NSE: POLICYBZR · BSE: 543390
PB FINTECH LIMITED
Operates an online insurance and credit marketplace. Insurance broking contributes 89.6% of FY26 segment revenue at Rs 6,089.28 crore, while other services contribute 10.4% at Rs 704.74 crore. The insurance platform connects retail customers to insurer products across health, term, life and motor categories and earns brokerage on premium placed; for FY26, total insurance premium processed was Rs 29,934 crore, up 42% year-on-year. Renewal premium annualised revenue reached Rs 1,126 crore in Q4 FY26, up 63% YoY. A Point of Sale Person (POSP) network of 450,000 advisors distributes products offline, with 83% of premium now sourced from smaller agents. Other services include the Paisabazaar credit-comparison platform (5.8 crore consumers), a payment-aggregator arm (PB Pay), a stock-broking arm (PB Marketing), and a hospital business (PB Health) with two facilities in Noida and Gurugram. Employee expense is the biggest cost at 36.3% of revenue, followed by other operating expenses at 56.2%. The company also runs an insurance operation in the UAE and has set up reinsurance broking and advisory entities in Dubai. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Insurance broker services (90%), Other services (10%). Asset-light, platform-based insurance and credit distribution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,425 | 2,558 | 3,438 | 4,977 | 6,794 |
| EBITDA (ex other income) | (902) | (662) | (186) | 135 | 509 |
| margin % | (63.3) | (25.9) | (5.4) | 2.7 | 7.5 |
| Owners' profit | (833) | (487) | 64 | 353 | 670 |
| EPS, as reported (₹) | (20.34) | (10.97) | 1.50 | 7.77 | 14.58 |
| ROE % · ROCE % | (15.4) · (14.7) | (8.9) · (8.2) | 1.1 · 1.7 | 5.5 · 6.2 | 9.2 · 9.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (1,568) | (299) | 9 | (183) | 41 |
| Capex | (33) | (60) | (63) | (97) | (80) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,167 | 1,292 | 1,508 | 1,348 | 1,614 | 1,771 | 2,061 | 1,888 |
| Profit before tax | 60 | 85 | 172 | 91 | 139 | 201 | 278 | 181 |
| Net profit | 51 | 72 | 171 | 85 | 135 | 189 | 261 | 163 |
| EPS (₹) | 1.12 | 1.57 | 3.73 | 1.85 | 2.94 | 4.11 | 5.65 | 3.53 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Insurance broker services | 6,089 | 89.6 |
| Other services | 705 | 10.4 |
| Total, before eliminations | 6,794 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD | 1,02,502 | 157.6 | 6.40 | 84.8 | 3.4 | 3.6 | — | 15.7 |
| PB FINTECH LIMITED ◆ | 46,659 | 62.1 | 6.38 | 52.1 | 9.2 | 9.2 | — | 12.3 |
| AVENUESAI LIMITED | 42,257 | 119.8 | 8.49 | 94.7 | 5.9 | 6.2 | 64.4 | 4.8 |
| PINE LABS LIMITED | 17,711 | 135.8 | 3.00 | 33.8 | 1.9 | 2.2 | — | 16.8 |
| SESHAASAI TECHNOLOGIES L | 5,141 | 16.6 | 3.60 | 12.8 | 16.8 | 22.0 | — | 25.1 |
| NETWORK PEOPLE SRV TECH L | 3,544 | 76.0 | 8.03 | 50.2 | 9.3 | 12.3 | — | 33.3 |
| ONE MOBIKWIK SYSTEMS LTD | 1,711 | — | 3.18 | — | (11.5) | (11.2) | — | 5.6 |
| WSFX Global Pay Limited | 84 | — | 2.94 | — | (4.5) | (6.4) | — | (20.5) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 62.1 | 97.9 | 2 of 6 | 80% |
| P/B | 6.4 | 3.4 | 7 of 10 | 33% |
| ROCE | 9.2 | 3.7 | 3 of 10 | 78% |
| ROE | 9.2 | 4.4 | 3 of 10 | 78% |
| Debt / Equity | 0.0 | 0.1 | 1 of 10 | 89% |
| EBITDA margin | 12.3 | 8.9 | 5 of 10 | 56% |
| Revenue growth | 40.1 | 40.1 | 5 of 9 | 50% |
| Profit growth | 92.5 | 55.6 | 2 of 9 | 88% |
| Market cap | 46659 | 4342 | 2 of 10 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · PB Fintech schedules investor call for Q2 FY2026-27 results | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 21 Oct 2026 · ICICI Prudential MF crosses 5 percent in PB Fintech via open market buy | ownership changes | high | — | — |
| 9 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · PB Fintech invests Rs 1 Cr in wholly owned subsidiary PBFAA | strategic transactions | low | — | — |
| 30 Sept 2026 · PB Fintech 18th AGM 2026: Both Resolutions Passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · PB Fintech 18th AGM held; two resolutions tabled, voting results awaited | board shareholder meetings | low | — | — |
| 27 Sept 2026 · PB Fintech clarifies stock price movement, flags IRDAI consultation paper | regulatory legal | low | — | — |
| 25 Sept 2026 · NSE seeks clarification from PB Fintech on price movement | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.