Credit Rating

Ref: PNBHFL/SE/EQ/FY2026-27/61 August 20, 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 – 400051 Mumbai – 400001 Symbol: PNBHOUSING Scrip Code: 540173 Dear Sir/Madam, Sub: Intimation of Credit Rating- India Ratings and Research Assigns Additional Non- Convertible Debentures ‘IND AAA’/Stable’; Affirms Existing Ratings This is to inform you that India Ratings and Research Private Limited (“India Ratings” or “Ind-Ra”) has assigned a rating of ‘IND AAA’/Stable’ to the additional Non-Convertible Debentures and has also reaffirmed the existing ratings. The details of the ratings are as under: Instrument Type Size of Issue (INR Rating Assigned Rating Action billion) with Outlook/Watch Non-convertible 15 IND AAA/Stable Assigned debentures* Non-convertible 44.55 IND AAA/Stable Affirmed debentures* (reduced from 49.55) Bank loan facilities 115 IND AAA/Stable Affirmed *Details of NCDs are provided in Annexure – 1. Detailed Rationale for the Rating Action The rating reflects Ind-Ra’s expectation of PNBHF receiving timely support in terms of liquidity and equity from PNB (as per the bank guidelines), with PNB maintaining its stake in PNBHF and sharing the brand name. The rating also reflects PNBHF’s position among India’s top housing financiers, having seen multiple business cycles. Moreover, PNBHF has demonstrated consistent improvement in profitability and asset quality and has achieved granularisation of the loan book. It has raised funding at competitive rates and maintained adequate liquidity buffers. Ind- Ra expects the entity’s credit cost to remain modest in the near to medium, given the tightened underwriting norms and retail & granular nature of its loan book. However, the performance of its affordable housing finance portfolio, is at a nascent stage with high growth, alongside the new sub-segment namely micro housing finance and emerging developer finance introduced in 1QFY27, remains a monitorable. For detailed rating rationale the letter of India 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/ 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 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 outstanding NCDs: 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 Outlook) Re- Agencies Affirm/Other) 1 INE572E07167 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 2 INE572E07183 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 3 INE572E07191 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 4 INE572E07209 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 5 INE572E07217 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 6 INE572E07225 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 7 INE572E07233 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 8 INE572E07258 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 9 INE572E07266 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 10 INE572E07274 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 11 INE572E07290 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 2026 12 INE572E07308 India Ratings IND AAA Stable Affirmed NA August 20, 2026 Verified August 20, 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 India Ratings Assigns PNB Housing Finance’s Additional NCDs ‘IND AAA’/Stable; Affirms Existing Ratings Aug 20, 2026 | PNB Housing Finance Limited | Housing Finance Company India Ratings and Research (Ind-Ra) has taken the following actions on PNB Housing Finance Limited’s (PNBHF) debt instruments: Details of Instruments Size of Rating Regulator of Date of Coupon Maturity Rating Instrument Type Issue (INR Assigned with Instrument Issuance Rate Date Action billion) Outlook/Watch Non-convertible Refer ISIN - - - 15 IND AAA/Stable Assigned debentures# annexure 44.55 Non-convertible Refer ISIN - - - (reduced IND AAA/Stable Affirmed debentures# annexure from 49.55) Bank loan RBI - - - 115 IND AAA/Stable Affirmed facilities #Details in Annexure Analytical Approach To arrive at the ratings, Ind-Ra continues to factor in the availability of financial support to PNBHF from Punjab National Bank (PNB, IND AAA/Stable; holds 28% stake in PNBHF), particularly in terms of timely liquidity and capital infusion, if required. PNB’s ratings are driven by its systemically important position and the likelihood of the bank continuously receiving financial support from the government of India (GoI). The rating also considers PNBHF’s standalone credit profile. Detailed Rationale of the Rating Action The rating reflects Ind-Ra’s expectation of PNBHF receiving timely support in terms of liquidity and equity from PNB (as per the bank guidelines), with PNB maintaining its stake in PNBHF and sharing the brand name. The rating also reflects PNBHF’s position among India’s top housing financiers, having seen multiple business cycles. Moreover, PNBHF has demonstrated consistent improvement in profitability and asset quality and has achieved granularisation of the loan book. It has raised funding at competitive rates and maintained adequate liquidity buffers. Ind- Ra expects the entity’s credit cost to remain modest in the near to medium, given the tightened underwriting norms and retail & granular nature of its loan book. However, the performance of its affordable housing finance portfolio, is at a nascent stage with high growth, alongside the new sub-segment namely micro housing finance and emerging developer finance introduced in 1QFY27, remains a monitorable. List of Key Rating Drivers Strengths Support from PNB Significant player in housing finance space Improvement in profitability Robust capital buffers Improvement in asset quality Diversified resource profile Weaknesses Performance of affordable and emerging housing portfolio to be monitored Detailed Description of Key Rating Drivers Support from PNB: The rating reflects Ind-Ra’s expectation of timely liquidity and capital support for PNBHF from its promoter. PNB considers PNBHF a strategically important associate in the mortgage space, serving as a key extension of its retail credit franchise. PNB has demonstrated its commitment by subscribing to PNBHF’s entitlement in the FY24 rights issue and having its representative as a non-executive nominee director, chairperson of PNBHF. Ind-Ra also expects PNB to maintain its shareholding in the company and continue sharing its brand name with PNBHF. Significant Player in Housing Finance Space: PNBHF is the one o [Showing first 8,000 characters — download PDF for full document]