POLICYBZR
PB Fintech share price & financials
- Price
- ₹1,636.7
- Market cap
- ₹80.1k Cr
- Sector
- Financial Services
- Calls analysed
- 6
PB Fintech Limited Q1 FY27
What went well
- Consolidated operating revenue grew 40% to ₹1,888 Cr.
- Consolidated PAT increased 92% YoY to ₹163 Cr, with PAT margin improving from 6% to 9%.
- Overall insurance premium grew 41% YoY to ₹8,372 Cr.
What to watch
- Discussions around potential regulatory changes to commission structures were noted as a risk.
- The savings business, while growing 20% in fresh business, was perceived as 'soft' compared to prior years.
What PB Fintech Limited does
PB Fintech operates two consumer-facing digital marketplaces — Policybazaar for insurance comparison and distribution across health, term life, motor, travel and other lines, and Paisabazaar for credit products including personal loans, credit cards and credit-score tracking — that connect retail and corporate customers with insurer and lending partners. It earns commission from these partners on policies sold and credit disbursed, plus a growing renewal ("trail") revenue stream as previously sold insurance policies persist. The company also runs PB Partners, an offline point-of-sale agent network, and newer businesses including PB Health (a hospital network), corporate insurance broking, and a cross-border insurance business in the UAE through subsidiary PB Fintech FZ-LLC.
Segments
- Insurance Marketplace (Policybazaar)
- Credit Marketplace (Paisabazaar)
- New Initiatives
- Registered consumers (cumulative)
- 145.7 Mn
- Insurance policies sold (cumulative)
- 67.3 Mn
- Unique transacting insurance customers (cumulative)
- 26.4 Mn
- Unique transacting Paisabazaar customers (cumulative)
- 7.5 Mn
- PB Partners advisor network
- 450,000+ advisors covering ~19,000 PIN codes (~99% of India)
- On-ground sales & service presence
- Phygital sales support in 200+ cities; on-ground health claims support in 250+ cities
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 1 delivered 2 missed 10 open- Fixed Costs Growth went quiet said Q1 FY26 Promised: It will grow at maybe about 2/3rd of our revenue growth or so. Q1 FY27: No specific data on fixed cost growth provided. Management commented on overall cost growth being slightly less than revenue growth.
- Revenue CAGR on track said Q4 FY25 Promised: From a long-term perspective, we believe 30% is the right CAGR for us to sort of plan for. Q1 FY27: Consolidated operating revenue grew 40% YoY; management reiterated 30% target.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 40.1%, net profit up 91.8% against the same quarter last year.
| Line item | 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 +38% | 1,771 +37% | 2,061 +37% | 1,888 +40% |
| EBITDA | -8 | 28 | 112 | 34 | 98 +1325% | 159 +468% | 212 +89% | 137 +303% |
| Net profit | 51 | 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.
Performance −1.8% 1Y
1Y: ₹1,829.4 on 10 Sept 2025 → ₹1,797.3. High ₹1,957.3 (9 Dec 2025), low ₹1,426.9 (2 Apr 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.4%
- 5 Aug
- Q4 FY26
- +1.3%
- 6 May
- Q3 FY26
- −3.4%
- 2 Feb
- Q2 FY26
- −2.9%
- 29 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 38.5% a year over 3 years, FY23 to FY26. Operating margin widened to 7.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.6k Cr | ₹3.4k Cr | ₹5.0k Cr | ₹6.8k Cr |
| Operating profit | ₹-662 Cr | ₹-188 Cr | ₹93 Cr | ₹503 Cr |
| Operating margin | -25.9% | -5.5% | 1.9% | 7.4% |
| Interest | ₹22 Cr | ₹26 Cr | ₹33 Cr | ₹37 Cr |
| Depreciation | ₹64 Cr | ₹89 Cr | ₹121 Cr | ₹136 Cr |
| Net profit | ₹-488 Cr | ₹64 Cr | ₹353 Cr | ₹670 Cr |
| Net margin | -19.1% | 1.9% | 7.1% | 9.9% |
| ROCE | -8.0% | 2.0% | 6.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹90 Cr | ₹90 Cr | ₹90 Cr | ₹92 Cr | ₹93 Cr |
| Reserves | ₹2.0k Cr | ₹5.3k Cr | ₹5.4k Cr | ₹5.8k Cr | ₹6.7k Cr | ₹7.2k Cr |
| Borrowings | ₹110 Cr | ₹159 Cr | ₹227 Cr | ₹253 Cr | ₹329 Cr | ₹360 Cr |
| Other liabilities | ₹230 Cr | ₹344 Cr | ₹551 Cr | ₹604 Cr | ₹841 Cr | ₹1.0k Cr |
| Total liabilities | ₹2.3k Cr | ₹5.9k Cr | ₹6.3k Cr | ₹6.7k Cr | ₹7.9k Cr | ₹8.7k Cr |
| Fixed assets | ₹125 Cr | ₹205 Cr | ₹313 Cr | ₹359 Cr | ₹413 Cr | ₹441 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹138 Cr | ₹373 Cr | ₹622 Cr | ₹1.4k Cr | ₹3.1k Cr | ₹3.2k Cr |
| Other assets | ₹2.1k Cr | ₹5.3k Cr | ₹5.3k Cr | ₹5.0k Cr | ₹4.4k Cr | ₹5.1k Cr |
| Total assets | ₹2.3k Cr | ₹5.9k Cr | ₹6.3k Cr | ₹6.7k Cr | ₹7.9k Cr | ₹8.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +17.15 pp while FIIs trimmed −9.49 pp. The shareholder count shrank 9% to 1,50,458.
- FIIs
- 37.3%
- DIIs
- 40.4%
- Public
- 22.1%
- Others
- 0.1%
Since Jun 2025
- DIIs +17.15 pp
- FIIs −9.49 pp
- Public −7.51 pp
How it drifted, 12 quarters
Over this window DIIs went from 16.3% to 40.4% — +24.1 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 49.4%, DIIs 16.3%, Public 33.5%, Others 0.8%.Dec '23: FIIs 46.0%, DIIs 19.0%, Public 34.3%, Others 0.8%.Mar '24: FIIs 49.0%, DIIs 16.6%, Public 33.8%, Others 0.6%.Jun '24: FIIs 51.6%, DIIs 16.2%, Public 31.7%, Others 0.6%.Sep '24: FIIs 49.7%, DIIs 18.3%, Public 31.4%, Others 0.5%.Dec '24: FIIs 47.8%, DIIs 20.6%, Public 31.4%, Others 0.3%.Mar '25: FIIs 45.9%, DIIs 22.9%, Public 30.9%, Others 0.3%.Jun '25: FIIs 46.8%, DIIs 23.3%, Public 29.6%, Others 0.3%.Sep '25: FIIs 43.6%, DIIs 26.6%, Public 29.5%, Others 0.3%.Dec '25: FIIs 40.8%, DIIs 29.5%, Public 29.6%, Others 0.1%.Mar '26: FIIs 39.9%, DIIs 36.7%, Public 23.2%, Others 0.1%.Jun '26: FIIs 37.3%, DIIs 40.4%, Public 22.1%, Others 0.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund newly disclosed 3.04% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.73% held
- HSBC Mutual Fund - HSBC Midcap Fund Mutual fund newly disclosed 1.29% held
- HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund +1.24 pp 4.87% held
- Tata Digital India Fund Mutual fund +0.62 pp 1.82% held
- Tata Aia Life Insurance Co Ltd-Whole Life Mid Cap Equity Fund-Ulif 009 04/01/07 Wle 110 Insurer +0.55 pp 1.84% held
- Motilal Oswal Large And Midcap Fund Mutual fund +0.40 pp 1.47% held
- ICICI Prudential Multicap Fund Mutual fund +0.36 pp 1.74% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of PB Fintech Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Info Edge (India) Limited | 6.47% | unchanged |
| Macritchie Investments Pte Ltd FPI fund | 6.47% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 4.87% | +1.24 pp |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 4.17% | unchanged |
| Diphda Internet Services Limited | 4.08% | unchanged |
| Mirae Asset Large & Midcap Fund Mutual fund | 3.45% | +0.18 pp |
| Yashish Dahiya | 3.30% | −0.56 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund | 3.04% | newly disclosed |
| Startup Investments (Holding) Limited | 1.87% | unchanged |
| Tata Aia Life Insurance Co Ltd-Whole Life Mid Cap Equity Fund-Ulif 009 04/01/07 Wle 110 Insurer | 1.84% | +0.55 pp |
| Tata Digital India Fund Mutual fund | 1.82% | +0.62 pp |
| Franklin India Focused Equity Fund Mutual fund | 1.79% | −0.30 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in POLICYBZR
Filings to Aug 2026
3 new, 15 added, 4 trimmed, 0 sold out — net +19.32 L shares (+8.9%).
- Held by funds
- ₹4.1k Cr
- 35 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹1.5k Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹1.5k Cr | +10.30 L | Feb '26 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹499 Cr | +2.00 L | Oct '25 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹498 Cr | −3.00 L | Mar '25 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹233 Cr | held | Dec '22 |
| HDFC ELSS Tax saver HDFC Mutual Fund | ₹164 Cr | +1.25 L | Feb '26 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹119 Cr | +1.50 L | Mar '25 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹118 Cr | held | Dec '22 |
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹114 Cr | held | Apr '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
15 added, 4 trimmed — net +19.32 L shares (+8.9%)
- Funds are sitting on
- +9%
- vs est. average cost
- Held by funds
- ₹4.1k Cr
- 35 schemes · ≈ 4.8% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹1.5k Cr · 1.3% of that fund
- Longest holder
- Nippon India Aggressive Hybrid Fund
- 4y 9m · since Dec '21
Shares held by these funds +679%
Aug '23 2.31 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse PB Fintech Limited
Guides on how to read this kind of business and the numbers that matter.