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PB Fintech (POLICYBZR) investor relations material
PB Fintech Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary29 Oct, 2025
Executive summary
Total premium for the quarter reached INR 7,605 crore, up 40% year-on-year, with consolidated revenue at INR 1,614 crore, up 38% year-on-year; PAT increased 165% year-on-year to INR 235 crore, with margin improving to 8%.
Core online insurance premium grew 34% year-on-year, protection (health & term) new premium up 44% year-on-year, and PB Partners agent aggregator platform expanded to over 380,000 advisors.
Lending disbursal was INR 8,570 crore, up 102% year-on-year, though core credit revenue declined 22% year-on-year but rose 4% sequentially.
New initiatives, including PB Partners and PB UAE, showed accelerated growth and profitability, with PB UAE profitable for three consecutive quarters.
The merger of Makesense Technologies Limited was sanctioned, with financials restated accordingly.
Financial highlights
Quarterly insurance renewals revenue at an ARR of INR 758 crore, up from INR 516 crore in Q2 last year; renewal trail revenue on a 12-month rolling basis is INR 770 crore.
Adjusted EBITDA for Q2 FY26 was INR 156 crore, up 180% year-on-year, with margin improved to 10%.
Contribution margin for Q2 FY26 was 29%, up from 27% year-on-year; core online business reached 45%.
H1 FY26 revenue grew 36% year-on-year to INR 2,962 crore; H1 PAT rose 214% year-on-year to INR 220 crore.
Cash and cash equivalents at September 30, 2025, stood at INR 24,353 lakh.
Outlook and guidance
Management expects to maintain 30%+ growth trajectory as base effects from savings segment wane, with long-term PAT as a percentage of premium targeted at 3% by FY30 and INR 1 trillion premium aspiration.
New initiatives (Pension Bazaar, PB Money) are at the drawing board stage; no significant results expected for at least a year.
By FY27, new initiatives are expected to be close to adjusted EBITDA breakeven.
PB UAE has been profitable for three consecutive quarters, with further international expansion underway.
Management does not expect further material impact from regulatory penalties or ongoing tax proceedings.
Drivers for 3% PAT/premium target?
New initiatives: profitability drivers and outlook?
GST changes: impact on product strategy?
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Next PB Fintech earnings date
Q3 202614 Feb, 2026
Next PB Fintech earnings date
Q3 202614 Feb, 2026
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Frequently asked questions
PB Fintech Limited, commonly known by its flagship brand PolicyBazaar, operates as a prominent fintech company in India. The company provides an online platform for comparing, purchasing, and managing insurance and lending products. Through its main platforms, PolicyBazaar and PaisaBazaar, PB Fintech offers a wide range of services, including health, term life, motor, and travel insurance, as well as various loan products and credit score management services. PB Fintech Limited is headquartered in Gurugram, Haryana, India, and its shares are listed on the NSE.
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