PB Fintech Ltd. share price target

The consultation paper released yesterday recommends significant changes to commissions. PB Fintech hosted a call to discuss the implications and indicated that, if implemented as proposed, the changes could result in a potential 30% hit to FY28 core online insurance revenue.

PB Fintech (POLICYBZ) reported revenue of INR18.9b (in line), growing 40% YoY, driven by 43% YoY growth in online revenue to INR11.9b (5% beat) and 35% YoY growth in new initiatives revenue to INR6.9b (in line).

PB Fintech Ltd. (PBFL) owns online financial services platforms Policybazaar' & Paisabazaar'. By collaborating with financial services companies, including insurance providers, the company aims to enrich its platform and deliver a seamless consumer...

PB Fintech (POLICYBZ) reported revenue of INR20.6b (11% beat), growing 37% YoY, driven by 42% YoY growth in online revenue to INR12.5b (13% beat) and 29% YoY growth in new initiatives revenue to INR8.1b (7% beat).

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.