PB Fintech (POLICYBZR) Q4 25/26 earnings summary

Executive summary

• FY26 insurance premium grew 42% year-on-year to ₹29,934 Cr, with new protection premium up 57% and PAT up 115% to ₹670 Cr (2.2% of premium).

• Operating revenue for FY26 reached ₹6,794 Cr, up 37% year-on-year, with Q4 revenue at ₹2,061 Cr.

• Core online insurance premium grew 39% for the year; UAE business grew 54% year-on-year and turned profitable.

• Loan disbursals reached ₹30,740 Cr, up 50% year-on-year; Paisabazaar issued 3.5 lakh credit cards.

• Customer satisfaction (CSAT) for insurance and Paisabazaar consistently above 90%.

Financial highlights

• Adjusted EBITDA improved by 118% year-on-year to ₹725 Cr, with margin rising from 6% to 10%.

• Contribution margin for core online business reached 44%; new initiatives turned positive at 5%.

• Renewal/trail revenue grew 40% YoY to ₹935 Cr (12-month rolling); Q4 ARR at ₹1,126 Cr, up 63% YoY.

• Consolidated total assets as of March 31, 2026: ₹8,70,652 lakhs; equity: ₹7,31,752 lakhs.

• Cash and cash equivalents at year-end: ₹74,626 lakhs.

Outlook and guidance

• Management maintains a 30% growth guidance, historically exceeded, and expects continued growth in new protection and core online insurance.

• Focus on expanding insurance and credit penetration in Tier 2/3/4/5 cities and underserved segments.

• Scaling secured credit, wealth, and savings platforms, with AI embedded across all operations.

• UAE and international expansion to drive further growth, with Bahrain operations launched.

• Expecting significant operating leverage and margin improvement in Paisabazaar as scale increases.