Punjab National Bank

NSEI:PNB Stock Report

Market Cap: ₹1.2t

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 (₹105.48) is trading above our estimate of fair value (₹94.77)

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 Ratio8.4x
Earnings₹144.65b
Market Cap₹1.21t

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 Average12.8x
BANKBARODA Bank of Baroda
6.2x2.6%₹1.2t
IOB Indian Overseas Bank
33.3xn/a₹985.6b
UNIONBANK Union Bank of India
6x5.0%₹926.8b
CANBK Canara Bank
5.7x6.4%₹917.0b
PNB Punjab National Bank
8.4x8.9%₹1.2t

Price-To-Earnings vs Peers: PNB is good value based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (12.8x).

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 8.4xIndustry Avg. 10.0xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PNB is good value based on its Price-To-Earnings Ratio (8.4x) compared to the Indian Banks industry average (9.9x).

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 Ratio8.4x
Fair PE Ratio10.4x

Price-To-Earnings vs Fair Ratio: PNB is good value based on its Price-To-Earnings Ratio (8.4x) 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₹105.48
₹112.44
+6.6%
13.8%₹135.00₹80.00n/a16
Dec ’25₹104.90
₹111.81
+6.6%
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₹50.00₹102.6616
Dec ’24₹80.70
₹75.25
-6.8%
17.6%₹102.00₹50.00₹104.9016
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

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 01:48
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Punjab National Bank is covered by 67 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Clyton FernandesAnand Rathi Shares and Stock Brokers Limited
null nullAnand Rathi Shares and Stock Brokers Limited
Vaibhav AgrawalAngel Broking Private Limited