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PNB Housing Finance Can Rally 33% Driven By Affordable, EM Vertical, Says Nirmal Bang — Maintains 'Buy'
Nirmal Bang retains Buy with an unchanged target price of Rs 1,100 (1.4 times Dec’26E adjusted book value per share).
21 Feb 2025, 10:45 AM IST 
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PNB Housing Finance Ltd. is confident of achieving a retail loan growth of ~17% in FY25, driven by affordable/ emerging market segments.
(Photo source pexels)
The affordable housing segment currently accounts for ~3% of the loan book; the company is planning to increase it to ~15% by FY27. To support this growth, the company is expanding its branch network to 200 branches by Mar-25 (versus 160 currently) and 300 branches by FY27.
