PNB Gilts Limited (PNBGILTS) Share Price, Dividend & Analysis | Anvest

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PNB Gilts Limited is an Indian non-banking financial company and a primary dealer in government securities. It earns revenue from interest income on fixed-income securities and trading gains, supporting the government's borrowing program.

Capital MarketsFounded:1996CEO/MD:R. S. NegiHQ:New Delhi, India

Business profile as of 2026-08-25

Business at a Glance

The company operates within a single business segment: "Facilitating Trading in Securities and other related ancillary Services." Its operations are primarily based in India, serving a diverse client base including provident funds, trusts, banks, corporates, and individuals.

Revenue growth: +1.4%FY26 growth+11.4%3Y CAGR
EPS growth: -22.1%FY26 growthN/M3Y CAGR
CFO / PAT: -13.98×FY26

What Looks Strong

QualityQuality score reflects healthy operating margin (91.4% in FY26).
GrowthRevenue grew at +11.4% CAGR over three years.
ValuationTrailing P/E is 7.2×. The valuation score is 83/100.

What to Watch

EarningsNet profit fell about 22% in FY26 (standalone: ₹233 cr → ₹182 cr). Watch margins and one-off items in the next filing.
Cash FlowOperating cash flow was negative (about −₹2,540 cr) against a ₹182 cr net profit in FY26 (standalone). Watch working capital, receivables and inventory.
MarketShares have lagged the Nifty 500 by 12.4 percentage points annualized over three years.

Reports a single operating segment in its results filings.
The company primarily makes money by trading in government securities, treasury bills, and other money market instruments.
It also earns income from underwriting government debt issuances and managing its investment portfolio, profiting from interest rate movements and market spreads.

FY26 (standalone): revenue ₹1,699 cr, up 1% from ₹1,676 cr in FY25; net profit ₹182 cr, down 22% from ₹233 cr in FY25.
FY26 (standalone): operating cash flow −₹2,540 cr (-14.0× net profit); debt/equity 0.00×.
Latest quarter to Sep 2026 (standalone): revenue ₹436 cr (down 2% year on year); net profit ₹44.8 cr.

The company has experienced several director resignations, as indicated by material announcements
It has also confirmed compliance with various SEBI LODR Regulations, including performance evaluation and insider trading prohibitions