Pb Fintech Limited (POLICYBZR)

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Pb Fintech Limited (POLICYBZR) · mywealthgrid

About

Pb Fintech operates as a financial technology platform focused on insurance distribution and aggregation in India. Quarterly revenues of ₹1,600–2,100 crore and market cap of ₹80,556 crore position it as an established player in India's digital insurance and fintech sectors. Consistent profitability across all quarters supports its standing as a matured platform.

Founded: 2008
Face value: ₹2

Market cap

₹45,345 Cr

P/E

60.6×

P/B

6.2×

Dividend yield

ROE

9.7%

ROCE

10.3%

Debt / equity

OPM

7.5%

EPS (TTM)

₹16.2

Book value

₹158.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

P/E of 107.66 is extremely stretched; verify earnings growth trajectory justifies valuation relative to peers and sector averages.
Thin and volatile operating margins (7.5% average, 6–11% quarterly range) indicate competitive intensity; verify pricing power and unit economics.
Zero promoter shareholding is atypical; verify founder/promoter commitment and alignment with minority shareholders.
Heavy institutional concentration (77% FII+DII) with FII declining from 39.94% to 37.3% in recent quarter; verify foreign investor conviction.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E = 0) provides capital flexibility for technology investment, product expansion, and acquisitions; verify management's capital allocation strategy.
Quarterly operating margin peaked at 10.59% in Mar 2026, indicating scalability of the revenue platform; verify whether improved utilization can drive margin expansion.
Established revenue base of ₹1,600–2,100 crore quarterly enables expansion into adjacent fintech products beyond insurance aggregation; verify product roadmap.

Generated analysis · source review pending

1,203 historical price candles were omitted because the exchange source has not been verified.

₹980.0-9.3%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 50.3% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 20.1×

Cons

−Low return on equity of 5.5% (3-yr avg)
−Thin operating margin of 7.5%
−Expensive at 60.6× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 49
Growth: 100
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	887	1,425	2,558	3,438	4,977	6,794
	1,046	2,327	3,220	3,626	4,883	6,286
	-160	-902	-662	-188	94	508
OPM %	-18%	-63.3%	-25.9%	-5.5%	1.9%	7.5%
Depreciation	41	43	64	89	121	136
Interest	12	14	21	26	34	37
	71	125	259	381	449	372
Profit before tax	-142	-833	-488	77	388	707
Tax	8	-0	-0	13	34	37
Tax %	5.9%	-0.1%	-0%	16.5%	8.9%	5.3%
	-150	-833	-488	64	353	670
PAT margin %	-16.9%	-58.5%	-19.1%	1.9%	7.1%	9.9%
EPS (₹)	-4.1	20.3	-11	1.5	7.8	14.6
EPS adjusted (₹)	-244.3	-18.5	-10.8	1.4	7.7	14.5
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1	90	90	90	92	93
Reserves	1,991	5,322	5,386	5,781	6,340	7,219
Minority interest	—	—	9	5	6	6
	0	0	0	0	0	0
	339	504	769	852	1,092	1,389
Total equity & liabilities	2,331	5,915	6,254	6,729	7,529	8,707
	125	205	313	359	418	441
CWIP	—	—	—	—	—	0
Investments	138	373	622	1,358	2,173	3,211
	2,068	5,338	5,319	5,011	4,938	5,054
Total assets	2,331	5,915	6,254	6,729	7,529	8,707

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Insurance broker services	6,089.28	860.76	4,193.76	1,018.24	3,175.52	27.11
Other services	704.74	-116.3

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	-18%	-63.3%	-25.9%	-5.4%	1.9%	7.5%
EBIT margin %	-22.7%	-66.3%	-28.4%	-8%	-0.6%	5.5%
PAT margin %	-16.9%	-58.5%	-19.1%	1.9%	7.1%	9.9%
Working capital
Receivable days	71	92	97	69	73	93
Inventory days	0	0	0	0	0	0
Payable days	36	31	35	30	27	27
NWC days	36	61	62	39	46	66
Leverage
Current ratio	9.68	16.51	7.48	8	5.13	4.41
Debt to EBITDA	—	—	—	—	0	0
Debt to equity	0	0	0	0	0	0
Interest coverage	-11.3	-60.4	-21.8	4	11.2	20.1
Asset turnover	0.38	0.24	0.41	0.51	0.66	0.78
Return ratios
Return on assets %	-6.4%	-14.1%	-7.8%	1%	4.7%	7.7%
Return on capital employed %	-6.2%	-21.3%	-8.3%	1.8%	5.9%	10.3%
Return on equity %	-7.5%	-15.4%	-8.9%	1.1%	5.5%	9.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	49.4%	46.01%	48.97%	51.58%	49.71%	47.79%	45.93%	46.78%	43.64%	40.77%	39.94%	37.3%
	16.38%	19.05%	16.75%	16.27%	18.41%	20.57%	22.95%	23.28%	26.62%	29.54%	36.73%	40.42%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.39%	34.18%	33.69%	31.6%	31.34%	31.36%	30.84%	29.66%	29.47%	29.55%	23.19%	22.14%
No. of shareholders	—	—	—	—	—	—	—	—	1,65,600	1,59,243	1,53,261	1,50,458

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,063.9 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,068.2	-27.3	-2.5%	₹1,068.2	51,697	+258	11,141	350
23 Nov 2026	₹1,070.8	-28.2	-2.6%	₹1,070.8	1,544	+260	820	350
29 Dec 2026	₹1,071.6	-25.5	-2.3%	₹1,071.6	29	+29	37	350

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

166

across 19 fund houses

Held by these funds

15.19%

of the company's equity

All mutual funds

28.32%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

166 schemes · 19 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	65.12 L	1,220.98	2.85%	1.407%	+11.1 L
Midcap Fund	Axis Mutual Fund	43.9 L	823.13	2.32%	0.949%	+8.55 L
ELSS- Tax Saver Fund	Axis Mutual Fund	34.73 L	651.1	1.99%	0.75%	+39,135
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	26.85 L	503.38	1.5%	0.58%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	26.59 L	498.65	0.89%	0.575%	—
LARGE CAP FUND	Nippon India Mutual Fund	26.56 L	498	0.92%	0.574%	-3 L
Focused Fund	Axis Mutual Fund	25.49 L	477.86	4.18%	0.551%	-0
Franklin India Focused Equity FundNEW	Franklin Templeton Mutual Fund	24.27 L	454.97	3.95%	0.524%	—

1–8 of 166

1 / 21

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results5 Aug 2026

1

Earnings call5 Aug 2026call

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

66 announcementsExport CSV

30 Sept 2026, 7:56 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

General

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	-18%	-63.3%	-25.9%	-5.4%	1.9%	7.5%
EBIT margin %	-22.7%	-66.3%	-28.4%	-8%	-0.6%	5.5%
PAT margin %	-16.9%	-58.5%	-19.1%	1.9%	7.1%	9.9%
Working capital
Receivable days	71	92	97	69	73	93
Inventory days	0	0	0	0	0	0
Payable days	36	31	35	30	27	27
NWC days	36	61	62	39	46	66
Leverage
Current ratio	9.68	16.51	7.48	8	5.13	4.41
Debt to EBITDA	—	—	—	—	0	0
Debt to equity	0	0	0	0	0	0
Interest coverage	-11.3	-60.4	-21.8	4	11.2	20.1
Asset turnover	0.38	0.24	0.41	0.51	0.66	0.78
Return ratios
Return on assets %	-6.4%	-14.1%	-7.8%	1%	4.7%	7.7%
Return on capital employed %	-6.2%	-21.3%	-8.3%	1.8%	5.9%	10.3%
Return on equity %	-7.5%	-15.4%	-8.9%	1.1%	5.5%	9.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Pb Fintech LimitedPOLICYBZRPOLICYBZR	₹45,345 Cr	₹45,345 Cr	₹7,334 Cr	₹614 Cr	7.5%	₹748 Cr	9.9%	10.3%	9.7%	66
Pine Labs LimitedPINELABSPINELABS	₹19,338 Cr	₹19,621 Cr	₹2,832 Cr	₹409 Cr	13.2%	₹127 Cr	4.2%	4.6%	2.4%	-210
Manipal Payment And Identity Solutions LimitedMPIMANIPALMPIMANIPAL	₹9,304 Cr	₹9,305 Cr	₹1,327 Cr	₹426 Cr	32.1%	₹253 Cr	19.1%	48.9%	46.2%	196
Seshaasai Technologies LimitedSTYLSTYL	₹5,922 Cr	₹5,999 Cr	₹1,507 Cr	₹395 Cr	26.3%	₹264 Cr	16.7%	23.4%	16.8%	122
Avenuesai LimitedCCAVENUECCAVENUE	₹5,330 Cr	₹5,729 Cr	₹9,516 Cr	₹384 Cr	4.4%	₹294 Cr	3.6%	7.5%	6.6%	4
Network People Services Technologies LimitedNPSTNPST	₹3,692 Cr	₹3,698 Cr	₹218 Cr	₹55 Cr	26%	₹51 Cr	21%	20.1%	17.3%	-6,400
Turtlemint Fintech Solutions LimitedTURTLEMINTTURTLEMINT	₹2,055 Cr	₹2,055 Cr	₹1,098 Cr	₹-130 Cr	-11.9%	₹-184 Cr	-16.8%	-41.7%	-60.4%	32
One Mobikwik Systems LimitedMOBIKWIKMOBIKWIK	₹1,544 Cr	₹1,806 Cr	₹1,129 Cr	₹9 Cr	-3.6%	₹-13 Cr	-5.6%	-3.3%	-11%	-7
WSFx Global Pay LtdWSFXWSFX	₹78 Cr	₹85 Cr	₹21 Cr	₹-6 Cr	9.6%	₹-5 Cr	5.7%	20.3%	15.8%	-185
Suvidhaa Infoserve LimitedSUVIDHAASUVIDHAA	₹43 Cr	₹45 Cr	₹5 Cr	₹-7 Cr	-281.4%	₹-8 Cr	-288.6%	-28.2%	-31.3%	960
Ags Transact Technologies LimitedAGSTRAAGSTRA	—	—	₹1,250 Cr	₹57 Cr	13.4%	₹-170 Cr	-5.5%	1.8%	-16.1%	-578

376 deals · 15 Nov 2021 – 25 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Sept 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	38,70,440	₹1,182.23	₹457.58 Cr
25 Sept 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	38,58,509	₹1,180.49	₹455.49 Cr
25 Sept 2026	SIXTEENTH STREET ASIAN GEMS FUND	Bulk	NSE	Sell	25,67,217	₹1,167.13	₹299.63 Cr
24 Sept 2026	HDFC MUTUAL FUND	Bulk	NSE	Buy	25,00,000	₹1,282.30	₹320.58 Cr
3 Jul 2026	MACRITCHIE INVESTMENTS PTE LIMITED	Bulk	NSE	Sell	1,01,79,920	₹1,604.12	₹1,632.98 Cr
29 May 2026	YASHISH DAHIYA	Block	NSE	Sell	22,00,000	₹1,751.00	₹385.22 Cr
29 May 2026	ALOK BANSAL	Block	NSE	Sell	12,00,000	₹1,751.00	₹210.12 Cr
29 May 2026	ST JAMES'S PLACE EMERGING MARKETS EQUITY UNIT TRUST	Block	NSE	Buy	4,67,500	₹1,751.00	₹81.86 Cr
29 May 2026	VIRIDIAN ASIA OPPORTUNITIES MASTER FUND	Block	NSE	Buy	4,37,639	₹1,751.00	₹76.63 Cr
29 May 2026	SOCIETE GENERALE	Block	NSE	Buy	4,34,134	₹1,751.00	₹76.02 Cr

1–10 of 376

1 / 38

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

67

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	800	₹4.3	1,587	+882	882
0	0	0	₹0.0	840	₹4.8	213	+87	87
0	0	0	₹0.0	880	₹8.3	1,142	+388	388
0	0	0	₹0.0	900	₹10.4	5,085	+562	562
0	0	0	₹0.0	920	₹12.6	4,640	-104	1,607
0	0	0	₹0.0	940	₹15.7	1,125	+153	194
46	+42	97	₹125.3	960	₹19.2	3,568	+96	1,343
25	+24	86	₹119.0	980	₹24.1	2,959	+149	358

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
30 Sept 2026, 7:56 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015	PDF
30 Sept 2026, 7:22 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 4:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 7:07 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
27 Sept 2026, 2:57 pm	Company Update General	Clarification On Price Movement	PDF
17 Sept 2026, 4:33 pm	Others	Rumour verification - Regulation 30(11)	PDF
16 Sept 2026, 11:05 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015	PDF
16 Sept 2026, 8:00 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	28	-1,568	-299	9	-183	41
	-1,202	-2,127	41	301	458	214
	759	3,621	-43	-57	-73	-81
Net cash flow	-415	-73	-300	253	202	174
Free cash flow	24	-1,601	-359	-55	-280	-38
CFO / Operating profit %	—	—	—	—	-195.5%	8.2%

Pb Fintech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

1

1

Announcements

1

1

Announcements

3

Annual reports

Investor Presentation and earnings call

67

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Insurance Web Aggregator and Brokers Services · revenue

Pb Fintech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Events

Board meetings1

Other corporate actions1

Announcements

Ratio timeline

Board meetings1

Other corporate actions1

Announcements

Quarterly record

Futures3

Annual reports

Investor Presentation and earnings call

Bulk & block deals

Board and management

Option chain67

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Insurance Web Aggregator and Brokers Services · revenue

3

1

1

1

1

3

67