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 annual lending disbursals at ₹20,465 crore, and Q4 insurance premium at ₹7,030 crore, up 37% year-over-year.

• Consolidated operating revenue for FY25 was ₹4,977 crore, up 45% year-over-year, with Q4 revenue at ₹1,508 crore, up 38% year-over-year.

• PAT increased 5.5x year-over-year to ₹353 crore for FY25, with Q4 PAT at ₹171 crore (11% margin), and margins improved from 2% to 7% for the full year.

• The business covers 99% of PIN codes in India, and UAE insurance premium ARR reached ₹1,491 crore, turning sustainably profitable.

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

Financial highlights

• Core online insurance new premium grew 45% year-over-year; health & life insurance new premium up 48% year-over-year.

• Total operating revenue for the year at ₹4,977 crore, up 45% from the previous year; consolidated net profit after tax for FY25 was ₹35,316 lakhs, up from ₹6,441 lakhs in FY24.

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

• Renewal/trail revenue ARR reached ₹817 crore in Q4 FY25, up 42% year-over-year.

• 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 remains at 30%, with recent years exceeding this; 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 few quarters.

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