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Swing Capital

PNB Gilts Ltd

NSE: PNBGILTS BSE: 532366

The Co’s primary activities include supporting government borrowing program via underwriting of government securities issuances and trading in a gamut of fixed income instruments such as Government securities, Treasury Bills, State Development Loans, Corporate Bonds, Interest Rate Swaps and various money market instruments such as Certificates of Deposits, Commercial Papers etc.[1]

₹73
52W: ₹58.6 — ₹120
PE 7.29 · Book ₹95 · -23% vs book
Market Cap₹1,315 Cr
Stock P/E7.29Price to Earnings
ROCE6.14%Return on Capital
ROE11.1%Return on Equity
Div. Yield1.34%Face Value ₹10

Strengths

  • +Stock is trading at 0.76 times its book value
  • +Company has been maintaining a healthy dividend payout of 17.8%

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 10.1% over past five years.
  • −Company has a low return on equity of 11.0% over last 3 years.
  • −Working capital days have increased from 93.2 days to 145 days

Shareholding Pattern

Promoters74.07%
FIIs0.18%
DIIs0%
Public25.74%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%
FIIs0.25%0.1%▼0.10.29%▲0.20.35%▲0.10.53%▲0.20.77%▲0.20.3%▼0.50.18%▼0.1
DIIs0.08%0%▼0.10%0%0%0%0%0%
Public25.6%25.82%▲0.225.64%▼0.225.58%▼0.125.4%▼0.225.17%▼0.225.62%▲0.425.74%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales385474440501362419563443425424
Expenses341314125912261523093
Operating Profit351461426488303407538292394331
OPM %91%97%97%98%84%97%95%66%93%78%
Net Profit-156853115-1075160-455413
EPS ₹-0.863.782.976.37-0.564.178.89-2.522.990.72

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,699Cr, up 1.4% YoY. OPM at 92%.

Debt Position

Borrowings at ₹24,884Cr. Debt-to-equity ratio: 16.26x. High leverage — monitor closely.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.18% (+0.17pp change). Promoters hold 74.07%.

Margin & Efficiency

ROCE declining from 9% (Mar 2015) to 6% (Mar 2026). Working capital days: 145.

Valuation

PE 7.29x with 6.14% ROCE. Price is -23% above book value of ₹95. Dividend yield: 1.34%.

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