Punjab & Sind Bank Guidance Report - SOIC x StockScans Report

as of Sep 2026

  1. Total business - ₹4,00,000 crore by FY29 On track - At the Q4 FY26 call, management said it has board approval to achieve total business of Rs.4,00,000 crores by FY29, adding around Rs.50,000 crores per year over the next three years; at the Q1 FY27 call the plan included 2,000 branches, around 1,600 ATMs and 6,000 to 6,500 BCs. Q1 FY27 total business was Rs.2,66,420 crore.
  2. Total business - ₹3,00,000 crore by FY27 On track - At the Q4 FY26 call, management aspired to reach total business of Rs.3,00,000 crores by FY27. Q1 FY27 total business was Rs.2,66,420 crore, requiring roughly 12.6% growth over the remaining three quarters.
  3. FY27 advances growth - 16-18% On track - At the Q4 FY26 call, management guided FY27 advances growth of 16% to 18%. At the Q1 FY27 call the guidance was reiterated with 19-20% growth called "very much possible", and Q1 FY27 advances grew 19.35%.
  4. FY27 deposit growth - 13-14% On track - At the Q4 FY26 call, management guided FY27 deposit growth of 13% to 14%. At the Q1 FY27 call the guidance was reiterated with Q1 noted as slightly below range, and Q1 FY27 deposits grew 12.16%.
  5. Gift City branch - opening in FY26 Partial - At the Q4 FY25 call, management said Gift City branch opening is "in the agenda for the financial year"; through FY26 the application moved to RBI, and by Q4 FY26 the launch was expected by October 2026, later guided at Q1 FY27 to open in and around November. The RBI No Objection Certificate for the IFSC Banking Unit was received, but the branch was not yet opened as of Q1 FY27.
  6. FY26 slippage ratio - below 1% Delivered - At the Q4 FY25 call, management guided FY26 slippage ratio below 1%. FY26 slippage ratio was 0.70%.
  7. FY26 credit cost - below 1% Delivered - At the Q4 FY25 call, management guided FY26 credit cost below 1%. FY26 credit cost was 0.06%.
  8. FY26 recovery and upgradation - above ₹1,000 crore Delivered - At the Q4 FY25 call, management guided FY26 recovery and upgradation above Rs.1000 crore. FY26 total recovery and upgradation was Rs.1496 crore, with management stating it was nearly Rs.1500 crore.
  9. FY26 RAM share - above 57% Delivered - At the Q4 FY25 call, management guided FY26 RAM share above 57%; at Q1 FY26 this was reiterated as 56%-57% by end of FY26, and at Q2 FY26 as 57%-58% by year-end. FY26 RAM share was 58.80%.
  10. FY26 cost-to-income ratio - 58-60% Missed - At the Q4 FY25 call, management guided FY26 cost-to-income ratio at 58% to 60%. FY26 cost-to-income was 60.97%.
  11. FY26 ROA - 0.75-0.80% Delivered - At the Q4 FY25 call, management guided FY26 ROA to raise from 0.67% to 0.75% to 0.80%. FY26 ROA was 0.79%.
  12. FY26 PCR - 92-93% Missed - At the Q4 FY25 call, management guided FY26 PCR at 92% to 93%. FY26 PCR was 90.91%, with management noting "we just fell short in our Net NPA and PCR".
  13. FY26 Net NPA - below 0.75% Missed - At the Q4 FY25 call, management guided FY26 net NPA below 0.75%. FY26 net NPA was 0.79%, with management noting "we just fell short in our Net NPA and PCR".
  14. FY26 Gross NPA - below 2.5% Delivered - At the Q4 FY25 call, management guided FY26 gross NPA below 2.5%; at the Q3 FY26 call this was improved to 2.25% by end of March. FY26 gross NPA was 2.40%.
  15. FY26 advances growth - 15-16% Delivered - At the Q4 FY25 call, management guided FY26 advances growth of 15% to 16%, reiterated at Q1, Q2 and Q3 FY26 as intact, "realistically achievable" and with confidence to maintain. FY26 advances grew 18.29%.
  16. FY26 deposit growth - 8-10% Delivered - At the Q4 FY25 call, management guided FY26 deposit growth of 8% to 10%. FY26 deposits grew 12.37%.
  17. Co-lending book - ₹4,000 crore by end of FY25 Partial - At the Q4 FY24 call, management intended to build the co-lending book from Rs.2300 crore to Rs.4000 crore by end of FY25; at the Q3 FY25 call the target was around Rs.3,500 crore by March. The co-lending book reached Rs.3300 crore by Q4 FY25.
  18. Technology investment - ₹500 crore over three years Delivered - At the Q4 FY24 call, management intended to invest another Rs.500 crore in technology over the next three years, including a data warehouse project; this was revised to around Rs.800 crores over three years at Q1 FY25, then Rs.400 crore to Rs.450 crore over five years at Q3 FY25. IT approved outlay stood at Rs.900 crores over the last three years, with a 2X spend on the IT budget in FY26.
  19. BC network expansion - 4,000 by March '25, 6,000 by March '26 Missed - At the Q4 FY24 call, management intended to have 4,000 BCs by end of March '25 and 6,000 BCs by '26, up from 1,709; at Q1 FY25 the year-end target was raised to 4,500. The BC network reached 2,000 by Q1 FY25, 2,282 by Q1 FY26 and 3,027 by Q4 FY26.
  20. Branch expansion - 100 branches in FY25 Missed - At the Q4 FY24 call, management intended to add another 100 branches in FY25, reiterated at Q1 and Q2 FY25. 52 new branches were opened in FY25, taking the network to 1,610 branches.
  21. FY25 ROE - 9-10% Delivered - At the Q1 FY25 call, management guided ROE between 9% and 10%. FY25 ROE was 10.82%, with Q4 FY25 ROE at 12.4%.
  22. FY25 cost-to-income ratio - below 69% Delivered - At the Q1 FY25 call, management guided cost-to-income to be brought down to below 69% by end of March, "maybe, if possible, below 68% also, but it will be between 68% to 69%"; at the Q3 FY25 call this was revised to around 63% to 64% by year-end. FY25 cost-to-income was 61.23%.
  23. FY25 ROA - 0.65-0.75% Delivered - At the Q1 FY25 call, management guided ROA between 0.65% and 0.75%; at the Q3 FY25 call this was narrowed to 0.65% to 0.70%. FY25 ROA was 0.67%.
  24. FY25 NIM - 2.75-2.8% Delivered - At the Q1 FY25 call, management guided NIM of 2.75%-2.8% for the March '25 year-end; at Q2 FY25 this became 2.75% plus for the March quarter, and at Q3 FY25 it was 2.75% to 2.80%. FY25 NIM was 2.85%.
  25. FY25 RAM share - above 56% Missed - At the Q4 FY24 call, management guided FY25 RAM share above 56%, reiterated at the Q2 FY25 call as beyond 56% by March FY25. FY25 RAM share was 55.15%.
  26. FY25 slippage ratio - below 1.25% Delivered - At the Q4 FY24 call, management guided FY25 slippage ratio below 1.25%. FY25 slippage ratio was 0.99%.
  27. FY25 credit cost - below 1% Delivered - At the Q4 FY24 call, management guided FY25 credit cost below 1%. FY25 credit cost was 0.20%.
  28. FY25 recovery and upgradation - above ₹1,000 crore Delivered - At the Q4 FY24 call, management guided FY25 recovery and upgradation above Rs.1000 crore. FY25 recovery and upgradation was Rs.1738 crore.
  29. FY25 PCR - 89-90% Delivered - At the Q4 FY24 call, management guided FY25 PCR at 89-90%; at the Q3 FY25 call this was revised to above 90%, ranging between 90 to 91%. FY25 PCR was 91.38%.
  30. FY25 Net NPA - below 1.5% Delivered - At the Q4 FY24 call, management guided FY25 Net NPA below 1.5%; at the Q3 FY25 call this was improved to below 1% by end of March 25. FY25 net NPA was 0.96%.
  31. FY25 Gross NPA - below 4.5% Delivered - At the Q4 FY24 call, management guided FY25 Gross NPA below 4.5%, with gross NPA expected below 5% "this year itself. Very soon."; at the Q3 FY25 call this was improved to below 3.5% by end of March 25. FY25 gross NPA was 3.38%.
  32. FY25 advances growth - 10-12% Delivered - At the Q4 FY24 call, management guided FY25 advances growth of 10% to 12%; at Q1 FY25 this was raised to 12%-14% with 10-12% called "conservative guidance", then kept at 10-12% at Q2 FY25. FY25 advances grew 15.87%.
  33. FY25 deposit growth - 8-10% Delivered - At the Q4 FY24 call, management guided FY25 deposit growth of 8% to 10%. FY25 deposits grew 8.68%.
  34. Equity dilution - around ₹250 crore in FY24 Missed - At the Q4 FY23 call, management planned a small equity dilution of around Rs.250 crore in FY24, awaiting Government of India nod. The bank had planned to raise Rs.250 crores last year but felt the time was not correct, so it was not done; a QIP of Rs.1219 crore was raised in Q4 FY25.
  35. Finacle 10x technology upgradation - complete by September Delivered - At the Q4 FY23 call, management planned to complete the Rs.250 crore technology (Finacle 10x) upgradation entirely by September. Finacle 10 migration was completed in October 2023, described as "very smooth" with certain back-end issues to be resolved, at a total cost around Rs.190 crores.
  36. Co-lending book - scale to ₹2,500-3,000 crore in FY24 Partial - At the Q4 FY23 call, management intended to scale the co-lending book from around Rs.1945 crore to Rs.2500 crore to Rs.3000 crore in FY24; at Q2 FY24 the target was around Rs.3000 crore by end of March '24, and at Q4 FY24 it became Rs.4000 crore by end of the current year. The co-lending book reached Rs.2300 crore by Q4 FY24, then Rs.2900 crore by Q2 FY25 and Rs.3100 crore by Q3 FY25.
  37. FY24 NIM - over 2.95% Missed - At the Q4 FY23 call, management guided NIM to be over 2.95% for FY24; at Q2 FY24 this was revised to "anything between 2.30% to 2.35%" by end of year, and at Q3 FY24 to around 2.50% to 2.55%. FY24 NIM was 2.32% in Q4.
  38. FY24 recovery and upgradation - around ₹1,500 crore Delivered - At the Q4 FY23 call, management guided recovery and upgradation of around Rs.1500 crore for FY24, including whatever is recovered from the SREI account; this was reiterated at more than Rs.1500 crore at Q1 FY24 and maintained with confidence at Q2 FY24. FY24 recovery and upgradation was Rs.2085 crore.
  39. FY24 PCR - above 89% Missed - At the Q4 FY23 call, management guided PCR to be scaled up above 89% for FY24. FY24 PCR was 88.69%.
  40. FY24 Net NPA - below 1.5% Missed - At the Q4 FY23 call, management guided Net NPA to reach below 1.5% for FY24. FY24 net NPA was 1.63%.
  41. FY24 Gross NPA - below 6% Delivered - At the Q4 FY23 call, management guided Gross NPA to reach below 6% for FY24. FY24 gross NPA was 5.43%.
  42. FY24 advances growth - 13-14% Missed - At the Q4 FY23 call, management guided FY24 advances growth of 13% to 14%. FY24 advances grew 6.15%.
  43. FY24 deposit growth - 8-10% Delivered - At the Q4 FY23 call, management guided FY24 deposit growth of 8% to 10%. FY24 deposits grew 8.89%.
  44. FY23 NIM - 2.9% Delivered - In the Q2 FY23 announcement, management set NIM guidance conservatively at 2.9%. FY23 NIM was approximately 2.97%, discounting the Q4 agriculture interest reversal.
  45. FY23 Net NPA - below 2% Delivered - In the Q2 FY23 announcement, management reiterated Net NPA guidance at less than 2%. FY23 net NPA was 1.84%.
  46. FY23 Gross NPA - below 9% Delivered - In the Q2 FY23 announcement, management revised GNPA guidance to below 9%, versus earlier guidance of below 10%. FY23 gross NPA was 6.97%.
  47. FY23 advances growth - 10-15% Delivered - In the Q2 FY23 announcement, management maintained FY23 guidance of advances growth between 10% and 15%. FY23 advances grew 15.05%.
  48. FY23 deposit growth - 12% Missed - In the Q2 FY23 announcement, management maintained FY23 guidance of deposit growth of 12%. FY23 deposits grew 7.37%.