PB Fintech (POLICYBZR) Q4 25/26 earnings summary

Executive summary

• Insurance premium grew 42% year-on-year to ₹29,934 Cr, with new protection premium up 57% YoY and PAT up 115% YoY to ₹670 Cr, reflecting improved profitability and operational efficiency.

• Operating revenue reached ₹6,794 Cr for FY26, up 37% YoY, with Q4FY26 revenue at ₹2,061 Cr.

• Core online insurance premium grew 39% YoY; new initiatives and international business, including UAE, contributed to growth and profitability.

• Loan disbursals reached ₹30,740 Cr, up 50% YoY, with Paisabazaar issuing 3.5 lakh credit cards.

• Corporate insurance premium grew 140% YoY, with UAE operations turning profitable.

Financial highlights

• Adjusted EBITDA improved by 118% YoY to ₹725 Cr, with EBITDA margin rising from 6% to 10%.

• Contribution margin for core online business reached 44%, and for new initiatives, contribution turned positive at 5%.

• Renewal/trail revenue grew 40% YoY to ₹935 Cr on a 12-month rolling basis.

• Q4FY26 PAT was ₹261 Cr (+54% YoY), with profit margin at 13%.

• Consolidated total assets as of March 31, 2026: ₹8,70,652 lakhs; equity: ₹7,31,752 lakhs.

Outlook and guidance

• Management maintains a 30% growth guidance, with focus on expanding insurance and credit penetration in Tier 2/3/4/5 cities and underserved segments.

• Scaling secured credit, wealth, and savings platforms, with AI embedded across operations for efficiency and risk management.

• UAE and international expansion, including Bahrain, to drive further growth.

• Expecting significant operating leverage and margin improvement in Paisabazaar as scale increases.