Credit Rating

Ref: PNBHFL/SE/EQ/FY2026-27/82 October 06, 2026 The BSE Limited The National Stock Exchange of India Limited Listing Department, Listing Department Phiroze Jeejeebhoy Towers, “Exchange Plaza” Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400001 Mumbai – 400051 Scrip Code: 540173 Symbol: PNBHOUSING Dear Sir/Madam, Sub: Intimation of Credit Rating upgradation to ‘Crisil AAA/Stable’ by Crisil Ratings. This is to inform that Crisil Ratings (“CRISIL”) has upgraded ratings on the long-term bank facilities and debt instruments from ‘Crisil AA+/Stable’ to ‘Crisil AAA/Stable’ and has reaffirmed its rating ‘Crisil A1+’ on the short-term bank facility and debt instruments. The details of the ratings are as under: Rs.9000 Crore Total Bank Loan Facilities Rated Crisil AAA/Stable Long Term Rating (Upgraded from 'Crisil AA+ / Stable') Short Term Rating Crisil A1+ (Reaffirmed) Rs. 3,410 Crore Crisil AAA/Stable Non- Convertible Debentures (Upgraded from 'Crisil AA+ / Stable') Crisil AAA/Stable Rs. 20,000 Crore Fixed Deposits (Upgraded from 'Crisil AA+ / Stable') Rs.500 Crore Short Term Crisil A1+ Non- Convertible Debenture (Reaffirmed) Rs. 26,000 Crore Crisil A1+ Commercial Paper (Reaffirmed) Lower Tier II Bonds Aggregating Rs. 500 Crisil AAA/Stable Crore (Upgraded from 'Crisil AA+ / Stable') Non-Convertible Debentures Aggregating Crisil AAA/Stable Rs.1,040 Crore (Reduced from Rs.1,540 (Upgraded from 'Crisil AA+ / Stable') crore) Note: Refer to Annexure-2 for Details of Instruments. Detailed Rationale for the Rating Action Crisil Ratings has upgraded its rating on the long-term bank facilities and debt instruments of PNB Housing Finance Limited (PNB Housing) to ‘Crisil AAA/Stable’ from ‘Crisil AA+/Stable’ and has reaffirmed its ‘Crisil A1+’ rating on the short-term bank facility and debt instruments. Crisil Ratings has also withdrawn its rating on non-convertible debentures of Rs 500 crore on receipt of independent confirmation that the instrument has been redeemed. The withdrawal is in line with the Crisil Ratings policy on withdrawal of ratings. The rating upgrade reflects change in analytical approach to factor in support from the largest shareholder, Punjab National Bank (PNB, rated ‘Crisil AAA/ Crisil AA+/Stable/Crisil A1+’). This is based on stated intent of PNB, sole promoter of PNB Housing, to provide unconditional need-based 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 timely funding support in case of exigency. It also reflects the strategic importance of the company within PNB’s retail lending ecosystem and shared branding with PNB. The latter aids the company in raising funds (including deposits) at competitive rates. Further, it also creates a strong moral obligation for PNB to support PNB Housing both on an ongoing basis and in case of exigency, if any. PNB is also expected to remain the single largest shareholder and not dilute its stake in PNB Housing over the medium term. The overall rating also factors in PNB Housing’s established market position in the housing finance space, its strong capitalisation profile and comfortable earnings profile. These strengths are partially offset by intense competition in the housing finance segment and sustenance of the comfortable asset quality. For detailed rating rationale the letter of Crisil Ratings is attached herewith as an Annexure - 2. 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 Details of Instrument(s): Sl. ISIN Name of Credit Outlook Rating Specify Date of Credit Verification Date of No. the Credit rating (Stable/ Action other rating status verification Rating assigned Positive/ (New/Upgrad rating of Agency Negative/ e/ action Credit No Downgrade/ Rating Outlo Re- Agencies ok) Affirm/Other) 1. INE572E07159 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 2026 2026 2. INE572E07175 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 2026 2026 3. INE572E07241 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 2026 2026 4. INE572E07142 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 2026 2026 5. INE572E09627 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 2026 2026 6. INE572E07274 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 2026 2026 7. INE572E07282 Crisil Crisil AAA Stable Upgraded NA October 6, Verified October 6, Ratings 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 10/6/26, 7:52 PM Rating Rationale Rating Rationale October 06, 2026 | Mumbai PNB Housing Finance Limited Long-term rating upgraded to 'Crisil AAA/Stable'; Short-term rating reaffirmed Rating Action Total Bank Loan Facilities Rated Rs.9000 Crore Regulator Of Instrument Crisil AAA/Stable (Upgraded from 'Crisil Long Term Rating RBI AA+/Stable') Short Term Rating Crisil A1+ (Reaffirmed) RBI Rs.3410 Crore Non Convertible Crisil AAA/Stable (Upgraded from 'Crisil SEBI Debentures AA+/Stable') Crisil AAA/Stable (Upgraded from 'Crisil Rs.20000 Crore Fixed Deposits RBI AA+/Stable') Rs.500 Crore Short Term Non Crisil A1+ (Reaffirmed) RBI Convertible Debenture Rs.26000 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Lower Tier II Bonds Aggregating Crisil AAA/Stable (Upgraded from 'Crisil SEBI Rs.500 Crore AA+/Stable') Non Convertible Debentures Crisil AAA/Stable (Upgraded from 'Crisil Aggregating Rs.1040 Crore (Reduced SEBI AA+/Stable') from Rs.1540 Crore) Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has upgraded its rating on the long-term bank facilities and debt instruments of PNB Housing Finance Limited (PNB Housing) to ‘Crisil AAA/Stable’ from ‘Crisil AA+/Stable’ and has reaffirmed its ‘Crisil A1+’ rating on the short-term bank facility and debt instruments. Crisil Ratings has also withdrawn its rating on non-convertible debentures of Rs 500 crore on receipt of independent confirmation that the instrument has been redeemed. The withdrawal is in line with the Crisil Ratings policy on withdrawal of ratings. The rating upgrade reflects change in analytical approach to factor in support from the largest shareholder, Punjab National Bank (PNB, rated ‘Crisil AAA/Crisil AA+/Stable/Crisil A1+’). This is based on stated intent of PNB, sole promoter of PNB Housing, to provide unconditional need-based timely funding support in case of exigency. It also reflects the strategic importance of the company within PNB’s retail lending ecosystem and shared branding with PNB. The latter aids the company in raising funds (including deposits) at competitive rates. Further, it also creates a strong moral obligation for PNB to support PNB Housing both on an ongoing basis and in case of exigency, if any. PNB is also expected to remain the single larges [Showing first 8,000 characters — download PDF for full document]