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.
Q3 FY26 Earnings Results
- Revenue from Operations: ₹1,771 cr, +37% YoY vs Q3 FY25 (₹1,292 cr), strong topline growth driven by insurance broking services expansion.
- EBITDA (Adjusted): ₹199 cr, +154% YoY; EBITDA Margin: 11% vs 6% in Q3 FY25, significant margin expansion reflecting operational leverage.
- PAT: ₹189 cr, +165% YoY vs ₹71 cr in Q3 FY25; PAT Margin: 11% (vs 6% last year).
- Other key metrics: Total insurance premiums collected ₹7,965 cr (+45% YoY, +17% QoQ); lending disbursals ₹9,986 cr (+84% YoY) demonstrating strong growth in core verticals.
Management Commentary & Strategic Decisions
- Premium growth focus: Management highlighted robust expansion in insurance premiums, especially in health & protection products (new health premiums up 79% YoY), driving both revenue and profitability.
- Operational efficiency: Margin improvement was attributed to cost discipline and scaling of high-margin renewal revenues.
- Board actions: The board scheduled a meeting on Feb 5, 2026 to consider a Qualified Institutional Placement (QIP) to fund inorganic growth and strategic acquisitions, underlining future expansion plans.
- Segment strategy: Insurance broking remains the core growth engine, while credit/lending operations are showing recovery with sequential improvement in disbursals.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹1,614.5 cr, +38% YoY (vs ₹1,167 cr in Q2 FY25); +20% QoQ from Q1 FY26.
- EBITDA (Adjusted): ₹156 cr, +180% YoY; Adjusted EBITDA Margin: 10% (vs 5% in Q2 FY25).
- PAT: ₹135 cr, +165% YoY, +59% QoQ; PAT Margin: 8.4%.
- Other key metrics: Insurance premium ₹7,605 cr (+40% YoY); credit revenue ₹106 cr.
Management Commentary Q2
- Management underscored strong premium growth, especially in protection products (health & term insurance), fuelling revenue and margin improvements.
- The insurance broking segment continued to dominate, while Paisabazaar (credit/disbursements) showed signs of recovery after previous slowdown.
- Operational metrics highlighted improved scale benefits with renewal revenue expanding, signaling better recurring income potential.
- Cost management, particularly in advertising and employee expenses, helped margin expansion despite increased scale.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.