PB Fintech (POLICYBZR) Q2 26/27 earnings summary

Executive summary

• Q2FY27 revenue from operations rose 35% YoY to INR 2,177.71 Cr; PAT increased 43% to INR 192.39 Cr, with margin improving to 9% from 8%.

• Q2 total insurance premium grew 38% YoY to INR 9,385 Cr; core online protection premium rose 42%, led by 46% growth in new health premium.

• H1FY27 revenue reached INR 4,066 Cr versus INR 2,962 Cr; PAT was INR 355 Cr versus INR 220 Cr.

• Core insurance and credit grew, while new initiatives expanded but remained loss-making on an adjusted EBITDA basis.

Financial highlights

• Core insurance revenue grew 42% YoY and core credit revenue 19%; new-initiative revenue rose 28%.

• Q2 adjusted EBITDA was INR 216 Cr, up 39% YoY; EBITDA was INR 166 Cr, up 69%.

• H1 adjusted EBITDA rose 64% to INR 402 Cr; H1 EBITDA increased 131% to INR 305 Cr.

• H1 insurance premium reached INR 17,757 Cr, up 39% YoY, and loan disbursals were INR 9,105 Cr.

• Q2 profit before tax was INR 205.41 Cr versus INR 142.06 Cr; total income was INR 2,277.56 Cr.

Segment performance

• Core renewal and trail revenue reached INR 1,097 Cr on a rolling 12-month basis, up 42%; quarterly core insurance renewal revenue reached INR 1,153 Cr ARR, up 52%.

• PB Partners premium rose 36% YoY to INR 1,989 Cr excluding GST; revenue grew 39% to INR 698 Cr, with 76% of GWP from Tier 2 and Tier 3 markets.

• Core online loan disbursals rose 22% YoY to INR 2,791 Cr, led by 30% growth in unsecured lending; 99,000 credit cards were issued, up 10% YoY.

• New initiatives generated H1 revenue of INR 1,104 Cr and adjusted EBITDA of -INR 78 Cr; Q2 adjusted EBITDA was -INR 42 Cr, with PB Pay and Pensionbazaar weighing on margins.

• UAE premium grew 36% YoY; the non-motor portfolio was 50% and operations were profitable.