PB Fintech Limited (POLICYBZR)
₹1,070.00 -0.87% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, PB Fintech's revenue was ₹2,061 Cr (+36.7% year on year, +16.4% on the previous quarter), and net profit ₹261 Cr (+52.9% year on year); the operating margin was 10.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2,061 | +36.7% | +16.4% |
| Operating profit | ₹212 | +87.5% | +33.3% |
| Net profit | ₹261 | +52.9% | +38.1% |
| EPS (₹) | 5.64 | +51.2% | +37.9% |
| Operating margin | 10.3% | — | — |
POLICYBZR delivery percentage, bulk deals and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.94% of the POLICYBZR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.38%. That is close to its usual level. Volume was 0.3 times its average, well below normal. In POLICYBZR futures, open interest fell 0.95% while the futures price fell 1.52%: long unwinding (longs closing out). 4 bulk or block deals were reported in POLICYBZR in the last 60 days: ₹776 Cr bought and ₹757 Cr sold.
Delivery in the last 5 sessions: 42.9% · 42.7% · 36.8% · 37.3% · 45.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Sell | Graviton Research Capital Llp | ₹457.57 Cr | ₹1,182.23 | 3,870,440 | Bulk |
| 25 Sep | Buy | Graviton Research Capital Llp | ₹455.49 Cr | ₹1,180.49 | 3,858,509 | Bulk |
| 25 Sep | Sell | Sixteenth Street Asian Gems Fund | ₹299.63 Cr | ₹1,167.13 | 2,567,217 | Bulk |
| 24 Sep | Buy | Hdfc Mutual Fund | ₹320.57 Cr | ₹1,282.30 | 2,500,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
PB Fintech has made an equity investment of ₹1.00 crore in its wholly owned subsidiary, PB Financial Account Aggregators Private Limited (PBFAA). The capital infusion will be executed via the allotment of 10,00,000 equity shares of face value ₹10 each, raising PBFAA's paid-up capital from ₹6.00 crore to ₹7.00 crore. PBFAA has not yet commenced commercial operations and reported revenue from operations (interest income) of ₹12.79 lakh for FY26. Given PB Fintech's net worth of ₹8,197 crore and TTM revenue of ₹6,794 crore, this transaction is financially negligible (less than 0.02% of net worth) and is aimed at meeting RBI capital adequacy norms and operational expenses.
- Investment amount of ₹1,00,00,000 (₹1 crore) in cash consideration
- PBFAA to allot 10,00,000 equity shares of face value ₹10 each
- PBFAA paid-up capital increases to ₹7,00,00,000 from ₹6,00,00,000
- PBFAA net worth stood at ₹3,07,15,823 as of March 31, 2026
- PBFAA has not commenced commercial operations; FY26 revenue was ₹12.79 lakh (purely FD interest income)
PB Fintech hosted an analyst call following a regulatory draft paper that could significantly impact distributor economics. Management noted that while Life Insurance Net Present Value (NPV) remains largely unaffected, General Insurance revenue may fall to between one-third and 40% of current levels under the proposals. To mitigate this impact, the company is evaluating cost rationalization in marketing and contact center operations (contact centers account for nearly 20% of revenue), exploring unbundled service fee models, and considering manufacturing/underwriting options. These draft proposals are subject to industry consultation and representation before finalization.
- General insurance revenue estimated to drop to one-third to 40% of current levels under draft regulations
- Life insurance NPV expected to remain similar to existing levels with no major impact
- Contact center operations represent nearly 20% of revenue and offer cost-rationalization opportunities
- Top 50% of contact center sales staff historically drive about 80% of sales
- Company estimates it accounts for roughly 50% of fresh, young lives brought into the health insurance industry
PB Fintech issued a clarification under Regulation 30(11) denying market speculation that Chairman and Group CEO Yashish Dahiya intends to resign. The company explicitly labeled the rumours as false and baseless, confirming that Mr. Dahiya has no intention to step down. He will continue to lead PB Fintech and drive its long-term strategy, with no changes proposed to his role. This clarification removes potential key-man leadership overhang for the Rs 81,876 crore market cap company.
- Clarification issued on September 17, 2026, under Regulation 30(11) of SEBI LODR.
- Categorically denies market rumours suggesting Chairman and Group CEO Yashish Dahiya will step down.
- Mr. Dahiya explicitly confirmed no intention of relinquishing responsibilities.
- No change in role or leadership responsibilities is proposed or under consideration.
PB Fintech's M&A and Investment Committee has granted in-principle approval to acquire the remaining 20% stake in MyLoancare Ventures for an estimated consideration of up to ₹5 crore, taking its ownership to 100%. Additionally, the committee authorized a capital infusion of up to ₹10 crore into PB Wheels Private Limited and up to ₹1 crore into PB Financial Account Aggregators Private Limited. The total planned outlay of ₹16 crore is negligible relative to PB Fintech's TTM revenue of ₹6,794 crore and market capitalization of ₹81,876 crore. The MyLoancare transaction is targeted for completion by March 31, 2027, subject to fair valuation and definitive agreements.
- In-principle approval to buy remaining 20% stake in NBFC subsidiary MyLoancare for up to ₹5,00,00,000
- Post-acquisition, MyLoancare will become a 100% wholly-owned subsidiary; target completion on or before March 31, 2027
- Authorized capital infusion of up to ₹10,00,00,000 in PB Wheels Private Limited for working capital and general operations
- Authorized capital infusion of up to ₹1,00,00,000 in PB Financial Account Aggregators Private Limited for operations and RBI net worth compliance
- MyLoancare reported FY 2025-26 turnover of ₹81,86,625 and net worth of ₹22,86,43,952
PB Fintech Limited has scheduled an analyst interaction at the BofA Securities 2026 Asia Pacific Conference. The physical meeting is set to take place in Hong Kong on September 24, 2026, starting at 9:00 A.M. HKT. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the conference.
- Conference scheduled for September 24, 2026
- Participation in the BofA Securities – 2026 Asia Pacific Conference
- Physical meeting to be held in Hong Kong at 9:00 A.M. (HKT)
- No unpublished price sensitive information will be shared
PB Fintech Limited announced that its management will attend the BofA Securities 2026 Asia Pacific Conference in Hong Kong on September 24, 2026. The meeting will be conducted physically starting at 9:00 A.M. HKT. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions.
- Management attending BofA Securities 2026 Asia Pacific Conference on September 24, 2026
- Physical meeting scheduled in Hong Kong starting at 9:00 A.M. (HKT)
- Company confirmed no unpublished price sensitive information will be disclosed
PB Fintech Limited has allotted 57,885 equity shares of face value Rs. 2 each following the exercise of vested stock options under its ESOP 2021 scheme. Consequently, the issued and paid-up share capital increased from Rs. 92,53,89,740 (46,26,94,870 shares) to Rs. 92,55,05,510 (46,27,52,755 shares). The newly allotted shares will rank pari passu with existing equity shares, resulting in negligible equity dilution of approximately 0.01%.
- Allotment of 57,885 equity shares of face value Rs. 2 each under ESOP 2021
- Paid-up share capital increased from Rs. 92,53,89,740 to Rs. 92,55,05,510
- Total share count rises from 46,26,94,870 to 46,27,52,755 shares
- Approval granted via NRC circular resolution passed on September 09, 2026
PB Fintech Limited has scheduled a physical group investor meeting organized by Jefferies on September 14, 2026, at 4:00 PM IST in Gurugram. The company stated that no unpublished price sensitive information (UPSI) will be shared during the interaction. As a routine statutory intimation under Regulation 30, it has no direct financial impact on the company's TTM revenue of ₹6,794 Cr or net profit of ₹670 Cr.
- Meeting organized by Jefferies scheduled for September 14, 2026
- Interaction set as a physical group meeting in Gurugram at 4:00 PM IST
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
PB Fintech Limited has scheduled a physical group investor meeting organised by Jefferies on September 14, 2026, at 4:00 PM IST in Gurugram. The company confirmed that no unpublished price sensitive information (UPSI) will be disclosed during the interaction. This is a standard institutional investor engagement and carries no direct financial or operational impact.
- Group investor meeting scheduled for September 14, 2026, at 4:00 PM IST
- Organised by Jefferies via physical mode in Gurugram
- No unpublished price sensitive information will be shared per filing
PB Fintech Limited has dispatched physical letters containing website links to access the 18th Annual General Meeting (AGM) Notice and FY 2025-26 Annual Report to shareholders without registered email addresses. The 18th AGM is scheduled to take place on Monday, September 28, 2026, at 11:00 AM IST through video conferencing. The shareholder record cut-off date for this dispatch was August 28, 2026. This is a procedural compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations with no impact on business operations.
- 18th Annual General Meeting scheduled for September 28, 2026, at 11:00 AM IST via Video Conferencing
- Cut-off date for identifying physical letter recipients was August 28, 2026
- Communication dispatched under SEBI Listing Regulation 36(1)(b) for FY 2025-26 Annual Report
PB Fintech Limited has released the notice for its 18th Annual General Meeting (AGM) scheduled for September 28, 2026, to be held via Video Conferencing. Key agenda items include the adoption of audited standalone and consolidated financial statements for FY2025-26 and the re-appointment of Ms. Kitty Agarwal as a Non-Executive Nominee Director retiring by rotation. The remote e-voting period runs from September 25, 2026, to September 27, 2026, with the cut-off date set as September 21, 2026.
- 18th Annual General Meeting scheduled for September 28, 2026, at 11:00 AM IST via Video Conferencing.
- Cut-off date for eligibility to vote electronically is September 21, 2026.
- Remote e-voting window opens September 25, 2026 (9:00 AM IST) and closes September 27, 2026 (5:00 PM IST).
- Register of Members and Share Transfer Books closed from September 22, 2026, to September 28, 2026.
PB Fintech Limited has informed the exchanges regarding its scheduled participation in Citi's 2026 GEMs Conference. The physical conference will take place in New York from September 08 to September 10, 2026, starting at 7:30 A.M. EDT onwards. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions.
- Management to attend Citi's 2026 GEMs Conference from September 08-10, 2026
- Meeting format is physical in New York, starting at 7:30 A.M. Eastern Daylight Time
- Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed
PB Fintech Limited disclosed that its wholly owned subsidiary, Policybazaar Insurance Brokers Private Limited, received an advisory letter and a show cause notice from IRDAI on August 13, 2026. The communication stems from an inspection conducted between October 21, 2024, and October 25, 2024, covering certain documentary and process-related observations. The company stated there is no material financial impact, penalty, or operational restriction imposed at this stage, and the subsidiary will submit an Action Taken Report and response as required.
- IRDAI letter dated August 13, 2026, issued following an inspection conducted from October 21 to October 25, 2024
- Show cause notice and Letter of Advice issued on certain documentary and process matters for Policybazaar Insurance Brokers
- Direct financial implications and penalties are reported as none by the company
- Action taken report to be submitted to IRDAI following review by concerned Board-level committees and the Board
PB Fintech (Policybazaar) has scheduled its participation in the Motilal Oswal 22nd Annual Global Investor Conference in Mumbai. The management will engage in physical meetings on August 17 and 18, 2026, starting at 9:30 AM IST. This interaction follows a strong FY26 where the company reported a revenue of ₹6,794 crore and a net profit of ₹670 crore. The company has clarified that no unpublished price-sensitive information (UPSI) will be shared during the event.
- Management participation in the Motilal Oswal 22nd Annual Global Investor Conference scheduled for August 17-18, 2026.
- The event is a physical conference held in Mumbai starting at 9:30 AM IST.
- Company reported a significant TTM revenue of ₹6,794 crore and a PAT of ₹670 crore.
- PB Fintech maintains a dominant market position covering 99% of Indian pin codes (19,000 locations).
PB Fintech reported a strong Q1 FY27 with consolidated PAT rising 92% YoY to ₹163 Cr and revenue growing 40% to ₹1,888 Cr. The insurance segment saw a 41% jump in premiums to ₹8,372 Cr, driven by a 59% surge in new health insurance. Renewal revenue, a high-margin component, grew 55% to ₹1,003 Cr over the last 12 months. Management emphasized a 5-year revenue CAGR of 51% and a shift in PAT margins from -47% to 9% since Q1 FY22.
- Consolidated PAT increased 92% YoY to ₹163 Cr for the quarter
- Total insurance premium grew 41% YoY to ₹8,372 Cr, led by 59% growth in new health insurance
- Renewal revenue grew 55% to ₹1,003 Cr for the last 12 months, indicating strong persistency
- Credit disbursals reached ₹4,366 Cr, representing a 33% YoY increase
- PB Partners network expanded to over 500,000 advisors, covering 99% of India's PIN codes
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew at a CAGR of 55% from ₹280 Cr in Q2 FY22 to ₹1,614 Cr in Q2 FY26. Core business segments showed strong momentum with Health insurance growing 60% YoY, Protection (Life) growing 44% YoY, and Motor insurance growing approximately 40% YoY.
Geographic Revenue Split
The UAE insurance business is a significant contributor, with premiums growing 64% YoY to ₹415 Cr in Q2 FY26. The India business covers 99% of pin codes (19,000+), driving growth in Tier 4 and 5 towns.
Profitability Margins
Consolidated PAT grew 165% YoY to ₹135 Cr in Q2 FY26, with the PAT margin improving from 4% to 8% YoY. Historically, the PAT margin was -73% in Q2 FY22. The profit pool currently represents 1.77% of the total insurance premium.
EBITDA Margin
The company reported a sharp improvement in EBITDA margins led by the Core online business. While specific EBITDA % was not explicitly stated for the quarter, the PAT margin reached 8% (₹135 Cr) on a revenue of ₹1,614 Cr.
Capital Expenditure
Net cash outflow for the purchase of property, plant, equipment, and intangible assets was ₹26.84 Cr for the half-year ended September 30, 2025, compared to ₹41.38 Cr in the previous year period.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company maintains a strong equity position of ₹6,438 Cr with total liabilities of only ₹1,092.54 Cr as of September 30, 2025.
Operational Drivers
Raw Materials
As a service-based fintech, primary costs are Employee benefits (₹355.44 Cr in Q2 FY26, representing 22% of revenue) and Advertising/Promotion (₹193.88 Cr, representing 12% of revenue).
Key Suppliers
Key partners include various insurance companies and financial institutions whose products are aggregated on the platform. Management noted sharing the burden of partner P&L softening, which impacted trail revenue.
Capacity Expansion
The company has expanded its reach to 19,000 pin codes (99% of India). It is increasingly moving towards smaller, higher-quality advisors to drive growth in Tier 4 and 5 towns.
Raw Material Costs
Employee share-based payment expense was ₹109.67 Cr for the half-year ended September 30, 2025. Total expenses for Q2 FY26 were ₹1,334 Cr.
Manufacturing Efficiency
Not applicable; however, the UAE business has achieved consistent profitability for three consecutive quarters.
Logistics & Distribution
Distribution is handled digitally and via a network of advisors across 19,000 pin codes.
Strategic Growth
Expected Growth Rate
55%
Growth Strategy
Achieving growth through expansion into Tier 4/5 towns (99% pin code coverage), scaling the UAE business (64% growth), and aiming for the PoSP (PB Partners) business to reach break-even next year. The company targets a net profit of ₹1,000 Cr next year and a long-term profit pool of 3% of premiums by FY30.
Products & Services
Insurance policies (Life, Health, Motor), credit reports, personal loans, and credit cards.
Brand Portfolio
Policybazaar, Paisabazaar, PB Partners, Docprime, PB Pay.
New Products/Services
Unique cross-border health insurance products and claims assurance programs for motor insurance in the UAE market.
Market Expansion
Expansion into the UAE market (now consistently profitable) and deepening penetration in rural India (Tier 4/5 towns).
Market Share & Ranking
Not explicitly ranked, but covers 99% of Indian pin codes, indicating a dominant market position in aggregation.
Strategic Alliances
Strategic partnerships with major Indian and UAE insurers; acquisition of Genesis Group (May 2024) to bolster Middle East operations.
External Factors
Industry Trends
The industry is shifting toward digital aggregation and PoSP models. PB Fintech is positioning itself by covering 99% of pin codes and doubling down on alternate data for risk assessment to improve book quality.
Competitive Landscape
Operates in a 'bucket shop' distributor environment but differentiates by being more involved in the risk assessment process for partners.
Competitive Moat
Durable moat built on 18 years of data, a massive network of 19,000 pin codes, and a profit-to-premium efficiency of 1.77% which is difficult for new entrants to replicate.
Macro Economic Sensitivity
Sensitive to insurance penetration rates in India and regulatory shifts in the financial services sector.
Consumer Behavior
Increasing demand for health and life insurance in both India and UAE markets.
Geopolitical Risks
Trade and regulatory barriers in the UAE; however, the company uses cross-border health insurance as a unique value proposition.
Regulatory & Governance
Industry Regulations
Regulated by IRDAI (Insurance Brokers) Regulations 2018 in India and Central Bank of UAE (CBUAE) Resolution No. 15 of 2013. Policybazaar is also an electronic commerce operator under the CGST Act 2017.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 6.3% (₹14.86 Cr tax on ₹234.40 Cr PBT).
Legal Contingencies
IRDAI issued show-cause notices and a letter of advice on August 25, 2025, regarding documentation and filing processes. The company impaired its investment in Myloancare Ventures by ₹26.67 Cr due to liquidity issues and cash burn.
Risk Analysis
Key Uncertainties
Regulatory changes by IRDAI and potential further softening of partner P&L which could reduce trail revenues by an estimated 2-5% based on margin sensitivity.
Geographic Concentration Risk
High concentration in India (99% pin codes), though UAE is growing rapidly (64% YoY).
Third Party Dependencies
High dependency on insurance partners; if partners suffer P&L losses, Policybazaar shares the burden through reduced trail revenue.
Technology Obsolescence Risk
Mitigated by continuous investment in risk assessment models and alternate data collection.
Credit & Counterparty Risk
Trade receivables increased to ₹246.99 Cr, indicating potential credit exposure if partner payments are delayed.
