ki investors ko abhi bhi performance dekhni hogi ki company competition aur margin pressure ko kaise handle karti hai.