PNB GILTS LTD. Q2 FY27 Results

PNB Gilts Limited posted a standalone net profit of ₹44.84 Cr for Q2 FY27, reversing a ₹45.35 Cr loss in Q2 FY26 — a clean YoY turnaround — though profit fell 44.4% sequentially from ₹80.70 Cr in Q1 FY27. Revenue from operations was roughly flat, down 1.6% YoY and 4.0% QoQ to ₹436.32 Cr. Net profit margin recovered to 10.3% from -10.2% a year ago but eased back from 17.8% in Q1 FY27, so the YoY story is a genuine recovery while the QoQ read is a moderation, not a fresh deterioration.

The swing is almost entirely explained by the company's trading/mark-to-market book, which is core to its business as a Primary Dealer rather than a one-off: net loss on fair value changes narrowed to ₹17.71 Cr this quarter from ₹140.03 Cr in Q2 FY26 — the single biggest driver of last year's loss — while Q1 FY27 had instead booked an ₹18.23 Cr trading gain, explaining the sequential profit drop. Net interest income slipped to ₹92.17 Cr, down 10.2% QoQ and 4.2% YoY, as finance costs rose 3.4% sequentially to ₹342.16 Cr against near-flat interest income of ₹434.33 Cr. Tax expense was ₹15.40 Cr (a ~25.6% effective rate) versus a tax credit in the year-ago loss quarter.

The stock went into the print at ₹76.29, down 5.1% over the past month of trading.

EPS ₹2.49 (basic, not annualised) vs ₹(2.52) a year ago and ₹4.48 in Q1 FY27

Minor exceptional income of ₹0.18 Cr (SREI Equipments Finance recovery) included in PBT — immaterial to the result

No analyst consensus estimates for this specific quarter turned up in search, and the company has no formal guidance on record, so vs-street and vs-guidance cannot be assessed beyond 'unknown.' Management's own investor material (issued alongside these results) frames the quarter around a 5.25% repo rate with 'limited scope for near-term easing,' surplus system liquidity, and a bond market it calls 'volatile' on crude oil and global yield/supply concerns — attributing the need for 'prudent risk management and disciplined trading,' consistent with the shrunk but still-negative trading line. Separately, RBI approved Amit Kumar Srivastava as Director & Chairman on October 9, 2026, days before this board meeting approved the results. The company flagged that its FY27 royalty/performance-linked incentive provision, if any, will be recognised only in Q4 FY27, a known drag to watch for in the year's final quarter.