PNB Housing Finance Ltd.Disbursements +60%, AAA from CRISIL, NIM 3.67%

PNB Housing Finance's Q2 FY27 call, held on 28 October 2026, reported disbursements up 60% to ₹9,609 crore, a record, with retail disbursements of ₹9,250 crore, up 54%, and a loan book of ₹95,079 crore, up 19%.

CRISIL upgraded the company to AAA, so all four domestic rating agencies now rate it AAA. Spread rose to 2.43% and NIM to 3.67%, which include a one-off recovery on a legacy corporate account; adjusted, they were 2.24% and 3.49%. Gross NPA fell to 0.91% and credit cost was negative 19 basis points after ₹75 crore of recoveries. Profit after tax was ₹617 crore, up 6%, with ROA of 2.53% and ROE of 12.33%. After the 25 basis point repo hike, the company will raise retail lending rates by 10 to 15 basis points from 1 November and says it has seen no change in demand.

Management kept its 18% to 20% loan growth and 2.4% ROA guidance, plans to start loan sell-downs from Q3, and said an insurance commission rule could cut customer premiums by 30% to 40%, with the outcome still open.