PB Fintech Ltd. share price target

PB Fintech (POLICYBZ) reported revenue of INR17.7b (5% miss) in 3QFY26, up 37% YoY, driven by 35% growth in core online revenue to INR10.4b (in line) and 41% growth in new initiatives revenue to INR7.3b (12% miss).

The company delivered robust revenue and profitability in Q2FY26, driven by significant growth in core online insurance and new initiatives. Notably, annual recurring revenue (ARR) witnessed substantial YoY growth, a key driver of long-term profit expansion. The company's Point of Sale Person (PoSP) business has diversified, with a balanced mix of motor and non-motor products, and its increasing market share is expected to bolster future performance. Furthermore, it aims to achieve Rs. 1 trillion in premiums. Given its diversified business, expanding market share and strong positioning, the company is...

PB Fintech is a dominant digital marketplace in both insurance and consumer credit—two sectors benefiting from rising financial awareness, digitalization, and significant under-penetration.

*over or under performance to benchmark index PB Fintech Ltd (PBFL) owns online financial services platformPolicyBazaar. By collaborating with financial services companies, including insurance providers, the company aims to enrich its platform and deliver a seamless consumer experience...

PB Fintech’s (PBF) Q1FY26 tick marked all important growth parameters (65% in new health, 42% in core premium ex of savings, 47% in renewal revenue—all on YoY basis).

Quarterly Update Q1FY25

Quarterly Update Q4FY24

Quarterly Update Q3FY24

Quarterly Update Q2FY24

Better claims experience serves as a strong business moat for PB Fintech (PB). This, along with the merits of cumulative renewal business and developing a track record of fixed-cost salience, should help sustain high valuation multiples, while increasing monetisation of the channel through the complementary Feet on Street initiative should help earnings growth.

Quarterly Update Q1FY24

PB Fintech’s (PBF) Q1FY24 performance continued to track along the expected lines of premium growth, credit disbursement growth, stable contribution margins, range -bound fixed costs and controlled losses in new initiatives. The roadmap remains to become profitable in FY24 and attain ~INR 9bn-10bn in adjusted EBITDA/PAT by FY27.

Initiating Coverage Report

PB Fintech’s (PBF) Q4FY23 performance was good on all counts considering 1) premium growth has been encouraging. Total premium grew 18% QoQ of which core premium grew 17% QoQ and adjusting for one-off of Rs470mn in Q4FY23, growth still remained strong at 15% QoQ.

PB Fintech’s (PBF) Q3FY23 performance was good on all counts considering 1) premium growth has been encouraging (total premium was Rs30bn in Q3FY23 vs Rs25bn in Q2FY23 and premium ex POSP and UAE operations was Rs24.5bn in Q3FY23 vs Rs20bn in Q2FY23 and Rs47bn in FY21).

PB Fintech’s (PBF) Q2FY23 performance was good on all counts considering that: 1) premium growth has been encouraging (absolute core insurance premiums were >Rs20bn in Q2FY23 vs Rs47bn for FY21); 2) disbursements too have been good in
Paisabazaar (PAB) (H1 disbursements at >Rs52bn).

PB Fintech (PB) has reported steady Q1FY23 earnings with 12% QoQ growth in total premiums

PB Fintech (PBF) is among the leading insurance and lending intermediaries in India.
It operates principally through its platforms PolicyBazaar/PaisaBazaar, and has also entered into newer businesses. PBF is well placed to benefit from the rising insurance penetration in India, especially through digital distribution.