Goldman Sachs retains Sell rating for Punjab National Bank stock

Published on 10/14/2026 at 03:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Global advances rose 14.80 percent in fiscal 2027 to INR 13.43 trillion. Punjab National Bank stock was INR 116.55 on October 14, 2026.

Credit growth and valuation pressure

Goldman Sachs kept its Sell rating on Punjab National Bank on October 6, 2026.
Global advances rose 14.80 percent to INR 13.43 trillion in the first half of fiscal 2027.
Punjab National Bank stock had a 6.50 price-to-earnings ratio as of October 9, 2026.

PNB, INE160A01022, Illustration mit AI erstellt.

Punjab National Bank (INE160A01022) faced a fresh valuation test after Goldman Sachs retained its Sell rating and set a 12-month target of INR 103 on October 6, 2026, according to Financial Express. The call came as the lender reported faster credit growth but deposit expansion that lagged its loan book.

Three milestones shape the story

Sahi reported on September 30, 2026, that PNB kept its one-year marginal cost of funds-based lending rate at 8.80 percent. The same report cited standalone net profit of INR 5,253.29 crore in the first quarter of fiscal 2027, up from INR 1,675.00 crore in the first quarter of fiscal 2026.

On October 2, 2026, provisional first-half business figures showed global business up 11.95 percent year over year to INR 31.20 trillion, according to CNBC TV18. Global advances grew 14.80 percent to INR 13.43 trillion, while global deposits increased 9.90 percent to INR 17.77 trillion.

What does the funding gap mean?

The operating split is the key issue. Global advances expanded 4.06 percent from the end of June 2026, while global deposits rose 3.03 percent over the same period, leaving loan growth ahead of funding growth.

Financial Express said domestic credit growth reached 12.60 percent in the second quarter of fiscal 2027, compared with 12.00 percent in the previous quarter, while deposit growth was 9.40 percent. Goldman Sachs also cited normalization of credit costs and weaker non-core earnings as reasons for its cautious stance.

Valuation remains restrained

Equitymaster listed a price-to-earnings ratio of 6.50, a dividend yield of 2.60 percent and a return on equity of 12.30 percent as of October 9, 2026. Its fact sheet also showed a 52-week range of INR 98.50 to INR 135.20 and identified PNB as the NSE symbol for Punjab National Bank.

Punjab National Bank stock was INR 116.55 on the NSE at 12:29 a.m. CEST on October 14, 2026, according to StockYaari. The price stood between the reported 52-week low and high, while the analyst target remained below the quoted market level.