Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
PB Fintech Limited (POLICYBZR)
Mid CapFinancial Services stocks · Mid cap · NSE
PB Fintech operates Policybazaar and Paisabazaar, aiming to improve social security in India through insurance and lending products. It provides distribution, underwriting, risk management, customer service, and claims support, managing networks of garages and hospitals, and also operates a reinsurance brokerage.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result05 Aug, 11:31 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -35.0% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
POLICYBZRD candles · FIT view-39.0%Latest close ₹1035.00 on 2026-10-19
Bar
-2.9%
RSI
30
MACD hist
14.08
52W pos
9%
2026-10-19O ₹1066.00H ₹1067.30L ₹1032.00C ₹1035.00Vol 15.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
POLICYBZRNifty Financial ServicesNifty 500
- POLICYBZR
- -34.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -29.1 pp
Chart stats
19 Oct 2026- From 52W high
- -47.3%
- 52W range position
- 9%
- ATR (14)
- 6.7%
- Volume vs 20D
- 0.19x
- Avg traded value
- ₹964 Cr
- 20D price channel
- ₹945.1 - ₹1,904.9
₹1,964.2
₹945.1 - ₹1,964.2
₹69.4
Latest completed session
20-session average
166.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +40.1% · PAT +91.8% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-150.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +40% YoY · PAT +92% YoY · margin expansion · operating leverage
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,888 Cr | +40.1% | -8.4% |
| EBITDA | ₹137 Cr | +302.9% | -35.4% |
| Operating margin | 7.0% | +450 bps | -300 bps |
| PAT | ₹163 Cr | +91.8% | -37.5% |
| PAT margin | 8.6% | +232 bps | -403 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 65.90
- P/B
- 6.74
- EV/EBITDA
- 66.28
- Market Cap
- 49283.00Cr
Profitability
- ROE
- 9.75%
- ROCE
- 10.30%
- ROA
- 8.59%
- 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
- 15.54×
- Altman Z
- 8.54
- Book Value
- 158.00
Cash Flow
- FCF Yield
- 0.54%
- FCF Positive Y
- 4/5
- OCF
- 41.00 Cr
- EPS TTM
- 16.19
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 208+35.9% vs prev
Net Profit
₹ CrLatest: 41.0+215.4% vs prev
Return on Equity
%Latest: 44.1+27456.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~53.8% over last month) — short-term momentum negative.
- RSI(14) at 30 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 47% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
2
RS percentile
Stage 4 Downtrend
1M return
-40.6%
3M return
-34.7%
6M return
-36.3%
1Y return
-41.7%
RS 1D
0
RS 20D
-59
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 34.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 63.59-2.27%
RS vs Nifty 50064
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality3/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -150.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
65.9
PB
6.7
EV/EBITDA
66.3
ROE
9.8%
ROCE
10.3%
FCF Yield
0.5%
Debt/Equity
0.1
MoS
-150.7%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-150.7%
Previous: -150.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹239.91
-331.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹412.85
-150.7% MoS
PEG
1.46
Comparable companies
Peers
Business-comparable peers in Financial Services — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KFINTECH
Small
Kfin Technologies Limited
IT Services / Digital
match 154
53
43.7
21.6%
-73%
FAIR VALUE
CAMS
Small
Computer Age Management Services Limited
IT Services / Digital
match 126
54
35.1
36.3%
-35%
FAIR VALUE
MPHASIS
Mid
MphasiS Limited
IT Services / Digital
match 126
38
24.7
18.5%
-4%
WATCHLIST
STYL
Micro
Seshaasai Technologies Limited
IT Services / Digital
match 124
56
21.0
23.3%
+25%
FAIR VALUE
CCAVENUE
Micro
AvenuesAI Limited
IT Services / Digital
match 123
57
16.3
6.6%
+43%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-19T09:11:31.387Z
Management commentary snapshot
Regulatory changes propose significant reduction in general insurance revenue, prompting PB Fintech to re-evaluate cost structure and explore new revenue streams and business models.
The proposed regulatory updates pose a material threat to PB Fintech's general insurance revenue and current operating model, necessitating substantial cost rationalization and strategic pivots. The long-term impact hinges on the final regulatory framework and the company's ability to monetize new services or business models like MGA.
Current business mix
Revenue by Core Business Segment
Latest issuer-disclosed distribution across 2 reported categories.
General Insurance (GI)50.0%
Life Insurance (LI)50.0%
Growth engines
Volume Expansion from Price Reductions
potentialIf commission reductions are passed to consumers as lower prices, a price elasticity of at least 1 could lead to 15-20% volume growth.
Monetization of Service Networks
potentialExploring service revenues for activities like managing PB Garage, PB Care+, PB Health networks, and reinsurance support, which currently generate no revenue.
New Product Segments
potentialOpportunities in credit life insurance and potentially non-insurance products like mutual funds, credit cards, and personal loans if regulatory changes permit.
MGA Model
potentialAdvocating for the MGA (Managing General Agent) model, which would allow reward for better quality of business and risk management.
Capacity and execution
Hiring in H1
neutralIn H1, the company hired about 6,000 people to support growth, but future hiring may slow down due to new regulations.
Tailwinds
Regulatory Focus on Quality
potentialSections 46-48 of the document state that quality of business should be given value, which could benefit Policybazaar if mechanisms are established.
Industry Collaboration
neutralThe industry is expected to collaborate and provide inputs on the draft consultation paper, potentially leading to a more balanced outcome.
Headwinds
General Insurance Revenue Compression
negativeThe proposed regulations could compress general insurance revenue by 1/3 to 40%, impacting overall top-line by approximately 30%.
Challenged POSP Business
negativeThe POSP business model is challenged under the new IDE framework, requiring re-evaluation.
Uncertainty on Customer Benefit
negativeUnclear if the benefit of reduced commissions will be passed on to customers, which is crucial for volume growth.
Impact on Fresh Business Growth
negativeRationalizing advertisement spends, which fuel organic traffic, could impact fresh business growth.
Risk radar
Regulatory Uncertainty
highThe current document is a draft consultation paper; final regulations, implementation timelines, and retrospective application are unclear.
Economic Viability of Call Centers
highThe proposed math makes the cost structure for call centers difficult to sustain, especially on the general insurance side.
Renewal Revenue Protection
highSignificant cut in health insurance renewal commissions poses a challenge to protecting renewal revenue, impacting an implicit contract with partners.
Industry-Wide Impact
highThe proposal impacts all distributors and insurance companies, potentially disrupting the existing insurance distribution model in India.
Management accountability
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.
Analyst reading lens
Compare BOTH
The document is an earnings call transcript discussing the potential future impact of proposed regulatory changes, not reporting historical financial results. Therefore, traditional YoY or QoQ comparisons of financial performance are not applicable to the content presented.
Sector KPIs management disclosed
General Insurance Revenue Impact
negativeGeneral insurance revenue is expected to be impacted by between one-third to 40% of what we have today due to new regulations.
Life Insurance NPV
neutralThe life insurance net present value is similar to what we have today and should not have a major impact.
Cost Rationalization Opportunities
neutralCost rationalization opportunities exist in digital marketing, brand spend, sales, and customer support, which historically were aggressive to drive industry growth.
Productivity & Hiring
neutralHiring may slow down, allowing vintage employees (6+ months) to become more productive. In H1, 6,000 people were hired for growth.
Management forward view
No Knee-Jerk Decisions
neutralManagement will not make knee-jerk decisions or mass layoffs, but will calibrate growth to the new reality, running the business responsibly.
Exploring All Options
neutralExploring all options, including manufacturing (insurance or reinsurance) and advocating for the MGA mechanism to be rewarded for quality business.
Long-Term Financial Goal
neutralEndeavor is to return to a similar financial situation by FY29, with FY28 expected to be a year of challenges and discovery.
Reward for Quality Business
neutralBelieve they should be rewarded for creating good quality business, managing risk, and bringing young lives into the health insurance category.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Final Regulatory Framework | Draft consultation paper released. | Finalized regulations, implementation timelines, and clarity on retrospective application and MGA model approval. |
| Cost Rationalization Plan | Management is evaluating cost synergies and rationalization opportunities. | Specific details on cost reduction targets and their impact on profitability and growth. |
| New Revenue Streams | Exploring monetization of service networks and new product segments like credit life and non-insurance products. | Concrete plans and initial revenue contributions from these new initiatives. |
| Industry Response & Collaboration | Industry participants are expected to provide inputs to the regulator. | Any changes or dilutions to the proposed regulations based on industry feedback. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 96th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
65 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Financial Services: 96th pctile, median 62 · Mid: 81st pctile, median 76
Evidence depth
Financial-only
65 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸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.
Continue researching PB Fintech Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - The Intimation of Schedule of Analyst Meet on September 24, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - The Intimation of Schedule of Analyst Meet on September 23, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Sep - The intimation for allotment of equity shares under PB Fintech Employees Stock Option Plan 2021
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - The Intimation of Schedule of Analyst Meet on August 17-18, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Jun - The Intimation of Analyst Meet scheduled to be held on June 23-24, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 5 Jun - The intimation for allotment of Equity shares under PB Fintech Employees Stock Option Plan 2021 ("ESOP 2021")
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Jun - The Intimation of Analyst Meet scheduled to be held on June 15-16, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 May - The copies of newspaper publication regarding completion of dispatch of postal ballot notice
Source: Bse
Announcement
Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 13 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.