Loan Book Growth: 18-20% for FY27
Management maintained full-year guidance of 18-20% overall loan book growth, noting Q1 was impacted by recognition change and expects catch-up from Q2 onward with July already showing strong momentum.
PNBHOUSING / guidance tracker
Keep management guidance in view.
PNB Housing Finance · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
Affordable Loan Book Growth: 50-60%
Affordable and emerging market segment targeted to grow at 50-60%, contributing 45% of total retail portfolio by FY27-end versus current 41%, and 50% by FY28.
NIM Bottomed Out; H2 Improvement Expected
Management stated margins have bottomed out with yields improving sequentially from Q1; expects gradual NIM expansion in H2 FY27 driven by favorable mix shift toward higher-yielding affordable/emerging segments.
ROA Guidance: 2.35-2.4% for FY27, 2.3% for FY28
FY27 ROA expected in 2.35-2.4% range supported by continued negative credit cost; FY28 ROA to normalize to ~2.3% as credit costs turn positive.
NIM Guidance: 3.6-3.7% for FY26
Net Interest Margin expected to remain rangebound at 3.6-3.7% for H2 FY26, with spread improvement to 2.26% in Q2 from 2.23% in Q1.
Loan Book Growth: 17-18% for FY26
Management maintained full-year guidance for retail loan book growth of 17-18% YoY, consistent with Q2 performance.
Affordable Portfolio Target: ₹15,000 Cr by FY27
Roshni affordable housing portfolio targeted to reach ₹15,000 Cr (15% of total AUM) by FY27, with 65% in prime and balance in emerging segments.
Operating Expense Ratio: 1.0-1.1%
OPEX ratio stable at 1.02% for Q2, with guidance maintained at 1.0-1.1% going forward, reflecting cost optimization initiatives.
Retail loan book growth target maintained at 17-18% for FY26
Management reiterated guidance despite Q3 affordable segment slowdown. Expects Q4 disbursement to normalize with 25-30% sequential growth in affordable segment.
NIM guidance of 3.6-3.7% maintained for near term
Cost of borrowing improvement offsetting pressure from lower disbursement yields and higher runoff. Post-Q4 recalibration expected once new segments (CF and developer finance) start delivering.
ROA guidance of 2.5-2.6% sustained over medium term
Management confident of maintaining ROA despite expected normalization of credit cost from negative 19bps to 20-25bps from FY27, driven by new high-yield segments (CF at 12-12.5%, developer finance at 11-14%).
Affordable + Emerging segment mix to reach 45-50% of retail book
Currently at 39%, management targets this mix expansion over medium term with continued focus on self-employed customers (45% of portfolio) for better yields.