PNB Housing Finance achieves elite 'IND AAA' credit rating

PNB Housing Finance received a credit rating upgrade from India Ratings on its non-convertible debentures (NCDs) and bank loans, moving from 'IND AA+' to 'IND AAA' with a stable outlook. This upgrade, effective November 18, 2025, reflects the company's consistent improvement in profitability, asset quality, and granularization of its loan book, along with strategic support from Punjab National Bank.

The upgrade follows an earlier enhancement in Q3 FY24 and highlights robust capital buffers due to a February 2023 capital infusion. As of September 30, 2025, the company's retail loan asset grew 17% year-over-year to ₹79,439 crores, constituting 99.6% of the total loan asset of ₹79,771 crores. The gross NPA stood at 1.04%, with a return on asset of 2.65% in H1 FY26 (annualized) and a capital risk adequacy ratio of 29.80%.