PNB Housing Finance Limited has announced a significant leadership change, with Executive Director Jatul Anand stepping in to lead the company on an interim basis. This move comes as the company navigates through a transitional phase in its top management.

Leadership Transition

The company disclosed that Mr. Girish Kousgi, who served as the Managing Director and CEO, has vacated his position effective October 28, 2025. Kousgi had submitted his resignation on July 30, which was accepted by the board. In light of this development, PNB Housing Finance has appointed Jatul Anand, currently serving as Executive Director, to steer the company temporarily.

Regulatory Approvals in Process

PNB Housing Finance emphasized that it is actively working on obtaining the necessary regulatory approvals for a new Managing Director and CEO. The company stated that it would make appropriate disclosures regarding the appointment of a new leader once the regulatory process is completed.

Interim Leadership Structure

During this transitional period, Jatul Anand will lead the management team under the guidance of the Board Chairman, Mr. D Surendran, who serves as the Nominee Director from Punjab National Bank, the parent company of PNB Housing Finance.

Additional Changes

Kousgi will also step down from the boards of subsidiaries PHFL Home Loans and PEHEL Foundation.

Company Performance

Despite the leadership change, PNB Housing Finance reported strong quarterly results. The company's profit rose 24% year-on-year to ₹582.00 crore, and gross non-performing assets improved to 1.04% from 1.24%.

Market Response

Following the announcement, shares of PNB Housing Finance closed 1.01% higher at ₹937.00 on the NSE.

This leadership change comes at a crucial time for PNB Housing Finance as it continues to navigate the dynamic housing finance sector. Stakeholders will be keenly watching how this transition unfolds and its impact on the company's strategic direction in the coming months.

PNB Housing Finance Limited has reported a strong financial performance for the second quarter of fiscal year 2025-26 (Q2 FY26), with a 23.8% year-on-year increase in net profit to ₹582.00 crore. The company's focus on retail growth and expansion in the affordable housing segment has contributed to its robust results.

Key Financial Highlights

• Net profit increased by 23.8% YoY and 9.0% QoQ to ₹582.00 crore
• Net Interest Income grew by 14.4% YoY to ₹765.00 crore
• Pre-provision Operating profit grew by 15.6% YoY to ₹646.00 crore
• Gross Non-Performing Assets (GNPA) improved to 1.04% from 1.24% a year ago

Loan Growth and Asset Quality

PNB Housing Finance's retail loan asset grew by 17% YoY to ₹79,439.00 crore as of September 30, 2025, representing 99.6% of the total loan asset. The company's focus on the affordable and emerging market segments has paid off, with this portfolio growing by 34% YoY and now contributing 38% to the retail loan asset.

Jatul Anand, Executive Director of PNB Housing Finance, stated, "Our strategic focus continues to drive profitable growth. The Retail Asset grew by 17% YoY for FY25 reaching to ₹79,439.00 crore as on 30th Sept 2025. We disbursed almost ₹6,000.00 crore delivering a sequential growth of 20% vs Q1 FY26."

The company's asset quality has shown improvement, with Gross NPA decreasing to 1.04% as of September 30, 2025, compared to 1.24% a year ago. Net NPA stood at 0.69%.

Segment Performance

The affordable and emerging market segments continue to contribute 50% of the total retail disbursements, aligning with the company's strategic focus.

Financial Metrics

• Return on Assets (ROA) improved to 2.73% in Q2 FY26 (annualized)
• Net Interest Margin (NIM) stood at 3.67% in Q2 FY26
• Capital Adequacy Ratio remained strong at 29.80% as of September 30, 2025

Future Outlook and Management Updates

PNB Housing Finance aims to accelerate retail growth and expand its footprint in the affordable and emerging markets segments. The company expects loan growth of 17-18% for the current fiscal year, with net interest margin forecasted to remain between 3.6-3.7% in the second half.

Anand added, "Our goal is to enhance customer experience, strengthen risk frameworks, and maintain industry-leading asset quality while delivering sustainable returns. With a strong leadership team and a culture that never loses momentum, we are confident of creating long-term value for all stakeholders."

The company plans to expand to 250 branches in affordable housing by year-end and targets a portfolio composition by FY27 of 15% affordable housing, 65% prime, and the remaining in the emerging sector.

In a recent development, PNB Housing Finance announced that its Board-led CEO selection process is currently in progress, with a formal disclosure expected soon. The senior leadership team is maintaining business continuity and steady performance during this interim period. Management has confirmed that the company's core mortgage strategy will remain unchanged under the new CEO, with no significant strategic modifications anticipated.

Following the quarterly review, Motilal Oswal has increased the target price for PNB Housing Finance stock, reflecting confidence in the company's performance and future prospects.

The company's focus on maintaining a balanced growth strategy, improving asset quality, and expanding in high-yield segments positions it well for continued success in the competitive housing finance market.