PB Fintech, the parent of Policybazaar and Paisabazaar, reported a consolidated revenue of Rs 1,613.5 crore for the quarter ended September 30, 2025 (Q2 FY26), marking a 38 percent year-on-year (YoY) rise from Rs 1,167 crore previous year.
Sequentially, the revenue grew 20 percent from Rs 1,348 crore in Q1.
The company’s profit after tax (PAT) surged 164 percent YoY to Rs 134.89 crore, up from Rs 51 crore in the same quarter last year, while growing about 59 percent QoQ from Rs 84.69 crore.
The strong performance was driven by growth in the insurance business, higher contribution from renewal revenues, and tight cost control across marketing and employee spends.
Core drivers
The company’s total insurance premium rose 40 percent YoY to Rs 7,605 crore, led by a surge in protection products, particularly health and term insurance. Health insurance grew 60 percent YoY, while the overall protection category expanded 44 percent, reflecting increased consumer focus on risk-based coverage.
Revenue from the core online insurance platform (Policybazaar) rose 36 percent YoY, while new initiatives such as PB Partners, PB for Business, PB UAE, and PB Connect rose 61 percent YoY, though it did not disclose specific revenue figures for these verticals.
PB Fintech’s renewal and trail revenue, a key indicator of recurring income, increased 39 percent YoY to an annual run rate of Rs 774 crore, signaling deeper customer retention and portfolio maturity.
The adjusted EBITDA more than doubled to Rs 156 crore, representing a 180 percent YoY jump, as margins expanded from 5 percent to 10 percent.
Contribution margins improved to 29 percent (up from 27 percent YoY) for the overall business and 45 percent for the core online segment. The company’s ESOP expenses also fell slightly to Rs 58 crore from Rs 64 crore in the same period last year and finance costs remained flat, supporting bottom-line growth.
Lending business, new initiatives performance
In the core online business, credit revenue stood at Rs 106 crore, with loan disbursals of Rs 2,280 crore during the quarter. Across all platforms, total credit disbursals through Paisabazaar reached Rs 8,570 crore, up 102 percent YoY.
Sequentially, the segment recovered modestly with 4 percent growth. Beyond credit, the firm has launched FDs and Bonds, it noted.
Meanwhile, the company’s PB Partners agent platform expanded to 3.8 lakh advisors across 19,000 pin codes, deepening its reach in smaller towns, it said. Its UAE operations continued to scale profitably, clocking 64 percent YoY premium growth and maintaining profitability for three consecutive quarters.
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