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 (2.2% of premium).

• Operating revenue for FY26 reached ₹6,794 Cr, up 37% YoY, with Q4 revenue at ₹2,061 Cr.

• Core online insurance premium grew 39% YoY, and UAE business grew 54% YoY, turning profitable.

• Loan disbursals reached ₹30,740 Cr, up 50% YoY, and Paisabazaar turned EBITDA positive.

• Customer satisfaction (CSAT) for insurance and Paisabazaar consistently above 90%.

Financial highlights

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

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

• Renewal/trail revenue grew 40% YoY to ₹935 Cr (12-month rolling), with Q4 ARR at ₹1,126 Cr, up 63% YoY.

• 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% steady-state growth guidance, with focus on expanding insurance and credit penetration in Tier 2/3/4/5 cities.

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

• UAE and international expansion to drive further growth, with Bahrain operations launched.

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

• Confident in sustaining high growth rates, especially in health and term insurance.