PNB Q2 FY26: Profit Up 14%, Margins Down Hard 📉

CASA Ratio has fallen from 46.5 % (Mar ’22) → 37.3 % (Sep ’25) 🚨
Each 1 % drop cuts margin by ~0.15 %.
Net Interest Margin now 2.60 % (vs 2.92 % a year ago).

Loans +21.5 %, Deposits +18 %, but NII –0.45 % YoY = pure margin compression.

PSU peer NIMs → SBI 3.1 %, BoB 3.0 %, Canara 2.9 %.
PNB is sliding toward the weaker PSU pack.

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# Fundamental analysis , # Market insights

Tata Steel: The Cycle Bites Back

FY25 could be one of its weakest years — profit per share (EPS) near ₹3.
FY26 might rebound to about ₹10, but that’s mostly because this year’s base is so low.

At current prices, Tata Steel trades at almost 47× earnings — that’s steep for a company in a cyclical industry like steel.

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