PB Fintech, the operator of the country’s largest online insurance aggregator Policybazaar, reported a strong March quarter performance, with profit rising sharply on robust growth in its core insurance business and improved operating leverage.

The company posted consolidated profit after tax (PAT) of ₹261 crore for Q4FY26, up 54% year-on-year from ₹170 crore in the same period last year. Revenue from operations rose 36.7% to ₹2,061 crore, compared with ₹1,508 crore a year ago.

Earnings before interest, tax, depreciation and amortisation (EBITDA) nearly doubled, rising 94.7% to ₹218.3 crore from ₹112.1 crore in Q4FY25. EBITDA margin expanded to 10.59% from 7.43% a year earlier, reflecting improved efficiency and scale benefits.

Strong insurance growth drives performance

The company’s core insurance marketplace continued to be the primary growth driver. Total insurance premium for the quarter grew 46% year-on-year to ₹9,217 crore, supported by strong traction in protection products such as health and term insurance.

Core online insurance premium rose 44% YoY, while new protection premium surged 67%, indicating sustained demand and deeper penetration across customer segments.

Renewal and trail revenue also remained a key contributor, growing steadily and supporting long-term profitability.

Profitability improves with operating leverage

PB Fintech’s profitability gains were driven by scale efficiencies in its core online business, which continued to deliver strong margins, alongside improving unit economics in new initiatives.

Adjusted EBITDA for the quarter rose 89% YoY to ₹280 crore, with margin improving to 14%. The company said its focus on customer acquisition efficiency, higher share of renewal revenues and controlled costs contributed to the margin expansion.

Management commentary

Commenting on the performance, the company said, “Our Total Insurance Premium for the full year was ₹29,934 Cr, up 42% YoY, led by growth in core online new protection business at 57% YoY (new Health insurance up 68% YoY). Quarterly Insurance Premium was at ₹9,217 Cr, up 46% YoY again led by growth in core online new protection business at 67% YoY."

"We continue to strengthen our leadership in New initiatives in FY26 with full year revenue growth of 43% YoY, adjusted EBITDA margin improving from -9% to -4% for the year, with 5% contribution margin," the company statement added.

Shares of PB Fintech ended 1.27% higher at ₹1,703 apiece on the NSE on Wednesday. The stock has risen nearly 7% over the past year, underperforming the Nifty Midcap 50 index, which has gained about 15% during the same period