PB Fintech (POLICYBZR) Q4 24/25 earnings summary

Executive summary

• Total insurance premium for FY25 reached ₹23,486 crore, up 48% year-over-year, with consolidated operating revenue at ₹4,977 crore, up 45% year-over-year, and PAT increasing 5.5x to ₹353 crore.

• Q4 revenue grew 38% year-over-year to ₹1,508 crore, with Q4 PAT up 184% year-over-year to ₹171 crore and PAT margin improving from -58% to 7% over four years.

• Customer satisfaction in insurance onboarding and claims support consistently above 90%.

• Core online insurance and credit businesses, along with new initiatives, contributed to margin improvements and operational efficiency.

• Annual financial results for FY25 were audited and received unmodified opinions from statutory auditors, confirming compliance with Indian Accounting Standards and SEBI regulations.

Financial highlights

• Core insurance revenue up 46% year-over-year; core credit revenue down 21% year-over-year; health & life insurance new premium up 48% year-over-year.

• Adjusted EBITDA for FY25 was ₹333 crore, up from ₹144 crore in FY24; margin improved from 4% to 7%.

• Contribution margin for core online business reached 43% in FY25; renewal/trail revenue ARR reached ₹817 crore in Q4 FY25, up 42% year-over-year.

• Consolidated revenue from operations for FY25 was ₹497,721 lakhs, up from ₹343,768 lakhs year-over-year; consolidated net profit after tax for FY25 was ₹35,316 lakhs, a significant increase from ₹6,441 lakhs in FY24.

• Closing cash balance at year-end was ₹5,400 crore; cash and cash equivalents (consolidated) at year-end were ₹56,051 lakhs, up from ₹32,486 lakhs.

Outlook and guidance

• Long-term revenue CAGR target set at 30%, with recent years exceeding this, especially in health; management expects moderated growth in unsecured credit and cards to recover by H2 FY26.

• Health business expected to continue strong growth; savings segment remains challenged and is expected to be slow for the next two quarters.

• Credit business expected to grow, with focus on secured lending and tech-led collections; continued focus on scaling secured credit, expanding product offerings, and leveraging technology for efficiency.

• Renewals and core online business expected to drive margin expansion as their share increases.

• Management and legal opinions indicate ongoing regulatory and tax matters are not expected to materially impact continuing operations.