POLICYBZR Q2 FY26 earnings call.
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Revenue
₹1,614 Cr
verified against source
Revenue YoY
38%
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 INR 1,614 crore consolidated revenue (+38% YoY) with PAT jumping 2.65x to INR 235 crore (8% margin) in Q2 FY26. Total premium reached INR 7,605 crore (+40% YoY), driven by health insurance at 60% and online protection at 44%. The renewal trail revenue on 12-month rolling basis stands at INR 770 crore with insurance renewals ARR at INR 758 crore (vs INR 516 crore in Q2 last year). The PB Partners POSP network has 380,000+ advisors across 19,000 PIN codes, growing 55-56% YoY. UAE business turned profitable for third consecutive quarter, growing 64% YoY. Credit revenue declined 22% YoY but bottomed out with 4% QoQ recovery. Management reiterated INR 1 trillion premium target by 2030 and expects PAT to reach 3% of premium (vs 1.77% currently) over the long term. Adjusted EBITDA margins improved from -12% to -4%, but management cautioned against reading quarterly margin movements as anything more than normal fluctuations. Key risk: ongoing GST implementation impact and insurance company commission negotiations, which remain unresolved.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed its aspiration for INR 1 lakh crore (INR 1 trillion) of insurance premium, potentially delayed by 1-2 quarters due to GST changes. GST exemption removes ~6% from the cumulative book.
- Long-term profit target of approximately 3% of premium (vs current 1.77%) as the business scales to INR 1 trillion premium. Management calls this a 'robust' number not easily changed.
- Combined POSP, corporate, and UAE contribution margins at 5.5% currently. Management expects new initiatives to be 'very close to zero' adjusted EBITDA loss next fiscal year, with UAE already profitable and POSP losses reducing significantly.
- Excluding the stressed savings category, the company has grown between 35-45% YoY for the last 10 consecutive quarters and anticipates maintaining this trajectory as Q3/Q4 last year had lower savings bases.
Risks flagged
- Private insurers are reportedly reducing distributor commissions. Management stated discussions are constructive but not concluded, emphasizing PB Fintech's superior business quality and fresh customer acquisition value. Impact on take rates remains uncertain.
- From next quarter, premium will be reported without GST for apples-to-apples comparison. Management acknowledged potential ~6% impact on cumulative book but declined to quantify the effect on the INR 1 trillion target.
- Core credit revenue declined 22% YoY (though bottomed with 4% QoQ growth). Trail revenues fell due to elevated NPAs in the industry. Management noted they 'shared the burden' with partners and doubled down on risk/alternate data collection.
- Management explicitly stated not to expect results from these initiatives 'at least for a year.' Total investment is under $0.5 million currently. Both businesses remain exploratory with no clear go-to-market strategy defined.
Key quotes
- After 17 years, 18 years... we are able to get to about 1.77% of insurance premium as a profit pool. It will of course grow. This should kind of keep growing into the future.
- What you will hear as you go around the market, if anybody does the due diligence, is that Policybazaar always pays on time... Policybazaar does not snatch people's customers, does not try to steal the renewals. Those kind of things you will hear in the market. I think that is one of the reasons why people are starting to gravitate towards us because eventually it's a game of trust.
- It's a triangle, always: consumer, insurance company, and Policybazaar. All three have to gain because otherwise it's a zero-sum game. If you take some from one person, give it to the other, I think all three will gain, and that's what we are really focused on.
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