POLICYBZR
Mid CapPB Fintech Limited
IT
PB Fintech is India's largest online insurance and credit marketplace, offering end-to-end solutions to retail consumers. It operates Policybazaar for insurance, Paisabazaar for credit products, and PB Partners for agent-led distribution, alongside a profitable UAE business. The company aims to secure social security for the Indian middle class.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +37% YoY · PAT +54% YoY · margin expansion · +16% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,061 Cr | +36.7% | +16.4% |
| EBITDA | ₹212 Cr | +89.3% | +33.3% |
| Operating margin | 10.0% | +300 bps | +100 bps |
| PAT | ₹261 Cr | +53.5% | +38.1% |
| PAT margin | 12.7% | +139 bps | +199 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PB Fintech reported strong FY26 results, achieving ₹29,934 Cr in total insurance premium and ₹30,740 Cr in loan disbursals. Revenue reached ₹6,794 Cr, with PAT at ₹670 Cr, marking sustained profitability. Renewal ARR hit ₹1,126 Cr in Q4FY26 with ~80% margins.
Management has delivered on post-IPO operating plans, showing strong growth in premium, disbursals, and revenue, achieving profitability. The focus on protection-led insurance, AI integration, and phygital distribution appears to be deepening competitive moats and driving compounding growth.
Core Online Insurance Revenue by Product Type
Latest issuer-disclosed distribution across 2 reported categories.
Protection-led Insurance
70%+ Core Online Insurance Revenue from Protection (Health & Term), a high-renewal, high-margin business. Health fresh business growing ~3x industry.
AI & Tech Integration
AI is embedded in the core of how Policybazaar operates, serves, and scales, driving higher conversion, product matching, and operational efficiency.
Phygital Distribution
On-ground sales support in 200+ cities and PB Partners, the largest tech-led POSP platform, deepen reach into Tier 2 & 3 cities (80% of business).
Credit Progression & Wealth Platform
Offering credit improvement tools and expanding beyond credit into savings and investment products like FDs and Bonds to increase customer engagement.
On-ground Sales Support
On-ground sales support in 200+ cities with a total operations team of 18,600+.
PB Partners Pin Code Coverage
PB Partners covers ~19,000 pin codes, representing ~99% of India's reach footprint.
Health Claims Support Cities
On-ground health claims support is available in 250+ cities.
Motor ADP Garage Network
Assured Delivery Program (ADP) has 200 affiliated garages across 185 cities.
Underpenetrated Retail Lending Market
India's retail lending market is large and underpenetrated, with household debt-to-GDP far below global benchmarks, offering significant growth potential.
World-Class Digital Infrastructure
UPI, Aadhaar, AA, CKYC, ONDC, and ULI are accelerating the transformation of digital lending in India.
Health Insurance Affordability Initiatives
Monthly mode plans scaled from 11% in FY24 to 34% in FY26, and value plans from 2% to ~8% in FY26, driving health insurance adoption.
Temporary GST Waiver
A temporary GST waiver in FY26 provided an affordability tailwind for the entire health insurance industry, lowering effective purchase costs.
Subdued Credit Card Issuance
Credit card issuance remained subdued in FY26, impacting Paisabazaar's growth in this segment.
Slow Car Insurance Market
The private car insurance market is slow, requiring the company to grow 3x faster than the market to gain share.
POSP Market Consolidation & Capital Dependence
The POSP market is under pressure with competitors merging and being funding-dependent, creating a challenging environment.
Fraud and Non-Disclosure
Advanced Risk & Fraud Controls are in place to detect impersonation and prevent fraud, with PB-initiated cancellations for 3.2% of Life Insurance premium in FY26.
Competition in POSP Segment
The POSP market is consolidating, with competitors under pressure to scale through M&A, potentially intensifying competition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides full-year (FY) comparisons and CAGRs, indicating a strong YoY growth trajectory for a compounding business. However, it also highlights Q4FY26 vs Q1FY26 for core online loan disbursals and Q4FY26 renewal ARR, suggesting sequential momentum is also relevant for specific operational metrics.
FY26 Total Insurance Premium
FY26 Total Insurance Premium: ₹29,934 Cr.
FY26 Total Loan Disbursal
FY26 Total Loan Disbursal: ₹30,740 Cr.
Q4FY26 Core Online Insurance Renewal ARR
Q4FY26 Renewal ARR (core online): ₹1,126 Cr with ~80% margins.
Q4FY26 Protection New Premium Growth
Protection New Premium (Q4FY26): +67% YoY.
FY27 PAT Target
Management states the company is on track for ₹1,000 Cr PAT in FY27.
FY30 Total Insurance Premium Target
The ambition is to achieve ₹1 Lac Cr in PB Fintech Total Insurance Premium by FY30.
Operating Margin Expansion
Operating margin is expected to expand in parallel, driven by the renewal flywheel, tech & AI leverage, and fixed-cost dilution.
AI as Core Operating Model
Management views AI as the core operating model, not just augmentation, aiming to reclaim 15 Cr minutes of advisor productivity in FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PAT | ₹670 Cr (FY26) | Achievement of ₹1,000 Cr PAT in FY27. |
| Total Insurance Premium | ₹29,934 Cr (FY26) | Progress towards ₹1 Lac Cr by FY30. |
| Core Online Insurance Renewal ARR | ₹1,126 Cr (Q4FY26) | Continued compounding rate and ~80% margins. |
| Retail Health Fresh Market Share | 18-20% (FY26) | Sustained growth at 3x+ market rate. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50Neutralnear 52W low
Technical chart
POLICYBZRweekly · 3Y-10.8%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 36.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 24% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -188.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 92nd percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 92nd pctile, median 68 · Mid: 81st pctile, median 76
77 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 104.00
- P/B
- 9.57
- EV/EBITDA
- 109.15
- Market Cap
- 69932.00Cr
Profitability
- ROE
- 9.75%
- ROCE
- 10.30%
- ROA
- 7.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 42.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 50.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 13.73×
- Altman Z
- 8.44
- Book Value
- 158.00
Cash Flow
- FCF Yield
- 0.36%
- FCF Positive Y
- 4/5
- OCF
- 41.00 Cr
- EPS TTM
- 14.48
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.