PNB Housing Finance’s Q2FY27 filing shows net profit of ₹617 cr, up 11% sequentially from ₹582 cr in Q1FY27 and 6% YoY from last year. Pre‑provision operating profit rose 16% YoY to ₹749 cr, while net interest income grew 15% to ₹878 cr, surpassing the 12% consensus estimate from analysts at HSBC India and Axis Securities.
The loan book expanded 19.2% YoY to ₹95,079 cr, with retail loans up 18.8% to ₹94,391 cr. Affordable housing loans surged 44.5% YoY to ₹9,438 cr, and emerging markets loans grew 22.2% to ₹29,318 cr. Disbursements jumped 60.3% YoY to ₹9,609 cr, driven largely by ₹838 cr of pool buyouts, compared with ₹147 cr in Q1FY27.
Net interest margin held at 3.67%, matching the year‑ago figure but topping the 3.50% of Q1FY27. The spread widened to 2.43% from 2.26% a year earlier, while the loan yield fell to 9.74% from 9.95% last year, and borrowing cost eased to 7.31% from 7.69%.
Asset‑quality metrics improved: gross NPAs fell to 0.91% of the book from 1.04% a year ago, and net NPAs dropped to 0.55% from 0.69%. Stage‑2 assets declined to 1.72% from 2.21% YoY, though absolute gross NPAs rose 4% to ₹863 cr. Collection efficiency was 99.3% versus 99.9% in Q2FY26. Capital adequacy stood at 27.03%, down from 29.80% a year earlier.
Despite the earnings beat, shares closed 0.3% lower at ₹1,119, reflecting broader sector pressure as housing finance stocks lagged the Nifty by 2% in the session. The company will file Q3FY27 results on Nov 15, and management hinted at maintaining a stable dividend payout ratio while signalling a gradual ramp‑up in disbursements amid rising housing demand.