PB Fintech Limited — Q4 FY26 earnings call

Call held 6 May 2026

Management summary

PB Fintech delivered a strong Q4 FY26, with overall premium growing 42% year-on-year to ₹30,000 Cr, primarily driven by a 57% increase in new protection premium. The company achieved a PAT of ₹670 Cr, representing 2.2% of its premium, and consolidated operating revenues for the full year grew 37%. Notably, Paisabazaar turned EBITDA positive this quarter, and renewal revenue ARR saw a significant 63% YoY growth. While new initiatives are still EBITDA negative, they are scaling, and the company strategically exited its unprofitable wholesale POSP business.

Highlights

  • Overall premium grew 42% YoY to ₹30,000 Cr, reaching almost ₹30,000 Cr.

  • New protection premium grew significantly at 57% YoY.

  • Profit After Tax (PAT) stood at ₹670 Cr, representing 2.2% of the premium.

  • Core online insurance premium was up 39% for the full year, with Q4 showing 59% YoY growth.

  • Paisabazaar achieved EBITDA positive status on an operating basis in Q4 FY26.

  • Renewal revenue ARR for the quarter grew 63% YoY to ₹1,126 Cr.

Concerns

  • New initiatives segment reported an EBITDA of -4%, though management noted it's growing at a similar pace to other businesses.

  • The savings business was in a 'low cycle' but is now showing signs of higher growth.

  • PB Connect's wholesale POSP business was discontinued due to lack of strategic value and profitability, leading to a decline in revenue for that specific segment.

Key financials

3 periods

Headline

  • Overall Premium
    ₹30,000 Cr
    YoY +42%
  • PAT
    ₹670 Cr
  • Consolidated Operating Revenue (FY)
    ₹6,794 Cr
    YoY +37%

Q4

  • Consolidated Operating Revenue
    ₹2,000 Cr
  • Renewal Revenue ARR
    ₹1,126 Cr
    YoY +63%

Q4, Net of Savings

  • New Insurance Premium
    —
    YoY +59%

What they filed

Q1 FY27: revenue up 40.1%, net profit up 91.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,167 1,292 1,508 1,348 1,614 +38%1,771 +37%2,061 +37%1,888 +40%
EBITDA-8 28 112 34 98 +1325%159 +468%212 +89%137 +303%
Net profit51 72 170 85 135 +165%189 +163%261 +54%163 +92%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • New Protection Premium
    57% Growth
  • Health Insurance (FY)
    68% Growth
  • Paisabazaar
    7% Credit Revenue Growth11% Lending Disbursal Growth— EBITDA (Q4)
  • PB Partners
    4,50,000 Advisors
  • UAE Business
    54% Growth
  • PB Corporate Business (Q4)
    140% Growth

Guidance & targets

Growth

  • Overall Growth Growth · Annual · Medium confidence about 30%
    We always guide about 30%, we always beat that guidance.

    — Management

  • POSP Growth Growth · This year (FY27) · Low confidence very aggressive
    I think that you will find us being very aggressive this year on POSP, because we see that opportunity.

    — Management

  • POSP Growth Growth · Next financial year (FY27) · Low confidence meaningful improvement
    I think we should see a meaningful improvement in growth in the next financial year, and that's what I would look towards.

    — Management

Profitability

  • Paisabazaar EBITDA Profitability · Next year (FY27) · Medium confidence significantly positive
    Paisabazaar, on an operating basis, is positive on EBITDA this quarter, and honestly, internally at least, we expect it to be significantly positive next year, so we actually expect quite a strong year from Paisabazaar.

    — Management

What to watch in Q1 FY27

Paisabazaar EBITDA Positivity

Next year (FY27)
Current Positive in Q4 FY26
Target Significantly positive

Why it matters

Paisabazaar achieving significant profitability is a key driver for overall company profitability and valuation.

Paisabazaar, on an operating basis, is positive on EBITDA this quarter, and honestly, internally at least, we expect it to be significantly positive next year, so we actually expect quite a strong year from Paisabazaar.

Risks & concerns

  • Regulatory changes (commission caps/take rates)

    medium

    Management believes they would benefit from potential regulatory changes like deferred revenues or lower EOM structures, as larger players are better positioned to adapt.

    Analyst acknowledged

  • Competition in the insurance industry

    low

    Management believes Policybazaar specializes in attracting non-claimers, a unique value proposition that differentiates it from competitors.

    Management downplayed

  • Sustainability of high growth in health insurance

    low

    Management is confident in the fundamental drivers of health insurance growth, including product segmentation, correct pricing, and superior claims experience, rather than speculating on specific growth rates.

    Analyst acknowledged

Q&A highlights

8 direct
New Insurance Premium Growth Drivers & Future Outlook Direct
I think the drivers of new insurance premium growth remain the same. Health has been growing fairly rapidly... The core online insurance premium is up 39% for the year... However, when you look at the same numbers on the quarter, they are 44% and 67% each.

Clarifies the underlying factors contributing to the strong growth in new insurance premiums and reiterates the company's consistent growth outlook.

Asked by Sachin Salgaonkar

AI Implementation Benefits on Margins/Costs Direct
I think, Sachin, the best way to think about it is, if you ask me, we are not actually right now in the stage where one is trying to optimize for cost and, margin, etc. I think right now, we are in a stage where we want to make sure that we are leveraging Al in the best possible way.

Provides insight into the strategic priorities for AI adoption, indicating a focus on productivity and long-term risk management over immediate cost savings.

Asked by Sachin Salgaonkar

Capital Allocation & PB Health Investment Direct
So, on both of them, today, we are not exploring, either as a board, or I can tell you as a Management, any other growth opportunity... Yes, PB Health is going to be raising capital... PB Fintech might consider it. It has the right to do a pro data.

Clarifies PB Fintech's current capital allocation strategy (no immediate new investments) and its potential involvement in PB Health's funding round.

Asked by Sachin Salgaonkar

Commission Cap/Regulation Discussions Direct
I haven't seen anything, neither have any of the insurance companies seen anything. I don't think most of the people in the regulatory have also seen anything. Only the media has seen it.

Addresses a key regulatory risk, indicating no immediate threat from official sources and management's belief that potential changes could be beneficial.

Asked by Sachin Salgaonkar

Paisabazaar Margins & EBITDA Turnaround Direct
Paisabazaar, on an operating basis, is positive on EBITDA this quarter, and honestly, internally at least, we expect it to be significantly positive next year, so we actually expect quite a strong year from Paisabazaar.

Confirms a significant milestone for Paisabazaar, moving to profitability, which is a key driver for overall company performance.

Asked by Jayant Kharote

Paisabazaar Renewal Revenue & Take Rate Reduction Impact Direct
So, largely, Paisa is an origination revenue, its renewal revenue is not too significant, so most of what you see is one-time origination revenue... I'll give you all, the very, very straight answer as I see it, and you either accept it or don't accept it. See, if we were an insurance company... I think whatever happens, we will benefit.

Clarifies Paisabazaar's revenue model shift away from renewals and management's confidence in mitigating potential regulatory impacts on take rates.

Asked by Jayant Kharote

Differentiation & Leveraging Customer Base for New Products Direct
Policybazaar stays extremely focused on one problem, and it's a very, very deep problem, and I don't think anybody else is trying to solve that problem, which is solving for social security of the middle class... Paisabazaar and the future that it wants to build, I will just pass on to Santosh to explain.

Explains the strategic direction for both Policybazaar and Paisabazaar in expanding product offerings and customer engagement.

Asked by Dipanjan Ghosh

Phygital Business Strategy & POSP Discontinuation Direct
So, again, just to be very clear, Dipanjan, the person comes to our platform, and either the same person who is speaking to them on the phone, goes to visit them... We have decided to stop the wholesale business, and it's a decision that we've taken, because we don't see any strategic value of that business.

Provides details on the phygital strategy, its economics, and the rationale behind discontinuing a specific unprofitable POSP segment.

Asked by Dipanjan Ghosh

3 min read 6 chapters

Detailed narrative

Strong Premium Growth and Profitability

PB Fintech reported a robust Q4 FY26, with overall premium growing 42% year-on-year to almost ₹30,000 Cr. This growth was significantly driven by new protection premium, which surged by 57% YoY. The company achieved a Profit After Tax (PAT) of ₹670 Cr, representing 2.2% of its premium, and consolidated operating revenues for the full year grew 37% to ₹6,794 Cr. For the quarter, operating revenue was approximately ₹2,000 Cr, indicating strong quarterly performance.

Paisabazaar's Turnaround and Strategic Shift

Paisabazaar achieved EBITDA positivity on an operating basis in Q4 FY26, with management expecting it to be 'significantly positive' next year. The platform is transitioning from a one-time origination model to an engagement platform, leveraging its 5.8 Cr consumers for both credit and savings products. Credit revenue was up 7% YoY, and lending disbursal increased by 11% YoY. The company also strategically discontinued its wholesale POSP business within PB Connect due to a lack of strategic value and profitability, which had been losing approximately ₹0.5 Cr a month.

Insurance Business Drivers and Customer Focus

The strong growth in new insurance premium (59% YoY in Q4, net of savings) is attributed to a superior product proposition, including modular products and improved claims experience, which has increased customer and advisor confidence. Health insurance continued its strong performance, growing 68% for the full year, while term insurance is rapidly catching up with 57% growth. The company emphasizes its unique ability to attract and service the 67% of customers who typically do not claim, ensuring affordability for the 5% of lives with high claims ratios.

AI Strategy and Productivity Enhancement

PB Fintech is leveraging AI primarily to enhance the productivity of its sales and customer service teams and improve the overall customer experience, rather than focusing on immediate cost or margin optimization. Management believes AI's most critical long-term application in the insurance industry will be in risk management, including underwriting and claims processing. This approach aims to identify high-risk customers more effectively and ensure appropriate pricing, ultimately building stronger capabilities.

PB Health Expansion and Network Development

PB Health, a separate entity where PB Fintech holds a 26-28% stake, is actively expanding its hospital network. It currently operates one acquired hospital generating ₹20-30 Cr profit and ₹150 Cr revenue annually, with another set to go live in the coming weeks in Central Gurugram. Further expansion is planned with another hospital in Gurgaon and one in Delhi. Additionally, PB Health is developing a preferred network of approximately 500 hospitals (PB Care+) to offer preferential treatment and enhanced services to its customers.

POSP and UAE Business Growth

The PB Partners network has grown to 450,000 advisors, covering 99% of PIN codes in the country, with 83% of premium now originating from small agents. Management plans to be 'very aggressive' in the POSP segment in the coming year, recognizing it as a significant opportunity for deeper penetration. The UAE business also demonstrated strong growth, increasing 54% year-on-year, building on its strengths in cross-border health and life insurance products, as well as claims assurance programs.

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