PNBHOUSING Q2 FY26 earnings call.
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PNB Housing Finance delivered a strong Q2 FY26 with PAT growing 24% YoY to INR 582 crores, driven by 17% retail loan book growth reaching INR 79,439 crores. The company maintained focus on high-yield affordable and emerging segments, which together grew 34% YoY and now constitute 38% of the retail book. Asset quality improved significantly with Gross NPA declining to 1.04% from 1.24% YoY, supported by INR 59 crores recovery from the returning pool. The Roshni (affordable housing) business demonstrated exceptional momentum, with loan book surging 121% YoY to INR 6,531 crores. NIM guidance of 3.6-3.7% has been maintained for H2 FY26, with spread improving to 2.26%. Capital adequacy remains robust at 29.8% with Tier-1 at 29.2%. Management maintained its 17-18% loan book growth guidance for FY26. Key risk remains the unresolved CEO appointment, which management deflected without providing timeline. Additionally, the shift toward higher-risk self-employed (43%) and informal (30%) segments in affordable housing warrants monitoring as portfolio seasons.
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Guidance to track
- 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.
- Management maintained full-year guidance for retail loan book growth of 17-18% YoY, consistent with Q2 performance.
- 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.
- OPEX ratio stable at 1.02% for Q2, with guidance maintained at 1.0-1.1% going forward, reflecting cost optimization initiatives.
Risks flagged
- The CEO position has remained vacant for over 1.5 months with no clear timeline provided. Management repeatedly deflected questions on internal vs external candidate and process status, creating uncertainty that has impacted market capitalization.
- Affordable housing 30+ DPD at 1.40% (vs industry 3.7%) and 90+ DPD at 0.51% (vs industry 1.3%) showing uptick attributed to portfolio seasoning. Self-employed exposure increased to 43% and informal to 30%, elevating risk profile.
- Affordable segment BT-out rate at 4% (vs BT-in of 9%) indicates competitive intensity and customer refinancing behavior that could impact loan retention and margin sustainability.
- PNB Housing took only 10bps PLR cut versus larger peers like LIC Housing and Bajaj Finance who took higher cuts. This creates potential BT-out risk in prime segment where customers have more alternatives.
Key quotes
- Leadership transitions are never easy especially after a phase of success and momentum but yet what has stood out is sheer resilience and responsibility of PNB housing's leadership team that the business remains steadfast and we have delivered on all the parameters as expected.
- The portfolio is maturing and we are in the affordable business of handling EWS, LIG and we are getting into tier three and tier four markets. We are getting into informal segments. We are getting into high yield products. So this spike is going to be there.
- We have internally kept in mind that we will not cross self-employed at any point of time more than 45 to 50% which we have kept it within which we have kept for ourselves and same informal we have kept in mind that we will not cross more than 35 to 40% at any point of time.
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