PB Fintech premiums jump 38% to 9,385 crore rupees despite spending and cost pressures
Key Facts
PB Fintech’s board approved the unaudited results for the quarter and half-year ended Sept. 30 on Oct. 30, 2026, with gross written premiums rising to 9,385 crore rupees in the quarter, up 38% year on year, according to company data and results coverage. The share price and its session move could not be confirmed from the available material, so no trading figure is reported here. Jefferies said revenue exceeded its estimates, but adjusted earnings before interest, tax, depreciation and amortisation fell short. Institutional assessments reflect a gap between strong premium growth and pressure on expenses and regulatory risks.
Marketing spending was central to explanations for the rise in expenses. Co-CEO Sarbvir Singh said on the earnings call that demand had been challenging during the year and the company had to spend more to attract leads, adding that the increase looked less pronounced on a two-year comparison. The comment links customer acquisition costs to efforts to sustain business growth in a market that management described as tougher than the previous year. The figures highlight broad growth across insurance products, while analysts continue to monitor the impact of additional spending on earnings efficiency.
Growth also extended to lending, with loan disbursements through the Paisabazaar platform rising 22% to 4,739 crore rupees in the quarter, according to data reported by Moneycontrol. Bernstein said it maintained its “Outperform” rating on the stock, citing 38% growth in consolidated premiums and a 22% increase in core loan disbursements. Jefferies said Paisabazaar’s momentum was more subdued, while maintaining its Buy rating and cutting its fiscal 2027 net profit after tax estimate by 3% because of higher operating expenses. These assessments show differing views on the weight of insurance and lending growth relative to rising costs in evaluating the results. HSBC maintained its “Neutral” rating but cut its price target to 1,100 rupees from 1,150 rupees, citing continued concerns over regulatory uncertainty.
One source of uncertainty is the possibility of commission caps. Moneycontrol reported that India’s Insurance Regulatory and Development Authority is considering limits on commissions received by brokers or distributors, which could weigh on PB Fintech’s growth and profitability. Chairman and CEO Yashish Dahiya said the rules were still under discussion and the company did not intend to change its strategy because of that possibility. He added that the company would seek to accelerate growth in non-insurance businesses, including Paisabazaar. The outcome of the regulatory discussions remains an important factor in assessing the impact of distribution rules on the company’s model, alongside its continued investment in growth.
Dahiya said the company would continue investing in growth while managing costs cautiously, saying: “We will continue to invest in growth, but cautiously. We will act prudently on costs.” Against this backdrop, management said on the earnings call that quarterly revenue had risen from 280 crore rupees at the time of listing to 2,178 crore rupees, a compound annual growth rate of 51%, while the net profit after tax margin improved from negative 73% to 9%. Bernstein pointed to a 1,000-day management plan focused on cost discipline, expanding non-insurance revenue and exploring an insurance company licence. Jefferies said it cut its fiscal 2027 profit estimate by 3% while maintaining its Buy rating, while Bernstein kept its “Outperform” rating and HSBC its “Neutral” rating. PB Fintech’s results will therefore be watched for execution of its growth plan and the outcome of regulatory discussions on commissions.