Financial Services · NSE: POLICYBZR
PB Fintech
Q2 FY27 earnings call · Guided by management
Call held 30 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹48,594Cr
- P/E
- 60.3×
- 1Y return
- −41.21%
- From 52W high
- −46.5%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 2,178 | 1,614 | +35.0% | 1,888 | +15.3% |
| PBTProfit before tax | 210 | 139 | +50.7% | 181 | +15.9% |
| Net profit | 192 | 135 | +42.7% | 163 | +18.1% |
| EPS (₹) | 4.13 | 2.89 | +42.9% | 3.50 | +18.0% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
In short
- 01Q2 insurance premium was Rs 9,385 Cr, up 38%, with over Rs 40,000 Cr expected this year.
- 02Operating revenue grew 35% to Rs 2,178 Cr; PAT grew 43% to Rs 192 Cr.
- 03Management says lower payouts under IRDAI's consultation paper will reduce insurance distribution revenue.
- 04Responses named: non-insurance revenue as permitted, faster ecosystem offerings, and other options under evaluation.
- 05Management will keep cost discipline, cut marginal spend and slow hiring, but not cut customer proposition.
- 06Management says the POSP business makes a loss and current draft rules leave no scope for it as is.
- 07PB Health expected at Rs 40-45 Cr monthly run rate around March, about Rs 500 Cr a year.
- 08Management expects industry Q4 health growth may be flat as the GST cut effect has passed.
Capex
Capex mainly for office expansion and staff support
Management · Q&A · p. 14
Capex mainly for office expansion and staff support
“So, this CapEx is largely towards supporting the expansion of offices, as well as supporting the staff.”
Segments
Core online new health and term: Core online new health and term grew 42% YoY; new health grew 46%
Management · p. 3
Core online new health and term: Core online new health and term grew 42% YoY; new health grew 46%
“Core online new health and term grew 42% YoY, and within this, new health grew 46% YoY.”
Core insurance; core credit: Core insurance revenue up 42% YoY; core credit revenue up 19% YoY
Management · p. 3
Core insurance; core credit: Core insurance revenue up 42% YoY; core credit revenue up 19% YoY
“Core insurance revenue was up 42% YoY and core credit revenue, up 19% YoY.”
Credit: Core credit disbursals grew 22%, rising for 5 consecutive quarters
Management · p. 3
Credit: Core credit disbursals grew 22%, rising for 5 consecutive quarters
“In credit, disbursals grew 22% in the core business and this has now risen for 5 consecutive quarters.”
PB Partners, UAE Business, PB for Business: New initiatives delivered Rs 826 Cr revenue, up 40%, and are close to break-even
Management · p. 3
PB Partners, UAE Business, PB for Business: New initiatives delivered Rs 826 Cr revenue, up 40%, and are close to break-even
“Our insurance-led new initiatives, PB Partners, UAE Business, and PB for Business, delivered ₹826 Cr of revenue, up 40% and are now close to break-even.”
UAE: UAE premium grew 36% YoY
Management · p. 3
UAE: UAE premium grew 36% YoY
“UAE Premium grew 36% YoY.”
Demand
Company will keep spending on awareness to build insurance categories
Management · Q&A · p. 5
Company will keep spending on awareness to build insurance categories
“So, I think, we will have to spend money to keep the awareness to continue with the focus on building the categories.”
Company has been over half of industry marketing spend for 17-18 years
Management · Q&A · p. 11
Company has been over half of industry marketing spend for 17-18 years
“On the campaign side, over the last 17-18 years, if you notice, we have been more than half of the industry's marketing spend.”
Paisabazaar: No change seen in Paisabazaar lending partners through October; new partners added
Management · Q&A · p. 15
Paisabazaar: No change seen in Paisabazaar lending partners through October; new partners added
“I think, first, and simply on Paisabazaar, we haven't seen any change from September to October, or from August to October in terms of any partner. In fact, some new partners have come on board and expanded.”
Health insurance: GST cut gave industry 18% extra growth for 6 months, now over
Management · Q&A · p. 15
Health insurance: GST cut gave industry 18% extra growth for 6 months, now over
“For the first 6 months, we saw an incremental 18% growth in the industry.”
Health insurance: Industry Q4 over Q4 may not be a growth quarter, per management
Management · Q&A · p. 15
Health insurance: Industry Q4 over Q4 may not be a growth quarter, per management
“So the interesting part is, with that 18% benefit, year on year for the industry, my assessment is Q4 over Q4, for the industry, may not even be a growth quarter, but let it get there.”
Margins and costs
Strict cost discipline to be maintained through this period
Management · p. 4
Strict cost discipline to be maintained through this period
“We will maintain strict cost discipline over the years as we go through this period.”
Company will not cut back on customer proposition while controlling costs
Management · p. 4
Company will not cut back on customer proposition while controlling costs
“While maintaining this cost discipline, and profitability focus, we will not cut back on the customer proposition.”
Marketing spend rose this year as demand was tough
Management · Q&A · p. 4
Marketing spend rose this year as demand was tough
“This year, it's been the reverse. Actually, demand has been very tough, and I think we've had to spend a lot more money.”
AI work lets advisors handle 15-20% more leads
Management · Q&A · p. 6
AI work lets advisors handle 15-20% more leads
“There are some slides in the deck about the improvement that we have made, whether in terms of our advisor's ability to handle 15-20% more leads, improve conversion.”
Management names AI as a big efficiency lever
Management · Q&A · p. 6
Management names AI as a big efficiency lever
“I think AI is a very big lever for Policybazaar to become a lot more efficient.”
Debt and working capital
Intent is not to return to cash burn; awaiting final regulations
Management · Q&A · p. 7
Intent is not to return to cash burn; awaiting final regulations
“Mentally, the intent is not a cash burn intent.”
POSP: POSPs are paid before insurers pay the company, a cash flow concern
Management · Q&A · p. 9
POSP: POSPs are paid before insurers pay the company, a cash flow concern
“because to a large extent, we end up paying the POSPs sooner than we get paid by the insurance companies.”
Acquisitions and new business
Company is evaluating other options to strengthen the business
Management · p. 3
Company is evaluating other options to strengthen the business
“And as any long-term business should, we are evaluating other options to strengthen our business over time.”
PB Health: No change in PB Health business plan
Management · Q&A · p. 8
PB Health: No change in PB Health business plan
“No, no change in that particular business plan.”
PB Health: Stake in PB Health to be kept unchanged
Management · Q&A · p. 9
PB Health: Stake in PB Health to be kept unchanged
“In terms of stake, no, we want to maintain our stake at present. We are not expanding it, nor reducing it.”
Minority stakes in insurers not among options considered
Management · Q&A · p. 9
Minority stakes in insurers not among options considered
“Jayant, we think of a lot of options. Taking minority stakes is not one of them.”
Paisabazaar: Paisabazaar entered bill payments and is starting wealth products
Management · Q&A · p. 12
Paisabazaar: Paisabazaar entered bill payments and is starting wealth products
“We've now gone into bill payments, so we're doing a lot on the consumer engagement side, and we're also starting our wealth journey.”
Management
Current management to be repurposed to run new ecosystem offerings
Management · Q&A · p. 6
Current management to be repurposed to run new ecosystem offerings
“So, a lot of the current management will get repurposed.”
Risks
Lower distribution payouts under IRDAI proposal will reduce insurance distribution revenue
Management · p. 3
Lower distribution payouts under IRDAI proposal will reduce insurance distribution revenue
“Lower distribution payouts will reduce our insurance distribution revenue, for sure.”
Company will implement IRDAI's final framework fully
Management · p. 3
Company will implement IRDAI's final framework fully
“We have engaged constructively with the regulator, and we will implement the final framework fully, and in its spirit.”
POSP: POSP business makes a loss today
Management · Q&A · p. 6
POSP: POSP business makes a loss today
“Let's look at the POSP business. We do make a loss there today.”
Over 1,000 feedbacks have reached the regulator on the discussion paper
Management · Q&A · p. 7
Over 1,000 feedbacks have reached the regulator on the discussion paper
“feedbacks from many quarters, more than 1,000 feedbacks have already reached the regulator.”
POSP: Draft rules leave no scope for POSP business as it is today
Management · Q&A · p. 8
POSP: Draft rules leave no scope for POSP business as it is today
“That in my opinion, does not leave scope for POSP the way it is today.”
Other
Consolidated operating revenue grew 35% to Rs 2,178 Cr
Management · p. 3
Consolidated operating revenue grew 35% to Rs 2,178 Cr
“Consolidated operating revenue grew 35% to ₹2,178 Cr.”
PAT grew 43% to Rs 192 Cr; PAT margin rose from 8% to 9%
Management · p. 3
PAT grew 43% to Rs 192 Cr; PAT margin rose from 8% to 9%
“PAT grew 43% to ₹192 Cr, and PAT margin improved from 8% to 9%.”
Core new premium excluding savings has grown above 34% for 14 consecutive quarters
Management · p. 3
Core new premium excluding savings has grown above 34% for 14 consecutive quarters
“Core new premium, excluding savings, has now grown at above 34% for 14 consecutive quarters.”
Core renewal and trail revenue is almost Rs 1,100 Cr
Management · p. 3
Core renewal and trail revenue is almost Rs 1,100 Cr
“And our core renewal and trail revenue is now over ₹1,000 Cr, it's almost ₹1,100 Cr.”
Plans to expand non-insurance revenue as the regulator permits
Management · p. 3
Plans to expand non-insurance revenue as the regulator permits
“We will expand our non-insurance revenue within and as the regulator permits and there is some anticipation that could happen.”
Sources
- Earnings call transcript, Q2 FY27 Filed 4 Nov 2026 · 16 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.