PB Fintech Ltd — Q4 FY26

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.