Altman Z″
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
Concall notes and the half-year checks appear once the filing read is in.
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 13.0x earnings against its own median of 13.7x: 0.1 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Both revenue and profit grew over the last year (10.3% and 15.1%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹8,700 cr, trailing profit ₹2,350 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 24.7% to 27% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 27% vs 24.7% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
Needs withheld for this sector: Five of its nine tests (cash flow, accruals, current ratio, leverage, asset turnover) mislead on a lending balance sheet..
Needs withheld for this sector: Its receivable, margin and accrual terms do not describe a lender's accounts..
Accruals are 12.8% of assets.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
cumulative operating cash flow ÷ cumulative net profit
₹-62,800 cr ÷ ₹12,256 cr, over 12 years
-5.12×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹2,328 − ₹-8,973) cr ÷ average assets
12.8%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
27.4% × 0.09 × 4.86
12.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹8,006 cr ÷ ₹5,002 cr
1.60×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 3 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Financial Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 28.04% to 28.03% across these quarters.
FII trimmed from 18.61% to 16.81% across these quarters.
MF rose from 28.89% to 33.62% across these quarters.
Other trimmed from 24.46% to 21.54% across these quarters.
What this sector is read on: AUM, AUM growth YoY, Disbursements, NIM or spread, Cost of funds, Stage 2, Gross Stage 3, Net Stage 3. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the NBFCs and housing finance framework (from the listed sector). Primary valuation lens: P/B against RoA and growth.
Read more closely in this sector: Stage 2 movement against Stage 3 · ALM gap within one year · Write-offs against slippages · Lending to group companies · Unsecured or microfinance growth against the total book.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 7,565 | 6,141 | 6,491 | 7,016 | 7,651 | 8,500 |
| Other income | 15 | 5 | 2 | 7 | 10 | 13 |
| Depreciation | 59 | 53 | 51 | 51 | 56 | 66 |
| Finance cost | 5,100 | 4,066 | 3,901 | 4,264 | 4,553 | 5,002 |
| Profit before tax | 1,187 | 1,063 | 1,367 | 1,972 | 2,496 | 3,004 |
| Net profit (owners) | 925 | 822 | 1,056 | 1,527 | 1,949 | 2,328 |
| EPS (₹) | 35.78 | 31.72 | 40.70 | 58.81 | 74.98 | 89.34 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,766 | 1,748 | 1,801 | 1,813 | 1,868 | 1,923 | 2,030 | 2,064 | 2,168 | 2,110 | 2,170 | 2,252 |
| Other Income | 2 | 3 | 5 | 9 | 2 | 2 | 15 | 7 | 4 | 2 | -9 | 3 |
| Expenses | 190 | 206 | 156 | 153 | 130 | 149 | 125 | 136 | 84 | 174 | 49 | 185 |
| Depreciation | 11 | 13 | 14 | 13 | 14 | 14 | 14 | 15 | 16 | 16 | 19 | 16 |
| Finance cost | 1,058 | 1,087 | 1,070 | 1,097 | 1,119 | 1,158 | 1,178 | 1,235 | 1,267 | 1,253 | 1,246 | 1,339 |
| Profit before tax | 509 | 445 | 566 | 559 | 607 | 603 | 727 | 686 | 804 | 669 | 846 | 715 |
| Net Profit | 384 | 347 | 444 | 439 | 472 | 471 | 567 | 532 | 626 | 521 | 649 | 554 |
| EPS | 14.81 | 13.34 | 17.09 | 16.89 | 18.15 | 18.14 | 21.82 | 20.44 | 24.05 | 20.00 | 24.90 | 21.28 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 168 | 169 | 169 | 260 | 260 | 261 |
| Reserves | 8,699 | 9,632 | 10,784 | 14,673 | 16,574 | 18,965 |
| Net block | 181 | 150 | 146 | 206 | 239 | 273 |
| CWIP | 2 | 4 | 3 | 15 | 16 | 6 |
| Investments | 2,033 | 3,472 | 3,188 | 4,345 | 3,381 | 2,777 |
| Total Assets | 71,333 | 65,649 | 66,805 | 72,371 | 82,497 | 93,533 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 6,731 | 6,218 | -1,772 | -4,644 | -8,120 | -8,973 |
| Cash from investing | -6 | -1,476 | 174 | -1,193 | 757 | 736 |
| Cash from financing | -8,331 | -6,684 | 301 | 4,179 | 7,404 | 8,720 |
| Free cash flow | 6,725 | 6,203 | -1,786 | -4,683 | -8,168 | -9,005 |
| Net change in cash | -1,606 | -1,942 | -1,297 | -1,659 | 41 | 483 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
The same read, applied to the companies this one competes with.
PNB Housing Finance Ltd. reported total income of ₹2,423 cr for July to September 2026, +13.9% on the year and +7.1% on the quarter. That is faster than this quarter has grown in recent years (+9.8% on average), so the year-on-year number is not just the season. It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹8,987 cr, +10.0% on the four before.
Net interest income, interest earned less interest paid, was ₹1,008 cr, +17.1% on the year and +9.1% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹617 cr, +6.0% on the year and +10.8% on the quarter, with earnings per share of ₹23.64. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹2,350 cr, +9.4% on the four before.
Of the 44 companies in NBFCs and housing finance that have reported Q2 FY27 so far, PNB Housing Finance Ltd. ranks 36th on profit growth; the sector median is +25.4%.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹1,755 cr | ₹1,810 cr | ₹1,823 cr | ₹1,879 cr | ₹1,942 cr | ₹2,022 cr | ₹2,076 cr | ₹2,128 cr | ₹2,119 cr | ₹2,182 cr | ₹2,263 cr | ₹2,423 cr |
| YoY | — | — | +7% | +6% | +11% | +12% | +14% | +13% | +9% | +8% | +9% | +14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 22% | 22% | 22% | 22% | 23% | 22% | 23% | 22% | 23% | 22% | 23% |
| Net profit | ₹338 cr | ₹439 cr | ₹433 cr | ₹470 cr | ₹483 cr | ₹550 cr | ₹534 cr | ₹582 cr | ₹520 cr | ₹656 cr | ₹557 cr | ₹617 cr |
| YoY | — | — | +23% | +22% | +43% | +25% | +23% | +24% | +8% | +19% | +4% | +6% |
| EPS | ₹13.03 | ₹16.91 | ₹16.66 | ₹18.08 | ₹18.60 | ₹21.17 | ₹20.51 | ₹22.33 | ₹19.97 | ₹25.17 | ₹21.39 | ₹23.64 |
| Flags | · | · | · | · | 1 | · | · | · | · | · | · | · |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.