PB Fintech Limited (POLICYBZR)
Mid CapFinancial Services stocks · Mid cap · NSE
PB Fintech Limited is India's largest online insurance and credit marketplace, offering end-to-end solutions to retail consumers. Its mission is to help the Indian middle class with social security through its Policybazaar and Paisabazaar platforms, along with new initiatives.
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, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
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 30 Jun 2026
Excellent · 90/100Rev +40% YoY · PAT +92% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
PB Fintech reported strong FY26 results with total insurance premium at ₹29,934 Cr (4.9x FY22) and loan disbursals at ₹30,740 Cr (4.7x FY22). Revenue reached ₹6,794 Cr (4.8x FY22), achieving ₹670 Cr PAT, profitable since FY24. Q4FY26 Protection New Premium grew +67% YoY.
The company has delivered on its post-IPO operating plan, achieving profitability and strong growth across insurance and credit. Management's focus on compounding renewal revenue, tech leverage, and fixed-cost dilution supports continued operating leverage and market leadership.
Core Online Insurance Revenue by Product Type
Latest issuer-disclosed distribution across 2 reported categories.
Protection-led Insurance Growth
70%+ Core Online Insurance Revenue from high-renewal, high-margin Protection. Health fresh business growing ~3x industry, Term >2x industry.
AI & Tech Leverage
AI is embedded in core operations, driving customer experience, fraud/risk control, operational efficiency, and advisor productivity across verticals.
Renewal Flywheel
FY26 renewal revenue of ₹935 Cr with ~80% margins is a compounding engine, built on policies sold years ago.
Credit Progression & Wealth/Savings Platform
Building a scalable pipeline of credit-ready customers through lifecycle engagement and expanding into savings and investment products.
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 ~19k PIN CODES, reaching ~99% of India's footprint.
PB Care+ Network
Industry-first narrow network for health claims, with 200 affiliated garages across 185 cities for Motor ADP.
Underpenetrated Retail Lending Market
India's household debt-to-GDP is far below global benchmarks, indicating significant growth potential.
Digital's Rising Share of Lending
Digital lending's share is projected to grow from 12% in FY22 to 40% by FY30E.
Regulatory Support for Health Insurance
GST waiver in FY26 provided a temporary affordability tailwind for the entire health insurance industry.
Underinsured Two-Wheeler Market
The two-wheeler market is structurally underinsured, with PB's share rising 50% in a year (+100% YoY breakout).
Subdued Credit Card Issuance
Credit card issuance remains subdued, impacting Paisabazaar's growth in this segment.
Slow Car Market
The private car market is slow, affecting motor insurance growth despite PB's market share gains.
POSP Market Consolidation
The POSP market is under pressure, with competitors merging and being funding-dependent.
Fraud & Non-Disclosure
PB-initiated Life Insurance cancellations based on fraud detection framework averted ₹9,618 Cr sum assured risk in FY26.
Early Delinquency in Credit
8% of lender-approved customers are rejected on the platform due to 3x higher historic early 6M delinquency.
Competition in POSP
Competitors in the POSP market are capital-dependent, indicating potential for aggressive, unsustainable growth tactics.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY is crucial for assessing overall growth and market share gains in a growing market. QoQ is relevant for sequential momentum, especially in loan disbursals and new initiatives, and for tracking operational efficiency improvements.
FY26 Total Insurance Premium
₹29,934 Cr
FY26 Total Loan Disbursal
₹30,740 Cr
FY26 PAT
₹670 Cr (Profitable since FY24)
Q4FY26 Protection New Premium Growth
+67% YoY
FY27 PAT Target
Management is on track for ₹1,000 Cr PAT in FY27.
FY30 Total Insurance Premium Target
Ambition to achieve ₹1 Lac Cr PB Fintech Total Insurance Premium by FY30.
Operating Margin Expansion
Operating margin is expected to expand in parallel, driven by renewal flywheel, tech/AI leverage, and fixed-cost dilution.
AI as Operating Model
AI is considered the operating model, not just augmentation, for delivering top-quality advice at scale.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 PAT | ₹670 Cr (FY26) | Progress towards ₹1,000 Cr PAT. |
| FY30 Total Insurance Premium | ₹29,934 Cr (FY26) | Trajectory towards ₹1 Lac Cr. |
| Health Fresh Market Share | 18-20% (FY26) | Continued growth at 3x+ market rate. |
| Renewal Revenue Margins | ~80% | Maintenance of high margins as renewal book compounds. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
84Strong Bullfull bull SMA stack · SMA20 +12.9% / mo · MACD +
Technical chart
POLICYBZRdaily · 1Y · AUTO+24.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 61.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~11.4% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 35% 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.
Relative Strength & Trend Stage
- Price is 14.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.4%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- 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 -308.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 94th percentile of the scored universe and 96th percentile within Financial Services. 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 · Financial Services: 96th pctile, median 62 · Mid: 83rd pctile, median 76
62 documents have extracted text, 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 0.3%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 114.00
- P/B
- 11.62
- EV/EBITDA
- 113.90
- Market Cap
- 84951.00Cr
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
- 0.30%
- FCF Positive Y
- 4/5
- OCF
- 41.00 Cr
- EPS TTM
- 16.19
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.