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. 😏
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.
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
