About PB Fintech Ltd.
PB Fintech Ltd. (POLICYBZR) is a leading Indian financial technology (fintech) company that operates large digital marketplaces for insurance and lending products. It operates in the fintech sector, primarily as India’s largest online marketplace for insurance and lending products through brands like Policybazaar (insurance) and Paisabazaar (loans/credit). They offer online comparison and purchase of various insurance (health, life, motor, travel) and lending products (personal, home, business loans), along with credit score services, digital health lockers (Doc Prime), and B2B insurance solutions.
Core Business & Platforms
Policybazaar, India’s largest online insurance aggregator where customers can compare, research, and buy insurance policies from multiple insurers. Paisabazaar, a major credit products marketplace offering personal loans, credit cards, home loans and other lending services, with partnerships across banks and NBFCs.
Growth & Strategy
Strong consumer adoption with millions of registered users and wide partnerships with insurers and lenders across India. Focus on financial awareness, transparency, and digital access to financial products. Expansion into related services (payments, reinsurance brokerage, etc.) and international presence (e.g., Policybazaar.ae).
Q3 FY26 Performance
PB Fintech reported total insurance premium of ₹7,965 crore in Q3 FY26, registering a strong 45% year-on-year and 17% quarter-on-quarter growth, driven primarily by robust expansion in the core online protection business, where new protection premiums grew 68% YoY, led by 79% YoY growth in new health insurance.
Consolidated operating revenue increased 37% YoY to ₹1,771 crore, supported by 42% YoY growth in core insurance revenue, while core credit revenue continued its sequential momentum with 8% QoQ growth. The company’s core renewal and trail revenue on a rolling 12-month basis rose 38% YoY to ₹841 crore, driven by 60% growth in insurance renewals, with quarterly core insurance renewal revenue reaching an ARR of ₹863 crore, reinforcing long-term profitability.
Growth in core new insurance premium (excluding savings products) accelerated to 56% YoY, while including savings products, core new insurance premium grew 36% YoY, maintaining a consistent growth range of 34%–56% over the last 11 quarters. PB Fintech continued to enhance customer experience, with insurance customer satisfaction (CSAT) consistently above 90%, supported by improvements in onboarding and claims support.
In the credit segment, quarterly revenue stood at ₹115 crore, with core online disbursements of ₹2,470 crore during the quarter. The company’s new initiatives delivered 41% YoY revenue growth, with adjusted EBITDA margin improving from -7% to -3% and contribution margin reaching 6%.
PB Partners, the agent aggregator platform, strengthened its leadership with over 400,000 advisors, increased focus on smaller, higher-quality advisors, wide product diversification, and presence across 19,000 pin codes, covering 99% of India, driving growth in Tier-4 and Tier-5 towns. The UAE insurance business recorded 62% YoY premium growth, with increasing focus on health and life insurance, supported by differentiated cross-border health products and motor claims assurance, and has remained consistently profitable for four consecutive quarters.
Consolidated PAT surged 165% YoY to ₹189 crore in Q3 FY26, with PAT margin expanding from 6% to 11%, representing 2.38% of insurance premium. Since listing in November 2021, PB Fintech has delivered revenue CAGR of 48%, growing from ₹367 crore in Q3 FY22 to ₹1,771 crore in Q3 FY26, while PAT margin improved sharply from -81% to 11%, reflecting a strong shift to sustained profitability.
9M FY26 Performance
During 9M FY26, PB Fintech delivered strong overall growth, with total premium increasing 40% YoY to ₹20,717 crore, driven by 37% growth in the core online business and an even faster 46% growth in new initiatives.
Total revenue rose 36% YoY to ₹4,733 crore, supported by 29% growth in core online revenue and a robust 49% YoY expansion in new initiatives, reflecting diversification beyond the core platforms. Insurance revenue grew 39% YoY, while credit revenue declined 16% YoY, indicating a strategic shift toward higher-quality and sustainable lending volumes.
Contribution (non-GAAP) increased 44% YoY to ₹1,341 crore, with contribution from core online businesses growing 34% YoY, while contribution from new initiatives surged sharply as these businesses moved closer to scale. Overall contribution margin improved to 28% from 27%, driven by stronger operating leverage, with core online contribution margin expanding to 44% and new initiatives margin improving to 6% from 1%.
Adjusted EBITDA (non-GAAP) more than doubled to ₹445 crore, representing 142% YoY growth, supported by a 69% increase in core online EBITDA, while losses from new initiatives narrowed significantly. As a result, adjusted EBITDA margin expanded to 9% from 5%, with core online margin rising to 19%, demonstrating improving profitability across the business despite continued investments in new initiatives.
Performance Drivers
Strong growth in insurance premiums, especially protection products. Expansion in lending/disbursal volumes via Paisabazaar. Broadened revenue base and improved operational efficiencies.
Strategic Notes
Growth reflects improved product mix and digital distribution strength. The company planned a board meeting on Feb 5 to consider a qualified institutional placement (QIP) for funding expansion.