PB Fintech (POLICYBZR) Q3 25/26 earnings summary

Executive summary

• Total insurance premium grew 45% year-on-year to ₹7,965 Cr in Q3 FY26, led by new protection premium up 68% and health up 79%.

• PAT increased 165% year-on-year to ₹189 crore, with operating revenue up 37% to ₹1,771 crore.

• Core online insurance premium rose 44% year-on-year; lending disbursals up 84% YoY to ₹9,986 Cr.

• PB Partners and UAE operations maintained strong growth, with UAE insurance premium up 62% YoY and profitable for four consecutive quarters.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Insurance premium (net of GST) reached ₹7,965 Cr, up 45% YoY; Q3 FY26 revenue: ₹1,771 Cr, up 37% YoY; adjusted EBITDA: ₹199 Cr, up 154% YoY.

• PAT for Q3 FY26: ₹189 Cr (2.38% of total premium), up from ₹71 Cr in Q3 FY25.

• 9M FY26 revenue: ₹4,733 Cr, up 36% YoY; net profit at ₹40,897 lakhs.

• Renewal/trail revenue ARR: ₹863 Cr with 80%+ margins.

• Earnings per share (basic) for Q3 FY26 was ₹4.11, compared to ₹1.57 in Q3 FY25 (restated).

Outlook and guidance

• New initiatives expected to be break-even or profitable going forward.

• Continued focus on scaling insurance and credit platforms, technology, customer experience, and operational efficiency.

• International expansion to be pursued if board and shareholder approvals are obtained.

• Management expects no material impact from ongoing regulatory and tax proceedings, and continues to monitor regulatory changes.