PNB Gilts Q2 FY27 Results (NSE: PNBGILTS)
Signal: Loss reversed
The read
The key inflection is a trading-income recovery rather than a durable top-line acceleration: revenue was ₹43,631.56 lakh, down 1.6% YoY, but the fair-value line swung from a ₹14,003.13 lakh loss YoY to a ₹1,823.20 lakh gain. PAT therefore recovered to ₹4,483.62 lakh, although the 44.4% QoQ decline from ₹8,069.80 lakh shows continued sensitivity to bond-market volatility.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹436.32 Cr | -1.6% | -4.0% |
| Net profit | ₹44.84 Cr | N/M | |
| EPS | ₹2.49 | N/M | |
| EBIT margin | N/A |
P&L walk
Revenue declined 1.6% YoY and 4.0% QoQ to ₹43,631.56 lakh, but trading moved from a ₹14,003.13 lakh YoY loss to a ₹1,823.20 lakh gain; this drove PBT to ₹6,023.57 lakh from a ₹5,380.62 lakh loss, while the ₹4,483.62 lakh PAT was 44.4% below Q1FY27.
Key positives
- Trading performance improved materially, with net fair-value gain of ₹1,823.20 lakh versus a ₹14,003.13 lakh loss in Q2FY26.
- Interest income remained resilient at ₹43,433.37 lakh, up 1.1% YoY, while finance costs declined 0.9% YoY to ₹34,216.45 lakh.
- PAT recovered to ₹4,483.62 lakh from a ₹4,535.30 lakh loss YoY, and EPS turned positive at ₹2.49 from negative ₹2.52.
Key concerns
- Revenue declined 1.6% YoY and 4.0% QoQ to ₹43,631.56 lakh, indicating limited operating momentum outside market-linked income.
- PAT fell 44.4% QoQ from ₹8,069.80 lakh, showing that the earnings recovery remains dependent on volatile fair-value and trading outcomes.
- The company reported a ₹1,770.75 lakh net fair-value loss within expenses in the current quarter despite a ₹1,823.20 lakh gross fair-value gain in revenue, highlighting the narrow and volatile net trading contribution.
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