PB Fintech Q4 FY26 results: PAT up 54%, revenue +37%

PB Fintech reports stronger March quarter as insurance drives growth

PB Fintech, the parent of Policybazaar and Paisabazaar, reported a strong March 2026 quarter with growth led by insurance distribution, higher renewal income and steady performance in its credit vertical. The company said momentum in its core online protection business, along with improving monetisation of its existing insurance book, supported profitability.

For the quarter ended March 2026 (Q4 FY26), PB Fintech posted consolidated profit after tax (PAT) of ₹261.11 crore, up 53.87% year-on-year (YoY). Consolidated operating revenue rose 36.70% YoY to ₹2,061.33 crore. The company also reported EBITDA of ₹218 crore for the quarter, up 95% YoY.

Q4 FY26: Profit, revenue and EBITDA move higher

The March quarter numbers extended a trend of improving operating leverage that PB Fintech has highlighted over the last few quarters. Higher scale in insurance distribution and a rising share of renewal income were key themes in the company’s commentary.

PB Fintech’s operating performance was supported by robust traction in its core online insurance segment. At the same time, growth in the credit vertical was described as relatively muted compared with insurance, even though platform disbursals continued to rise.

Total insurance premium rises 46% YoY to ₹9,217 crore

PB Fintech reported that total insurance premium in Q4 FY26 stood at ₹9,217 crore, up 46% YoY. The company attributed the expansion largely to growth in insurance distribution, with protection products playing a central role.

Within insurance, the core online insurance premium grew 44% YoY during the quarter. The company said growth was led by the core online protection business, reflecting demand for products such as health and term insurance.

New protection premium jumps 67% YoY

A key highlight in the March quarter was the acceleration in new protection premium. PB Fintech reported that new protection premium, including health and term insurance, increased 67% YoY in Q4 FY26.

Protection growth matters for PB Fintech because it strengthens the future base for renewals and trail income. It also typically improves visibility on revenue quality as the book matures, especially when persistency remains strong.

Renewals stay central to the profit story

PB Fintech flagged renewal income as a major profit driver in Q4 FY26. The company said its core renewal and trail revenue on a 12-month rolling basis rose 40% YoY to ₹935 crore, compared with ₹668 crore a year earlier.

It also disclosed quarterly insurance renewal revenue, measured on an annualised run-rate basis, of ₹1,126 crore. This was up from ₹689 crore in the year-ago quarter. The company linked the increase to strong persistency and improving monetisation of its insurance book.

Credit business stable; disbursals rise 11% YoY

PB Fintech said its credit business remained stable in the March quarter. Core credit revenue came in at ₹123 crore, up 7% YoY.

Lending disbursals through its online platform rose 11% YoY to ₹2,630 crore in Q4 FY26. While the credit segment did not match insurance growth rates, the quarter still showed continued activity and incremental growth in disbursal volumes.

FY26: Premium up 42% and PAT at about ₹670 crore

For the full financial year FY26, PB Fintech reported what it described as one of its strongest years since listing. Total insurance premium rose 42% YoY to ₹29,934 crore. Consolidated operating revenue increased 36.50% YoY to ₹6,794.02 crore.

On profitability, the company reported FY26 PAT of ₹670 crore, and said PAT margin improved to 10% from 6% in FY25. Separately, financial results cited in the same material show net profit rising 90.29% to ₹669.94 crore in FY26 from ₹352.07 crore in FY25.

FY26 lending disbursals jump 50% to ₹30,740 crore

PB Fintech reported total lending disbursals of ₹30,740 crore during FY26, up 50% YoY. This points to a stronger full-year trajectory for the lending platform, even as quarter-specific credit revenue growth remained modest.

The company also said its new initiatives continued to scale. Revenue from these businesses increased 43% during the year, while adjusted EBITDA margins improved from negative 9% to negative 4%, indicating narrowing losses as newer lines gain scale.

International update: UAE business turns profitable

Internationally, PB Fintech said its UAE insurance business grew 54% YoY and turned profitable for the first time during FY26. The profitability milestone is notable because it indicates that at least one overseas operation has moved past the investment phase.

The update also provides investors another data point on the company’s ability to replicate parts of its insurance distribution model outside India, although the India business remains the primary driver of consolidated numbers.

Key numbers snapshot

Why these results matter

PB Fintech’s March quarter performance underlines the role of insurance as the main growth and profit engine. Premium growth, especially in protection, strengthens the renewal base that can compound over time. That renewal base is already visible in the sharp rise in renewal and trail revenue metrics disclosed by the company.

At the same time, the credit business appears to be growing at a slower pace than insurance in the quarter, but it remains active with higher disbursal volumes. For investors, the FY26 picture combines strong insurance premium growth, higher operating revenue and improved profitability, alongside scaling new initiatives and a profitable milestone in the UAE.

Conclusion

PB Fintech closed Q4 FY26 with higher profit, faster operating revenue growth and a sharp rise in insurance premium, supported by a strong increase in renewal metrics. For FY26, it reported higher premium, higher revenue, improved margins and a meaningful jump in lending disbursals. The next set of disclosures will be watched for how renewal income trends and how quickly the newer initiatives move toward better margins, following the improvement reported in FY26 and the UAE business turning profitable.