PB FinTech
PB FinTech
Financial Services F&OKey Fundamentals
MidcapFintechFinancial ServicesTapetide Score
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Key Insights
Strengths
5- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 41.9% CAGR over last 5 years
- Company's median sales growth is 46.1% of last 10 years
- Company's working capital requirements have reduced from 171 days to 68.1 days
Weaknesses
5- Stock is trading at 6.20 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 5.58% over last 3 years.
- Earnings include an other income of Rs.370 Cr.
Growth Rate
AI Analysis — Bull vs Bear
PB Fintech (Policybazaar) has a market capitalisation of about Rs.53,612 Cr and trades at a P/E of 74.8x and 7.66x book value. Sales have compounded at 38% over 3 years and profit at 50%, with TTM profit up 99%. Return on equity has been low, averaging 6% over 3 years and 10% last year, and the stock has fallen 30% over the past year.
- Revenue growth has been strong and steady: 38% compounded sales growth over 3 years and TTM, 50% over 5 years, and 54% over 10 years. Median sales growth over the last decade is 46.1%.
- Profit growth is speeding up. TTM compounded profit growth is 99%, against a 3-year profit CAGR of 50% and a 5-year CAGR of about 42%, which suggests operating leverage as the business scales.
- ROE is improving, from a 5-year average of -1% to a 3-year average of 6% and 10% in the last year. That points to a shift from loss-making to profitable operations.
- The company is almost debt-free, so financial risk is low and it can fund growth without outside borrowing.
- Working capital needs have dropped sharply, from 171 days to 68.1 days, which points to better collections and cash conversion.
- After a 30% fall over 1 year, the stock still has a 16% 3-year CAGR. The drawdown has partly reset valuation compared with earlier levels while the business keeps growing at more than 35%.
- Valuation is high. A P/E of 74.8x and a P/B of about 7.4-7.7x assume sustained high growth, leaving little room for error if growth slows.
- Return on equity is low, averaging 5.58% over 3 years and 10% in the latest year. That is weak compared with the 7.66x price-to-book multiple.
- Earnings rely on non-core income. Other income of Rs.370 Cr makes up a meaningful share of reported profit, so core operating profitability may be lower than headline figures suggest.
- The tax rate appears low. If it normalises to standard corporate levels (about 25%), reported net profit and EPS could shrink, which would effectively raise the 74.8x P/E.
- The stock has fallen 30% over the past year, which shows how sensitive highly valued growth stocks are to changes in sentiment.
- The dividend yield is 0%. Although the company reports repeated profits, it returns no cash to shareholders.
- The profitability track record is short. The 5-year average ROE of -1% shows the company was loss-making until recently, so its earnings through a full cycle are unproven.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- IRDAI commission overhaul triggers crash Sep 24
IRDAI's September 23 consultation paper caps health commissions at 15% in year one and 5% on renewals (currently above 30%), and cuts motor OD from 25-50% to 5-10%. The stock fell 34-36% from ₹1,886.30 to about ₹1,210 on BSE, erasing roughly ₹26,000-31,000 crore of market cap.
- Bernstein flips to 'unviable' call Sep 24
Bernstein called the cuts 'UGLY' and 'much worse than imagined', saying unit economics 'unravel' at the proposed take rates. On Sep 17 it had expected a limited impact that would 'resolve amicably'.
- 90% revenue exposed to commissions Sep 25
Insurance commissions brought in ₹6,089 crore of FY26's ₹6,794 crore operating revenue. Jefferies estimates every 10% cut in new-business commission rates lowers distributor earnings by 10-12%.
- Fixed costs threaten swing to losses Sep 24
Call centres take about 40% of core revenue and performance marketing about 15%. If health and term commissions are halved, total costs (about 75% of revenue today) could go above 100%.
- Loophole closure and deferred life payouts Sep 24
The draft counts advisory fees and marketing payments toward commission caps. It also spreads life commissions beyond the first year, which creates a working-capital mismatch against upfront acquisition costs.
- Management calls proposal 'quite extreme' Sep 25
On a sell-side call held at short notice on Sep 24, management warned of a serious hit to general insurance revenue. It also said larger agents may not find the proposed rates worth selling at.
- Fresh lows on Sep 25 Sep 25
A large-trade signal flagged 2,02,629 shares (₹23.59 crore) at ₹1,164.30, below the Sep 24 52-week low of ₹1,207.20. The Nifty fell 1.64% to 23,063.10 the same day.
- Complaints rise, IRDAI penalty paid Sep 5
The FY26 BRSR shows customer complaints up 31% to 16,396. The company also paid a ₹5 crore IRDAI penalty, adding to regulatory scrutiny.
- Strong FY26 earnings growth Sep 8
Net profit rose more than 90% to ₹670 crore in FY26 and revenue grew 37% to ₹6,794 crore. Employee costs excluding ESOPs grew 30%, slower than 33% in FY25, which points to better operating leverage.
- RBI nod for payment aggregator Sep 7
PB Fintech reportedly has RBI approval to enter the payment aggregator business. This is a diversification step beyond insurance commissions.
- Window to lobby and adapt Sep 24
IRDAI is taking feedback until October 25, 2026, and the rules may only apply from FY28. That gives time to push back and restructure costs, possibly through AI-led call-centre savings of 30-40%.
- Full control of MyLoancare Sep 16
The board approved buying the remaining 20% of MyLoancare for up to ₹5 crore, taking ownership to 100% by March 31, 2027. It also approved ₹10 crore for PB Wheels and ₹1 crore for PBFAA.
- Diversification bets beyond insurance Sep 22
PB Health (26% owned) targets 150 hospitals in more than 50 cities over 5-6 years and a ₹500 crore revenue run-rate by end-FY27. PB Partners has more than 500,000 advisors.
- Lower ESOP payouts to top management Sep 8
CEO Yashish Dahiya's ESOP value fell 63% to ₹236 crore in FY26 from ₹638 crore. Alok Bansal's compensation fell to ₹106 crore from ₹248 crore.
- PB Health fundraise cancelled Sep 22
The board meeting on an institutional placement was cancelled after shareholders questioned the timing and capital allocation. This avoids dilution but stalls PB Health's ₹4,000 crore debt-plus-equity hospital expansion.
- Heavy institutional block trades Sep 24
Confirmed NSE large trades totalled ₹376.93 crore (2,933,960 shares at ₹1,284.70). A separate ₹47.77 crore block traded at ₹1,249.90 during the crash session.
- Dahiya resignation rumour denied Sep 17
Shares fell 6% at open on Sep 17 on talk that Chairman and Group CEO Yashish Dahiya would resign. The company called the rumour 'false and baseless' in an exchange filing.
- Kamath flags fintech regulatory risk Sep 24
Zerodha's Nithin Kamath cited the IRDAI draft as a reminder that rule changes can alter economics overnight. He said 'pretty much everything in fintech comes with this risk'.
- 18th AGM adopts FY26 financials Sep 28
The Sep 28, 2026 virtual AGM adopted the standalone and consolidated FY26 financial statements and re-appointed Ms. Kitty Agarwal.
- Busy investor conference schedule Sep 16
Management attended the Jefferies India Forum (Sep 16), CITIC CLSA Forum (Sep 23) and BofA APAC Conference (Sep 24), plus an investor meet on Sep 14.
- ESOP allotment of 57,885 shares Sep 9
The company allotted 57,885 shares under ESOP 2021, raising paid-up capital to ₹92.55 crore.
- BRSR: headcount and emissions up Sep 5
Workforce reached 28,330, up 83% over three years. Scope 1 and 2 emissions rose 21% to 13,128 tonnes.
TL;DR: PB Fintech had strong FY26 results, with profit up more than 90% to ₹670 crore and revenue up 37% to ₹6,794 crore, and it is building optionality in payments, lending and healthcare. IRDAI's September 23 draft is an existential threat because it would cut commissions by 50-100% in health, term and motor, which make up the bulk of ~90% commission-dependent revenue. The stock fell 34-36% and Bernstein now calls the model 'unviable'. The trend has sharply worsened, and the outcome now depends on how far the final rules are softened after the October 25 feedback deadline and how fast the company cuts its fixed costs before the possible FY28 rollout.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 666 | 812 | 871 | 1,090 | 1,010 | 1,167 | 1,292 | 1,508 | 1,348 | 1,614 | 1,771 | 2,061 | 1,888 |
| Expenses | 743 | 901 | 898 | 1,085 | 1,050 | 1,175 | 1,264 | 1,396 | 1,314 | 1,516 | 1,612 | 1,849 | 1,751 |
| Operating Profit | -77 | -89 | -27 | 5 | -39 | -8 | 28 | 112 | 34 | 98 | 159 | 212 | 137 |
| OPM % | -12% | -11% | -3.1% | 0.5% | -3.9% | -0.7% | 2.1% | 7% | 2.5% | 6% | 9% | 10% | 7% |
| Other Income | 91 | 97 | 94 | 98 | 141 | 106 | 100 | 101 | 100 | 87 | 85 | 104 | 93 |
| Interest | 6 | 7 | 6 | 7 | 6 | 9 | 9 | 9 | 9 | 9 | 9 | 10 | 11 |
| Depreciation | 20 | 22 | 23 | 24 | 25 | 29 | 34 | 33 | 33 | 34 | 34 | 35 | 40 |
| PBT | -12 | -21 | 37 | 73 | 71 | 60 | 85 | 171 | 92 | 142 | 201 | 272 | 179 |
| Tax % | 3% | -1% | 0% | 17% | 15% | 15% | 16% | 0% | 8% | 5% | 6% | 4% | 9% |
| Net Profit | -12 | -21 | 37 | 60 | 60 | 51 | 72 | 170 | 85 | 135 | 189 | 261 | 163 |
| EPS in Rs | -0.25 | -0.45 | 0.84 | 1.34 | 1.32 | 1.11 | 1.56 | 3.7 | 1.84 | 2.94 | 4.09 | 5.64 | 3.52 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 90 | 334 | 492 | 771 | 887 | 1,425 | 2,558 | 3,438 | 4,977 | 6,794 | 7,334 |
| Expenses | 149 | 232 | 386 | 828 | 1,091 | 1,046 | 2,325 | 3,219 | 3,626 | 4,884 | 6,286 | 6,729 |
| Operating Profit | -72 | -142 | -52 | -336 | -320 | -160 | -901 | -662 | -188 | 93 | 508 | 606 |
| OPM % | -92% | -157% | -16% | -68% | -41% | -18% | -63% | -26% | -5% | 1.9% | 7% | 8% |
| Other Income | 10 | 35 | 26 | 37 | 84 | 71 | 124 | 259 | 381 | 449 | 372 | 370 |
| Interest | 0 | 0 | 0 | 8 | 12 | 12 | 14 | 22 | 27 | 34 | 38 | 39 |
| Depreciation | 2 | 3 | 7 | 30 | 47 | 41 | 43 | 64 | 89 | 121 | 136 | 143 |
| PBT | -64 | -110 | -34 | -337 | -295 | -142 | -833 | -488 | 77 | 387 | 707 | 794 |
| Tax % | 0% | 0% | 76% | 3% | 3% | 6% | 0% | 0% | 16% | 9% | 5% | — |
| Net Profit | -64 | -110 | -59 | -347 | -304 | -150 | -833 | -488 | 64 | 352 | 670 | 748 |
| EPS in Rs | -17,719 | -30,600 | -16,396 | -91,266 | -80,008 | -6,584 | -18.53 | -10.82 | 1.48 | 7.67 | 14.48 | 16.19 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 90 | 90 | 90 | 92 | 93 |
| Reserves | 97 | 301 | 787 | 489 | 1,265 | 1,990 | 5,322 | 5,386 | 5,781 | 6,341 | 7,219 |
| Borrowings | 0 | 1 | 1 | 90 | 110 | 110 | 159 | 227 | 253 | 322 | 360 |
| Other Liabilities | 29 | 43 | 92 | 172 | 202 | 230 | 344 | 551 | 604 | 776 | 1,035 |
| Total Liabilities | 126 | 345 | 880 | 751 | 1,576 | 2,331 | 5,915 | 6,254 | 6,729 | 7,531 | 8,707 |
| Fixed Assets | 4 | 6 | 11 | 119 | 147 | 125 | 205 | 313 | 359 | 418 | 441 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 19 | 237 | 650 | 125 | 2 | 138 | 373 | 622 | 1,358 | 2,173 | 3,211 |
| Other Assets | 103 | 102 | 219 | 507 | 1,427 | 2,068 | 5,338 | 5,319 | 5,011 | 4,940 | 5,054 |
| Total Assets | 126 | 345 | 880 | 751 | 1,576 | 2,331 | 5,915 | 6,254 | 6,729 | 7,531 | 8,707 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -102 | -97 | -83 | -282 | -364 | 29 | -1,568 | -299 | 9 | -183 | 41 |
| Investing | -15 | -244 | -434 | 375 | 79 | -1,202 | -2,125 | 46 | 301 | 492 | 225 |
| Financing | 119 | 315 | 513 | -23 | 1,031 | 759 | 3,621 | -42 | -57 | -73 | -81 |
| Net Cash Flow | 2 | -27 | -5 | 69 | 746 | -415 | -71 | -295 | 253 | 236 | 186 |
| Free Cash Flow | -121 | -305 | -97 | -317 | -396 | 24 | -1,599 | -363 | -55 | -280 | -36 |
| CFO/OP | 143 | 68 | 107 | 73 | 102 | 12 | 171 | 38 | -110 | -71 | 15 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 120 | 156 | 105 | 97 | 85 | 71 | 92 | 97 | 67 | 73 | 93 |
| Cash Conversion Cycle | 120 | 156 | 105 | 97 | 85 | 71 | 92 | 97 | 67 | 73 | 93 |
| Working Capital Days | 57 | 93 | 29 | -12 | 0 | -12 | 309 | 321 | 323 | 122 | 68 |
| ROCE % | — | -63% | — | -53% | -36% | -9% | -21% | -8% | 2% | 6% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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57 extracted metrics + investor summaries across FY15–FY27.
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Company Information
PB Fintech Ltd, popularly known as Policy Bazar is India’s largest online platform for insurance and lending products through its flagship brands - Policybazaar and Paisabazaar platform through which they provide convenient access to insurance, credit and other financial products[1]
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