Archive · 17 Dec 2025
ICICI Securities Upgrades PNB Housing to 'Add'
ICICI Securities, a big finance company, has changed its opinion about PNB Housing Finance.
They now think it's a good idea to buy its shares, or 'Add' it to your investments.
They set a target price of Rs 970 for the stock.
This change comes after PNB Housing Finance got a new boss, Mr. Ajai Kumar Shukla, who has a lot of experience in the housing finance industry.
ICICI Securities thinks this new leader will help the company grow and make more money.
They also believe the company is doing well in terms of the quality of its loans and is on track to meet its growth goals.
The company plans to have Rs 1 lakh crore in assets by 2027, with most of it coming from regular housing loans, and some from affordable and new types of housing loans.
ICICI Securities upgraded PNB Housing Finance to 'Add' from 'Hold' with a target price of Rs 970.
The upgrade is based on the appointment of a new MD & CEO, Ajai Kumar Shukla, who has over 30 years of experience in the mortgage industry.
PNB Housing Finance is expected to deliver asset under management (AUM) growth of 18% in FY26 and FY27.
The company aims to achieve a targeted AUM of Rs 1 lakh crore by FY27, with a portfolio mix of 65% prime, 15% affordable, and 20% emerging businesses.
ICICI Securities noted improving asset quality, with early-bucket delinquencies remaining benign.
- Who
- ICICI Securities
- What
- Upgraded PNB Housing Finance to 'Add' and set a target price of Rs 970
- When
- After the appointment of a new MD & CEO, Ajai Kumar Shukla
- Where
- India
- Why
- Due to valuation comfort and the new leadership's potential positive impact
- Brokerage
- ICICI Securities
- Stock Rating
- Add
- Target Price
- Rs 970
- New MD & CEO
- Ajai Kumar Shukla
- Expected AUM Growth
- 18% in FY26 and FY27
- Projected ROA
- 2.5% in FY26, 2.2% in FY27
- Projected ROE
- 12% in FY26, 11% in FY27
- Targeted AUM by FY27
- Rs 1 lakh crore
- Portfolio Mix by FY27
- 65% prime, 15% affordable, 20% emerging
