ICICI Securities reiterates buy on India's PNB Housing Finance, target Rs 1,350

ICICI Securities reiterated a “buy” rating on PNB Housing Finance with a target price of Rs 1,350, citing strong asset growth and an optimistic outlook. The brokerage noted 15% year-on-year loan growth in Q1FY27 despite a shift to cheque-based disbursement recognition. Management expects disbursements to jump 60–70% quarter-on-quarter in Q2, with affordable housing expanding sharply. Full-year asset growth is forecast at 18–20%, with affordable housing potentially growing 50–60%. Emerging, affordable, and corporate loans are expected to drive growth, offering better yields than prime housing.