PB Fintech (POLICYBZR) Q3 25/26 earnings summary

Executive summary

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

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

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

• PB Partners and UAE operations maintained strong growth, with UAE insurance premium up 62% YoY and profitable for four consecutive quarters.

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

Financial highlights

• Insurance premium (net of GST) reached ₹7,965 Cr, up 45% YoY; Q3 FY26 revenue: ₹1,771 Cr, up 37% YoY; adjusted EBITDA: ₹199 Cr, up 154% YoY.

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

• 9M FY26 revenue: ₹4,733 Cr, up 36% YoY; adjusted EBITDA: ₹445 Cr, up 142% YoY.

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

• Credit revenue for the quarter was ₹115 Cr, with disbursals at ₹2,470 Cr.

Outlook and guidance

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

• International expansion is a strategic focus, with potential acquisitions under consideration pending board and shareholder approval.

• Continued focus on scaling both insurance and credit platforms, with emphasis on technology, customer experience, and operational efficiency.

• Expansion in Tier 2 & 3 cities and new product launches expected to drive future growth.

• Management expects no material impact from ongoing regulatory and tax proceedings, and continues to monitor regulatory changes.