ValuePickr Forum

PNB Housing Fin - Fast Growing HFC

Add another reason - Valuation. who knows 2-3 yrs down the line they would get current valuations. They are the veterans in the game and I think the most probable reason is high competitive intensity and impending mini- slowdown for the next few quarters.

Disc - No holding

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I think these are non-convertible and therefore just debt funding which generally happens all the time. This will have no impact as such for shareholders as it will not be equity dilutive. Management would only mean equity capital when they say they do not need to raise capital for a the next few years. Whereas debt capital raising is good which could mean funds are getting deployed and the company is growing.


PNB Housing management had said that they would not dilute equity. In this case they are raising debt

Please understand that the core business of banks and NBFCs is to take debt at lower interest rate and lend it at higher interest rate. Raising debt is essential for them to run the day to day business. I would be highly worried if they would not raise any debt because that would indirectly indicate that they are not getting customers who would like to borrow from them.



Thanks a lot Susindar & Krishna for clarity and its learning
for me.


Q2 Results and Presentation. Overall good run continues.

Disc: Invested


PNB HFCs Result out…

Excellent results…!


One issue here is constant equity dilution. Hope they rise more debt than equity in the future. That should improve the return ratios in my view.

Motilal Oswal Research report with Concall highligts:

Some excerpts from the report

Research report is here :

Disl: No positions yet. Watching with great interest.


Thanks Aditya,

The report says that 26-27% of home loan disbursements are related to primary home loan sales. Would you say that the majority of home loans provided by PNBHF are take-over from other lenders? This would imply that PNBHFL would have to undercut other lenders on price and hence their RoA is unlikely to improve beyond 1.5%.

Not sure what it means by Primary home sales.

I infer the word “Primary Home” is related to a buyer who buys a residential property for the first time in his or her life OR the main residence or 'The home". I could be wrong.

I think 26% home loan disbursement are related to primary home loan sales basically means the developers new constructions and rest 74% secondary market sales and others is what i understood. going forward ROA and ROE will improve what management indicating.


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A lovely video on Sanjaya Gupta speech.Does anyone has full version of it?


Can anybody tell me the difference between nim and spreads please

Source: #Social media #copied

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check here --> How to analyze NBFC companies?


Call transcripts:



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