HDFC Bank Limited
NSE: HDFCBANK
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Research updated
Pb Fintech Ltd.
NSE: POLICYBZRFinancial ServicesInsurance Brokers
- Last close
- ₹1,015.00
- Day change
- −₹22.90 (−2.21%)vs
- Market cap
- ₹48,382 crIndian rupees
- Research updated
- 1 report
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About Pb Fintech
Pb Fintech Ltd. is a prominent player in the financial technology sector, primarily known for operating Policybazaar, an online platform for users to compare and purchase insurance products. As a digital marketplace, it simplifies the process of selecting insurance policies by providing comprehensive comparisons based on premium, coverage, and terms from various insurers. This user-centric approach facilitates informed decisions and promotes transparency, which is pivotal in the insurance domain. Besides insurance, Pb Fintech Ltd. has expanded its offerings to include lending products and credit score evaluations, impacting sectors beyond just insurance. By leveraging technology, the company addresses a broad demographic, ranging from urban locales to underserved markets, thereby increasing financial inclusivity. Its significance in the market stems from its pioneering model that blends technology with financial services, thereby streamlining traditionally complex processes and boosting efficiency. Headquartered in India, Pb Fintech Ltd. continues to innovate within the insurtech space, helping millions of consumers and contributing to the digital transformation of the financial services industry.
- Sector
- Financial Services
- Industry
- Insurance Brokers
- Listing
- NSE: POLICYBZR
- Chief executive
- Mr. Yashish Dahiya
- Employees
- 28,014
- Headquarters
- Gurugram, India
- ISIN
- INE417T01026
- Website
- pbfintech.in
Public research · Report of
Business model & financial foundation
PB Fintech (NSE: POLICYBZR), Online insurance and credit distribution marketplace (insurance broking, loan distribution): revenue of ₹6,794 crore in FY26 (+36.5% on FY25), an EBITDA margin of 7.5% and net profit of ₹669.9 crore.
- Revenue, FY26 (₹ crore)
- 6,794
- consolidated
- Revenue growth, FY26
- +36.5%
- on FY25
- EBITDA margin, FY26
- 7.5%
- EBITDA (Operating EBITDA including SBC excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 669.9
- to owners
- Return on equity, FY26
- 9.7%
- on average equity
- Market capitalisation (₹ crore)
- 83,409
- at the close of 13 Oct 2026
Company profile
PB Fintech runs Policybazaar, India's largest online insurance marketplace (FY26 insurance premium INR 29,934 cr, issuer-estimated 18-20% of fresh retail health and ~25% of fresh term insurance), and Paisabazaar, an online credit marketplace (FY26 disbursals INR 30,740 cr). It earns commissions and service fees from insurers and lenders, plus renewal trail revenue; new initiatives include PB Partners (agent platform), PB for Business, PB UAE and PB Connect. It has no borrowings and holds a large treasury from its 2021 IPO.
| Item | Value |
|---|---|
| Legal name | PB Fintech Limited (formerly Etechaces Marketing and Consulting Private Limited) |
| Exchange and ticker | NSE: POLICYBZR; BSE: 543390 |
| ISIN | INE417T01026 |
| CIN | L51909HR2008PLC037998 |
| Sector | Financial Services |
| Industry | Online insurance and credit distribution marketplace (insurance broking, loan distribution) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹83,409 crore (13 Oct 2026) |
| Shares outstanding | 46.33 crore shares (FY26) |
| Price | ₹1,047 (close, 13 Oct 2026) |
| 52-week range | ₹945.1 - ₹1,964 (to 13 Oct 2026) |
| Website | https://www.pbfintech.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Policybazaar Insurance Brokers Private Limited | 100% | Composite insurance broker (IRDAI licence); online insurance marketplace, PB Partners agent platform, PB for Business |
| Paisabazaar Marketing and Consulting Private Limited | 100% | Online consumer credit marketplace; loan and card distribution, credit scores, mutual funds |
| PB Healthcare Services Private Limited | 28.46% | Associate (equity method) since 24 Apr 2025; hospital network venture; PB Fintech invested INR 539.4 cr |
| YKNP Marketing Management LLC | 26.72% | Indirect associate (UAE) |
| MyLoancare Ventures Private Limited | 80% | RBI-registered NBFC, loan aggregation; in-principle approval (16 Sep 2026) to buy remaining 20% for up to INR 5 cr |
Directors' Report lists 16 subsidiaries and 7 associates; only material ones listed. No identifiable promoter: professionally managed, founders hold shares in the public category.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 43.60% | 40.80% | 39.94% | 37.30% |
| Domestic institutions | 26.60% | 29.50% | 36.73% | 40.40% |
| of which mutual funds | 18.13% | 20.21% | 25.94% | 28.32% |
| Retail | 2.69% | 2.63% | 2.75% | 2.64% |
| Other | 20.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
PB Fintech is an insurance/credit distributor, not an underwriter or balance-sheet lender. Policybazaar monetises acquisition and servicing through insurer commission; Paisabazaar distributes credit; New Initiatives include PB Partners, PB for Business, UAE and PB Connect. Advertising builds the funnel, employees advise and service, while renewals amortise acquisition expense. Control is over user journey and distribution, not regulated commission caps or lender risk appetite. PBHealth is an associate (28.46%), not consolidated hospital sales.
| Segment | revenue, FY26 (₹ crore) | Share | contribution, FY26 (₹ crore) | Share | adjusted ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Core Online: Policybazaar and Paisabazaar (management) | 4,079 | 30.0% | 1,814 | 92.8% | 841.0 | 116.0% |
| New Initiatives incl PBPartners, corporate, UAE, PBConnect | 2,715 | 20.0% | 140.0 | 7.2% | -116.0 | -16.0% |
| Insurance Broker services (consolidated statutory Ind AS108) | 6,089 | 44.8% | ||||
| Other services (consolidated statutory Ind AS108) | 704.7 | 5.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Turtlemint Fintech Solutions | Only other listed Indian insurance distribution platform (listed June 2026); same IRDAI commission exposure |
| Info Edge (India) (NAUKRI) | Listed consumer internet marketplace, also PB Fintech's largest shareholder; comparable asset-light platform economics |
| Zomato (Eternal) (ETERNAL) | |
| One 97 Communications (Paytm) (PAYTM) | Listed fintech distributing credit and insurance; regulator-set economics |
| Medi Assist Healthcare Services (MEDIASSIST) | Listed health insurance services intermediary (TPA) dependent on insurer payouts |
| Star Health and Allied Insurance (STARHEALTH) | Largest standalone retail health insurer; the counterparty side of the commission economics |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,425 | 2,558 | 3,438 | 4,977 | 6,794 |
| Cost of revenue (vendor classification) * | 1,256 | 987.5 | 1,954 | 2,944 | 4,026 |
| Other operating costs (vendor classification) * | 1,002 | 1,610 | 1,232 | 1,584 | 1,825 |
| EBITDA (vendor classification) * | -707.5 | -438.1 | 155.2 | 447.5 | 838.4 |
| Operating EBIT excluding other income | -750.3 | -466.6 | -275.0 | -28.6 | 373.3 |
| Finance costs | 83.1 | 21.4 | 26.5 | 33.8 | 37.1 |
| Profit before tax after associates and exceptional | -833.4 | -488.0 | 77.1 | 386.7 | 707.4 |
| Total income tax expense | -0.48 | -0.02 | 12.7 | 34.5 | 37.2 |
| Profit after tax including NCI | -832.9 | -487.9 | 64.4 | 352.2 | 670.1 |
| Diluted EPS INR per share | -20.34 | -10.97 | 1.45 | 7.63 | 14.46 |
| Employee benefits including SBC | 1,644 | 1,959 | 2,466 | ||
| Advertising and promotion expense | 899.0 | 1,090 | 1,213 | ||
| Network and internet expense | 114.8 | 139.1 | 196.5 | ||
| Other expenses statutory row | 966.0 | 1,697 | 2,410 | ||
| Advertising plus network plus other expenses | 1,980 | 2,926 | 3,819 | ||
| Materials/traded goods cost not applicable | 0.00 | 0.00 | 0.00 | ||
| Operating EBITDA including SBC excluding other income | -186.3 | 92.7 | 509.2 | ||
| Other income | 380.6 | 407.8 | 372.4 | ||
| Depreciation and amortisation | 88.7 | 121.3 | 136.0 | ||
| Share of associate profit or loss signed | -2.02 | 0.26 | -1.24 | ||
| Exceptional gain or loss signed | 0.00 | 41.1 | 0.00 | ||
| PAT attributable to noncontrolling interests signed | -2.57 | 0.15 | 0.19 | ||
| PAT attributable to owners | 67.0 | 352.1 | 669.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 5,412 | 5,485 | 5,876 | 6,438 | 7,318 |
| Non-lease borrowings | 159.4 | 226.6 | n.r. | n.r. | 0.00 |
| Cash and cash equivalents | 367.4 | 72.3 | 324.9 | 560.5 | 746.3 |
| Total current plus noncurrent trade receivables | 360.9 | 677.3 | 650.5 | 1,115 | 1,968 |
| Trade payables micro small plus other | 198.2 | 306.1 | 301.1 | 367.8 | 471.1 |
| Net property, plant and equipment * | 180.1 | 269.8 | 315.4 | 411.1 | 430.4 |
| Capital work in progress * | 0.28 | 0.26 | 0.20 | 6.56 | |
| Total assets | 5,915 | 6,254 | 6,729 | 7,531 | 8,707 |
| Bank balances other than cash equivalents | 410.1 | 232.6 | 13.6 | ||
| Current investments | 423.6 | 640.0 | 1,356 | ||
| Noncurrent financial investments excluding equity method | n.r. | 1,518 | 1,302 | ||
| Investments accounted for by equity method | n.r. | 15.0 | 553.2 | ||
| Current other financial assets not assumed all liquid | 2,957 | 1,334 | 436.0 | ||
| Noncurrent other financial assets | 291.3 | 1,179 | 430.5 | ||
| Current trade receivables | 634.1 | 999.6 | 1,729 | ||
| Noncurrent trade receivables | 16.4 | 115.5 | 239.0 | ||
| Current lease liabilities | 34.8 | 46.7 | 55.4 | ||
| Noncurrent lease liabilities | 214.1 | 275.6 | 304.8 | ||
| Total lease liabilities | 248.9 | 322.2 | 360.2 | ||
| Company-defined net debt including eligible investments | n.r. | n.r. | n.r. | ||
| Noncurrent investments including associates (old basis) | 934.9 | ||||
| Total receivables/annualsales x365 (days) | 69 | 82 | 106 | ||
| Receivable YoYgrowth lesssales growth (%) | 26.6% | 40.0% |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after taxes | -1,675 | -397.5 | 8.65 | -183.2 | 41.5 |
| Free cash flow (vendor definition) * | -1,601 | -364.7 | -54.7 | -280.3 | -38.4 |
| Cash PPE and intangible capex (outflow magnitude) | -29.8 | -63.9 | 63.4 | 97.1 | 79.9 |
| Gross cash paid for business combinations | n.r. | 9.03 | n.r. | ||
| Cash paid for investments in associates | 539.4 | ||||
| Lease principal cash payments | 31.2 | 41.0 | 47.1 | ||
| Lease interest cash payments | 26.0 | 33.2 | 36.8 | ||
| Cash proceeds from issue of equity shares | 0.22 | 8.21 | 20.0 | ||
| CFO less positive cash PPE and intangible capex | -54.7 | -280.4 | -38.4 | ||
| CFO after cash tax / total PAT incl NCI | 0.13x | -0.52x | 0.06x | ||
| Trailing three-year cumulative CFO/PAT incl NCI (x) | -0.12x |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Approximate weighted diluted shares not period-end issued shares | 40.95 | 44.49 | 46.19 | 46.14 | 46.33 |
| Employee SBC included in expense not an addback | n.r. | 213.7 | 194.2 | ||
| Management headline cash unspecified composition and basis | 5,263 | 5,406 | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,167 | 1,292 | 1,508 | 1,348 | 1,614 | 1,771 | 2,061 | 1,888 |
| Cost of revenue (vendor classification) * | 507.6 | 487.4 | 1,493 | 559.9 | 606.7 | 699.3 | 715.7 | |
| Other operating costs (vendor classification) * | 667.5 | 776.5 | -454.7 | 753.7 | 1,006 | 1,144 | 1,033 | |
| EBITDA (vendor classification) * | 98.6 | 128.0 | 175.3 | 134.6 | 244.1 | 316.6 | 229.8 | |
| Operating EBIT excluding other income | -37.2 | -5.95 | 78.8 | 0.90 | 64.0 | 125.0 | 183.4 | 99.2 |
| Finance costs | 8.98 | 9.31 | 9.17 | 8.77 | 9.23 | 9.31 | 9.78 | 11.1 |
| PBT after associates and exceptional items | 60.3 | 85.1 | 170.5 | 92.3 | 142.1 | 201.1 | 271.9 | 178.6 |
| Total income tax expense | 9.28 | 13.6 | 0.78 | 7.69 | 7.17 | 11.6 | 10.7 | 15.7 |
| Profit after tax including NCI | 51.0 | 71.5 | 169.7 | 84.7 | 134.9 | 189.4 | 261.2 | 162.9 |
| Diluted EPS INR per share | 1.09 | 1.55 | 3.65 | 1.82 | 2.89 | 4.08 | 5.61 | 3.50 |
| Employee benefits including SBC | 507.6 | 487.4 | 508.2 | 559.9 | 600.0 | 606.7 | 699.3 | 715.7 |
| Advertising and promotion | 278.0 | 289.5 | 277.4 | 253.2 | 280.1 | 308.6 | 370.8 | 379.1 |
| Network and internet | 34.2 | 36.9 | 36.4 | 42.6 | 43.1 | 53.2 | 57.6 | 56.7 |
| Other expenses statutory row | 355.2 | 450.2 | 573.8 | 458.0 | 592.5 | 643.9 | 715.4 | 597.4 |
| Advertising plus network plus other expense | 667.5 | 776.6 | 887.6 | 753.8 | 915.7 | 1,006 | 1,144 | 1,033 |
| Operating EBITDA including SBC excluding other income | -7.80 | 27.6 | 112.1 | 34.4 | 97.8 | 158.8 | 218.3 | 139.3 |
| Materials/traded goods cost not applicable | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other income | 106.0 | 100.4 | 101.1 | 98.8 | 84.5 | 84.9 | 104.3 | 93.0 |
| Depreciation and amortisation | 29.4 | 33.6 | 33.3 | 33.5 | 33.9 | 33.8 | 34.9 | 40.1 |
| Share of associate profit or loss signed | 0.41 | -0.06 | -0.22 | 1.45 | 2.82 | 0.51 | -6.02 | -2.48 |
| Exceptional gain or loss signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to NCI signed | 0.31 | 0.00 | 0.04 | 0.06 | 0.03 | 0.05 | 0.05 | 0.02 |
| PAT attributable to owners | 50.7 | 71.5 | 169.7 | 84.6 | 134.9 | 189.4 | 261.1 | 162.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 60.7% | 79.5% | 34.4% | 44.8% | 36.5% |
| EBITDA margin | -5.4% | 1.9% | 7.5% | ||
| Net margin | 1.9% | 7.1% | 9.9% | ||
| Return on equity | 1.2% | 5.7% | 9.7% | ||
| Return on capital employed | -19.6% | -8.3% | 5.1% | ||
| Return on assets | 1.0% | 4.9% | 8.3% | ||
| Borrowings less cash (₹ crore) | -208.0 | 154.3 | -746.3 | ||
| Borrowings less cash / EBITDA | -1.47x | ||||
| Interest cover | -9.03x | -21.8x | -10.4x | -0.85x | 10.1x |
| Asset turnover | 0.35x | 0.42x | 0.53x | 0.70x | 0.84x |
| Receivable days | 92 | 97 | 69 | 82 | 106 |
| Payable days (on revenue) | 51 | 44 | 32 | 27 | 25 |
| Cash conversion | 0.13x | -0.52x | 0.06x | ||
| Capex intensity | 2.1% | 2.5% | 1.8% | 2.0% | 1.2% |
| Free cash flow (₹ crore) | -1,705 | -461.4 | -54.7 | -280.4 | -38.4 |
| EPS, diluted (₹) | -20.34 | -10.97 | 1.45 | 7.63 | 14.46 |
| Book value per share (₹) | 132.2 | 123.3 | 127.2 | 139.5 | 157.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA including SBC excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (Operating EBITDA including SBC excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS INR per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Pb Fintech includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Reports on Pb Fintech
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