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Revenue
₹2,061 Cr
verified against source
Revenue YoY
37%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
PB Fintech delivered a strong Q4 FY26 with insurance premium growth accelerating to 46% YoY (full year 42%), led by protection premium up 57% and health insurance growing 68%. Operating revenue reached ₹6,794 crore for the year, with PAT at ₹670 crore (2.2% of premium). Renewal revenue ARR surged 63% to ₹1,126 crore, underscoring the compounding value of the existing book. Management reiterated a 30%+ growth trajectory, noting they consistently beat this guidance. Key drivers include superior product segmentation, claims experience, and AI-driven productivity gains. Pesa Bazar turned EBITDA positive this quarter, with expectations of meaningful profitability next year. Risks include potential regulatory changes on commission structures, though management expressed confidence in their ability to adapt given their low-cost, high-persistency book. The company remains focused on growth and quality over near-term profit maximization.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated their long-standing guidance of 30%+ growth, noting they have consistently beaten it.
- Pesa Bazar turned EBITDA positive this quarter and is expected to deliver meaningful profitability in FY27.
- Management plans to aggressively grow the POSP (PB Partners) business, seeing a window of opportunity as competitors consolidate.
Risks flagged
- Media reports suggest potential commission caps in health insurance. Management downplayed the risk, citing their low-cost structure and high-persistency book.
- Industry discussions around deferring life insurance commissions could impact cash flows, though management sees it as neutral or positive given their persistency.
- Savings business returned to growth but remains volatile; management acknowledged challenges in customer proposition and industry stagnation.
- UAE business faced disruptions from regional tensions and AWS outage in March, yet still grew 3% YoY for the month.
Key quotes
- We always guide about 30%, we always beat that guidance.
- If policy bazar was an insurance company, our total costs and the claims paid out on our book are less than 80%. There is no insurance company in the country who can compete with that.
- I take the 16% because I only want to take 16%. It's not because I can only get 16%.
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