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Public-sector bank Historical case study · data as of 08 Jul 2026 · published 11 Oct 2026 (95 days later)

Punjab National Bank — 100-point case study

How Punjab National Bank looked on 50 technical and 50 fundamental measures on 08 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: PNB · BSE: 532461
Close on 08 Jul 2026	₹100.95
Market cap then	₹1,16,001 crore
Valuation	P/E 6.3× · P/B 0.77×
Momentum	RSI (14) 32 · 1-year return -9.9%
Next 3 months	+15.9% vs Nifty 50 -5.7% (to 09 Oct 2026)

Scorecard

Technical — 50 points

0 bullish · 16 neutral · 4 caution · 29 bearish — the picture leaned negative.

Fundamental — 50 points

11 bullish · 33 neutral · 0 caution · 5 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Screener tables are consolidated; the bank metrics (NPA, NIM, CASA, capital) are PNB's standalone figures from its results releases, so profit numbers differ slightly between the two.

Technical analysis — 50 points

Calculated by code from daily prices up to 08 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.20%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.20% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -5.2%	Bearish	The 100-session trend line was down (-0.18%/day) and the stock was -5.2% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -9.9%	Neutral	Compared with a year earlier the price was -9.9%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 105.47 / 30W 114.08	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 110.50→110.20; lows 102.67→104.37	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	13.6	Neutral	ADX at 13.6 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 15.8 / –DI 32.7	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	106.93 (-5.6%)	Bearish	Close of 100.95 was 5.6% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	106.37 (-5.1%)	Bearish	Close of 100.95 was 5.1% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	115.61 (-12.7%)	Bearish	Close of 100.95 was 12.7% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 104.95 / 21E 106.08	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 03 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last death cross 28 Apr 2026	Bearish	The 50-day average was 8.0% below the 200-day. The most recent signal was a death cross on 28 Apr 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-1.1% in 20 sessions	Bearish	The 50-day average fell 1.1% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	107 / 106 / 111 / 116	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	104.72 (-3.6%)	Bearish	Anchored to the start of July, the volume-weighted average price was 104.72; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	32.2	Bearish	RSI at 32.2 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -0.84 / signal -0.15	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.12 → -0.69	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-0.84	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 5.8 / %D 13.0	Caution	Slow stochastic at 5.8 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-94.9	Caution	%R of -94.9 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-252	Bearish	CCI at -252 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-6.0%	Bearish	Price changed -6.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B -0.22 (bands 102.77–111.10)	Caution	%B of -0.22 — close below the lower band, an overextended drop. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 7.8% (16th pct of 6M)	Neutral	Band width was at the 16th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹2.24 (2.2% of price)	Neutral	A typical day's range was about ₹2.24, or 2.2% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	21.1% vs 1Y 27.4%	Neutral	Annualised 30-day volatility was 21.1%, below the one-year level of 27.4%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	101.69–110.39	Bearish	The close was below the lower channel — a strong trending push. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.38	Neutral	A beta of 1.38 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.56× / 5-day 1.07×	Neutral	The final session traded 1.56× its 20-day average volume and the last five sessions averaged 1.07× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.96	Neutral	Average volume on up days was 0.96× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.12	Bearish	CMF at -0.12 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	30.1	Bearish	MFI, a volume-weighted RSI, was 30.1. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹198 cr/day	Neutral	About ₹198 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	99.63 / 98.50	Neutral	Nearest support (prior swing lows) sat at 99.63, 1.3% below the close, then 98.50. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	105.19 / 108.28 / 110.81	Neutral	Nearest resistance (prior swing highs) sat at 105.19, 4.2% above the close, then 108.28, 110.81. How to read: Information only.
40	Monthly pivot points (for next month)	P 103.23 \| R1 106.02 \| S1 98.17	Neutral	Classic pivots from July's high/low/close gave a pivot of 103.23; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 107 \| 38.2% 113 \| 50.0% 117 \| 61.8% 121	Neutral	Measuring the 6-month fall from 135.15 to 98.50, the close was nearest the 23.6% retracement at 107.15. How to read: Information only.
42	52-week high / low	H 135.15 / L 98.50	Bearish	The close was 25.3% below the 52-week high and 2.5% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-down 28 Apr at 113.42	Neutral	There were 2 unfilled gap(s). The latest, a gap-down on 28 Apr 2026, left an open level at 113.42 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	falling channel	Bearish	Rule-based pattern scan: falling channel — successive lower highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 103.14–110.50	Bearish	The close was breakdown below the prior 20-day range of 103.14–110.50 — a range break. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Bearish marubozu-type candle	Bearish	On 08 Jul the candle opened 103.25, ranged 100.45–103.25 and closed 100.95: Bearish marubozu-type candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 105.30–108.31; Tenkan 104.72 / Kijun 105.47	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -7.8% / 3M -9.2%	Bearish	The stock underperformed the Nifty 50 by 9.2 points over three months and underperformed by 7.8 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty Bank	3M -13.1%	Bearish	Against its sector index (Nifty Bank) the stock was 13.1 points behind over three months. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	0 bullish · 29 bearish · 16 neutral · 4 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 99.63, resistance 105.19. This is a description of the chart on 08 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 08 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 08 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	6.3×	Neutral	At ₹100.95 the market valued the company at about ₹1,16,001 crore, or 6.3× the ₹18,467 crore profit of the four quarters to Mar 2026. That is a low multiple in absolute terms. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	0.77×	Neutral	Market cap was 0.77× the Mar 2026 book value (equity + reserves) of ₹1,49,973 crore. For a bank, P/B is the main valuation yardstick. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Revenue (interest earned)	0.89×	Neutral	Market cap was 0.89× trailing-12-month revenue (mainly interest earned) of ₹1,30,772 crore. How to read: Information only.
4	Profit / Book (earnings power)	12.3%	Neutral	Trailing profit was 12.3% of book value — the return the bank was generating on the equity investors were paying 0.77× for. How to read: Information only.
5	Earnings yield	15.9%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹15.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	0.08	Bullish	P/E of 6.3 divided by 3-year profit growth of 76.5% a year gives a PEG of 0.08. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	2.97%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹3 a share, a 2.97% yield on the ₹100.95 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,16,001 cr	Neutral	At about ₹1.16 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹217.24 vs ₹100.95	Bullish	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹217.24; the price was 54% below it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+5.5%	Neutral	Revenue (interest earned) for FY26 was ₹1,30,772 crore, +5.5% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+0.8%	Neutral	The Jan–Mar 2026 quarter brought ₹32,798 crore of revenue, +0.8% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-0.5%	Bearish	FY26 net profit was ₹18,467 crore, -0.5% on FY25's ₹18,553 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+11.8%	Bullish	Quarterly profit was ₹5,602 crore versus ₹5,011 crore a year earlier (+11.8%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	14.6%	Bullish	Revenue compounded at 14.6% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	76.5%	Bullish	Net profit compounded at 76.5% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	9.8%	Neutral	Over five years (FY21–FY26) revenue compounded at 9.8% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-0.5%	Bearish	Reported EPS went from ₹16.08 to ₹16.00 (-0.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Net interest margin (Q4 FY26)	2.47%	Bearish	NIM — the spread between what the bank earns on loans and pays on deposits — was 2.47% in Jan–Mar 2026 (as reported). Above ~3.5% is strong for an Indian bank. Bullish 3.5% or more · Bearish below 3.0% · Neutral 3.0–3.5%.
19	Net interest income growth (Q4 FY26)	-3.5%	Bearish	Core interest income after interest expense was ₹10,380 crore, -3.5% year on year (standalone, as reported). Bullish above 10% · Bearish below 5% · Neutral 5–10%.
20	Net profit margin FY26	14.1%	Neutral	₹14.1 of every ₹100 of interest-led revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	13.0%	Neutral	FY26 profit was 13.0% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	Leverage (assets ÷ equity)	13.6×	Neutral	Total assets were 13.6× equity — normal for banks, which fund most assets with deposits. How to read: Information only — banks normally run high leverage.
23	Return on assets FY26	0.91%	Bearish	Net profit was 0.91% of total assets. For banks, ROA above 1% is considered healthy. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	35%	Neutral	The company paid about 35% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Q4 FY26 standalone profit (reported)	₹5,225 cr (+14.4%)	Bullish	The bank's own (standalone) Jan–Mar 2026 profit as reported was ₹5,225 crore, +14.4% year on year. Bullish above 12% year on year · Bearish below 0% · Neutral 0–12%.

D. Asset quality & capital

#	Point	Reading	Tag	Commentary
26	Gross NPA (Q4 FY26)	2.95%	Neutral	Gross non-performing assets were 2.95% of loans — elevated. Bullish below 2% · Bearish above 4% · Neutral 2–4%.
27	Net NPA (Q4 FY26)	0.29%	Bullish	After provisions, net NPAs were 0.29% of loans. Bullish below 0.6% · Bearish above 1.5% · Neutral 0.6–1.5%.
28	CASA ratio	37.0%	Neutral	Low-cost current and savings deposits made up 37.0% of deposits — a higher CASA means cheaper funding. Bullish above 40% · Bearish below 30% · Neutral 30–40%.
29	Capital adequacy (CRAR)	17.74%	Bullish	Capital adequacy was 17.74%, comfortably above the RBI minimum of 11.5% (incl. buffer). Bullish above 16% · Bearish below 13% · Neutral 13–16%. RBI minimum incl. buffer is 11.5%.
30	Loan (advances) growth	+12.7%	Neutral	Advances grew +12.7% year on year (as reported). Bullish above 14% · Bearish below 8% · Neutral 8–14%.
31	Deposit growth	+9.2%	Neutral	Deposits grew +9.2% year on year (as reported). Bullish above 12% · Bearish below 7% · Neutral 7–12%.
32	Deposit base (consolidated)	₹17.25 lakh cr	Neutral	Consolidated deposits were ₹17,24,795 crore at Mar 2026, +9.4% on a year earlier. How to read: Information only.
33	Book value growth	+12.6%	Bullish	Equity grew +12.6% to ₹1,49,973 crore — banks need book growth to support loan growth. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹25,635 cr	Neutral	Operating cash flow was ₹25,635 crore. For banks this swings with deposit and loan flows, so it says little about profitability. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Investing cash flow FY26	₹-609 cr	Neutral	Investing flows for banks mostly reflect securities and fixed-asset purchases. How to read: Information only — for banks these swing with deposit and loan flows.
36	Financing cash flow FY26	₹-11,664 cr	Neutral	Financing flows reflect borrowings raised/repaid and dividends paid. How to read: Information only — for banks these swing with deposit and loan flows.
37	Net cash flow FY26	₹13,362 cr	Neutral	Overall cash and balances changed by ₹13,362 crore in FY26. How to read: Information only — for banks these swing with deposit and loan flows.
38	Investment book growth	-0.3%	Neutral	The investment portfolio (mostly government securities) moved -0.3% to ₹5,23,515 crore. How to read: Information only.
39	Loan growth minus deposit growth	+3.5 pts	Neutral	Loans grew 12.7% and deposits 9.2%. When loans outpace deposits for long, banks must pay up for funding — a margin risk. How to read: Caution when loans grew more than 4 points faster than deposits (funding pressure). Neutral otherwise.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	19%	Neutral	The company paid out about 19% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	18% / 18% / 19%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹2,299 cr → ₹2,299 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	70.08% (+0.00 pts YoY)	Neutral	Promoters owned 70.08% at Mar 2026 versus 70.08% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	6.39% (+0.68 pts YoY)	Neutral	FIIs held 6.39% at Mar 2026, up from 5.71% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	16.05% (+1.38 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 16.05%, up from 14.67%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	22.2 lakh (-16.2% YoY)	Neutral	The shareholder count moved from 26.5 lakh to 22.2 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, gross NPA < 3%, net NPA < 1%, CRAR ≥ 14%, ROE ≥ 12%, no meaningful dilution (<3%). Failed: profit grew, ROA ≥ 1%. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	3 strength(s) · 6 weakness(es)	Neutral	Strengths: Stock is trading at 0.86 times its book value; Company has delivered good profit growth of 48.2% CAGR over last 5 years; Company has been maintaining a healthy dividend payout of 18.3%. Weaknesses: Company has low interest coverage ratio; The company has delivered a poor sales growth of 9.80% over past five years; Company has a low return on equity of 12.4% over last 3 years; Contingent liabilities of Rs.5,24,629 Cr; Company might be capitalizing the interest cost; Promoter holding has decreased over last 3 years: -3.07%. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	11 bullish · 5 bearish · 33 neutral · 0 caution	Bullish	On the numbers published by 08 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 6.3×, P/B 0.77×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 08 Apr 2026 – 08 Jul 2026 that an investor could have known on the snapshot date.

05 May 2026 PNB ends FY26 with a record net profit of Rs 16,904 crore as asset quality and capital strengthen — PNB reported Q4 FY26 net profit of Rs 5,225 crore, up 14.4% YoY; gross NPA 2.95% and net NPA 0.29% as of 31 Mar 2026; CRAR 17.74%; global advances up 12.7% and deposits up 9.2%. source
05 May 2026 PNB posts over 14% YoY rise in Q4 PAT; clocks net interest income of Rs 10,380 crore — Q4 FY26 NII was Rs 10,380 crore, down 3.5% YoY from Rs 10,757 crore; profit before tax rose 10.3% to Rs 7,077 crore. source
06 May 2026 Up to 25% upside: PNB share price targets post Q4 results — Brokerage notes after Q4 FY26 cite NIM of 2.47% (down 5 bps QoQ) and management FY27 guidance of 12-13% loan growth, RoA above 1% and credit cost below 0.4%. source
01 Jun 2026 President Of India-Backed PSU Bank Keeps Lending Rates Unchanged For June 2026 — PNB kept MCLR unchanged across tenors from 1 June 2026 (one-year MCLR 8.75%); RLLR unchanged at 8.10%. source
12 Jun 2026 PNB shares trade ex-dividend for FY26 dividend of Rs 3 per share — Yahoo Finance history shows a Rs 3 per share dividend with ex-date 12 June 2026. source
02 Jul 2026 PNB Q1 Business Figures: Global Business Inches Closer to Rs 30 Lakh Crore Mark — Provisional Q1 FY27 update: global business Rs 29,99,876 crore (+10.32% YoY), global advances +12.85% and global deposits +8.52% YoY as of 30 June 2026. source

What happened next (08 Jul 2026 → 09 Oct 2026)

Price went from ₹100.95 to ₹116.98 by 09 Oct 2026 (+15.9%) while the Nifty 50 moved -5.7% — outperforming by 21.6 points.
Highest ₹119.50 on 12 Aug 2026; lowest ₹100.80 on 09 Jul 2026.
S1 99.63: held on a closing basis.
S2 98.50: held on a closing basis.
R1 105.19: cleared on a closing basis on 10 Jul 2026.
R2 108.28: cleared on a closing basis on 20 Jul 2026.
200-day SMA: price was below it at the snapshot and crossed above on 12 Aug 2026.
Apr–Jun 2026 results (reported 18 Jul 2026): standalone profit ₹5,253 crore (+213.6% YoY), NIM 2.50%, gross NPA 2.78%, net NPA 0.28%.

Later news

18 Jul 2026 PNB Q1 FY27 results: net profit rises to Rs 5,253 crore — Standalone Q1 FY27 net profit Rs 5,253.29 crore vs Rs 1,675.00 crore a year earlier; gross NPA 2.78%, net NPA 0.28%, CRAR 18.13%. source
18 Jul 2026 Punjab National Bank Share Price in Focus After Q1 FY27 Earnings Results: Net Profit Up 191.4% YoY — Consolidated Q1 FY27 net profit Rs 5,339.15 crore (+191.4% YoY); global advances up 12.7% and deposits up 8.5%. source
28 Sep 2026 Bank Strike Deferred; PNB Branches to Function Normally — A proposed bank strike for 28-30 September 2026 was postponed; PNB said branches and services would operate as usual. source
03 Oct 2026 PNB Global Business Hits Rs 31.20 Lakh Crore in Q2; Advances Up 14.8% YoY — Provisional Q2 FY27 update: global business Rs 31,19,790 crore (+11.95% YoY), global deposits +9.90% and global advances +14.80% YoY as of 30 Sep 2026. source

Educational summary. On 08 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved +15.9% against -5.7% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Punjab National Bank today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 11 Oct 2026); index — Nifty 50, Nifty Bank via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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