PNB Housing Finance credit rating upgraded, facilities expanded

On November 27, 2025, ICRA Limited assigned and reaffirmed credit ratings for PNBHFL's enhanced loan term bank facilities. The long-term bank facilities programme increased from INR 5,000.00 crore to INR 10,000.00 crore, with its rating reaffirmed as [ICRA]AA+ (Stable). Existing non-convertible debentures (NCDs) and Tier II bonds were also reaffirmed at [ICRA]AA+ (Stable). Ratings for matured NCDs (INR 650.00 crore) and Tier II bonds (INR 200.00 crore) were simultaneously withdrawn.

The rating action acknowledges PNB Housing Finance's established track record in mortgage finance, with assets under management (AUM) reaching INR 83,879 crore as of September 30, 2025. The company's capitalisation remains strong, with a net worth of INR 17,971 crore, a capital adequacy ratio (CAR) of 29.8%, and managed gearing of 3.9 times. Asset quality has notably improved, with gross stage 3 assets declining to 1.0% as of September 30, 2025.

PNBHFL's profitability also saw an uptick, reporting a profit after tax (PAT) of INR 1,936 crore in FY2025, translating into a return on managed assets (RoMA) of 2.3%. The company continues to benefit from the expected support from Punjab National Bank (PNB) as its sole promoter, maintaining an approximate 28% stake in PNBHFL's equity.