PNB Housing Finance Q2FY26 Concall Decoded: Waiting for a CEO, Not for Growth(Because even without a pilot, the mortgage flight cruised just fine.)

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1. Opening Hook

While Dalal Street kept refreshing LinkedIn for PNB Housing’s new CEO update, the company quietly dropped a 24% YoY PAT growth and a 17% retail book expansion.
No CEO? No problem. Acting boss Jatul Anand ran the show like a mortgage monk — steady spreads, falling borrowing costs, and 53 bps of credit cost reversal magic.

Even the so-called “affordable stress” couldn’t spoil the festive mood — their Roshni business grew 121% YoY. But investors weren’t listening; they just wanted a name for the corner office.

Read on — this call was less about guidance, more about gossip. 😏

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2. At a Glance

• Disbursements ₹5,995 Cr (+20% QoQ): Diwali came early; growth didn’t wait for the new CEO.
• Retail Loan Book ₹79,439 Cr (+17% YoY): Now 99.6% of total book — corporate who?
• Affordable & Emerging Segments ₹30,000 Cr (+34% YoY): The real MVP of FY26.
• Gross NPA 1.04% (↓ from 1.24%): Even the RBI must’ve smiled.
• Spread 2.26%: Margins holding like a politician’s poker face.
• Cost of Borrowing 7.69% (↓7 bps): Repo cuts finally trickled down.
• ROA 2.73%, ROE 13.1%: Solid metrics, just lacking a headline CEO.
• Credit Cost -53 bps: Yes, negative — recoveries now pay for themselves.

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3. Management’s Key Commentary

Jatul Anand (Acting CEO):

“Despite challenges, we’ve delivered another strong quarter.”
(Translation: We’re doing fine, stop asking about the CEO.)

“Affordable and Emerging markets grew 34% YoY.”
(Translation: The real estate revolution is now a Tier-3 party.)

“Corporate book down to ₹332 Cr after one foreclosure.”
(Translation: We broke up with our last corporate client — amicably.)

“Gross NPA declined to 1.04%.”
(Translation: Even our defaults are shrinking.)

“New CEO process is underway, disclosures soon.”
(Translation: We’ll tell you once SEBI knows.)

Valli Sekar (CBO – Affordable Business):

“Our Roshni business grew 121% YoY to ₹6,531 Cr.”
(Translation: Affordable’s shining brighter than our HQ neon.)

“Portfolio quality remains strong, NPA only 0.51%.”
(Translation: Others lend hopes, we lend safely.)

“Bounce rate 11.4%, mostly technical.”
(Translation: Half the bounces are network errors, not people.) 😏

“We’ve opened 40 new branches; Punjab and Northeast now on map.”
(Translation: From Ludhiana to Lunglei — we’ve arrived.)

Vinay Gupta (CFO):

“Credit cost reversal of 53 bps driven by ₹70 Cr ECL release.”
(Translation: Accounting can be profitable too.)

“Cost of borrowing down 7 bps; incremental cost 7.42%.”
(Translation: Banks finally stopped ghosting us.)

“OPEX to ATA stable at 1.02%.”
(Translation: Expenses behave better than analysts.)

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4. Numbers Decoded

Source table

Metric	Q2 FY26	YoY Change	One-Line Analysis
Disbursements	₹5,995 Cr	+12% YoY	Mortgage factory running