PB Fintech Limited (POLICYBZR) AI Stock Analysis

• Market Cap: ₹689.25B
• Dividend Yield: N/A
• Average Volume (3M): 42.26K
• Price to Earnings (P/E): 111.0
• Beta (1Y): 1.25
• Revenue Growth: 39.22%
• EPS Growth: 116.31%
• Country: IN
• Employees: 14,318
• Sector: Services
• Sector Strength: N/A
• Industry: Insurance - Brokers
• EPS (TTM): 4.08
• Shares Outstanding: 462,693,080
• 10 Day Avg. Volume: 68,518
• 30 Day Avg. Volume: 42,259
• PEG Ratio: 0.47
• Price to Book (P/B): 10.87
• Price to Sales (P/S): 14.04
• P/FCF Ratio: -249.38
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,750.00
• Price Target Upside: 0.38% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 14.42
• Revenue Forecast (FY): ₹67.21B

• Rating: 55 Neutral
• Price Target: ₹1,523.00 ▼(-12.64% Downside)
• Action: Reiterated Date: 10/28/25
• Date: Action: Reiterated 10/28/25

PB Fintech Limited's strong financial performance, characterized by robust revenue growth and a solid balance sheet, is a key strength. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation. The lack of dividend yield further detracts from the stock's appeal. The absence of earnings call insights and corporate events means these factors do not influence the score.

Positive Factors

Multi-product digital distribution platform

Owning both Policybazaar and Paisabazaar creates durable distribution scale and cross-sell capacity across insurance and credit. The multi-product marketplace and tech-enabled servicing build data assets, reduce customer acquisition costs over time, and create stickiness with insurers and lenders.

Strong revenue growth trajectory

Sustained top-line expansion from 7.71b to 49.77b in five years signals persistent demand, successful customer acquisition and product-market fit. This scale supports long-term investment in tech, marketing efficiency gains, and potential operating leverage as fixed costs are spread over higher volumes.

Very strong balance sheet and low leverage

An 85% equity ratio and near-zero leverage provide financial flexibility to invest, weather regulatory or market shocks, and pursue M&A or product development without near-term liquidity pressure. Improved ROE indicates better capital use while a strong asset base supports growth initiatives.

Negative Factors

Weak cash generation / negative free cash flow

Negative FCF in 2025 (-2.8b) despite prior positive FCF shows earnings haven't consistently converted to cash. Persistent cash conversion weakness forces reliance on reserves or external funding for growth, raising risk if investments or customer acquisition remain cash-intensive.

Low and volatile profitability margins

Despite solid gross margin (60.64%), low net (7.09%) and slim EBITDA (1.88%) margins indicate high operating and acquisition costs. Margins remain vulnerable to marketing intensity and pricing mix, constraining cash flow generation and the pace at which scale converts to durable profits.

Earnings exposed to commission/regulatory risk

Revenue reliance on commissions and referral fees ties earnings to product mix and regulatory frameworks. Changes to commission caps, distribution rules, or lender payout policies could materially reduce take-rates and recurring economics, threatening long-term revenue durability.

PB Fintech Limited Business Overview & Revenue Model

Company Description

PB Fintech Limited operates an online platform for insurance and lending products in India. It operates in two segments, Insurance Web Aggregator Services and Other Services. The company offers Policybazaar, an online platform to buy and sell insurance products, such as term, health, motor, home, and travel insurance for consumers and insurance partners; and Paisabazaar, an independent digital lending platform that enables consumers to compare, choose, and apply for personal credit products, including personal, business, and home loans, as well as credit cards and loans against property. It also provides call center and online healthcare related services; online marketing, consulting, and support services; and support services in motor vehicle claims and related assistance, as well as engages in the online, offline, and direct marketing of insurance products. The company was incorporated in 2008 and is based in Gurugram, India.

How the Company Makes Money

PB Fintech makes money mainly by facilitating the sale and servicing of financial products—especially insurance—through its platforms and earning consideration from product providers. Its key revenue streams typically include: (1) Insurance distribution income: when a customer buys an insurance policy on Policybazaar (or through its assisted channels), the company earns commissions and/or other distribution-related fees from the insurer; this is generally the largest contributor, with economics influenced by product mix (e.g., health vs. motor vs. life), renewal/recurring policies, and persistency (how long policies stay active). (2) Lending/credit marketplace income: through Paisabazaar, the company earns referral and facilitation fees from banks/NBFCs when customers are sourced and converted for credit cards, personal loans, or other credit products; revenues depend on lead volumes, conversion rates, and lender payout terms. (3) Technology and service-related income: the company provides insurers and other partners with technology-enabled services such as customer acquisition, policy issuance/servicing support, and potentially other platform or operational services, for which it may earn fees under commercial agreements. (4) Cross-sell and renewal servicing: a portion of earnings can be driven by renewals (where applicable) and by cross-selling additional policies or financial products to existing customers using its data/engagement and service infrastructure. Significant factors affecting earnings include the number and breadth of insurer and lender partnerships on its marketplaces, customer acquisition efficiency (marketing and distribution costs versus conversion), regulatory rules governing commissions/fees in insurance and lending intermediation, and the company’s ability to retain customers and generate repeat/renewal business.

PB Fintech Limited Financial Statement Overview

Summary

PB Fintech Limited shows robust revenue growth and improved profitability metrics over the years. The balance sheet is strong, with low leverage and significant equity, providing financial stability. Despite facing difficulties in generating positive cash flow from operations, the substantial cash reserves help mitigate liquidity risks.

Income Statement

PB Fintech Limited has demonstrated significant revenue growth over the years. The revenue grew from 7.71 billion in 2020 to 49.77 billion in 2025, showcasing a strong upward trajectory. The gross profit margin is solid at 60.64% for 2025. However, the company has struggled with consistent profitability, with a net profit margin of only 7.09% in 2025 after years of losses. EBITDA margin has improved to 1.88% in 2025, indicating better operational efficiency compared to previous years.

Balance Sheet

The balance sheet of PB Fintech Limited shows a strong equity position with an equity ratio of 85.44% as of 2025, indicating financial stability and low leverage, with a debt-to-equity ratio of 0.05. Return on Equity (ROE) improved to 5.49% in 2025, reflecting better utilization of shareholder funds. The company maintains a healthy asset base, which has grown consistently, supporting future growth.

Cash Flow

PB Fintech Limited's cash flow statements indicate challenges with cash generation. The free cash flow was negative in 2025, at -2.80 billion, despite positive free cash flow in 2024. Operating cash flow to net income ratio is negative, reflecting ongoing operational cash flow challenges. However, the company's cash reserves are substantial, providing a cushion against short-term liquidity issues.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	57.61B	49.77B	34.38B	25.58B	14.25B	8.87B
Gross Profit	25.38B	20.28B	14.83B	15.70B	1.69B	4.67B
EBITDA	6.96B	5.43B	1.92B	-4.03B	-7.77B	-890.12M
Net Income	4.62B	3.53B	669.80M	-4.87B	-8.33B	-1.50B
Balance Sheet
Total Assets	79.39B	75.29B	67.29B	62.54B	59.15B	23.31B
Cash, Cash Equivalents and Short-Term Investments	14.95B	27.66B	40.99B	34.00B	51.56B	19.47B
Total Debt	6.09B	3.22B	2.53B	2.27B	1.59B	1.09B
Total Liabilities	11.65B	10.92B	8.52B	7.69B	5.04B	3.39B
Stockholders Equity	67.69B	64.32B	58.71B	54.76B	54.12B	19.92B
Cash Flow
Free Cash Flow	-1.38B	-2.80B	1.14B	-3.65B	-16.01B	228.84M
Operating Cash Flow	-1.11B	-1.83B	1.77B	-2.99B	-15.68B	287.06M
Investing Cash Flow	-1.70B	4.58B	1.06B	414.50M	-21.27B	-12.02B
Financing Cash Flow	-417.30M	-726.90M	-308.40M	-425.05M	36.21B	7.59B

PB Fintech Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1743.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLICYBZR, the sentiment is Negative. The current price of 1743.35 is above the 20-day moving average (MA) of 1480.83, above the 50-day MA of 1554.21, and below the 200-day MA of 1748.62, indicating a neutral trend. The MACD of -18.73 indicates Negative momentum. The RSI at 47.62 is Neutral, neither overbought nor oversold. The STOCH value of 84.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:POLICYBZR.

PB Fintech Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDIAMART	76 Outperform	₹121.32B	17.72	―	1.33%	13.36%	24.85%
FORCEMOT	75 Outperform	₹272.56B	16.68	―	0.22%	14.54%	126.08%
NAVA	74 Outperform	₹154.45B	18.08	―	2.09%	1.03%	-17.68%
CRISIL	68 Neutral	₹290.95B	32.72	―	1.38%	6.61%	11.88%
DELHIVERY	57 Neutral	₹309.55B	190.69	―	―	9.17%	1685.95%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
POLICYBZR	55 Neutral	₹689.25B	111.05	―	―	39.22%	116.31%

PB Fintech Limited Corporate Events

PB Fintech Uploads Audio Recording of Q3 FY26 Earnings Call

PB Fintech Limited has notified the stock exchanges that the audio recording of its earnings conference call held on 2 February 2026 has been uploaded to the company’s website. By making the recording publicly accessible, the company is reinforcing its disclosure practices and offering investors and other stakeholders direct access to its latest financial discussions and management commentary.

PB Fintech Reports No Deviation in IPO Proceeds Usage for Q3 FY26

PB Fintech Limited has disclosed that ICICI Bank, acting as the monitoring agency for its initial public offer proceeds, has confirmed there is no deviation in the use of IPO funds from the stated objects for the quarter ended December 31, 2025. The confirmation, filed with Indian stock exchanges under SEBI’s disclosure regulations and to be posted on the company’s website, signals that the company continues to adhere to its committed deployment of IPO capital, offering assurance to investors and regulators about disciplined use of public funds.