Buy PNB Housing Finance; target of Rs 1215: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on PNB Housing Finance

PNB Housing Finance’s (PNBHF) 2QFY19 PAT increased 33% YoY to INR2.5b (4% miss). While PPoP was 4% above our estimates, higher credit costs led to the PAT miss. The quarter was marginally slower on the growth front. Disbursements grew 14% YoY (-14% QoQ) to INR84b. However, the repayment rate (annualized) improved 500bp to 27%. As a result, AUM growth came in at a robust 43% YoY. The share of home loans increased ~200bp QoQ to 58%, while that of CF decreased ~100bp to 12%.

Outlook

We largely maintain FY19/20E EPS estimates. Maintain Buy with an unchanged TP of INR1,215 (2.3x Sep’20E BV).

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