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ICICI Securities research report on PNB Housing Finance

PNB Housing Finance’s (PNBHF) Q4FY25 and FY25 financial performance reflects management’s successful execution of revamped business strategy with retail loan growth at 18% YoY in FY25 exceeding guidance of 17%, GNPL touching 1% as on Mar’25, benign credit cost (as indicated it continued to benefit from strong recovery of INR 3.3bn in FY25) and affordable housing crossing INR 50bn AUM in Mar’25. FY25 performance also indicates it is steadily moving towards meeting its FY27 business goals – a) scaling retail loans to INR 1trn with 15% affordable housing + 25% emerging segment + 50% prime housing, b) NIM at ~4% (3.75% as on Mar’25) and c) RoE in mid-teens (12.2% in FY25).

Outlook

More importantly, while scaling retail loan book, it focused on quality and the same reflected in loans originated in past 12 months and 24 months having - 30+ / 90+ dpd at 0.13% / 0.03% for 12 months and 0.48% / 0.14% for 24 months. Maintain BUY with an unchanged TP of INR 1,200, valuing the stock at 1.6x PBV Sep’26E (earlier: 1.75x PBV Sep’25E).

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PNB Housing Finance - 29042025 - icici

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