# Punjab National Bank (NSE: PNB) share analysis

Canonical: https://vestmind.in/stocks/punjab-national-bank  
Source: VestCall by Vestmind, price as of 14 October 2026.

> Punjab National Bank (NSE: PNB) was trading at ₹115.94 on 14 October 2026. VestCall scores its business health 72/100 (healthy). On valuation, the price sits in the “Valuation Premium” zone (₹114.32 and above) — above the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹95.74 – ₹103.4 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹103.4 – ₹110.23 | Below the modelled fair-value range |
| Fairly Valued | ₹110.23 – ₹114.32 | Inside the modelled fair-value range |
| Valuation Premium (current) | ₹114.32 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Growth 90/100
- Supports — Shareholding Quality 76/100
- Supports — Capital Allocation 71/100
- Supports — Management Stability 67/100
- Supports — Business Quality 61/100
- Needs proof — Financial Strength 50/100

## Key ratios

| Ratio | Punjab National Bank | Sector median |
| --- | --- | --- |
| P/E | 18.12x | — |
| P/B | 0.35x | — |
| P/S | 0.34x | — |
| Return on equity (ROE) | 12.0% | — |
| Return on capital employed (ROCE) | 19.0% | — |
| Operating margin | 18.1% | — |
| Net margin | 11.4% | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | +5.0% | 20% | Growth decelerates to 9% and the multiple de-rates toward the cohort's trough. |
| Base | +25.0% | 54% | Earnings compound near the measured 25% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +38.5% | 26% | Growth holds at 35% and the market pays the full premium the measured quality supports. |

## Questions

### Is Punjab National Bank overvalued or undervalued?

At ₹115.94, Punjab National Bank sits in VestCall’s “Valuation Premium” zone (₹114.32 and above): above the modelled fair-value range. Its valuation scores 33/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is Punjab National Bank fundamentally strong?

VestCall scores Punjab National Bank’s business health 72/100 (healthy). The strongest measured pillars are growth and shareholding quality. The ones that need proof are financial strength. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is Punjab National Bank’s P/E ratio?

Punjab National Bank trades at a P/E of 18.12x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against Punjab National Bank’s returns and growth.

### What are the risks of investing in Punjab National Bank?

The review triggers VestCall watches for Punjab National Bank are: return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%); promoter holding drops materially (promoter holding below 67.08%, 3 points under the Mar 2026 filing). On the fundamentals, financial strength is the weakest measured pillar at 50/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell Punjab National Bank?

No. VestCall states where Punjab National Bank’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

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Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.