The PNB Gilts Q2 results show the government securities dealer back in profit: ₹44.84 crore for the September quarter of FY27, against a net loss of ₹45.35 crore a year earlier, according to the standalone results filed with NSE on October 13, 2026. The stock shot up as much as 11.7% intraday after the numbers came out and ended 6.4% higher on NSE. For how the broader market is doing this week, see our stock market today India hub.
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PNB Gilts Q2 results: key figures
The filing gives figures in lakh. Converted to crore, here are the main lines for the quarter ended September 30, 2026:
- Net profit: ₹44.84 crore, against a loss of ₹45.35 crore in Q2 FY26 and a profit of ₹80.70 crore in Q1 FY27. That is a 44.4% fall quarter-on-quarter.
- Revenue from operations: ₹436.32 crore, down 1.6% from ₹443.41 crore a year earlier. Total income, including other income, was ₹436.59 crore, down about 4% from ₹454.72 crore in the June quarter.
- Profit before tax: ₹60.24 crore, against a pre-tax loss of ₹53.24 crore a year ago and a profit of ₹108.26 crore in Q1.
- Earnings per share: ₹2.49 for the quarter (not annualised), against minus ₹2.52 a year earlier.
Net interest income, or interest earned minus finance costs, came in at ₹92.17 crore for the quarter. That compares with ₹102.69 crore in Q1 and ₹96.24 crore a year ago, per the investor note attached to the filing and CNBC-TV18.
Why the year-on-year swing was so large
Most of the turnaround comes from marked-to-market trading, not core income. In the September quarter the company booked a net loss of ₹17.71 crore on fair value changes in its securities. A year earlier that loss was ₹140.03 crore, and it was big enough to push the quarter into the red. In the June quarter the same line showed a gain of ₹18.23 crore, which accounts for much of the drop in profit from Q1.
Business Standard pointed out that the company calls itself India’s only listed standalone primary dealer. Primary dealers make markets in government securities, so what they earn rises and falls with bond yields. In its investor note, the company said global uncertainties, crude oil prices and inflationary pressures made yields more volatile during the quarter.
Half-year numbers and balance sheet
Over the first half of FY27, net profit rose 9.4% to ₹125.53 crore from ₹114.72 crore. Total income was ₹873.60 crore against ₹866.83 crore, and profit before tax came to ₹168.50 crore against ₹159.77 crore. Total equity was ₹1,799.16 crore on September 30, up from ₹1,709.57 crore on March 31, 2026. A subsidiary of Punjab National Bank, the company itself has no subsidiaries, associates or joint ventures, the filing notes say.
Share price reaction
On NSE data, the stock closed at ₹75.24 on October 13, up 6.4% from ₹70.71. It hit an intraday high of ₹79 after the board meeting wrapped up at 12:42 PM. Volume was heavy: about 1.70 crore shares changed hands on NSE that day, compared with roughly 2 lakh in the session before. By 12:07 PM IST on Wednesday, October 14, the stock was at ₹74, down 1.65%. Even after the jump, it sits about 25% below its 52-week high of ₹99.80, hit on June 5, 2026.
Reading a bond dealer’s quarter
PNB Gilts’ quarterly profit leans heavily on where bond prices go, so one quarter’s swing tells us more about the rate cycle than about the business. Net interest income actually fell, both from a year ago and from Q1. That suggests the recovery came from smaller valuation losses, not stronger core earnings. With results like these, it pays to pull recurring income apart from trading gains. Our guide on how to analyse quarterly results of a company and our explainer on YoY vs QoQ growth walk through how.
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