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PB FinTech

POLICYBZR NSE
₹965.00 +37.00 (+3.99%)
P/E
59.60
View as Markdown
MCP
Close 4 Nov 2026 ₹965.00 −792.40 −45.1% 1Y
Start ₹1,757.40

Key Fundamentals

MidcapFintechFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.30%
Debt to Equity
0.05
EPS (TTM)
₹16.19
Book Value
₹168.01
Market Cap
—
P/E (TTM)
59.60
P/B
5.74
ROE
9.75%
Dividend Yield
0.00%
EBITDA
₹882 Cr
52W High
₹1,964.20
52W Low
₹916.00
Day Range
₹918.40 – ₹977.10
Volume
47,80,753

Peer Comparison

Financial Services › Fintech › Financial Technology (Fintech)

PB FinTech peer comparison
Paytm
₹1,732.40170.51₹1,10,812 Cr6.700.00%4.64%4.96%₹8,967 Cr₹649 Cr
PB FinTech (this company)
₹965.0059.60₹43,573 Cr5.740.00%9.75%10.30%₹7,334 Cr₹748 Cr
Pine Labs
₹157.77132.58₹18,322 Cr3.030.00%2.46%4.15%₹2,832 Cr₹127 Cr
Moneyview
₹55.0861.20₹9,400 Cr3.140.00%19.00%18.30%₹985 Cr₹33 Cr
Manipal Payment and Identity Solutions
₹331.3525.29₹7,508 Cr21.080.00%45.10%43.30%₹1,538 Cr₹291 Cr
Seshaasai Technologies
₹318.0519.14₹5,154 Cr3.390.80%23.60%28.00%₹1,506 Cr₹270 Cr
AvenuesAI
₹127.7814.34₹4,438 Cr0.930.04%6.64%7.72%₹9,516 Cr₹322 Cr
Median 7 companies₹318.0559.60₹9,400 Cr3.390.00%9.75%10.30%₹2,832 Cr₹291 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

39 Weak

Data confidence 100/100

Category scores

Quality
29
Poor
Returns, margins, earnings quality 22% weight
Valuation
27
Poor
Cheap vs sector & own history 24% weight
Growth
95
Strong
Sales & profit trajectory 9% weight
Financial Health
69
Strong
Solvency, leverage, coverage 9% weight
Momentum
8
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 6.48 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1243
OscillatorsBullish243
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
33.85
Neutral
MACD (12,26,9)
−103.13
Bullish
SMA (50)
1,377.90
Bearish
SMA (200)
1,538.93
Bearish

As of

Analyst Rating

Based on 23 analysts
BUY61%

14 of 23 analysts rate Buy, 5 Hold, 4 Sell.

As of

BUY
14
61%
HOLD
5
22%
SELL
4
17%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+54.09%
5Y+50.26%
3Y+38.49%
1Y+36.51%
TTM+37.99%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3YTurned to profit
1Y+90.34%
TTM+97.88%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+7.17%
3YTurned positive
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+165.26 pp
5Y+25.52 pp
3Y+33.36 pp
1Y+5.61 pp
TTM+5.14 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2016₹90.00 Cr
Mar 2018₹334 Cr
Mar 2019₹492 Cr
Mar 2020₹771 Cr
Mar 2021₹887 Cr
Mar 2022₹1,425 Cr
Mar 2023₹2,558 Cr
Mar 2024₹3,438 Cr
Mar 2025₹4,977 Cr
Mar 2026₹6,794 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2016−₹110 Cr
Mar 2018−₹59.00 Cr
Mar 2019−₹347 Cr
Mar 2020−₹304 Cr
Mar 2021−₹150 Cr
Mar 2022−₹833 Cr
Mar 2023−₹488 Cr
Mar 2024₹64.00 Cr
Mar 2025₹352 Cr
Mar 2026₹670 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹300 Cr +15.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

PB Fintech Ltd trades at ₹928 as of 2026-11-03, near its 52-week low of ₹916, with a market cap of ₹44,142 Cr. The company has shown strong revenue and profit growth historically but trades at elevated valuation multiples with a PE of 57.32x and PB of 5.52x, while remaining virtually debt-free.

Bull Case 8
  • Company is almost debt-free with a debt-to-equity ratio of just 0.05, providing significant financial flexibility and low balance sheet risk.
  • TTM profit growth stands at 99%, indicating a sharp acceleration in earnings momentum over the trailing twelve months.
  • Compounded sales growth of 54% over 10 years and 50% over 5 years demonstrates a durable, long-term revenue expansion track record.
  • Compounded profit growth of 42% over 5 years and 50% over 3 years reflects the company's improving operating leverage as it scales.
  • Working capital requirements have reduced sharply from 171 days to 68.1 days, signalling improved capital efficiency and cash conversion.
  • Median sales growth of 46.1% over the last 10 years indicates consistent top-line expansion well above the broader financial services sector.
  • ROE has improved from a negative 5-year average of -1% to 10% in the last year, suggesting the business is crossing an inflection point toward sustained profitability.
  • TTM sales growth of 38% shows the company continues to grow at a healthy pace even on a larger revenue base.
Bear Case 7
  • Stock has declined 37% over the past 1 year and trades at ₹928, just above its 52-week low of ₹916, down from a 52-week high of ₹1,964.20 — a drawdown of over 52% from the peak.
  • PE ratio of 57.32x is elevated, requiring continued high earnings growth to justify the current valuation.
  • Despite reporting repeated profits, the company pays zero dividend (0% yield), offering no income return to shareholders.
  • Earnings include other income of ₹370 Cr, raising questions about the quality and sustainability of core operating profits.
  • Three-year average ROE of approximately 5.58% is low relative to the premium valuation, indicating capital is not yet generating commensurate returns for shareholders.
  • ROCE of 9.65% remains modest for a company trading at over 57x earnings, suggesting returns on invested capital have room to improve before justifying the valuation.
  • The tax rate appears low, which could mean reported earnings benefit from non-recurring tax adjustments that may not persist in future periods.

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

AI News Digest

9h ago

TL;DR: PB Fintech delivered a strong Q2 FY27 with 43% PAT growth, 35% revenue growth, and significant margin expansion, underpinned by 38% insurance premium growth and a maturing renewal revenue base. Institutional accumulation by major mutual funds signals broad confidence. Key risks include potential regulatory changes affecting commissions and sector-wide margin pressure on insurance brokers. The growth trajectory remains firmly positive, though investors should watch for regulatory developments that could pressure distribution economics.

Headwinds 2
  • Broker margin pressure, consolidation risk Oct 7

    Insurance brokers face margin squeeze from higher operating costs and lower commission payouts. Consolidation likely, though larger efficient players like PB Fintech are better positioned to weather it.

  • Regulatory uncertainty on costs Oct 30

    Co-founder Yashish Dahiya acknowledged regulations are at a discussion stage and the company may cut its offline distribution business if cost optimization becomes necessary.

Positives 6
  • Q2 PAT up 43%, revenue +35% Oct 30

    Q2 FY27 consolidated PAT rose 43% YoY to ₹192 crore on revenue of ₹2,178 crore (+35% YoY). EBITDA surged 69.2% to ₹165.5 crore with margin expanding to 7.6% from 6.1%.

  • Insurance premium growth 38% YoY Oct 30

    Total insurance premium hit ₹9,385 crore in Q2 FY27 (+38% YoY). New health insurance premium grew 46% YoY, maintaining 34%+ core new premium growth for 14 consecutive quarters.

  • UAE business up 19x since FY22 Oct 30

    UAE insurance premium grew 36% YoY in Q2 FY27 with annualised premium run rate reaching ₹2,258 crore. Company expanding into health, life and financial products for NRI customers.

Neutral 2
  • HDFC MF raises stake to 7.03% Oct 30

    HDFC Mutual Fund increased its PB Fintech holding by 2.02% to 7.03% (3.25 crore shares) via open market purchases as of October 28, 2026.

  • ICICI Pru MF crosses 5% stake Oct 21

    ICICI Prudential Mutual Fund crossed the 5% holding threshold in PB Fintech, reaching 5.032% after acquiring 1.50 lakh shares on open market.

Quarterly Results

₹ Cr
POLICYBZR quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
2,178
Expenses
743
901
898
1,085
1,050
1,175
1,264
1,396
1,314
1,516
1,612
1,849
1,751
2,012
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
98.75
87
85
104
93
—
Interest
6
7
6
7
6
9
9
9
9
9
9
10
11
12
Depreciation
20
22
23
24
25
29
34
33
33
34
34
35
40
44
PBT
−12
−21
37
73
71
60
85
171
92
142
201
272
179
205
Tax %
3%
−1%
0%
17%
15%
15%
16%
0%
8%
5%
6%
4%
9%
6%
Net Profit
−12
−21
37
60
60
51
72
171
85
135
189
261
163
192
EPS (₹)
−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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
POLICYBZR profit and loss, annual, ₹ crore
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
37.09
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
353
670
748
EPS (₹)
−6.38
−11.02
−5.92
−34.68
−30.4
−13.17
−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%
—

Balance Sheet

₹ Cr
POLICYBZR balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
POLICYBZR cash flow, annual, ₹ crore
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/EBITDA
143
68
107
73
102
12
171
38
−110
−71
15

Ratios

POLICYBZR financial ratios, annual
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

Log in to view PB FinTech insights

57 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 44.86%
  • FIIs 27.12%
  • Others 22.63%
  • Public 5.40%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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
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 PE ratio of PB Fintech Ltd?
PB Fintech Ltd trades at a PE ratio of 59.60 as of 4 Nov 2026, on earnings per share of ₹16.19, against a book value of ₹168.01 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 ₹916 and ₹1,964.2 as of 4 Nov 2026.
What is the Return on Equity (ROE) of PB Fintech Ltd?
PB Fintech Ltd reported a return on equity of 9.75%. 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

Website pbfintech.in
Listed 15 Nov 2021
Face Value ₹2

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