This species was included as a subspecies of P. magnificus given the near-identical external appearance of the two species, but was later elevated to species rank.

P. nobilis has a distinct chestnut-brown or maroon saddle with the surrounding areas light (golden-yellow/ochreous/orange) in colour. Some individuals have a bright or pale yellow line down the middle of the deep maroon coat, the body is darker than the patagium, the tail is usually black-tipped, and the underside is pale rufous.

This species has a narrow distribution range and occurs in central Nepal, India (Sikkim, West Bengal, Arunachal Pradesh), Bhutan, with unconfirmed reports from China (Tibet or Xizang).

It occurs from in subtropical, temperate broadleaf, mixed broadleaf and coniferous forests between 1500 to 3000 m above sea level.