PB Fintech Q1 profit jumps 92% as revenue climbs 40% on strong insurance growth
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PB Fintech Ltd, the parent of Policybazaar and Paisabazaar, reported a 92.4% year-on-year jump in consolidated net profit for the first quarter of FY27, aided by robust growth in its insurance business and improved operating leverage. Profit after tax rose to ₹163 crore for the quarter ended June 30, from ₹85 crore a year earlier, while operating revenue increased 40.1% to ₹1,888 crore from ₹1,348 crore.
The company also posted a sharp improvement in profitability, with reported operating EBITDA surging more than four-fold to ₹139 crore from ₹34 crore a year ago, lifting the operating EBITDA margin to 7.4% from 2.5%. Adjusted EBITDA, excluding ESOP costs, more than doubled to ₹186 crore.
Top-line & profitability surge
Total insurance premium (excluding GST) grew 41% year-on-year to ₹8,372 crore, while non-GAAP contribution rose 48% to ₹549 crore. Contribution margin expanded to 29% from 28% a year earlier.
Adjusted EBITDA margin improved to 10% from 7%, supported by higher operating scale and lower ESOP expenses, which declined 15% year-on-year to ₹47 crore. PAT margin improved to 9% from 6% in the corresponding quarter last year.
Highlighting the quarter's performance, the company said, "Our Total Insurance Premium for the quarter was ₹8,372 Cr, up 41% YoY, led by growth in core online new protection business at 53% YoY (new Health insurance up 59% YoY)."
PB Fintech also pointed to its longer-term trajectory since listing, stating: "To summarize our performance since our public listing: a) Revenue grew at a CAGR of 51% from ₹238 Cr in Q1FY22 to ₹1,888 Cr in Q1FY27 b) PAT margin grew from -47% in Q1FY22 to 9% in Q1FY27."
Core insurance engines fire up
The company's core online business comprising Policybazaar and Paisabazaar remained the primary growth driver.
Core revenue increased 43% year-on-year to ₹1,194 crore, while core insurance revenue rose 46% to ₹1,067 crore. Core contribution climbed 46% to ₹504 crore, with contribution margin improving to 42% from 41%.
Core adjusted EBITDA rose 86% to ₹222 crore, while the adjusted EBITDA margin expanded to 19% from 14%.
Management also highlighted the growing contribution of renewal income, saying, "Our core renewal / trail revenue on a 12-month rolling basis is at ₹1,003 Cr, up from ₹725 Cr last year same quarter, a 38% growth (led by growth of 55% YoY in the insurance segment). The quarterly core insurance renewal revenue is at an ARR of ₹999 Cr, up from ₹673 Cr in Q1 last year (growth of 48% YoY). This is a key driver of long-term profit growth."
During the quarter, the platform served nearly 15.9 crore registered consumers. Policybazaar has now facilitated the purchase of 7.16 crore insurance policies by 2.81 crore unique customers, while its customer service operations supported around 70,000 health insurance claims with customer satisfaction consistently above 90%.
Credit and distribution networks
Paisabazaar's core credit revenue grew 25% year-on-year to ₹127 crore, while online lending disbursals increased 33% to ₹2,776 crore. Total lending disbursal run rate across the ecosystem reached ₹4,366 crore, with more than 70% of disbursals coming from existing customers.
The company's new initiatives—including PB Partners, PB for Business, PB UAE and PB Connect—continued to scale. Revenue from these businesses rose 35% year-on-year to ₹694 crore, while contribution increased 67% to ₹45 crore. Adjusted EBITDA loss narrowed on a margin basis to -5% from -6% despite continued investments.
PB Partners expanded its active network by 55% year-on-year to 1.13 lakh partners across 19,000 pin codes, covering 99% of India. Premium handled through the platform rose 46% to ₹1,637 crore, with Tier-II and Tier-III cities accounting for 78% of gross written premium.
The company also continued to deepen AI-led automation across its operations, processing 21 lakh voice calls, 2.7 lakh emails and seven lakh documents daily, while AI-based fraud detection helped avert ₹9,618 crore in sum assured risk during the quarter.