PB Fintech (POLICYBZR) Q3 25/26 earnings summary

Executive summary

• Total insurance premium grew 45% year-over-year to ₹7,965 crore in Q3 FY26, with new protection premium up 68% and health premium up 79%.

• PAT increased 165% year-over-year to ₹189 crore, with operating revenue up 37% to ₹1,771 crore.

• Core online insurance premium rose 44% year-over-year; lending disbursals up 84% YoY to ₹9,986 crore.

• UAE insurance premiums grew 62% year-over-year, with the business profitable for four consecutive quarters.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025.

Financial highlights

• Insurance premium (net of GST) reached ₹7,965 crore, up 45% year-over-year; Q3 FY26 revenue was ₹1,771 crore, up 37% YoY.

• Adjusted EBITDA grew 154% YoY to ₹199 crore, with margin improving from 6% to 11%.

• PAT for Q3 FY26 was ₹189 crore (2.38% of total premium), up from ₹71 crore in Q3 FY25.

• Insurance renewal revenue ARR at ₹863 crore, up from ₹538 crore YoY, with 80%+ margins.

• Earnings per share (basic) for Q3 FY26 was ₹4.11, compared to ₹1.57 in Q3 FY25 (restated).

Outlook and guidance

• New initiatives expected to be break-even or profitable going forward.

• Continued focus on scaling insurance and credit platforms, expanding in India and internationally, and investing in technology and customer experience.

• Management expects no material impact from ongoing regulatory and tax proceedings.