Punjab National Bank (PNB.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+83.1%

₹221.98

vs ₹121.22 price

Levered DCF

₹104.35

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.24

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.29×	5.86×	15.19×	15.33×	9.93×	13.88×	40.44×	-3.29×
P/B	0.77×	0.81×	1.25×	0.5×	0.39×	0.38×	0.48×	2.02×
P/S	0.77×	0.77×	1.12×	0.52×	0.44×	0.38×	0.47×	1.59×
EV / EBITDA	2.08×	6.04×	5.28×	-5.92×	-6.37×	-4.8×	-2.36×	-4.01×
Gross margin	39.1%	42.5%	44.6%	47.6%	46.8%	46.2%	42.8%	40.1%
Operating margin	18.9%	18.5%	11.4%	5.2%	5.5%	4.6%	1.3%	-26.5%
Net margin	12.2%	13.2%	7.4%	3.4%	4.4%	2.7%	0.7%	-16.5%
Current ratio	49.86×	0.1×	0.09×	24.01×	18.54×	26.54×	25.34×	47.97×
Debt / equity	0.72×	1.54×	0.66×	0.68×	0.61×	0.57×	0.69×	0.98×
Interest coverage	0.32×	0.32×	0.21×	0.1×	0.1×	0.09×	0.02×	-0.44×
Dividend yield	2.9%	1.5%	0.5%	1.4%	0.0%	0.0%	0.1%	0.0%
Payout ratio	18.1%	8.9%	7.9%	21.0%	0.0%	0.0%	6.8%	-0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.3%	13.9%	8.3%	3.3%	4.0%	2.8%	0.7%	-21.0%
Return on invested capital	0.9%	6.1%	-1.2%	3.7%	6.6%	3.3%	0.8%	-3.4%
Return on assets	0.9%	1.0%	0.6%	0.2%	0.3%	0.2%	0.1%	-1.2%
Free cash flow yield	20.4%	18.9%	-21.1%	43.0%	50.6%	1.3%	-46.9%	-37.6%
Earnings yield	15.9%	17.1%	6.6%	6.5%	10.1%	7.2%	1.4%	-10.4%
Enterprise value	₹590.3B	₹1.6T	₹794.8B	-₹358.7B	-₹364.5B	-₹254.6B	-₹34.1B	₹592.1B
Net debt / EBITDA	-1.99×	2.02×	-3.9×	-14.4×	-13.08×	-11.5×	-23.56×	2.23×
Cash conversion cycle (days)	33	43	-765	-1,150	-1,092	15	-4,969	-888