Bengaluru : PNB Housing Finance, one of India’s largest housing finance companies, announced a credit rating upgrade from India Ratings on its Non-Convertible Debentures (NCDs) and Bank Loans from ‘IND AA+’ to ‘IND AAA’ with a Stable Outlook. The rating rationale highlights the Company’s proven track record across key business parameters, its consistent improvement in profitability and asset quality, along with granularization of the loan book, thereby reducing concentration risks. It also acknowledges Punjab National Bank’s strategic stake in PNB Housing and its shared legacy, thus reinforcing confidence in the Company’s long-term stability.
Mr. Jatul Anand, Executive Director, PNB Housing Finance stated, “We are proud to receive a credit rating upgrade from India Ratings to ‘IND AAA’, marking a significant milestone in our growth journey. It reaffirms the strength of our business fundamentals, strategic direction, strong financial health and prudent risk management practices. The sustained trajectory of rating upgrades over the past two years is a testament to the confidence that the promoters Punjab National Bank, and our investors and stakeholders place in us. We remain committed to building a resilient retail-focused franchise, strengthening our asset quality, and enhancing our liquidity position.”
This upgrade follows the earlier rating enhancement from ‘IND AA’ to ‘IND AA+’ in Q3 FY24, underscoring the Company’s sustained progress and the continued trust and confidence of investors in its financial strength and governance standards. The successive upgrades reflect PNB Housing’s consistent performance and resilience across business cycles.
As of 30th September 2025, the Company’s Retail Loan Asset grew by 17% YoY to ₹79,439 crores, forming 99.6% of the Total Loan Asset. The Gross NPA stood at 1.04%, and Return on Asset stood at 2.65% in H1 FY26 (Annualized). The Capital Risk Adequacy Ratio was 29.80%, while the cost of borrowing 7.74% in H1 FY26.
