PB Fintech, the parent company of Policybazaar and Paisabazaar, reported a 43% year-on-year increase in consolidated net profit to ₹192.39 crore for the second quarter of financial year 2026-27 (Q2 FY27). Revenue from operations increased 35% to ₹2,177.7 crore, compared with ₹1,614 crore in the corresponding quarter last year. Strong demand for health and term insurance, higher renewal income and growth in its core insurance marketplace supported the performance.
The September-quarter results also highlighted the growing contribution of insurance distribution to PB Fintech’s business. Total insurance premiums increased 38% to ₹9,385 crore, while new protection premiums rose 42%. However, the company continues to invest in newer business initiatives, and its adjusted EBITDA margin remained negative at 5%. Regulatory discussions around insurance distribution commissions could also influence its future business economics.
Key Takeaways
- Net profit: ₹192.39 crore, up approximately 43% year-on-year.
- Revenue from operations: ₹2,177.7 crore, up 35%.
- Total insurance premium: ₹9,385 crore, up 38%.
- New protection premiums: Increased 42%, led by health and term insurance.
- New health insurance premiums: Rose 46%.
- Core insurance revenue: Increased 42% to ₹1,211 crore.
- Core credit revenue: ₹125 crore, up 19%.
- Total lending disbursals: ₹4,739 crore.
- Adjusted EBITDA margin: Negative 5%.
PB Fintech Q2 Profit Rises 43% to ₹192 Crore
PB Fintech reported consolidated profit after tax (PAT) of ₹192.39 crore in Q2 FY27, compared with ₹134.89 crore in the year-ago quarter. This represents growth of approximately 42.7%.
Sequentially, profit increased 18% from ₹162.91 crore in Q1 FY27.
Revenue from operations reached ₹2,177.7 crore, increasing approximately 35% from ₹1,614 crore in Q2 FY26. Total income, including other income, stood at approximately ₹2,277.6 crore.
The company’s PAT margin improved from 8% in Q2 FY26 to 9% in Q2 FY27.
The results reflect the growing contribution of its insurance distribution operations, particularly new health and term insurance policies. Renewal and trail income also provided additional support.
PB Fintech operates two major consumer-facing platforms: Policybazaar, which distributes insurance products, and Paisabazaar, which helps consumers compare and access credit products.
PB Fintech Q2 FY27 Financial Performance
| Financial metric | Q2 FY26 | Q2 FY27 | Growth |
|---|---|---|---|
| Revenue from operations | ₹1,614 crore | ₹2,178 crore | +35% |
| Net profit | ₹134.89 crore | ₹192.39 crore | +42.7% |
| Total insurance premium | ₹6,824 crore | ₹9,385 crore | +38% |
| Core insurance revenue | ₹852 crore | ₹1,211 crore | +42% |
| Core credit revenue | ₹106 crore | ₹125 crore | +19% |
| Total lending disbursals | — | ₹4,739 crore | — |
| PAT margin | 8% | 9% | +1 percentage point |
Figures are rounded. Insurance premium figures exclude GST.
Policybazaar’s Insurance Business Drives Growth
Insurance distribution remained the biggest contributor to PB Fintech’s performance.
Total insurance premiums increased 38% year-on-year to ₹9,385 crore during Q2 FY27. Core online insurance premiums also grew 38%.
New protection premiums, which include health and term insurance, increased 42%. New health insurance premiums recorded particularly strong growth of 46%.
The company reported core insurance revenue of ₹1,211 crore, up 42% from ₹852 crore in the year-ago quarter.
This growth reflects increasing consumer demand for financial protection products and the expansion of online insurance distribution.
Policybazaar allows customers to compare policies from different insurers, review coverage options and purchase products through its digital platform. The marketplace also generates revenue from insurance distribution and renewals.
Renewal income becomes an important growth engine
PB Fintech’s renewal and trail revenue is becoming an increasingly important part of its business.
The company’s core renewal and trail revenue on a 12-month rolling basis reached ₹1,097 crore, compared with ₹774 crore in the corresponding period last year. This represents growth of approximately 42%.
Within core insurance, renewal and trail revenue increased 56% year-on-year.
The company also reported a quarterly core insurance renewal revenue annualised run rate of ₹1,153 crore, compared with ₹758 crore in Q2 FY26.
Renewal revenue is important because it provides income from policies sold in earlier periods. As the company’s insurance portfolio expands, renewals can create a more recurring revenue stream and reduce its dependence on acquiring entirely new customers.
Health and Term Insurance Lead New Policy Growth
Protection insurance was one of the strongest-performing categories during the quarter.
PB Fintech reported 42% growth in new protection premiums, with new health insurance premiums increasing 46%.
Health insurance demand is supported by greater awareness of medical costs and the need for financial protection against hospitalisation and treatment expenses.
Term insurance also remains an important category because it provides financial protection to policyholders’ families in the event of the insured person’s death.
The company said core new insurance premium growth, excluding the savings category, remained above 34% for 14 consecutive quarters.
This indicates that the company’s growth is not dependent only on savings-linked insurance products. Its core protection business continues to contribute to new premium expansion.
Paisabazaar Credit Business Records Growth
Alongside insurance, PB Fintech’s credit marketplace Paisabazaar also reported growth.
Core credit revenue increased 19% year-on-year to ₹125 crore from ₹106 crore.
Core lending disbursals reached ₹2,791 crore, up 22% from the year-ago period.
Total lending disbursals, including other business categories, stood at ₹4,739 crore during the quarter.
The company said core credit disbursals had increased sequentially for five consecutive quarters.
Paisabazaar helps consumers compare financial products, including personal loans, credit cards and other lending options. It also provides credit-related information and tools to consumers.
Credit distribution offers PB Fintech another revenue stream beyond insurance. However, its performance depends on consumer borrowing demand, lender partnerships, credit quality and the broader lending environment.
PB Partners Expands Its Insurance Distribution Network
PB Fintech is also expanding its offline insurance distribution through PB Partners, its agent and advisor platform.
The platform supported more than 570,000 advisors during Q2 FY27. Its active partner count reached approximately 131,000, representing 55% year-on-year growth.
PB Partners was present in around 19,000 pin codes across India, covering approximately 99% of the country’s pin codes, according to the company.
Its total premium increased 36% year-on-year to ₹1,989 crore, excluding GST, while revenue grew 39% to ₹698 crore.
Tier II and Tier III cities contributed 76% of the platform’s gross written premium during the quarter.
This distribution model allows PB Fintech to reach consumers who may not purchase insurance entirely through digital channels. Smaller insurance advisors can help customers understand policy features, compare products and complete purchases.
The expansion also gives the company access to markets beyond major metropolitan areas.
New Business Initiatives Continue to Require Investment
PB Fintech is investing in newer businesses to expand beyond its established insurance and credit marketplaces.
Revenue from new initiatives increased 28% year-on-year during Q2 FY27.
However, these activities continued to weigh on adjusted operating profitability. The company’s quarterly adjusted EBITDA margin stood at negative 5%, while its contribution margin was 6%.
Adjusted EBITDA is a measure of operating earnings before interest, taxes, depreciation and amortisation, with certain adjustments made by the company. A negative margin indicates that the business is still spending more on an adjusted operating basis than it generates in the relevant measure.
The company reported an adjusted EBITDA of ₹216 crore for its core online business, while new initiatives recorded negative adjusted EBITDA of ₹42 crore.
This illustrates the difference between the profitability of its established operations and the investment required to develop newer business lines.
Insurance Commission Regulations Remain an Important Risk
PB Fintech’s growth comes at a time when insurance distribution economics are receiving regulatory attention.
Insurance brokers and distributors earn commissions for selling policies on behalf of insurers. These payments are an important source of revenue for insurance marketplaces and intermediaries.
Discussions around potential restrictions or changes to commission structures could affect how insurance distributors generate revenue.
For PB Fintech, any changes to commission rules could influence revenue per policy, margins and the economics of customer acquisition.
However, the impact would depend on the final regulatory framework, the products covered and how insurers and intermediaries adjust their distribution arrangements.
The company will need to continue diversifying its revenue through renewals, new insurance categories, credit distribution and other services.
The Bigger Picture
PB Fintech’s Q2 FY27 results show how India’s online insurance market is becoming a significant business opportunity. The company increased revenue by 35% and profit by approximately 43%, supported by strong growth in health and term insurance. Its expanding renewal income also provides a growing source of recurring revenue, while PB Partners is extending its reach into smaller cities and underserved markets.
However, the company faces two important challenges. First, its newer initiatives are still operating with negative adjusted EBITDA, requiring continued investment. Second, possible changes to insurance commission regulations could affect the economics of its core distribution business. PB Fintech’s ability to maintain premium growth while improving operating margins will be important to its long-term financial performance.
Looking Ahead
PB Fintech is expected to continue focusing on insurance distribution, renewal income, advisor-led sales and credit marketplace expansion. Growth in health and term insurance could support its core business, while its large network of advisors provides an additional channel for reaching customers across India. The company is also likely to keep investing in new initiatives as it looks to expand its overall financial services ecosystem.
Investors will monitor insurance premium growth, renewal revenue, new protection policies, credit disbursals and adjusted EBITDA margins. The next important milestone will be whether PB Fintech can maintain its revenue momentum while reducing losses in newer businesses and managing any changes to insurance distribution regulations.
Frequently Asked Questions
1. What was PB Fintech’s profit in Q2 FY27?
PB Fintech reported consolidated net profit of ₹192.39 crore in Q2 FY27, up approximately 43% from ₹134.89 crore in the corresponding quarter last year.
2. What was PB Fintech’s revenue in Q2 FY27?
Revenue from operations increased 35% year-on-year to approximately ₹2,178 crore.
3. How much insurance premium did PB Fintech generate?
Total insurance premiums reached ₹9,385 crore in Q2 FY27, up 38% year-on-year.
4. Which insurance category recorded the strongest growth?
New health insurance premiums increased 46%, while new protection premiums, covering health and term insurance, grew 42%.
5. What is PB Partners?
PB Partners is PB Fintech’s advisor and agent distribution platform. It supported more than 570,000 advisors and had approximately 131,000 active partners in Q2 FY27.
6. What are the major risks facing PB Fintech?
Potential changes to insurance commission regulations, competition in online insurance distribution and continued investment requirements for new businesses are important factors that could influence its future profitability.
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