Whalesbook
Q4 mein PNB Housing Finance ka Kaisa Performance Raha?
Pata hai, PNB Housing Finance ka Q4 FY26 ka result ekdum mast raha hai. Company ka profit 19% badh kar ₹660 crore ho gaya hai. Iske peeche ka reason hai unka loan portfolio jo 13% badh kar ₹90,921 crore ho gaya hai, aur usmein se 99.5% retail loans hain. Net interest income (NII) bhi 11% badh kar ₹810 crore ho gaya. Company ne corporates ko bhi phir se lend karna shuru kar diya hai, jo ek achha sign hai.
Analysts Kya Keh Rahe Hain?
Is result ke baad JM Financial toh bohot khush hai. Unhone stock par 'Buy' rating maintain rakhi hai aur price target ko ₹1,150 kar diya hai. Motilal Oswal ne bhi kaha hai ki results expectations se better the, mainly loan loss provisions release hone ki wajah se. Par unhone operating costs aur fee income par bhi dhyan dilaya hai.
Valuation aur Market?
Abhi PNB Housing Finance ka P/E ratio 11.08x se 14.0x ke aas paas hai. Ye Bajaj Housing Finance (~30.92x) se toh kam hai, par LIC Housing Finance (~5.9x - 6.2x) se kaafi zyada hai. Company ka book value per share lagbhag ₹738 hai.
Indian home loan market toh badh hi rahi hai, aur FY27 mein 18-20% retail loan book growth expect kar rahe hain. Lekin, affordable housing lenders ke liye growth thoda slow ho sakta hai.
Chinta Ki Baatein Kya Hain?
Sab kuch acha hone ke baad bhi kuch problems hain. Operating expenses 17% badh gaye hain year-on-year, aur fee income kam ho gayi hai. Sabse badi baat, company mein baar baar CEO badal rahe hain. Girish Kousgi ke resign karne se leadership stability par sawal uth rahe hain. Past mein bhi company ko capital raising mein dikkat hui hai.
GNPA ab 0.93% par aa gaya hai, jo pehle 8% se upar tha FY22 mein. Lekin developer finance mein wapas jaana risky ho sakta hai. Sales growth bhi 5 saal mein sirf 2.26% raha hai.
Future Outlook?
Management ka kehna hai ki FY27 mein loan book ₹1 lakh crore cross karegi. NIMs 3.5%-3.65% aur credit costs -15% se -20% ke beech rahenge. Brokerage firms mein bhi 10 out of 12 analysts 'Buy' recommend kar rahe hain, aur average target ₹1,081 ke aas paas hai.
Company FY26 ke liye ₹8 per share ka final dividend bhi de rahi hai.