Credit Rating

Ref: PNBHFL/SE/EQ/FY2026-27/80 September 25, 2026 The BSE Limited The National Stock Exchange of India Limited Listing Listing Department, Department Phiroze Jeejeebhoy Towers, “Exchange Plaza” Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400051 Mumbai – 400001 Symbol: PNBHOUSING Scrip Code: 540173 Dear Sir/Madam, Sub: Intimation of Credit Rating- Rating reaffirmed; rating assigned for Rs. 2,000.00 crore NCD Programme by ICRA This is to inform you that ICRA Limited vide its rating rationale dated September 25, 2026 has reaffirmed and assigned a rating of ‘ICRA AAA’/Stable’ to the additional Non-Convertible Debentures (NCDs) and has also reaffirmed the existing ratings with respect to Long- term bank facilities and NCDs. The summary details of the ratings are as under: Instrument Type Size of Issue Rating Assigned with Rating Action (INR Crore) Outlook/Watch Long-term bank facilities 10,000.00 [ICRA]AAA (Stable) Reaffirmed programme Non-convertible 500.00 [ICRA]AAA (Stable) Reaffirmed debentures (NCDs) Non-convertible 2,000.00 [ICRA]AAA (Stable) Assigned debentures (NCDs) *Instrument details are provided in Annexure I. Rationale for the Rating Action: The rating factors in PNB Housing Finance Limited’s (PNBHFL) established track record in the mortgage finance industry and its established presence as one of the largest housing finance companies in India with assets under management (AUM) of Rs.93,021 crore as on June 30, 2026. The company has demonstrated sustained growth in its core housing portfolio while maintaining adequate profitability. Further, its reported asset quality has improved over the years with the gross stage 3 assets (GS3) declining to 0.9% as of June 2026 from 1.1% as of March 2025 (1.5% as of March 2024, 3.8% as of March 2023). The rating also considers PNBHFL's comfortable capitalisation levels, diversified funding profile, and adequate liquidity position. It had a net worth of Rs. 19,794 crore, a capital adequacy ratio (CAR) of 28.3% and a managed gearing1 of 3.9 times as on June 30, 2026. For detailed rating rationale the letter of ICRA Limited is attached herewith as an Annexure II. The above intimation and document shall also be made available on the website of the Company at https://www.pnbhousing.com/ This intimation is pursuant to Regulation 30, 51(2) and 55 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly take the above intimation and documents on record. Thanking You, Yours faithfully, For PNB Housing Finance Limited Veena G Kamath Company Secretary Encl: As above. Regd. Office: 9th Floor, Antriksh Bhawan, 22 K G Marg, New Delhi – 110 001 Phone: 011-66030500, E-mail: investor.services@pnbhousing.com, Website: www.pnbhousing.com CIN: L65922DL1988PLC033856 Annexure 1 Instrument details: Sl. ISIN Name Credit Outlook Rating Specify Date of Credit Verification Date of No. of the rating (Stable/ Action other rating status verification Credit assigne Positive/ (New/Upgra rating of Rating d Negative/ de/ action Credit Agenc No Downgrade Rating y Outlook) / Re- Agencies Affirm/Othe 1 ICRA [ICRA]AAA Stable Affirmed NA September 25, Verified September 25, INE572E07126 Limited 2026 2026 2 ICRA [ICRA]AAA Stable Affirmed NA September 25, Verified September 25, Yet to be placed Limited 2026 2026 Regd. Office: 9th Floor, Antriksh Bhawan, 22 K G Marg, New Delhi – 110 001 Phone: 011-66030500, E-mail: investor.services@pnbhousing.com, Website: www.pnbhousing.com CIN: L65922DL1988PLC033856 September 25, 2026 PNB Housing Finance Limited: Rating reaffirmed; rating assigned for Rs. 2,000.00 crore NCD Programme Summary of rating action Previous rated Current rated Financial sector Instrument* amount amount Rating action regulator# (Rs. crore) (Rs. crore) Long-term bank 10,000.00 10,000.00 [ICRA]AAA (Stable); reaffirmed RBI facilities programme Non-convertible 500.00 500.00 [ICRA]AAA (Stable); reaffirmed SEBI debentures (NCDs) Non-convertible - 2,000.00 [ICRA]AAA (Stable); assigned SEBI debentures (NCDs) Total 10,500.00 12,500.00 *Instrument details are provided in Annexure I # SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI Rationale The rating factors in PNB Housing Finance Limited’s (PNBHFL) established track record in the mortgage finance industry and its established presence as one of the largest housing finance companies in India with assets under management (AUM) of Rs. 93,021 crore as on June 30, 2026. The company has demonstrated sustained growth in its core housing portfolio while maintaining adequate profitability. Further, its reported asset quality has improved over the years with the gross stage 3 assets (GS3) declining to 0.9% as of June 2026 from 1.1% as of March 2025 (1.5% as of March 2024, 3.8% as of March 2023). The rating also considers PNBHFL's comfortable capitalisation levels, diversified funding profile, and adequate liquidity position. It had a net worth of Rs. 19,794 crore, a capital adequacy ratio (CAR) of 28.3% and a managed gearing1 of 3.9 times as on June 30, 2026. The rating continues to factor in the continued support from Punjab National Bank (PNB; rated [ICRA]AAA (Stable)/[ICRA]A1+/[ICRA]AA+ (Stable) for Basel III Tier I bonds), given its stated intent to remain the company’s sole promoter and provide financial and other forms of support, when required, to the extent allowed within the regulatory guidance/framework. PNB is expected to maintain its current stake of ~28% in PNBHFL’s equity. The company also benefits from the shared brand name, which helps it leverage its franchise and raise funds, supporting its financial flexibility. However, the performance of the affordable housing finance (AHF) segment shall remain monitorable as this portfolio has grown at sharp rates in the recent past, leading to limited portfolio seasoning in relation to the contractual tenure of the loans. In addition, the company has recently recommenced the construction finance segment, with the portfolio currently remaining small; however, its scalability and asset quality performance will continue to be monitorable as the book seasons. The Stable outlook on the rating reflects ICRA’s expectation that PNBHFL would be able to maintain a steady credit profile as it continues to scale up its operations while maintaining prudent capitalisation. The company is expected to keep benefiting from its association and support from PNB as a promoter. 1 Managed gearing = (On-book debt + Off-book portfolio)/Net worth www.icra .in 1 Sensitivity Label : Public Page | Key rating drivers and their description Credit strengths Established player in mortgage lending market with healthy asset quality profile – PNBHFL is an established player with a long track record of operations in the housing finance industry and a presence in 21 states/Union Territories (UTs) in India. It is led by an experienced management team and board with an established track record and expertise in banking, insurance, retail lending, technology and economic policy. With a loan book of Rs. 89,670 crore (AUM of Rs. 93,021 crore) as on June 30, 2026, PNBHFL registered a year-on-year (YoY) growth of ~15% in Q1 FY2027. ICRA expects the company to continue scaling up its operations by 15-20% p.a. over the near-to-medium term with primary focus on the retail segment while increasing the share of the AHF and emerging market (EM) segments. ICRA also takes note of the improvement in PNBHFL’s reported asset quality over the last few years with the GS3 remaining healthy at 0.9% as on June 30, 2026 (1.1% as on March 31, 2025; 1.5% as on March 31, 2024; 3.8% as of March 2023). This was driven by recoveries, moderation in slippages and the growth in the loan portfolio. However, the long-t [Showing first 8,000 characters — download PDF for full document]