PB Fintech Ltd
PB Fintech Ltd
Financial Services F&OPB 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]
PB Fintech demonstrates exceptional revenue growth at 37% TTM and has turned profitable with 112% TTM profit growth, but the stock trades at a steep PE of 115.5x and 10.58x book value with low ROE of 5.63% over 3 years. With 68% analyst buy ratings but a -12% one-year stock return, the risk-reward is balanced at current levels.
Key Fundamentals
MidcapFintechFinancial ServicesTechnical Indicators
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 196 days to 141 days
Weaknesses
5- Stock is trading at 10.4 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 5.63% over last 3 years.
- Earnings include an other income of Rs.372 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoPB Fintech demonstrates exceptional revenue growth at 37% TTM and has turned profitable with 112% TTM profit growth, but the stock trades at a steep PE of 115.5x and 10.58x book value with low ROE of 5.63% over 3 years. With 68% analyst buy ratings but a -12% one-year stock return, the risk-reward is balanced at current levels.
- Exceptional revenue compounding with 38% sales CAGR over 3 years and 50% over 5 years, indicating strong platform adoption
- Profit growth has inflected sharply with 112% TTM growth and 50% CAGR over 3 years as the business achieves operating leverage
- Company is almost debt-free, providing financial flexibility to invest in growth without balance sheet risk
- 68% of analysts (15 out of 22) rate the stock a Buy, reflecting broad institutional confidence in the business model
- Working capital efficiency improving from 196 days to 141 days, signaling better cash conversion as the platform scales
- ROE has improved from -1% over 5 years to 10% last year, showing a clear profitability inflection trajectory
- Median sales growth of 46.1% over 10 years demonstrates a durable structural growth story in underpenetrated Indian insurance distribution
- Market cap of Rs.76,960 Cr positions the company as a category leader with significant runway in India's low-insurance-penetration market
- Stock trades at 115.5x PE, leaving no margin of safety if growth decelerates even modestly
- Price-to-book ratio of 10.58x is extremely elevated for a company with only 5.63% 3-year average ROE
- Stock has declined 12% over the past year despite strong earnings, suggesting the market is repricing growth expectations
- Zero dividend yield with no payout despite reporting profits, offering no downside cushion for investors
- Earnings quality is questionable with Rs.372 Cr of other income included, inflating reported profitability
- 18% of analysts (4 out of 22) rate the stock a Sell, which is notably high for a growth darling
- 5-year ROE averages -1%, meaning the company destroyed value for most of its listed life and sustained profitability remains unproven
- Low tax rate raises concerns about sustainability of reported earnings when normalized taxation applies
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- Promoters sell ₹654cr stake May 28
Co-founders Dahiya and Bansal selling up to 3.8 million shares (0.8% equity) at floor price of ₹1,720/share, a 3.6% discount to closing price of ₹1,784.80. Follows Tencent's full 1.05% stake exit (₹805cr) on May 9.
- ESOP plan amendment rejected Jun 16
Shareholder resolution to amend the ESOP 2021 plan was rejected at the annual meeting, limiting flexibility in employee compensation structure.
- Two independent directors exit Jun 18
Independent directors Kaushik Dutta and Lilian Jessie Paul ceased to hold office after completing their first term, reducing board experience.
- Q4 FY26 profit jumps 54% May 28
Consolidated net income reached ₹261 crore for Q4 FY26, up 54% YoY. Revenue climbed 37% YoY to ₹2,061 crore, with insurance premiums on platform rising 46% YoY to ₹9,217 crore.
- Institutional block trades signal interest Jun 22
Two institutional block trades recorded — ₹48.39 crore (2,87,395 shares at ₹1,683.60) on Jun 22 and ₹16.43 crore (1,00,475 shares at ₹1,635.20) on Jun 2 — indicating sustained institutional participation.
- Active global investor engagement Jun 05
Management attending Kotak investor conference in London (Jun 15-16) and HSBC Digital Finance Forum (Jun 29), signaling proactive outreach to global institutional investors.
- New independent directors appointed Jun 16
Shareholders approved appointment of Jyotsana Vempati Aggarwal and re-appointment of Veena Vikas Mankar and Nilesh Bhaskar Sathe as Independent Directors, maintaining board governance continuity.
TL;DR: PB Fintech delivered a strong Q4 FY26 with 54% profit growth and 37% revenue growth driven by insurance premium acceleration. The key risk is sustained promoter selling — co-founders and Tencent have collectively offloaded over ₹1,450 crore in recent weeks, creating near-term supply pressure. Institutional block trades and active investor engagement suggest underlying demand remains healthy. The fundamental trend is improving on operating metrics, but repeated insider sales may cap near-term upside until selling subsides.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 869 | 666 | 812 | 871 | 1,090 | 1,010 | 1,167 | 1,292 | 1,508 | 1,348 | 1,614 | 1,771 | 2,061 |
| Expenses | 937 | 743 | 901 | 898 | 1,085 | 1,050 | 1,175 | 1,264 | 1,396 | 1,314 | 1,516 | 1,612 | 1,849 |
| Operating Profit | -68 | -77 | -89 | -27 | 5 | -39 | -8 | 28 | 112 | 34 | 98 | 159 | 212 |
| OPM % | -8% | -12% | -11% | -3% | 0% | -4% | -1% | 2% | 7% | 3% | 6% | 9% | 10% |
| Other Income | 82 | 91 | 97 | 94 | 98 | 141 | 106 | 100 | 101 | 100 | 87 | 85 | 104 |
| Interest | 6 | 6 | 7 | 6 | 7 | 6 | 9 | 9 | 9 | 9 | 9 | 9 | 10 |
| Depreciation | 17 | 20 | 22 | 23 | 24 | 25 | 29 | 34 | 33 | 33 | 34 | 34 | 35 |
| PBT | -9 | -12 | -21 | 37 | 73 | 71 | 60 | 85 | 171 | 92 | 142 | 201 | 272 |
| Tax % | 0% | 3% | -1% | 0% | 17% | 15% | 15% | 16% | 0% | 8% | 5% | 6% | 4% |
| Net Profit | -9 | -12 | -21 | 37 | 60 | 60 | 51 | 72 | 170 | 85 | 135 | 189 | 261 |
| EPS in Rs | -0.2 | -0.25 | -0.45 | 0.84 | 1.34 | 1.32 | 1.11 | 1.56 | 3.7 | 1.84 | 2.94 | 4.09 | 5.64 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 90 | 334 | 492 | 771 | 887 | 1,425 | 2,558 | 3,438 | 4,977 | 6,794 |
| Expenses | 149 | 232 | 386 | 828 | 1,091 | 1,046 | 2,325 | 3,219 | 3,626 | 4,883 | 6,286 |
| Operating Profit | -72 | -142 | -52 | -336 | -320 | -160 | -901 | -662 | -188 | 94 | 508 |
| OPM % | -92% | -157% | -16% | -68% | -41% | -18% | -63% | -26% | -5% | 2% | 7% |
| Other Income | 10 | 35 | 26 | 37 | 84 | 71 | 124 | 259 | 381 | 449 | 372 |
| Interest | 0 | 0 | 0 | 8 | 12 | 12 | 14 | 22 | 27 | 34 | 37 |
| Depreciation | 2 | 3 | 7 | 30 | 47 | 41 | 43 | 64 | 89 | 121 | 136 |
| PBT | -64 | -110 | -34 | -337 | -295 | -142 | -833 | -488 | 77 | 388 | 707 |
| Tax % | 0% | 0% | 76% | 3% | 3% | 6% | 0% | 0% | 16% | 9% | 5% |
| Net Profit | -64 | -110 | -59 | -347 | -304 | -150 | -833 | -488 | 64 | 353 | 670 |
| EPS in Rs | -17,719 | -30,600 | -16,396 | -91,266 | -80,008 | -6,584 | -18.53 | -10.82 | 1.48 | 7.69 | 14.48 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| 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 | 6,340 | 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 | 775 | 1,035 |
| Total Liabilities | 126 | 345 | 880 | 751 | 1,576 | 2,331 | 5,915 | 6,254 | 6,729 | 7,529 | 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 | 4,938 | 5,054 |
| Total Assets | 126 | 345 | 880 | 751 | 1,576 | 2,331 | 5,915 | 6,254 | 6,729 | 7,529 | 8,707 |
Cash Flow
| 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 | 491 | 214 |
| 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 | 174 |
| 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 | -70 | 15 |
Ratios
| 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 | 141 |
| ROCE % | — | -63% | — | -53% | -36% | -9% | -21% | -8% | 2% | 6% | 10% |
Documents
Frequently Asked Questions about PB Fintech Ltd
What does PB Fintech Ltd do?
Where is PB Fintech Ltd (POLICYBZR) listed?
Which sector does PB Fintech Ltd belong to?
What is the market capitalisation of PB Fintech Ltd?
What is the PE ratio of PB Fintech Ltd?
What is the 52-week high and low of PB Fintech Ltd?
What is the Return on Equity (ROE) of PB Fintech Ltd?
How can I research PB Fintech Ltd on Tapetide?
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]