PB Fintech Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PB Fintech Ltd filed with BSE on 12 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PB Fintech reported Q4 FY26 insurance premium growth of 42% for the full year, reaching approximately ₹29,934 crore, with new protection premium up 57% year-on-year for the full year and 67% for the quarter. Consolidated PAT was reported at ₹670 crore, or 2.2% of premium, while operating revenue for the full year was ₹6,794 crore. Management discussed growth drivers across health, term and savings insurance, Paisabazaar's turn to positive operating EBITDA, and updates on new initiatives including PB Health, PB Connect, and corporate broking.
Numbers mentioned
Insurance premium growth: 42% year-on-year, to almost ₹30,000 Cr (FY26)
p. 3
“Coming to the results, we grew 42% year-on-year, to almost ₹30,000 Cr.”
Management, page 3 of the filed PDF · View the filing
PAT: ₹670 Cr, 2.2% of premium (FY26)
p. 3
“And the PAT is at ₹670 Cr, which represents 2.2% of our premium.”
Management, page 3 of the filed PDF · View the filing
New protection premium growth: 57% year-on-year (FY26)
p. 3
“led by new protection premium, which grew at 57% year-on-year”
Management, page 3 of the filed PDF · View the filing
Insurance premium growth for the quarter: 46% year-on-year (Q4 FY26)
p. 3
“but for the quarter, it grew at 46% year-on-year”
Management, page 3 of the filed PDF · View the filing
Core online insurance premium growth: 39% (FY26)
p. 3
“The core online insurance premium is up 39% for the year.”
Management, page 3 of the filed PDF · View the filing
Lending disbursal growth: 11% year-on-year (FY26)
p. 3
“We are up 11% year-on-year.”
Management, page 3 of the filed PDF · View the filing
Operating revenue: ₹6,794 Cr (FY26)
p. 3
“Overall, at the financials, the operating revenue for full year is ₹6,794 Cr, the operating revenue for the quarter is just about ₹2,000 Cr.”
Management, page 3 of the filed PDF · View the filing
New protection business growth - health: 68% (FY26)
p. 3
“The new protection business in Q4FY26 was up for the year 57%, health at 68%”
Management, page 3 of the filed PDF · View the filing
Consolidated operating revenue growth: 37% (FY26)
p. 4
“For the overall year, the consolidated operating revenues grew 37%.”
Management, page 4 of the filed PDF · View the filing
Renewal revenue (rolling 12 months): ₹935 Cr, up from ₹668 Cr (trailing 12 months)
p. 4
“That has gone up for the last 12 months rolling from ₹668 Cr to ₹935 Cr, up ₹267 Cr.”
Management, page 4 of the filed PDF · View the filing
Renewal revenue ARR for the quarter: ₹1,126 Cr, up from ₹689 Cr, 63% growth (Q4 FY26)
p. 4
“And for the quarter, this is at an ARR of ₹1,126 Cr, up from ₹689 Cr, so that's a growth of 63% year-on-year.”
Management, page 4 of the filed PDF · View the filing
Growth net of savings: 59% year-on-year (Q4 FY26)
p. 4
“But this quarter, we were at 59% year-on-year.”
Management, page 4 of the filed PDF · View the filing
Growth including savings: 48% year-on-year (Q4 FY26)
p. 4
“And including savings, we were at 48% year-on-year for the quarter, for the new insurance premium.”
Management, page 4 of the filed PDF · View the filing
Insurance CSAT: above 90% (current)
p. 4
“the insurance CSAT is now consistently above 90%.”
Management, page 4 of the filed PDF · View the filing
Paisabazaar CSAT: about 90%, up from 72% (current)
p. 4
“Even our Paisabazaar CSAT, which used to be at about 72%, has finally reached about 90%, which is a very positive turn.”
Management, page 4 of the filed PDF · View the filing
Credit revenue growth: 7% year-on-year (FY26)
p. 4
“Our credit revenue is up 7% year-on-year, and the disbursal is up 11% year-on-year.”
Management, page 4 of the filed PDF · View the filing
New initiatives EBITDA margin: -4%, with 5% contribution margin (current)
p. 4
“Our EBITDA is at -4%, with a 5% contribution margin.”
Management, page 4 of the filed PDF · View the filing
PB Partners advisor count: 450,000 advisors
p. 4
“PB Partners has 450,000 advisors.”
Management, page 4 of the filed PDF · View the filing
UAE business growth: 54% year-on-year (FY26)
p. 4
“Our UAE business grew 54% year-on-year.”
Management, page 4 of the filed PDF · View the filing
Revenue CAGR since Nov 2021: 48% (since Nov 2021)
p. 4
“Our revenue has grown at a CAGR of 48% over this period, over the last 4 or 5 years, and our PAT has grown from -58% to 10% in the full year of 2026.”
Management, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Overall insurance premium growth — about 30%
stated firmly by Management
p. 5
“We always guide about 30%, we always beat that guidance.”
Management, page 5 of the filed PDF · View the filing
Paisabazaar listing — 4-5 years
stated as an aspiration by Management
p. 10
“but our idea is that Paisabazaar goes on to list itself, maybe in 4-5 years, whenever, but that's the whole idea to which the team is driving towards”
Management, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed growth to product proposition, superior claims experience, and strong quarters in term and savings, while reiterating a standing guidance of about 30%.
Answered by Management
Asked by Sachin Salgaonkar: What is driving the 59% YoY new insurance premium growth and how should growth be thought about going forward?
p. 5
“We always guide about 30%, we always beat that guidance.”
Management, page 5 of the filed PDF · View the filing
Management said the focus is on leveraging AI for growth and customer experience rather than optimizing margins at this stage.
Answered by Management
Asked by Sachin Salgaonkar: Can AI's margin benefit be quantified?
p. 5
“I think right now, we are in a stage where we want to make sure that we are leveraging AI in the best possible way.”
Management, page 5 of the filed PDF · View the filing
Management said no new opportunities were being explored and PB Health had not yet approached PB Fintech for capital.
Answered by Management
Asked by Sachin Salgaonkar: Is PB Fintech exploring new growth opportunities or investing in PB Health's next funding round?
p. 6
“today, we are not exploring, either as a board, or I can tell you as a Management, any other growth opportunity.”
Management, page 6 of the filed PDF · View the filing
Management confirmed Paisabazaar is EBITDA positive on an operating basis this quarter, though still small.
Answered by Management
Asked by Jayant Kharote: Has Paisabazaar turned around on EBITDA?
p. 7
“Paisabazaar, on an operating basis, is positive on EBITDA this quarter”
Management, page 7 of the filed PDF · View the filing
Management said the company is already driving productivity regardless of commission levels and expects to manage the economics well.
Answered by Management
Asked by Jayant Kharote: How much take rate compression could be passed on to the tele-agent network if commissions are cut?
p. 8
“we have a very high probability of being able to manage the economics.”
Management, page 8 of the filed PDF · View the filing
Management said the wholesale POSP business was deliberately discontinued due to lack of strategic value, with minimal profit impact.
Answered by Management
Asked by Dipanjan Ghosh: How is PB Connect's wholesale business changing and why has volume dropped?
p. 10
“We have decided to stop the wholesale business, and it's a decision that we've taken, because we don't see any strategic value of that business.”
Management, page 10 of the filed PDF · View the filing
Management described higher sum insured purchases and increased rider attachment, and higher conversion rates, but declined to give an exact health/term split.
Answered by Management
Asked by Supratim Datta: How have post-September customers differed from earlier ones, and can the health/term growth split be quantified?
p. 12
“Health is ahead; we just want to stop there. We don't want to give out our exact health growth.”
Management, page 12 of the filed PDF · View the filing
Management said it does not want to speculate but noted that on a persistency-adjusted basis the impact should be limited, mainly affecting cash flow rather than P&L.
Answered by Management
Asked by Neeraj Toshniwal: What would be the impact of deferred commission recognition in life insurance?
p. 12
“if you just look at the Ind AS accounting, on P&L, actually, there should not be any impact, whatever happens.”
Management, page 12 of the filed PDF · View the filing
Management said the key is building the right customer proposition around ULIPs, citing capital guarantee, waiver of premium and tax advantages as differentiators.
Answered by Management
Asked by Nischint Chawathe: When will the savings business see a similar growth inflection as health and term?
p. 15
“I would say that, savings for insurance, we have to figure out what is the customer proposition”
Management, page 15 of the filed PDF · View the filing
Management said the dip reflects normal quarterly mix changes and should be viewed on a rolling 12-month basis rather than quarter to quarter.
Answered by Management
Asked by Sanketh Godha: Why did new initiatives' contribution margin dip this quarter versus last quarter?
p. 18
“Please, in our numbers, just look at them on a 12-month rolling basis.”
Management, page 18 of the filed PDF · View the filing
Management attributed the growth to winning prestigious accounts from competing brokers and said the business could eventually be more profitable than POSP, though growth and quality remain the near-term focus.
Answered by Management
Asked by Sanketh Godha: What drove the 140% growth in PB Corporate Business and how does profitability compare to POSP?
p. 19
“Yes, this can be significantly more profitable than the POSP business, I have no doubt there.”
Management, page 19 of the filed PDF · View the filing
Risks flagged
Potential regulatory changes to commission structures or EOM caps in insurance
p. 6
“One conversation that's been on in the life insurance industry is about some form of deferred revenues.”
Management, page 6 of the filed PDF · View the filing
Non-resident business impact from geopolitical situation in the Gulf affecting savings growth
p. 5
“in March, because of the situation in the Gulf, etc, the non-resident business, definitely took a little bit of a hit in that way.”
Management, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.