PNB Housing Finance

** Affordable housing finance companies (AHFCs) are at start of strong earnings upcycle, with asset quality and idiosyncratic concerns largely resolved, says Morgan Stanley

** AHFCs' disbursement growth poised to pick up in FY27, as early as Q1 FY27 - brokerage says

** Brokerage expects AUM growth of 21-25% Y/Y as transient headwinds, including U.S. trade tariffs, MSME stress, irregular weather ease; raises EPS forecasts by 1-5% across coverage on higher loan growth assumptions

** Morgan Stanley's top picks are Aptus Value Housing Finance APTS.NS, Home First Finance HOME.NS PNB Housing Finance PNBH.NS

** Raises PTs by 2.5% on APTS, 4.1% on HOME, 12.4% on PNBH

** Also lifts PT by 2.9% on Can Fin Homes CNFH.NS, 4.4% on Aavas Financiers AVAS.NS

** HOME, APTS, CNFH stocks up 1-3%, while PNBH, AVAS down 0.3-1.2%

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

PNB Housing Finance's board, in a meeting on July 10, approved a proposal to issue non-convertible debentures aggregating up to ₹10,000 crore on a private placement basis, subject to shareholder approval at the upcoming annual general meeting. The resolution, to be placed before the 38th AGM, authorises the company to raise the debt in one or more tranches, with detailed terms to be finalised after member approval. Separately, the board fixed July 31 as the record date for determining shareholders eligible to receive a dividend for the financial year 2025-26, recommended alterations to the articles of association, and appointed Shreekant and Rajiv Kumar Singh as additional independent directors for three-year terms.

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MUMBAI, July 8 (Reuters) - India's PNB Housing Finance PNBH.NS has accepted bids worth 5 billion rupees ($52.33 million)for bonds maturing in three years and one month, three bankers said on Wednesday.

It will pay a coupon of 7.83% and had invited commitment bids for the issue earlier in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 8:

*Size includes base plus greenshoe for some issues

($1 = 95.5550 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

(([email protected]))

MUMBAI, July 7 (Reuters) - India's PNB Housing Finance PNBH.NS plans to raise up to 5 billion rupees ($52.46 million) through a sale of bonds maturing in three years and one month, three bankers said on Tuesday.

It will pay a coupon of 7.83%, and has invited commitment bids for the issue on Wednesday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 7:

* Size includes base plus greenshoe for some issues

($1 = 95.3050 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected], [email protected]))

July 6 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• PNB HOUSING - TO CONSIDER FUNDRAISING VIA NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT

Source text: ID:nBSEbzy051

Further company coverage: PNBH.NS

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MUMBAI, June 8 (Reuters) - India's PNB Housing Finance PNBH.NS accepted bids worth 5 billion rupees ($52.24 million) for the sale of five-year bonds, three bankers said on Monday.

It will pay a coupon of 8.35% annually and had invited commitment bids for the issue on Friday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far June 8:

*Size includes base plus greenshoe for some issues

($1 = 95.7075 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)

(([email protected], [email protected]))

MUMBAI, June 4 (Reuters) - India's PNB Housing Finance PNBH.NS plans to raise up to 5 billion rupees ($52.21 million), including a greenshoe option of 1 billion rupees, through the sale of bonds maturing in five years, three bankers said on Thursday.

It will pay a coupon of 8.35% annually and has invited commitment bids for the issue on Friday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 4:

*Size includes base plus greenshoe for some issues

($1 = 95.7600 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

** Shares of PNB Housing Finance PNBH.NS rise 1.3% to a more than eight-month high of 1,021 rupees

** Morgan Stanley raises PT on to 1,250 rupees from 1,160 rupees

** Q4 showing had changed the narrative around the stock, says MS, which had earlier believed the stock was pricing in no improvement in business after Q3

** Adds, good execution on multiple fronts in Q4 lessened investor pessimism; a key driver of renewed confidence is its improving credit profile

** PNBHF posted 19% rise in Q4 profit, net interest income rose 10.8%

** Brokerage also flags co's positioning in a potential rate-hike scenario as a positive differentiator

** Sees potential for outsized absolute returns in select small housing finance companies with lower credit risk, better growth, and better return of equity than peers

** Stock up 7.4% YTD, and trades at a slight discount compared to peers - data compiled by LSEG

(Reporting by Pranav Kashyap in Bengaluru)

(([email protected]; +919886482111;))

** India's stock benchmarks Nifty 50 .NSEI and Sensex .BSESN rise 0.8% each, led by financials on earnings optimism and a partial rollback of rupee curbs

** Other Asian markets .MIAPJ0000PUS gain 1.1% as United States expressed confidence that peace talks with Iran would go ahead in Pakistan and a senior Iranian official said Tehran was considering joining MKTS/GLOB

** Brent LCOc1 below $95 a barrel O/R

** Fifteen of 16 major sectors advance; financials .NIFTYFIN rise 0.75%, banks .NSEBANK, private banks .NIFPVTBNK and state-owned lenders .NIFTYPSU up 1.1% each

** ICICI Bank ICBK.NS gains 1.8% after rising 0.7% in the previous session after upbeat quarterly results

** Non-bank lender PNB Housing Finance PNBH.NS jumps 8% after posting higher quarterly profit on strong home loan demand and improved asset quality

** Seafood exporters Coastal Corp COAS.NS, Apex Frozen APEX.NS and Avanti Feeds AVNT.NS jump as U.S. tariff refunds begin

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

April 20 - Indian non-banking finance firm PNB Housing Finance PNBH.NS recorded a 19% rise in fourth-quarter profit on Monday, benefiting from strong home loan demand and an improvement in asset quality.

The New Delhi-based company has been aggressively expanding lending in non-premium emerging markets and the affordable housing segment, where loans typically command higher interest rates due to lower competition from big banks.

PNB Housing's consolidated net profit for the three months ended March 31 stood at 6.56 billion rupees ($70.44 million), up from 5.50 billion rupees a year earlier.

Disbursements in the emerging markets segment, focused on semi-urban areas, rose 34% in the quarter, while loans to the prime segment, comprising mostly urban borrowers, jumped 43%.

Loans to low- and middle-income households, which had surged in the same quarter last year, fell 3%.

Asset quality also improved, with gross bad loans as a share of total loans falling to 0.93% at the end of March from 1.04% three months earlier.

"Growth was driven by strong retail disbursements and asset expansion... and supported by improved gross non-performing assets," the non-bank lender said in a statement.

Total retail disbursements during the quarter jumped 32% to 90.20 billion rupees and net interest income, a key gauge of profitability from lending operations, rose 10.8% to 8.13 billion rupees.

Total quarterly revenue was up 7.9% at 21.82 billion rupees, while loan assets increased 15.3% to 873.47 billion rupees.

($1 = 93.1275 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru; Editing by Mrigank Dhaniwala and Jonathan Ananda)

(([email protected];))

** Shares of India's PNB Housing Finance PNBH.NS fall as much as 6.1% to 873.85 rupees; set for a fifth session of drop

** Analysts say Q3 earnings missed estimates due to weak disbursement growth and high operational expenses

** Motilal Oswal Financial Services says disbursements in affordable housing segment down ~15% y/y and 4% q/q

** Housing financier's third quarter profit up 7.7%, while revenue rose 9% y/y

** Meanwhile, co reported fraud worth 2.34 bln rupees related to Sarv realtors, but said amount already written off in fiscal 2022-23

** Stock on avg rated "buy" by 11 analysts; median PT 1,170 rupees

** Stock up 8.4% in 2025

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

Jan 21 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• Q3 CONSOL NET PAT 5.2 BILLION RUPEES

• Q3 CONSOL INTEREST INCOME 20.19 BILLION RUPEES

Further company coverage: PNBH.NS

(([email protected];;))

** Shares of PNB Housing Finance PNBH.NS rise 1.7% to 948.9 rupees

** India Ratings and Research assigns a stable AAA rating to the non-banking financier's new borrowings and reaffirms the same rating on its existing debt

** Stock rated "buy" on avg; median PT 1100 rupees - data compiled by LSEG

** Stock up 7.5% YTD

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of PNB Housing Finance PNBH.NS plunge 15.4% to four-month low of 834 rupees

** Set for biggest daily pct drop since Oct 2018

** Housing finance co says MD and CEO Girish Kousgi resigns; to step down on Oct 28

** SBI Securities says CEO resignation a negative for stock in near-term

** Trading volume at 8 million shares, nearly 7x 30-day average

** YTD, stock down 5%

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of PNB Housing Finance PNBH.NS rise as much as 2.84% to 1,115 rupees

** The housing finance lender posts a 23% rise in first-quarter profit after market hours on Monday, helped by steady home loan demand

** Total loan disbursements jump 14% in the June quarter, with those for affordable housing growing 30%

** Trading volume 1.52 mln shares, as of 9:42 a.m. IST, about 1.8 times the 30-day average, data compiled by LSEG shows

** PNBH shares up 23.5% in 2025 so far, outperforming the 1% rise in the small-cap index .NIFSMCP100

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

July 21 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• PNB HOUSING FINANCE JUNE QUARTER CONSOL NET PAT 5.34 BILLION RUPEES

• PNB HOUSING FINANCE JUNE QUARTER CONSOL REVENUE FROM OPERATIONS 20.76 BILLION RUPEES

Source text: [ID:]

Further company coverage: PNBH.NS

(([email protected];))

** Home First Finance Company India HOME.NS up 5%, Aadhar Housing Finance AADA.NS up 1.3%

** Aptus Value Housing Finance India APTS.NS gains 1.4%, PNB Housing Finance PNBH.NS inches up 0.3%

** Aavas Financiers AVAS.NS down 0.5%

** Bernstein initiates coverage on affordable housing financiers, with "outperform" ratings on HOME, APTS, and AADA, and "market-perform" on AVAS and PNBH

** Expects next leg of retail credit growth to be led by mortgages - Bernstein

** "Specialised lenders focused on low-income, informally employed borrowers.. stand to gain share in this segment"; "The segment remains attractive with good profitability and growth" - note

** YTD HOME and APTS up 36% and ~19% respectively, AADA rises 8%

** PNBH and AVAS gains ~26% and ~17% so far in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

May 2 (Reuters) - U.S. private equity group Carlyle Group has sold its entire 10.44% stake in India's PNB Housing Finance PNBH.NS via block deals, business news website Moneycontrol reported on Thursday, citing a termsheet.

Carlyle is the second-largest shareholder in the non-banking finance company and held its stake via an affiliate called Quality Investment Holdings, latest available exchange data showed.

"The block trade has been launched at a floor price of 960 rupees per share," Moneycontrol also reported, citing a person familiar with the development.

About 17.3 million PNB Housing shares, or roughly 60% of the reported block deal, were sold in early trade, stock exchange data showed, but did not name the seller or the buyers.

The shares were sold at 1,000.20 rupees each, a near 1% discount to the stock's last close on Wednesday.

Carlyle Group and PNB Housing Finance did not immediately respond to Reuters requests for comment. Reuters did not have immediate access to the termsheet or further details of the deal.

Shares of PNB Housing, however, rose 6% on Friday.

($1 = 83.8300 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)

(([email protected]; X: @MukherjeeHritam;))

April 28 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• Q4 CONSOL NET PAT 5.5 BILLION RUPEES

• Q4 CONSOL INTEREST INCOME 19.06 BILLION RUPEES

• DIVIDEND OF 5 RUPEES PER SHR

Source text: [ID:]

Further company coverage: PNBH.NS

(([email protected];;))

** PNB Housing Finance PNBH.NS climbs 5.1%, Axis Bank AXBK.NS gains 2% and SBI SBI.NS rises 2.4% amid broader market recovery

** On Monday, PNBH, SBI fell 2.7% each; AXBK dropped 4%

** Goldman Sachs raises PNBH and AXBK to "buy" from "neutral"; upgrades SBI to "neutral" from "sell"

** Expects AXBK's loan growth and profitability to accelerate in H2 FY26–FY27

** Sees PNBH benefiting from strategic shift to below-prime and affordable housing segments

** Forecasts balanced risk-reward for SBI after recent correction; revises PT to 823 rupees from 806 rupees

** AXBK and SBI lead financials .NIFTYFIN 0.7% higher; PNBH among top gainers on Nifty 500 .NIFTY500

** YTD, AXBK falls 1.6%, SBI sheds 6% vs NIFTYFIN's 2.4% rise; PNBH gains 5.2%

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Corrects to Thursday from Wednesday in first paragraph

Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.

Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.

The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.

Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.

"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.

On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.

Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.

In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.

The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.

Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.

Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.

However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.

"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Jan 21 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• Q3 CONSOL NET PAT 4.83 BILLION RUPEES

• Q3 CONSOL INTEREST INCOME 18.48 BILLION RUPEES

Source text: [ID:]

Further company coverage: PNBH.NS

(([email protected];;))

** PNB Housing Finance PNBH.NS falls 6.6% to 919.9 rupees; set for worst one-day pct fall since June 4

** Quality Investment Holdings, which holds 19.87% stake in PNBH, will likely sell 9.43% of its share at 939.3 rupees, a 4.3% discount to last close, CNBC-TV18 reports

** Morgan Stanley appointed as banker to manage deal, report adds

** PNBH did not immediately respond to Reuters request for comment

** Stock sees busiest session since Nov. 7, 2016; nearly 27 mln shares traded, ~18x its 30-day avg

** PNBH rated "buy" on avg; median PT is 1,200 rupees - LSEG

** Stock up ~18% YTD

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Oct 28 (Reuters) - India's LIC Housing Finance LICH.NS reported a bigger-than-expected second-quarter profit on Monday, helped by steady demand for its home loans.

The company said its profit after tax rose about 12% to 13.29 billion rupees ($158.1 million) for the quarter ended Sept. 30, outpacing analysts' expectation of 12.26 billion rupees, per data compiled by LSEG.

The firm is 45%-owned by Life Insurance Corporation of India LIFI.NS, the country's top insurer.

Demand for homes in India, especially in the luxury category, is steadily rising, which, in turn, is fuelling demand for home loans.

The affordable housing segment is also seeing a pick up, helped by the government's push for low-cost housing.

As a result, LIC Housing's total loan disbursements grew 12% to 164.76 billion rupees during the second quarter.

"With stable interest rates, we expect steady growth in the next two quarters," the company said in statement.

However, its net interest income - the difference between interest earned and paid - fell 6% to 19.74 billion rupees as its finance costs rose during the quarter.

LIC Housing's net interest margin (NIM), a key gauge for profitability, shrunk for the second consecutive quarter to 2.71% from 2.76% in the first quarter due to increasing competition in the home finance sector, according to analysts.

It reported an NIM of 3.04% for the second quarter last year.

Rivals PNB Housing Housing PNBH.NS and newly-listed Bajaj Housing Finance BAJO.NS also reported a rise in quarterly profit, supported by higher demand for home loans.

Shares of LIC Housing ended 3.4% higher after its results.

($1 = 84.0725 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sonia Cheema)

(([email protected];))

** Shares of PNB Housing Finance PNBH.NS rise 10.8% to 1,035 rupees; last up 2.8%

** Co's Q2 consol profit rose 22.6%, rev up 5.7%

** PNBH sees busiest day in over five weeks, with over 6.5 mln shares traded

** Analysts' avg rating on stock is "buy;" their median PT is 1,012.5 rupees - LSEG data

** Peer LIC Housing Finance LICH.NS largely flat on the day

** Stock up 23% YTD vs 12% gain in LIC Housing Finance

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Oct 24 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• Q2 CONSOL NET PAT 4.7 BILLION RUPEES

• Q2 CONSOL INTEREST INCOME 17.80 BILLION RUPEES

Source text for Eikon: ID:nBSE9K77Lk

Further company coverage: PNBH.NS

(([email protected];;))

** Shares of Bajaj Housing Finance BAJO.NS slip 0.3%, set to fall for a fifth straight session

** HSBC Research initiates coverage of stock with a "reduce" rating and a TP of 110 rupees, implying a 27% downside to its last close

** Sees pressure on return on assets due to likely margins compression and moderation in earnings growth, in both home loan and non-home loan segments

** Brokerage forecasts BAJO's AUM growth slowing to 26% CAGR over FY24-27, from 34% in FY21-24

** EPS growth to also drop to 17% compared to 41%

** Stock down 9% since closing at 165 rupees on listing day

** Since BAJO's listing, rival PNB Housing PNBH.NS is down 16.5%, while LIC Housing LICH.NS has fallen by 12.5%

(Reporitng by Nishit Navin)

(([email protected];))

MUMBAI, Sept 23 (Reuters) - India's PNB Housing Finance PNBH.NS plans to raise 4 billion rupees ($47.93 million) through the sale of bonds maturing in three years and four months, three bankers said on Monday.

It has invited coupon and commitment bids for the issue on Tuesday, they said.

Here is the list of deals reported so far on Sept. 23:

*Size includes base plus greenshoe for some issues

($1 = 83.4590 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected]))

** Shares of Bajaj Housing Finance BAJO.NS are down around 7.5% at 160 rupees

** More than 17 mln shares traded in multiple block deals in price range of 156.29 - 173.3 rupees/shr - all at a discount to the last close price of 173.66 rupees

** BAJO shares listed at 150 rupees on Monday, more than double its IPO price of 70 rupees, making it the fourth-best major listing in India this year; this was followed by a 10% rise on Tuesday

** Since then, stock has fallen for two straight sessions - dropping around 12% in the period

** Since BAJO's listing, rival LIC Housing LICH.NS and PNB Housing PNBH.NS have dropped about 9% and 11%, respectively

(Reporitng by Nishit Navin)

(([email protected];))

** Shares of Bajaj Housing Finance BAJO.NS rise 7.2% to 176.85 rupees on day two of trading, after hitting upper circuit at 181.50 rupees briefly

** BAJO shares had opened at 150 rupees, more than double its IPO price of 70 rupees on Monday, making it the fourth-best major listing in a red-hot Indian IPO market this year

** Analysts have flagged investor confidence in India's most valuable listed home loan financier on pedigree, attractive IPO pricing and strong demand for luxury home loans

** Phillip Capital initiates coverage on BAJO with "buy" rating and a target price of 210 rupees

** Expects BAJO's focus on home loan customers with average salary of 1.4 million rupees to strengthen pricing powers alongside benign credit costs to result in strong return ratios

** Rivals HUDCO HUDC.NS, LIC Housing Finance LICH.NS PNB Housing Finance PNBH.NS that had fallen between 2-7% on Monday, were flat on the day

** BAJO stock last closed up 135.7%

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))