PB FinTech logo

PB FinTech

POLICYBZR NSE

Key Fundamentals

MidcapFintechFinancial Services
Market Cap
₹82,544 Cr
Volatility
Moderate
P/E Ratio
111.01
EBITDA
₹882 Cr
Return on Equity
9.16%
Debt to Equity
0.05
Book Value
₹158.03
EPS
₹2.28
52W High
₹1,964.2
52W Low
₹1,364

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

5
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 41.9% CAGR over last 5 years
  • Company's median sales growth is 46.1% of last 10 years
  • Company's working capital requirements have reduced from 171 days to 68.1 days

Weaknesses

5
  • Stock is trading at 11.4 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 5.58% over last 3 years.
  • Earnings include an other income of Rs.370 Cr.

Growth Rate

Revenue Growth
33.09% lower than 3Y
Net Income Growth
89.72% higher than 3Y
Cash Flow Change
123% lower than 3Y
ROE
66.85% higher than 3Y
ROCE
55.14% lower than 3Y
EBITDA Margin (Avg.)
32.12% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

PB Fintech Ltd, the parent of Policybazaar, commands a market cap of ₹82,544 Cr at a PE of 111.5x and PB of 11.41x. The company has transitioned to profitability with TTM profit growth of 99% and sales CAGR of 38% over three years, though return on equity remains modest at 10% for the last year and the valuation premium is steep relative to earnings.

Bull Case 7
  • Revenue compounding at 38% CAGR over 3 years and 50% over 5 years, with TTM sales growth also at 38%, indicating sustained top-line momentum
  • Profit growth accelerating sharply — TTM profit growth at 99% and 5-year CAGR at 41.9%, reflecting operating leverage as the platform scales
  • Company is almost debt-free, providing financial flexibility and reducing balance sheet risk in a high-growth phase
  • Working capital days have improved significantly from 171 days to 68.1 days, signalling better capital efficiency and cash conversion
  • ROE has improved from -1% on a 5-year basis to 10% in the last year, showing a clear trajectory toward meaningful profitability
  • Median sales growth of 46.1% over the last 10 years underscores the long runway of India's underpenetrated online insurance distribution market
  • 3-year stock CAGR of 32% reflects market recognition of the business model's evolution from losses to profits
Bear Case 8
  • PE ratio of 111.5x is extremely elevated, pricing in years of flawless execution and leaving limited margin of safety
  • Price-to-book of 11.41x is steep — even for a platform business — and implies the market is paying a significant premium over tangible assets
  • 3-year average ROE is only 5.58%, and the 5-year ROE is negative at -1%, indicating the business has historically struggled to generate adequate returns on equity
  • Earnings quality is questionable as other income of ₹370 Cr forms a material portion of reported profits, potentially flattering core operating performance
  • Zero dividend yield despite reporting repeated profits suggests shareholders are not yet being rewarded with cash returns
  • Tax rate appears low, which may normalize upward in future periods and compress net margins
  • 1-year stock return of -1% indicates the market has paused re-rating the stock, possibly reflecting stretched valuations catching up with fundamentals
  • 10-year compounded profit growth of 22% is modest relative to the 54% sales CAGR over the same period, highlighting that profitability has lagged revenue growth for most of the company's history

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 3
  • Employee costs up 26% in FY26 Sep 8

    Employee benefit cost rose 26% to ₹2,466 crore in FY26. Excluding ESOPs, employee expenses grew 30% to ₹2,272 crore, though this is slower than 33% growth in FY25.

  • GHG emissions up, complaints surge Sep 5

    Scope 1 & 2 emissions rose 21% to 13,128 tonnes in FY26. Customer complaints climbed 31% to 16,396, and the company paid a ₹5 crore IRDAI penalty.

  • Standalone cash flow turns negative Aug 18

    Standalone net cash flow turned negative at ₹-149 crore in March 2026, reversing from a positive ₹210 crore in March 2025.

Positives 5
  • Q1 FY27 profit doubles, revenue up 40% Aug 18

    Consolidated net profit for Q1 FY27 surged 98.78% to ₹165.39 crore on revenue of ₹1,888.28 crore (up 40.09% YoY). EPS nearly doubled from ₹1.85 to ₹3.53.

  • FY26 net profit surges 90%+ Sep 8

    PB Fintech's FY26 net profit surged over 90% to ₹670 crore on revenue of ₹6,794 crore (up 37%). ROE improved to 9.16% with zero debt-to-equity ratio.

  • RBI nod for payment aggregator Sep 7

    PB Fintech received RBI approval to enter the payment aggregator business, opening a new revenue stream beyond its core insurance and lending marketplace.

  • CEO ESOP cost drops 63% Sep 8

    CEO Yashish Dahiya's ESOP value fell 63% from ₹638 crore to ₹236 crore in FY26, signaling improving operating leverage on stock-based compensation at the top.

  • Share price up on strong results Aug 18

    Shares rose 2% to ₹1,782 post Q1 results. Annual revenue has grown 376.8% from ₹1,425 crore in 2022 to ₹6,794 crore in 2026.

Neutral 4
  • 57,885 shares allotted under ESOP Sep 9

    PB Fintech allotted 57,885 shares under ESOP 2021, taking paid-up capital to ₹92.55 crore.

  • Multiple analyst meets scheduled Sep 9

    Investor/analyst meet on Sep 14 at 4 PM and Jefferies India Forum participation on Sep 16 in Gurugram.

  • AGM set for September 28 Sep 5

    18th AGM scheduled for Sep 28, 2026 via video conferencing with e-voting from Sep 25-27.

  • Workforce grows to 28,330 Sep 5

    Headcount has grown 83% over three years to 28,330 employees as of March 2026, with ESOPs granted to 77% of senior and 52% of middle management.

TL;DR: PB Fintech is firing on most cylinders — FY26 profit surged 90%+ to ₹670 crore, Q1 FY27 continued the momentum with near-doubling of profit, and the company carries zero debt. The RBI payment aggregator approval opens a meaningful new growth avenue. Key risks include rapidly rising employee costs (26% YoY), a 31% spike in customer complaints with an IRDAI penalty, and negative standalone cash flow. The trend is firmly improving on profitability and revenue, but cost discipline and service quality bear watching as the company scales.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
666
812
871
1,090
1,010
1,167
1,292
1,508
1,348
1,614
1,771
2,061
1,888
Expenses
743
901
898
1,085
1,050
1,175
1,264
1,396
1,314
1,516
1,612
1,849
1,751
Operating Profit
-77
-89
-27
5
-39
-8
28
112
34
98
159
212
137
OPM %
-12%
-11%
-3.1%
0.5%
-3.9%
-0.7%
2.1%
7%
2.5%
6%
9%
10%
7%
Other Income
91
97
94
98
141
106
100
101
100
87
85
104
93
Interest
6
7
6
7
6
9
9
9
9
9
9
10
11
Depreciation
20
22
23
24
25
29
34
33
33
34
34
35
40
PBT
-12
-21
37
73
71
60
85
171
92
142
201
272
179
Tax %
3%
-1%
0%
17%
15%
15%
16%
0%
8%
5%
6%
4%
9%
Net Profit
-12
-21
37
60
60
51
72
170
85
135
189
261
163
EPS in Rs
-0.25
-0.45
0.84
1.34
1.32
1.11
1.56
3.7
1.84
2.94
4.09
5.64
3.52
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
78
90
334
492
771
887
1,425
2,558
3,438
4,977
6,794
7,334
Expenses
149
232
386
828
1,091
1,046
2,325
3,219
3,626
4,884
6,286
6,729
Operating Profit
-72
-142
-52
-336
-320
-160
-901
-662
-188
93
508
606
OPM %
-92%
-157%
-16%
-68%
-41%
-18%
-63%
-26%
-5%
1.9%
7%
8%
Other Income
10
35
26
37
84
71
124
259
381
449
372
370
Interest
0
0
0
8
12
12
14
22
27
34
38
39
Depreciation
2
3
7
30
47
41
43
64
89
121
136
143
PBT
-64
-110
-34
-337
-295
-142
-833
-488
77
387
707
794
Tax %
0%
0%
76%
3%
3%
6%
0%
0%
16%
9%
5%
—
Net Profit
-64
-110
-59
-347
-304
-150
-833
-488
64
352
670
748
EPS in Rs
-17,719
-30,600
-16,396
-91,266
-80,008
-6,584
-18.53
-10.82
1.48
7.67
14.48
16.19
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.04
0.04
0.04
0.04
0.04
0.05
90
90
90
92
93
Reserves
97
301
787
489
1,265
1,990
5,322
5,386
5,781
6,341
7,219
Borrowings
0
1
1
90
110
110
159
227
253
322
360
Other Liabilities
29
43
92
172
202
230
344
551
604
776
1,035
Total Liabilities
126
345
880
751
1,576
2,331
5,915
6,254
6,729
7,531
8,707
Fixed Assets
4
6
11
119
147
125
205
313
359
418
441
CWIP
0
0
0
0
0
0
0
0
0
0
0
Investments
19
237
650
125
2
138
373
622
1,358
2,173
3,211
Other Assets
103
102
219
507
1,427
2,068
5,338
5,319
5,011
4,940
5,054
Total Assets
126
345
880
751
1,576
2,331
5,915
6,254
6,729
7,531
8,707
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-102
-97
-83
-282
-364
29
-1,568
-299
9
-183
41
Investing
-15
-244
-434
375
79
-1,202
-2,125
46
301
492
225
Financing
119
315
513
-23
1,031
759
3,621
-42
-57
-73
-81
Net Cash Flow
2
-27
-5
69
746
-415
-71
-295
253
236
186
Free Cash Flow
-121
-305
-97
-317
-396
24
-1,599
-363
-55
-280
-36
CFO/OP
143
68
107
73
102
12
171
38
-110
-71
15
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
120
156
105
97
85
71
92
97
67
73
93
Cash Conversion Cycle
120
156
105
97
85
71
92
97
67
73
93
Working Capital Days
57
93
29
-12
0
-12
309
321
323
122
68
ROCE %
—
-63%
—
-53%
-36%
-9%
-21%
-8%
2%
6%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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54 extracted metrics + investor summaries across FY15–FY26.

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Shareholding Pattern

Public4.08%DIIs40.42%Others18.20%FIIs37.30%As ofJun 2026

Documents

Frequently Asked Questions about PB FinTech

What does PB Fintech Ltd do?
PB Fintech Ltd, popularly known as Policy Bazar is India’s largest online platform for insurance and lending products through its flagship brands - Policybazaar and Paisabazaar platform through which they provide convenient access to insurance, credit and other financial products[1]
Where is PB Fintech Ltd (POLICYBZR) listed?
PB Fintech Ltd trades as POLICYBZR on the NSE and under code 543390 on the BSE.
Which sector does PB Fintech Ltd belong to?
PB Fintech Ltd is classified under the Financial Services sector, in the Fintech industry.
What is the market capitalisation of PB Fintech Ltd?
PB Fintech Ltd has a market capitalisation of ₹82,544 Cr, which places it in the Large Cap band.
What is the PE ratio of PB Fintech Ltd?
PB Fintech Ltd trades at a PE ratio of 111.01, on earnings per share of ₹2.28, against a book value of ₹158.03 per share.
What is the 52-week high and low of PB Fintech Ltd?
Over the last 52 weeks PB Fintech Ltd has traded between ₹1,364 and ₹1,964.2.
What is the Return on Equity (ROE) of PB Fintech Ltd?
PB Fintech Ltd reported a return on equity of 9.16%. Its debt-to-equity ratio is 0.05.

Company Information

PB Fintech Ltd, popularly known as Policy Bazar is India’s largest online platform for insurance and lending products through its flagship brands - Policybazaar and Paisabazaar platform through which they provide convenient access to insurance, credit and other financial products[1]

Website pbfintech.in
Listed 2021-11-15
Face Value ₹ 2
Issued Size 46,26,74,740

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