PB Fintech (POLICYBZR) Q2 25/26 earnings summary

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.