📉 जब स्टॉक गिरता है, सवाल उठते हैं…
PNB Housing Finance Q3 FY26
Resilient performance — despite challenges
📊 Stock price line chart with a sudden dip
🎨 Colors: Red → Neutral Grey
⚠️ गिरावट क्यों आई?
- Corporate account fraud disclosure
- ₹237 करोड़ का मामला
- Sentiment पर immediate असर
लेकिन…
📊 Headline vs reality split graphic
Left (Red): “Fraud News”
Right (Green): “Already written off in FY23”
✅ यह समझना जरूरी है
- पूरा amount पहले से provided
- FY23 में write-off हो चुका
- कोई नया financial hit नहीं
📊 Provision bar = 100% filled
🎨 Green checkmark overlay
📈 अब असली business performance देखें
- ROA बढ़कर 2.57%
- 9MFY26 में 7 bps YoY improvement
📊 ROA line chart – slow upward slope
🎨 Blue + Green
🧭 यह सुधार आसान माहौल में नहीं आया
- Leadership transition
- Regional growth challenges
- Affordable housing slowdown
फिर भी profitability stable रही
📊 Wind resistance icon + steady line
📉 Growth target थोड़ा miss क्यों हुआ?
- Loan book growth: 16% YoY
- Target: 17–18%
कारण:
- Affordable segment में slowdown
- Southern regions में challenges
- Higher prepayments & balance transfers
📊 Target vs actual bar chart
🌱 जहाँ कमजोरी थी, वहीं ताकत भी दिखी
- Emerging segment growth: 25% YoY
- Growth का नया engine
📊 Stacked bar chart – Emerging segment growing
🔄 Loan mix में बड़ा बदलाव आने वाला है
- Affordable + Emerging share
- अभी: 39%
- आगे: 45–50%
📊 Pie chart slowly expanding
🏗️ नए business segments क्या लाएंगे?
- Construction finance
- Yield: 12.5–12.7%
- Developer finance
- Ticket size: ₹25–30 crore
लेकिन exposure limited रहेगा
📊 Yield comparison bars
🎨 Dark green for higher yield
🛑 Risk control पर जोर
- Combined exposure cap: 8–10%
- Past mistakes से सीखा गया
📊 Speedometer graphic capped at 80%
💰 Margins की कहानी (NIM)
- Q3FY26 NIM: 3.6%
- YoY गिरावट: ~10 bps
कारण:
- Incremental yield lower
- Corporate account run-down
📊 NIM line – flat with slight dip
➕ Margin support कहाँ से आएगा?
- Lower borrowing cost
- Better product mix
- Possible credit rating upgrade
Guidance unchanged: 3.6–3.7%
📊 Cost down arrow + margin stabilization
🛡️ Asset quality बनी सबसे बड़ी ताकत
- Gross NPA: ~1%
- Strong collections
- Quality growth focus
📊 GNPA flat line near bottom
🔄 Credit cost outlook
- अगले 4–5 quarters: reversals
- Long term: 20–25 bps normalized
GNPA target: 1–1.1%
📊 Credit cost curve – spike → normalize
👔 Leadership clarity क्यों जरूरी है?
- नए MD & CEO: Ajai Shukla
- Strong housing finance background
- Execution confidence boost
📊 Management stability icon + upward arrow
📉 Valuation अब क्या कहती है?
- Stock derated due to sentiment
- Trading at ~0.9x FY28 P/B
- Peer comparison में discount
📊 Valuation bar – lower than peers
⚖️ Risk vs Reward अब कैसा है?
- Near-term sentiment weak
- Long-term fundamentals intact
- Margin + growth levers मौजूद
📊 Balanced scale icon
🧠 निवेशक क्या सीखें?
- Noise और fundamentals अलग करें
- Housing demand structural है
- Affordable + emerging long-term themes
📊 Long-term trend arrow upward
🧾 Bottom line
PNB Housing Finance
ना hype story है
ना broken story
यह एक resilient, evolving housing finance business है
📊 Slow but steady growth line
🔔 Closing frame
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