PB Fintech, the parent of Policybazaar and Paisabazaar, posted robust gains for the March quarter and FY26, led by its insurance marketplace. Profit after tax rose 54% year-on-year to ₹261 crore in Q4, while full-year profit more than doubled to ₹670 crore. The company’s net margin improved to 10% from 6% a year earlier, reflecting operating leverage and scale benefits.
Financial performance and operating metrics
Operating revenue grew 37% year-on-year to ₹2,061 crore in Q4 FY26, crossing the ₹2,000-crore mark for the first time, largely driven by insurance broking on Policybazaar. Quarterly EBITDA surged 95% to ₹218 crore, even as PB Fintech stepped up hiring and brand investments to support expansion.
Insurance momentum continues
Policybazaar remained the key growth engine. Insurance premiums sourced through the platform in Q4 rose 46% to ₹9,217 crore, taking FY26 premium placements to nearly ₹30,000 crore. Health insurance and term life products led the increase, with new protection premiums up 67% year-on-year amid rising demand for medical cover and long-term financial security.
Renewal income, a key driver of profitability for digital insurance platforms, also strengthened. Annualised renewal revenue reached ₹1,126 crore in Q4, supporting visibility on future cash flows. PB Partners, the company’s advisor network, expanded to 4.5 lakh advisors across 19,000 PIN codes. The UAE insurance business advanced 54% year-on-year and turned profitable, underscoring traction in overseas markets.
Lending platform shifts strategy
Paisabazaar faced slower growth as unsecured lending—particularly personal loans and credit cards—softened. The Reserve Bank of India’s tighter norms on small-ticket unsecured credit affected partner supply and risk appetite. In response, the platform is tilting towards secured lending categories such as home loans and loans against property. While this pivot can stabilise volumes, secured products typically carry thinner margins and require higher offline engagement.
New bet on healthcare services
PB Fintech is building a healthcare ecosystem under “PB Health,” with a planned investment of ₹800 crore. The initiative aims to strengthen post-sale claims support, digital consultations, and hospital tie-ups, potentially deepening customer engagement across the insurance lifecycle. Investors will track timelines to profitability for PB Health, the margin implications of a larger secured-loans mix at Paisabazaar, and any impact of potential GST changes on insurance commissions and sector growth.
