{"id":74697,"date":"2026-04-21T12:42:32","date_gmt":"2026-04-21T07:12:32","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=74697"},"modified":"2026-04-21T12:42:34","modified_gmt":"2026-04-21T07:12:34","slug":"pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/","title":{"rendered":"PNB Gilts Q4 FY26 Results: PAT Drops 83% to \u20b912.99 Crore Due to \u20b972.53 Crore Securities Loss \u2014 Core Interest Income Remains Strong, Dividend \u20b92\/Share"},"content":{"rendered":"<p>PNB Gilts Limited \u2014 the government securities primary dealer and subsidiary of Punjab National Bank \u2014 reported a sharp decline in Q4 FY26 net profit to \u20b912.99 crore, down 82.68% year-on-year from \u20b975.02 crore in Q4 FY25, and down 75.9% sequentially from \u20b953.91 crore in Q3 FY26. The headline decline masks a more nuanced story: core interest income remained robust at \u20b9421.67 crore in Q4, reflecting a healthy sovereign and corporate bond portfolio. The PAT collapse was caused by a net loss on securities of \u20b972.53 crore during the quarter \u2014 a mark-to-market and trading loss that directly dragged the bottom line.<\/p><p>For the full year FY26, PNB Gilts reported total income of \u20b91,699.06 crore (marginally above FY25&#8217;s \u20b91,676.28 crore), with interest income growing 11.7% to \u20b91,689.03 crore \u2014 a strong core performance. FY26 full-year net profit came in at \u20b9181.62 crore, with basic EPS at \u20b910.09 versus \u20b912.95 in FY25. The board declared a final dividend of \u20b92 per equity share (20% on face value of \u20b910) for FY26.<\/p><p>Track PNB Gilts on <a href=\"https:\/\/univest.in\/user\/log-in\">Univest<\/a>.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#PNB_Gilts_Q4_FY26_Financial_Results\" title=\"PNB Gilts Q4 FY26 Financial Results\">PNB Gilts Q4 FY26 Financial Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#Understanding_the_Securities_Loss_Interest_Rate_Risk\" title=\"Understanding the Securities Loss: Interest Rate Risk\">Understanding the Securities Loss: Interest Rate Risk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#1_What_was_PNB_Gilts_Q4_FY26_net_profit\" title=\"1. What was PNB Gilts Q4 FY26 net profit?\">1. What was PNB Gilts Q4 FY26 net profit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#2_Why_did_PNB_Gilts_Q4_profit_fall_so_sharply\" title=\"2. Why did PNB Gilts Q4 profit fall so sharply?\">2. Why did PNB Gilts Q4 profit fall so sharply?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#3_What_is_PNB_Gilts_FY26_annual_profit\" title=\"3. What is PNB Gilts FY26 annual profit?\">3. What is PNB Gilts FY26 annual profit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#4_What_dividend_did_PNB_Gilts_declare\" title=\"4. What dividend did PNB Gilts declare?\">4. What dividend did PNB Gilts declare?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#5_What_is_PNB_Gilts_business\" title=\"5. What is PNB Gilts&#8217; business?\">5. What is PNB Gilts&#8217; business?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#6_Is_the_PNB_Gilts_PAT_decline_a_one-time_event\" title=\"6. Is the PNB Gilts PAT decline a one-time event?\">6. Is the PNB Gilts PAT decline a one-time event?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#7_When_do_TCS_announce_Q4_results\" title=\"7. When do TCS announce Q4 results?\">7. When do TCS announce Q4 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#8_Is_PNB_Gilts_a_good_investment\" title=\"8. Is PNB Gilts a good investment?\">8. Is PNB Gilts a good investment?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/pnb-gilts-q4-fy26-results-pat-12-crore-securities-loss-dividend\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PNB_Gilts_Q4_FY26_Financial_Results\"><\/span><strong>PNB Gilts Q4 FY26 Financial Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Q3 FY26<\/strong><\/td><td><strong>Q4 FY25 (Base)<\/strong><\/td><td><strong>Q4 FY26 (Actual)<\/strong><\/td><\/tr><tr><td>Net Profit (PAT)<\/td><td>\u20b953.91 Cr<\/td><td>\u20b975.02 Cr<\/td><td>\u20b912.99 Cr (\u219382.7% YoY)<\/td><\/tr><tr><td>Revenue from Ops<\/td><td>\u20b9424 Cr<\/td><td>\u2014<\/td><td>\u20b9424.11 Cr<\/td><\/tr><tr><td>Interest Income<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u20b9421.67 Cr<\/td><\/tr><tr><td>Net Loss on Securities<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u20b972.53 Cr (key drag)<\/td><\/tr><tr><td>FY26 Total Income<\/td><td>\u2014<\/td><td>FY25: \u20b91,676 Cr<\/td><td>\u20b91,699 Cr (+1.4%)<\/td><\/tr><tr><td>FY26 Int. Income<\/td><td>\u2014<\/td><td>\u20b91,512 Cr<\/td><td>\u20b91,689 Cr (+11.7%)<\/td><\/tr><tr><td>FY26 PAT<\/td><td>\u2014<\/td><td>FY25: \u20b9235 Cr<\/td><td>\u20b9181.62 Cr (\u2193decline)<\/td><\/tr><tr><td>FY26 Basic EPS<\/td><td>\u2014<\/td><td>\u20b912.95<\/td><td>\u20b910.09<\/td><\/tr><\/tbody><\/table><\/figure><p>Source: PNB Gilts audited results, Upstox live blog, EquityBulls, BSE\/NSE filing April 20, 2026.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understanding_the_Securities_Loss_Interest_Rate_Risk\"><\/span><strong>Understanding the Securities Loss: Interest Rate Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>PNB Gilts operates as a Primary Dealer \u2014 its core business is market-making in government securities, maintaining a portfolio of sovereign bonds, and participating in RBI auctions. The business is intrinsically exposed to interest rate risk: when bond yields rise (prices fall), the portfolio generates mark-to-market losses. Conversely, when yields fall, the portfolio generates mark-to-market gains. In Q4 FY26, the securities portfolio suffered a \u20b972.53 crore net loss \u2014 the primary driver of the PAT decline.<\/p><p>The RBI rate environment in Q4 FY26 has been one of measured easing, but any volatility or yield spikes in the longer end of the government bond curve directly impacts PNB Gilts&#8217; trading portfolio. The core interest income of \u20b9421.67 crore in Q4 and \u20b91,689 crore for FY26 demonstrates that the underlying carry business is healthy \u2014 it is the trading\/MTM component that creates quarterly volatility. This is inherent to the primary dealer business model rather than an operational failure.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>PNB Gilts&#8217; Q4 FY26 results are a function of bond market dynamics rather than fundamental business deterioration. Core interest income grew 11.7% for the full year. The \u20b972.53 crore securities loss in Q4 is the full explanation for the PAT decline. PNB Gilts is a niche, income-generating business \u2014 volatile quarter-to-quarter due to mark-to-market, but with a fundamentally healthy balance sheet backed by PNB parent. The \u20b92\/share dividend signals confidence in underlying cash generation.<\/p><p>For more Q4 FY26 results, visit <a href=\"https:\/\/univest.in\/blogs\">Univest Blogs<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_was_PNB_Gilts_Q4_FY26_net_profit\"><\/span><strong>1. What was PNB Gilts Q4 FY26 net profit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>\u20b912.99 crore \u2014 down 82.68% YoY from \u20b975.02 crore in Q4 FY25, and down 75.9% QoQ from \u20b953.91 crore in Q3 FY26.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Why_did_PNB_Gilts_Q4_profit_fall_so_sharply\"><\/span><strong>2. Why did PNB Gilts Q4 profit fall so sharply?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>A net loss on securities of \u20b972.53 crore during Q4 FY26 \u2014 driven by bond price\/yield movements in the government securities market \u2014 was the primary cause. Core interest income of \u20b9421.67 crore remained strong.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_is_PNB_Gilts_FY26_annual_profit\"><\/span><strong>3. What is PNB Gilts FY26 annual profit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>\u20b9181.62 crore with basic EPS of \u20b910.09 \u2014 lower than FY25 due to Q4 securities losses. FY26 interest income grew 11.7% YoY to \u20b91,689 crore.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_What_dividend_did_PNB_Gilts_declare\"><\/span><strong>4. What dividend did PNB Gilts declare?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Final dividend of \u20b92 per equity share (20% on face value of \u20b910) for FY26, subject to shareholder approval.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_What_is_PNB_Gilts_business\"><\/span><strong>5. What is PNB Gilts&#8217; business?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PNB Gilts is a Primary Dealer (PD) registered with the RBI, dealing primarily in government securities, treasury bills, and corporate bonds. It is a subsidiary of Punjab National Bank and participates in RBI auctions as a market maker.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Is_the_PNB_Gilts_PAT_decline_a_one-time_event\"><\/span><strong>6. Is the PNB Gilts PAT decline a one-time event?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Securities losses are inherently volatile for primary dealers \u2014 they depend on bond yield movements. Q4 FY26 saw an unfavourable mark-to-market environment. If the interest rate environment stabilises or yields decline in FY27, PNB Gilts&#8217; profitability should recover.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_When_do_TCS_announce_Q4_results\"><\/span><strong>7. When do TCS announce Q4 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><a href=\"https:\/\/univest.in\/blogs\/tcs-q4-results-2026-date-preview\">TCS declared Q4 FY26 results on April 9, 2026<\/a>. <\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Is_PNB_Gilts_a_good_investment\"><\/span><strong>8. Is PNB Gilts a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PNB Gilts is a specialised play on India&#8217;s government bond market. Core interest income is growing (11.7% YoY in FY26). The business is inherently volatile due to MTM; investors need to accept this cyclicality. The stock trades at modest valuations. Consult a SEBI-registered financial advisor before investing.<\/p><p>Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only. All financial data sourced from publicly available NSE\/BSE filings and news sources. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/vrl-logistics-q4-results-2026-2\">VRL Logistics Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vraj-iron-and-steel-q4-results-2026\">Vraj Iron and Steel Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltas-q4-results-2026\">Voltas Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltamp-transformers-q4-results-2026\">Voltamp Transformers Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vodafone-idea-q4-results-2026\">Vodafone Idea Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>PNB Gilts Limited \u2014 the government securities primary dealer and subsidiary of Punjab National Bank \u2014 reported a sharp decline in Q4 FY26 net profit to \u20b912.99 crore, down 82.68% year-on-year from \u20b975.02 crore in Q4 FY25, and down 75.9% sequentially from \u20b953.91 crore in Q3 FY26. The headline decline masks a more nuanced story:<\/p>\n","protected":false},"author":23,"featured_media":74701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4027],"class_list":["post-74697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-q4-fy26-results"],"metadata":{"_edit_lock":["1776755627:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["842"],"rank_math_seo_score":["66"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"rank_math_title":["PNB Gilts Q4 FY26 Results: PAT Falls 83% to \u20b912.99 Crore on Securities Loss \u2014 FY26 Annual PAT \u20b9181.62 Crore, Dividend \u20b92\/Share"],"rank_math_description":["PNB Gilts Q4 FY26 results: PAT \u20b912.99 Cr (\u219382.7% YoY) due to \u20b972.53 Cr securities loss. 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