GURUGRAM — PB Fintech, the parent company of insurance marketplace PolicyBazaar and credit marketplace Paisabazaar, reported consolidated net profit of ₹162.9 Cr for the quarter ended June 30, 2026 (Q1 FY27), up 92% year-on-year from ₹84.7 Cr in the same quarter last year, though profit fell 38% sequentially from ₹261.2 Cr in Q4 FY26. Operating revenue climbed 40.1% year-on-year to ₹1,888.3 Cr from ₹1,348 Cr in Q1 FY26, though revenue declined about 8% sequentially from ₹2,061.3 Cr in the prior quarter.
Including other income of ₹93 Cr from interest and gains on financial assets, total income for the quarter reached ₹1,981.3 Cr. Total expenses rose 33% year-on-year to ₹1,800.3 Cr, with employee benefit expenses remaining the largest cost line at ₹716 Cr — up 28% year-on-year — and advertising and promotional spend climbing 50% year-on-year to ₹379 Cr as the company continued to invest in customer acquisition.
Protection Insurance Drives the Growth
PB Fintech's total insurance premium reached ₹8,372 Cr for the quarter, up 41% year-on-year, led by a 53% jump in new protection premium — insurance covering health and term products — including a 59% increase in health insurance premium specifically. Total lending disbursals rose 33% year-on-year to ₹4,366 Cr, with core lending disbursals up 33% to ₹2,776 Cr. Core renewal and trail revenue rose 38% year-on-year to ₹1,003 Cr, driven by a 55% jump within the insurance segment; on a quarterly annualised basis, core insurance renewal revenue reached ₹999 Cr, up 48% from a year earlier.
Where the Revenue Comes From
Within the core online business, PolicyBazaar contributed ₹1,067 Cr in revenue while Paisabazaar added ₹127 Cr. The company's newer initiatives — spanning PB Partners (its point-of-sale insurance agent network), PB for Business, PB UAE and PB Connect — collectively generated ₹694 Cr, an increasingly significant share of total revenue that reflects the company's continued diversification beyond its original consumer-facing marketplace model. PB Partners itself reported 46% premium growth, while Tier 2 and Tier 3 markets contributed 78% of gross written premium, underscoring the company's expanding reach beyond India's largest metro markets.
Adjusted EBITDA more than doubled, rising 109% year-on-year to ₹186 Cr from ₹89 Cr in Q1 FY26, with the adjusted EBITDA margin improving from 7% to 10%. The company's PAT margin similarly expanded, from 6% in Q1 FY26 to 9% in Q1 FY27, reflecting meaningful operating leverage in PB Fintech's largely asset-light distribution model as scale continues to build.
A Growing Registered User Base
Since inception, PolicyBazaar has onboarded 15.9 Cr registered users and 2.8 Cr transacting customers, facilitating the sale of 7.2 Cr insurance policies to date — a scale that underscores PB Fintech's position as India's dominant online insurance distribution platform. With PB Fintech's market capitalisation standing at ₹74,956.57 Cr as of August 5, 2026, the company's results this quarter reinforce its status as one of the more consistently profitable listed startups in India's fintech sector, following its earlier transition to sustained profitability after years of heavy customer-acquisition spending.
The sequential decline in both revenue and profit from the exceptionally strong Q4 FY26 quarter reflects normal seasonality in insurance sales cycles rather than a change in underlying business momentum, with the year-on-year growth trajectory across nearly every operating metric — premium, disbursals, renewal revenue and EBITDA — pointing to continued structural growth in India's underpenetrated insurance and lending distribution market.
Why It Matters
PB Fintech's results offer a strong data point on the health of India's insurtech and online financial distribution sector, particularly the accelerating shift toward protection-oriented insurance products like health and term cover — categories with structurally higher renewal value than the motor and travel insurance products that historically dominated online insurance sales. The company's expanding presence in Tier 2 and Tier 3 markets also signals meaningful headroom for continued growth beyond India's already well-penetrated metro insurance market.
• PB Fintech's Q1 FY27 consolidated net profit rose 92% YoY to ₹163 Cr on 40% revenue growth to ₹1,888 Cr.
• Total insurance premium grew 41% YoY to ₹8,372 Cr, led by a 53% jump in new protection premium.
• Adjusted EBITDA more than doubled YoY to ₹186 Cr, with margin improving from 7% to 10%.
• PolicyBazaar has onboarded 15.9 Cr registered users and facilitated 7.2 Cr insurance policy sales since inception.
• Tier 2/3 markets now contribute 78% of gross written premium.
