1. At a Glance – Blink and You’ll Miss the Profits
PB Fintech is currently a ₹72,000+ Cr market cap beast trading at ₹1,563, down ~14% in three months, probably because the stock market has the emotional stability of a toddler on a sugar crash. Despite that, Q3 FY26 came in swinging: ₹1,771 Cr revenue (+37% YoY) and ₹189 Cr PAT (+165% YoY). Yes, that’s real profit. No, it’s not a typo.
The company trades at a P/E of ~125x, EV/EBITDA of ~93x, and Price-to-Book of 10.7x, which basically means the market still thinks this is a startup living on VC fumes. ROCE is a modest 5.9%, ROE 5.1%, and debt-to-equity is a negligible 0.05—so at least the balance sheet isn’t drunk.
Policybazaar still dominates digital insurance with a 93% market share, Paisabazaar keeps printing credit leads, and renewal revenue is quietly becoming the profit engine nobody talked about in 2021. Advertising intensity has cooled from 61% of revenue in FY22 to 26% in FY24, which tells you one thing: growth is no longer being bought entirely with TV ads screaming “Policybazaar hai na”.
So the question: is this finally a business… or just a very expensive Excel sheet with profits switched on? Let’s dig.
2. Introduction – From Cash-Burning Meme to Profitable Adult
For years, PB Fintech was that one relative at Indian family functions: huge potential, impressive resume, but constantly asking for “just one more round of funding.” Losses piled up, ROEs were negative, and analysts defended it with phrases like “long-term platform optionality” and “network effects,” which is finance-speak for bhai trust karo.
Fast forward to FY25–FY26, and something interesting happened. The company didn’t just cut costs—it changed the quality of revenue. Insurance brokerage now contributes 85% of revenue in H1 FY25, up from 55% in FY22. That’s higher-margin, repeat-heavy, renewal-rich income. Translation: boring but profitable.
Q3 FY26 marks a psychological shift. This is not just EBITDA-positive storytelling; this is PAT-positive execution with operating margins
touching 9%. Renewal ARR stands at ₹633 Cr, growing 45% YoY, with 85%+ margins. That’s SaaS-level profitability hiding inside an insurance aggregator.
Meanwhile, the market is still stuck in 2021, valuing PB Fintech like profits are a temporary guest. Are investors late… or is the company early? Keep reading.
3. Business Model – WTF Do They Even Do?
Let’s explain PB Fintech like you’re smart but lazy.
Policybazaar
This is the money printer. Policybazaar compares insurance products—health, term, motor, travel—and earns commissions from insurers. It does not underwrite risk, does not hold claims, and does not lose sleep over actuarial tables. As of Q2 FY25:
- 86.9 million registered users
- 18.3 million active users
- 46.8 million policies sold cumulatively
It’s basically Amazon for insurance, minus inventory risk.
PaisaBazaar
This is the cousin trying to become a bank without being a bank. Paisabazaar compares loans and credit cards:
- 47 million+ consumers
- 5.8 million transacting users
- Average transaction size: ₹8.3 lakh
Revenue comes from lead fees and commissions. Credit risk? Someone else’s headache.
PB Partners
A B2A2C platform enabling 2.5 lakh+ PoSP agents to sell insurance using PB’s tech. Think of it as “Zerodha Kite for insurance agents.” Asset-light, scalable, and annoyingly sticky.
Bottom line: PB Fintech sells distribution, not financial products. That’s why margins improve with scale. The more boring it gets,
