Mid Asset Management
Market Cap
₹47,872 ₹47,872 Cr.
P/E
63.98
PEG
1.77
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

Renewal revenue compounding at 85% margin and insurance premium growth of 30%+ drive the base case, with operating EBITDA margins doubling as renewals triple.

Bull case requires insurance premium to sustain 38-40% growth and PB Health operational, while bear case materializes if GST removal compresses take rates and credit cycle extends.

Key Ratios

Debt to Equity
Debt to Equity
-
Div Yield (%)
Div Yield (%)
-
Individual < 2 lac
Individual < 2 lac
2.64 %
Institutions
Institutions
77.72 %
Market cap
Market cap
47,872 Cr
No. of Shareholders
No. of Shareholders
1.50 L
OPM (%)
OPM (%)
8.37 %
PE
PE
63.98
Prom Holding
Prom Holding
-
ROCE (%)
ROCE (%)
9.63
ROE (%)
ROE (%)
9.16
Sales
Sales
7,334 Cr
  • PB Fintech
  • Turtlemint Fintech
  • Bajaj Finserv
  • TJI IT - Product/Platform
Last updated on 29 Sep 2026
  • PB Fintech runs Policybazaar, an online insurance marketplace, and Paisabazaar, a consumer-credit marketplace. Insurance broking brings ~86% of segment revenue.
  • Distribution runs through PB Partners, an agent platform with ~450k advisors across 99% of pincodes, PB for Business for corporate and SME cover, and policybazaar.ae for UAE insurance and lending.
  • The mix has shifted toward protection products and renewal income. Renewal/trail annual run-rate revenue reached Rs1,126Cr in Q4FY26, up 63%.
  • Profit comes from core insurance: new protection grew 57% in FY26, renewals earn ~85% margin per management. Credit revenue fell 11% as disbursals dropped 20%.
  • Renewal persistency on the core book runs 95-100%, per management, which calls its claims-assistance network a moat.
  • Pre-revenue bets include PB Pay, a payment aggregator with RBI in-principle approval, and account-aggregator and stockbroking licences. Management is exploring credit-life, funds and reinsurance.
  • The balance sheet is debt-free and liquid. New initiatives and the credit business must now self-fund, with capital allocated to protect the core.
  • Management guides ~30% core premium growth and usually beats it. Near-term earnings hinge on the IRDAI distribution rules, which would cut general-insurance economics ~60%.
  • Management will calibrate hiring, marketing and brand spend against a ~Rs3,000Cr cost base, with 10-15% synergies discussed but not guided.
  • The largest exposure is health renewals, where retrospective application is unclear. Management expects insurer partners not to renege on existing renewal contracts.
  • Q2FY27 results vs growth guide late Oct to mid-Nov 2026
    first test of the ~30% core growth guide and the Rs1,126Cr renewal ARR after the distribution draft.
  • IRDAI distribution rules finalisation consultation ongoing; implementation 1 Apr 2027 per draft
    general-insurance economics cut to a third of today, ~30% overall; Managing General Agent status is the offset.
  • Two pending IRDAI inspection reports no timeline
    fresh penalty or directions would test management's immateriality view after the Rs5Cr penalty paid in Sep 2025.
  • Paisabazaar IT tribunal appeals no timeline
    appeals cover Rs60.3Cr and Rs85.6Cr of confirmed disallowances; the final demand depends on loss set-off verification.
  • Benami attachment appeal no timeline
    the order confirmed attachment on alleged benamidars; release would close it, an adverse confirmation would need a provision.
Price Range

See where the stock is trading versus its 52-week high and low.

Low
945
52W Range
High
1964
Timeline

Key company specific updates.

Custom financial statement

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Forensics

8 Yes

Positive for this company

3 Neutral

Neutral for this company

4 No

Negative for this company

2 No Data

Insufficient data to analyse

Market Share

93 %
(as of Dec 25)
Digital Insurance Marketplace - Market Share

Revenue mix

Product Wise Break-Up

Segment Break-Up

Location Wise Break-Up

Operating Profit Break-Up

Premium Break-Up

Asset Break-Up - Segment Wise

Operational Metrics

    Select a Metric
    • Registered Consumers (Mn)
    • Transacting Consumers - Quarterly (Mn)
    • Policies Sold - Quarterly (Mn)
    • New Business Premium - Quarterly (Crs)
    • Premium From Renewals - Annual (Crs)

    Peer Comparison

    Brands

    Paisabazaar
    Policybazaar

    FAQs on PB Fintech Ltd. Business

    PB Fintech is an integrated online marketing and consulting company and is in the business of rendering online marketing and information technology consulting/support services largely for the financial service industry, including insurance. The company provides convenient access to insurance, credit, and other financial products and aims to create awareness in India about the financial impact of death, disease, and damage.

    PB Fintech major competitors are Turtlemint Fintech, Bajaj Finserv, Medi Assist Health, IIRM Holdings India, AvenuesAI.
    Market Cap of PB Fintech is ₹45,489 Crs.
    While the median market cap of its peers are ₹2,233 Crs.

    PB Fintech seems to be financially stable compared to its competitors.
    The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.

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