New Insurance Premium Growth (ex-savings)
59%
+59% YoY
New insurance premium net of savings grew 59% YoY in Q4, accelerating from prior quarters.
PBFINTECH
Information Technology
15 May 2026
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%.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Renewal Revenue ARR
₹1,126 Cr
+63% YoY
Annualized renewal revenue run-rate reached ₹1,126 crore, up from ₹689 crore a year ago.
Health Insurance Premium Growth
68%
+68% YoY
Health insurance premium grew 68% YoY for the full year, outpacing other segments.
PB Partners Advisors
450,000
N/A
PB Partners network now includes 450,000 advisors, covering 99% of Indian pin codes.
Management Guidance
30%+ growth trajectory maintained
Management reiterated their long-standing guidance of 30%+ growth, noting they have consistently beaten it.
Management guidance growthPesa Bazar to be significantly EBITDA positive next year
Pesa Bazar turned EBITDA positive this quarter and is expected to deliver meaningful profitability in FY27.
Management guidance marginsAggressive POSP expansion in FY27
Management plans to aggressively grow the POSP (PB Partners) business, seeing a window of opportunity as competitors consolidate.
Management guidance expansionKey Risks
Regulatory cap on commissions
Media reports suggest potential commission caps in health insurance. Management downplayed the risk, citing their low-cost structure and high-persistency book.
medium · analyst_questionDeferred commission structure in life insurance
Industry discussions around deferring life insurance commissions could impact cash flows, though management sees it as neutral or positive given their persistency.
low · management_commentarySlowdown in savings business growth
Savings business returned to growth but remains volatile; management acknowledged challenges in customer proposition and industry stagnation.
medium · data_observationGeopolitical risk in UAE operations
UAE business faced disruptions from regional tensions and AWS outage in March, yet still grew 3% YoY for the month.
low · management_commentaryNotable 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%.
Frequently Asked Questions
What was PB Fintech's revenue in Q4 FY26?
PB Fintech reported revenue of ₹2,061 Cr in Q4 FY26, representing a +37% change compared to the same quarter last year.
What guidance did PB Fintech management give for FY27?
30%+ growth trajectory maintained: Management reiterated their long-standing guidance of 30%+ growth, noting they have consistently beaten it. Pesa Bazar to be significantly EBITDA positive next year: Pesa Bazar turned EBITDA positive this quarter and is expected to deliver meaningful profitability in FY27. Aggressive POSP expansion in FY27: Management plans to aggressively grow the POSP (PB Partners) business, seeing a window of opportunity as competitors consolidate.
What are the key risks for PB Fintech in FY27?
Key risks include Regulatory cap on commissions — Media reports suggest potential commission caps in health insurance. Management downplayed the risk, citing their low-cost structure and high-persistency book.; Deferred commission structure in life insurance — Industry discussions around deferring life insurance commissions could impact cash flows, though management sees it as neutral or positive given their persistency.; Slowdown in savings business growth — Savings business returned to growth but remains volatile; management acknowledged challenges in customer proposition and industry stagnation.; Geopolitical risk in UAE operations — UAE business faced disruptions from regional tensions and AWS outage in March, yet still grew 3% YoY for the month..
Did PB Fintech meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full PB Fintech Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.