Summary

PNB HOUSING FINANCE LTD

Total number of shares (cr) 26.05
Current price ₹770.75
Market Cap (cr) ₹20,074

Page 1
 Graham Check list

Input Data
Fixed Assets
Current Assets
Fixed Liabilities
Current Liabilities

1. Size of the company

2. Strong financial stability

3. Earnings Stability

4. Dividend record

5. Earnings Growth

Financial Ratios
PE ratio should be at least less than 14
PB ratio should be less than 2
Debt to Equity ratio should be less than 1
RoE should be atleast 15%
RoA should be atleast 15%

Page 2
 Graham Check list

Input Data Result

15 Yes 64%
153 No 36%
0
15

Sales at least more than 200 crores.

YES
Latest Annual Sales 7,651
1. Current assets must be at least twice current liabilities

2. Long term or Fixed liabilities must be less than net current assets (Current assets – current
liabilities)
Criteria 1 YES
Criteria 2 YES

Should have positive earnings for past 10 years at least YES

Should have paid dividend for last 10 years uninterrupted YES

Average earnings should have increased by at least 100% in 10 years

Current Earnings 58.01
Earnings before 10 years 21.66 YES
Check Value 167.83%

Financial Ratios
ss than 14 15.98 No
2 131.36 No
e less than 1 3.70 No
821.85% Yes
1.52% No

Page 3
 EPV method

Avg. Profit 5 years 1,256

Other income % 1%
EPV at 7% returns 17583
+ Invesments 3,380.76
+ Cash equivalents 3,465
Total 24429
Borrowings 62,310
Other Liabilities 3,353
IV1 (- all liabilities) IV2 (- Debt alone) 0
-1,583 -1,454
MoS 149% 153%

Page 4
 EPV method

Net Profit 2021 2022 2023 2024 2025

925.22 821.92 1,056.27 1,527.42 1,948.95
Other income 2021 2022 2023 2024 2025
15.07 4.64 1.65 7.43 9.86

Page 5
 Buffett Method

Profit Growth CAGR 23.36%

Debt 62,309.61
Avg. Capex 5 years -103.2
Avg. D&A 5 years 54

Net Profit Adjusted Value

2026 2,404 -9,399
2027 2,966 -8,256
2028 3,658 -7,121
2029 4,513 -5,983
2030 5,567 -4,831
Terminal value 77,938 54,220
Total 18,630
IV3 715
MoS -8%

Page 6
 Buffett Method

Net Profit 2020 2021 2022 2023 2024 2025

682.31 925.22 821.92 1,056.27 1,527.42 1,948.95
Capex 2020 2021 2022 2023 2024 2025
-88 -224 -77 -91 -50 -74
Depreciation 2020 2021 2022 2023 2024 2025
65.64 58.78 53.18 51.23 50.98 55.75

Page 7
PNB HOUSING FINANCE LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trailing Best Case Worst Case
Sales 2,697.92 3,907.70 5,488.06 7,480.86 8,478.32 7,565.20 6,141.09 6,490.55 7,016.30 7,651.36 7,884.11 8,343.90 7,491.18
Expenses 320.13 441.56 692.80 707.85 1,718.85 1,234.18 963.73 1,173.14 736.73 556.70 540.07 571.57 1,045.21
Operating Profit 2,377.79 3,466.14 4,795.26 6,773.01 6,759.47 6,331.02 5,177.36 5,317.41 6,279.57 7,094.66 7,344.04 7,772.33 6,445.97
Other Income 0.63 0.15 0.46 3.62 6.99 15.07 4.64 1.65 7.43 9.86 25.71 - -
Depreciation 15.04 18.63 24.11 31.29 65.64 58.78 53.18 51.23 50.98 55.75 57.09 57.09 57.09
Interest 1,860.29 2,643.65 3,537.03 5,167.29 5,875.82 5,100.59 4,066.05 3,901.02 4,264.34 4,552.90 4,689.99 4,689.99 4,689.99
Profit before tax 503.09 804.01 1,234.58 1,578.05 825.00 1,186.72 1,062.77 1,366.81 1,971.68 2,495.87 2,622.67 3,025.25 1,698.89
Tax 176.62 280.28 392.44 496.67 142.69 261.50 240.85 310.54 444.26 546.92 580.70 22% 22%
Net profit 326.47 523.73 842.14 1,081.38 682.31 925.22 821.92 1,056.27 1,527.42 1,948.95 2,041.97 2,355.42 1,322.73
EPS 16.73 20.57 32.90 42.01 26.39 35.78 31.72 40.70 58.81 74.99 78.40 90.44 50.79
Price to earning 47.93 32.54 17.05 5.09 8.68 9.84 10.44 10.71 11.76 9.83 10.68 9.83
Price - 985.95 1,070.47 716.23 134.30 310.51 312.13 425.02 629.85 881.50 770.75 966.23 499.27

RATIOS:
Dividend Payout 13.22% 18.98% 17.80% 13.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.67%
OPM 88.13% 88.70% 87.38% 90.54% 79.73% 83.69% 84.31% 81.93% 89.50% 92.72% 93.15%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 12.28% 4.86% -2.03% 7.60% 9.05% 9.05% -2.03%
OPM 86.42% 86.05% 86.62% 88.34% 93.15% 93.15% 86.05%
Price to Earning 16.39 10.42 10.21 10.68 9.83 10.68 9.83
PNB HOUSING FINANCE LTD SCREENER.IN

Narration Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Sales 1,626.81 1,698.83 1,766.14 1,748.05 1,800.72 1,812.53 1,867.53 1,922.76 2,029.94 2,063.88
Expenses 260.85 187.35 189.75 206.21 155.59 152.72 129.86 149.21 125.26 135.74
Operating Profit 1,365.96 1,511.48 1,576.39 1,541.84 1,645.13 1,659.81 1,737.67 1,773.55 1,904.68 1,928.14
Other Income 1.00 0.13 1.67 3.42 5.02 9.48 1.53 2.13 15.32 6.73
Depreciation 12.57 12.56 11.27 13.02 14.13 13.31 13.82 14.34 14.28 14.65
Interest 1,008.33 1,047.82 1,057.62 1,086.99 1,069.99 1,097.25 1,118.79 1,158.23 1,178.28 1,234.69
Profit before tax 346.06 451.23 509.17 445.25 566.03 558.73 606.59 603.11 727.44 685.53
Tax 63.15 98.55 124.77 98.71 122.23 120.02 134.89 131.68 160.33 153.80
Net profit 282.91 352.68 384.40 346.54 443.80 438.71 471.70 471.43 567.11 531.73

OPM 84% 89% 89% 88% 91% 92% 93% 92% 94% 93%
PNB HOUSING FINANCE LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Equity Share Capital 126.92 165.64 166.59 167.47 168.19 168.27 168.60 168.86 259.72 259.93
Reserves 2,018.98 5,411.67 6,401.76 7,267.54 7,778.97 8,698.91 9,631.94 10,783.71 14,672.65 16,573.77
Borrowings 26,013.68 35,497.14 53,776.70 71,858.85 67,735.84 59,393.82 52,961.12 53,621.10 55,016.54 62,309.61
Other Liabilities 1,511.37 1,885.10 2,672.84 4,456.38 3,191.18 3,071.52 2,887.64 2,231.29 2,422.30 3,353.22
Total 29,670.95 42,959.55 63,017.89 83,750.24 78,874.18 71,332.52 65,649.30 66,804.96 72,371.21 82,496.53

Net Block 58.11 58.40 254.66 102.31 250.25 180.65 149.99 145.85 206.44 238.85
Capital Work in Progress 4.05 2.03 9.69 5.17 4.06 2.38 3.54 3.16 15.25 16.14
Investments 1,622.27 3,279.56 2,413.15 4,457.43 2,048.32 2,032.92 3,472.02 3,188.02 4,345.26 3,380.76
Other Assets 27,986.52 39,619.56 60,340.39 79,185.33 76,571.55 69,116.57 62,023.75 63,467.93 67,804.26 78,860.78
Total 29,670.95 42,959.55 63,017.89 83,750.24 78,874.18 71,332.52 65,649.30 66,804.96 72,371.21 82,496.53

Working Capital 26,475.15 37,734.46 57,667.55 74,728.95 73,380.37 66,045.05 59,136.11 61,236.64 65,381.96 75,507.56
Debtors - - 0.33 26.74 5.84 15.03 38.98 - 52.07 49.85
Inventory - - - - - - - - - -

Debtor Days - - 0.02 1.30 0.25 0.73 2.32 - 2.71 2.38

Inventory Turnover - - - - - - - - - -

Return on Equity 15% 9% 13% 15% 9% 10% 8% 10% 10% 12%

Return on Capital Emp 10% 9% 10% 9% 9% 8% 8% 9% 9%
PNB HOUSING FINANCE LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Cash from Operating Activity -9,664.47 -12,406.47 -15,663.79 -16,625.74 8,911.14 6,565.56 6,216.35 -1,772.04 -4,644.14 -8,119.50
Cash from Investing Activity -19.64 -16.88 -49.51 -53.25 -62.41 5.33 -1,476.23 173.63 -1,193.48 756.64
Cash from Financing Activity 9,803.90 12,322.49 18,464.32 17,888.06 -4,362.24 -8,176.92 -6,732.19 301.47 4,178.64 7,403.89
Net Cash Flow 119.79 -100.86 2,751.02 1,209.07 4,486.49 -1,606.03 -1,992.07 -1,296.94 -1,658.98 41.03
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COMPANY NAME PNB HOUSING FINANCE LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 26.05
Face Value 10.00
Current Price 770.75
Market Capitalization 20,074.36

PROFIT & LOSS

Report Date Mar-16 Mar-17 Mar-18 Mar-19
Sales 2,697.92 3,907.70 5,488.06 7,480.86
Raw Material Cost
Change in Inventory
Power and Fuel 4.15 4.90
Other Mfr. Exp 1.50 1.98 93.48 95.45
Employee Cost 75.73 101.80 143.99 212.95
Selling and admin 100.18 133.45 159.30 193.16
Other Expenses 138.57 199.43 296.03 206.29
Other Income 0.63 0.15 0.46 3.62
Depreciation 15.04 18.63 24.11 31.29
Interest 1,860.29 2,643.65 3,537.03 5,167.29
Profit before tax 503.09 804.01 1,234.58 1,578.05
Tax 176.62 280.28 392.44 496.67
Net profit 326.47 523.73 842.14 1,081.38
Dividend Amount 43.15 99.38 149.93 150.72

Quarters
Report Date Mar-23 Jun-23 Sep-23 Dec-23
Sales 1,626.81 1,698.83 1,766.14 1,748.05
Expenses 260.85 187.35 189.75 206.21
Other Income 1.00 0.13 1.67 3.42
Depreciation 12.57 12.56 11.27 13.02
Interest 1,008.33 1,047.82 1,057.62 1,086.99
Profit before tax 346.06 451.23 509.17 445.25
Tax 63.15 98.55 124.77 98.71
Net profit 282.91 352.68 384.40 346.54
Operating Profit 1,365.96 1,511.48 1,576.39 1,541.84

BALANCE SHEET
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 126.92 165.64 166.59 167.47
Reserves 2,018.98 5,411.67 6,401.76 7,267.54
Borrowings 26,013.68 35,497.14 53,776.70 71,858.85
Other Liabilities 1,511.37 1,885.10 2,672.84 4,456.38
Total 29,670.95 42,959.55 63,017.89 83,750.24
Net Block 58.11 58.40 254.66 102.31
Capital Work in Progress 4.05 2.03 9.69 5.17
Investments 1,622.27 3,279.56 2,413.15 4,457.43
Other Assets 27,986.52 39,619.56 60,340.39 79,185.33
Total 29,670.95 42,959.55 63,017.89 83,750.24
Receivables 0.33 26.74
Inventory
Cash & Bank 248.54 151.47 2,816.93 4,026.08
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity -9,664.47 -12,406.47 -15,663.79 -16,625.74
Cash from Investing Activity -19.64 -16.88 -49.51 -53.25
Cash from Financing Activity 9,803.90 12,322.49 18,464.32 17,888.06
Net Cash Flow 119.79 -100.86 2,751.02 1,209.07

PRICE: 985.95 1,070.47 716.23

DERIVED:
Adjusted Equity Shares in Cr 19.51 25.46 25.60 25.74
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

8,478.32 7,565.20 6,141.09 6,490.55 7,016.30 7,651.36

7.02 7.39 8.71 9.33 9.49

20.84 22.89 26.61 33.42 75.06 83.51
196.41 177.81 182.15 217.26 267.23 332.79
170.88 115.27 141.38 157.06 191.41 259.09
1,330.72 911.19 606.20 756.69 193.70 -128.18
6.99 15.07 4.64 1.65 7.43 9.86
65.64 58.78 53.18 51.23 50.98 55.75
5,875.82 5,100.59 4,066.05 3,901.02 4,264.34 4,552.90
825.00 1,186.72 1,062.77 1,366.81 1,971.68 2,495.87
142.69 261.50 240.85 310.54 444.26 546.92
682.31 925.22 821.92 1,056.27 1,527.42 1,948.95
129.96

Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25

1,800.72 1,812.53 1,867.53 1,922.76 2,029.94 2,063.88
155.59 152.72 129.86 149.21 125.26 135.74
5.02 9.48 1.53 2.13 15.32 6.73
14.13 13.31 13.82 14.34 14.28 14.65
1,069.99 1,097.25 1,118.79 1,158.23 1,178.28 1,234.69
566.03 558.73 606.59 603.11 727.44 685.53
 122.23 120.02 134.89 131.68 160.33 153.80
443.80 438.71 471.70 471.43 567.11 531.73
1,645.13 1,659.81 1,737.67 1,773.55 1,904.68 1,928.14

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

168.19 168.27 168.60 168.86 259.72 259.93
7,778.97 8,698.91 9,631.94 10,783.71 14,672.65 16,573.77
67,735.84 59,393.82 52,961.12 53,621.10 55,016.54 62,309.61
3,191.18 3,071.52 2,887.64 2,231.29 2,422.30 3,353.22
78,874.18 71,332.52 65,649.30 66,804.96 72,371.21 82,496.53
250.25 180.65 149.99 145.85 206.44 238.85
4.06 2.38 3.54 3.16 15.25 16.14
2,048.32 2,032.92 3,472.02 3,188.02 4,345.26 3,380.76
76,571.55 69,116.57 62,023.75 63,467.93 67,804.26 78,860.78
78,874.18 71,332.52 65,649.30 66,804.96 72,371.21 82,496.53
5.84 15.03 38.98 52.07 49.85

8,512.53 6,906.50 5,114.84 3,692.57 2,498.63 3,465.34

### ### ### ### ### ###

10.00 10.00 10.00 10.00 10.00 10.00

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

8,911.14 6,565.56 6,216.35 -1,772.04 -4,644.14 -8,119.50
-62.41 5.33 -1,476.23 173.63 -1,193.48 756.64
-4,362.24 -8,176.92 -6,732.19 301.47 4,178.64 7,403.89
4,486.49 -1,606.03 -1,992.07 -1,296.94 -1,658.98 41.03

134.30 310.51 312.13 425.02 629.85 881.50

25.85 25.86 25.91 25.95 25.97 25.99