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Investing.com - ICICI Securities downgraded PNB Housing Finance Ltd (NSE:PNBH). (NSE:PNBHOUSI) from Buy to Add while maintaining a price target of INR1,200.00.
The downgrade comes as PNB Housing Finance shifts its focus toward enhancing profitability in fiscal year 2026, following successful strengthening of its retail asset franchise during FY24-25.
ICICI Securities noted that after more than two years of introducing new products in the emerging and affordable housing segment, the company is now concentrating on spread expansion and operational efficiency to drive profit maximization.
Early indicators of this strategic shift include a 40 basis points quarter-over-quarter increase in affordable home loan yields to 12.1%, while limiting yield moderation in prime and emerging markets to less than 10 basis points by focusing on the LAP (Loan Against Property) segment during Q1FY26.
Affordable home loans and emerging loans now represent approximately 50% of PNB Housing Finance’s total retail disbursements, though ICICI Securities believes these positive developments are already reflected in the current stock price, leading to the downgrade while maintaining the INR1,200 target price based on 1.6x price-to-book value for September 2026 estimates.
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