Punjab National Bank

NSEI:PNB Stock Report

Market Cap: ₹1.1t

Punjab National Bank Valuation

Is PNB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PNB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PNB (₹99.82) is trading above our estimate of fair value (₹94.62)

Significantly Below Fair Value: PNB is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PNB?

Key metric: As PNB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PNB. This is calculated by dividing PNB's market cap by their current earnings.
What is PNB's PE Ratio?
PE Ratio7.9x
Earnings₹144.65b
Market Cap₹1.15t

Price to Earnings Ratio vs Peers

How does PNB's PE Ratio compare to its peers?

The above table shows the PE ratio for PNB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.4x
BANKBARODA Bank of Baroda
6.1x2.6%₹1.2t
IOB Indian Overseas Bank
32.1xn/a₹951.0b
UNIONBANK Union Bank of India
5.7x5.0%₹878.2b
CANBK Canara Bank
5.5x6.3%₹879.9b
PNB Punjab National Bank
7.9x9.0%₹1.1t

Price-To-Earnings vs Peers: PNB is good value based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (12.4x).

Price to Earnings Ratio vs Industry

How does PNB's PE Ratio compare vs other companies in the IN Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
PNB 7.9xIndustry Avg. 9.8xNo. of Companies7PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PNB is good value based on its Price-To-Earnings Ratio (7.9x) compared to the Indian Banks industry average (9.8x).

Price to Earnings Ratio vs Fair Ratio

What is PNB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PNB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.9x
Fair PE Ratio10.4x

Price-To-Earnings vs Fair Ratio: PNB is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (10.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PNB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹99.82
₹111.81
+12.0%
14.6%₹135.00₹80.00n/a16
Nov ’25₹100.98
₹109.88
+8.8%
19.1%₹140.00₹65.00n/a16
Oct ’25₹105.21
₹113.25
+7.6%
21.5%₹150.00₹65.00n/a16
Sep ’25₹116.57
₹113.06
-3.0%
21.4%₹150.00₹65.00n/a16
Aug ’25₹122.95
₹113.06
-8.0%
21.4%₹150.00₹65.00n/a16
Jul ’25₹122.46
₹106.59
-13.0%
22.0%₹145.00₹65.00n/a17
Jun ’25₹129.45
₹106.00
-18.1%
21.5%₹145.00₹65.00n/a17
May ’25₹141.05
₹100.35
-28.9%
20.4%₹140.00₹65.00n/a17
Apr ’25₹125.60
₹99.59
-20.7%
20.5%₹140.00₹65.00n/a17
Mar ’25₹124.85
₹95.63
-23.4%
20.6%₹131.00₹63.00n/a16
Feb ’25₹118.85
₹93.44
-21.4%
20.9%₹131.00₹63.00n/a16
Jan ’25₹97.80
₹78.19
-20.1%
18.5%₹105.00₹50.00n/a16
Dec ’24₹80.70
₹75.25
-6.8%
17.6%₹102.00₹50.00n/a16
Nov ’24₹72.90
₹73.88
+1.3%
18.1%₹102.00₹50.00₹100.9816
Oct ’24₹80.20
₹63.80
-20.4%
18.4%₹86.00₹45.00₹105.2115
Sep ’24₹65.40
₹61.07
-6.6%
15.2%₹78.00₹45.00₹116.5714
Aug ’24₹61.35
₹61.07
-0.5%
15.2%₹78.00₹45.00₹122.9514
Jul ’24₹51.65
₹52.92
+2.5%
17.4%₹72.00₹35.00₹122.4613
Jun ’24₹51.70
₹52.92
+2.4%
17.4%₹72.00₹35.00₹129.4513
May ’24₹52.25
₹52.50
+0.5%
19.7%₹72.00₹31.00₹141.0512
Apr ’24₹46.60
₹50.42
+8.2%
23.8%₹72.00₹30.00₹125.6012
Mar ’24₹50.15
₹48.62
-3.1%
26.4%₹72.00₹30.00₹124.8513
Feb ’24₹50.30
₹47.13
-6.3%
27.7%₹72.00₹28.00₹118.8515
Jan ’24₹56.45
₹42.07
-25.5%
29.7%₹72.00₹28.00₹97.8015
Dec ’23₹53.25
₹38.20
-28.3%
21.1%₹54.00₹28.00₹80.7015
Nov ’23₹40.10
₹35.13
-12.4%
23.6%₹50.00₹24.00₹72.9015

Analyst Forecast: Target price is less than 20% higher than the current share price.

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