Guidance ledger · Q4 FY26

Punjab National Bank PNB

3 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

gives specific guidance · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Global NIM FY26 / FY27 Q1 FY26 → Q4 FY26

~~2.8% to 2.9% (Q1FY26 commitment)~~ → 2.6% to 2.7% (FY27 reset at Q4FY26)

“instead of giving 2.8%, 2.9% and showing a very rosy picture and coming down, we thought let us keep that 2.6% to 2.7%”

↑ raised ROA quarterly trajectory Q1 FY26 → Q4 FY26

~~0.37% Q1 (post-DTA shock)~~ → 1.06% Q4 (1.10% FY27 target intact)

“Return on Assets at the level of 0.89% for FY '26”

↑ raised ECL floating provision cumulative build Q1 FY26 → Q4 FY26

~~0 (Q1FY26, not yet initiated)~~ → INR2,045cr cumulative by Q4FY26

“INR2,045 crores in precise”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.