PB Fintech Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Insurance Web Aggregator Services: 89.6% • Other Services: 10.4%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company is almost debt free
- Latest quarter profit grew 92.5% YoY, showing strong momentum
- Company has delivered good sales growth of 50.3% CAGR over last 5 years
- Operating margins have improved to 7.5% from -15.7%
- Stock looks reasonably valued - P/E of 111.1 is below its historical median
- Institutional investors have been accumulating - FII+DII up 7.7pp
CONS
- A large part of profit comes from other income (52.6% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 6.5%
- Company has a low return on equity of 6.1% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.12x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GROWW | 200.20 | 51.48 | 125597.40 | 0.00 | 7350.40 | — | 15014.20 | 1560.13 | 37.54 | 64.60 |
| PAYTM | 1806.25 | 178.29 | 115890.41 | 0.00 | 220.00 | 79.59 | 2448.00 | 27.67 | 3.87 | 8.29 |
| POLICYBZR | 1795.75 | 111.06 | 83098.83 | 0.00 | 1629.10 | 1824.51 | 18882.80 | 1300.81 | 10.84 | 7.24 |
| PINELABS | 202.35 | 183.43 | 23348.32 | 0.00 | 195.70 | 3985.59 | 7369.20 | 1096.47 | 4.21 | 12.88 |
| STYL | 386.25 | 23.69 | 6249.75 | 0.65 | 60.34 | 63.78 | 376.47 | 21.10 | 28.03 | 23.21 |
| CCAVENUE | 16.31 | 19.40 | 5702.66 | 0.00 | 84.77 | 45.08 | 2680.40 | 109.37 | 7.98 | 3.80 |
| TURTLEMINT | 136.25 | 0.00 | 4012.28 | 0.00 | -377.80 | — | 2940.80 | — | -38.38 | -11.20 |
| MOBIKWIK | 209.55 | 0.00 | 1650.14 | 0.00 | 7.62 | 118.17 | 281.48 | 3.73 | 8.02 | 2.88 |
| SUVIDHAA | 2.26 | 0.00 | 47.42 | 0.00 | -1.91 | 55.58 | 2.40 | 135.29 | -32.85 | -70.42 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 666 | 812 | 871 | 1,090 | 1,010 | 1,167 | 1,292 | 1,508 | 1,348 | 1,614 | 1,771 | 2,061 | 1,888 | |
| 743 | 901 | 896 | 1,084 | 1,050 | 1,175 | 1,264 | 1,396 | 1,314 | 1,516 | 1,612 | 1,843 | 1,800 | |
| Operating Profit | -77 | -89 | -26 | 5 | -39 | -8 | 28 | 112 | 34 | 98 | 159 | 218 | 88 |
| OPM % | -11.58% | -10.98% | -2.93% | 0.50% | -3.88% | -0.67% | 2.14% | 7.43% | 2.55% | 6.06% | 8.96% | 10.59% | 4.66% |
| 91 | 97 | 94 | 98 | 141 | 106 | 100 | 101 | 99 | 85 | 85 | 104 | 93 | |
| Interest | 6 | 7 | 6 | 7 | 6 | 9 | 9 | 9 | 9 | 9 | 9 | 10 | 11 |
| Depreciation | 20 | 22 | 23 | 24 | 25 | 29 | 34 | 33 | 33 | 34 | 34 | 35 | 40 |
| Profit before Tax | -12 | -21 | 39 | 73 | 71 | 60 | 85 | 171 | 91 | 139 | 201 | 278 | 179 |
| Tax % | -2.73% | 1.52% | 0.00% | 17.31% | 15.31% | 15.51% | 15.95% | 0.46% | 8.46% | 5.15% | 5.80% | 3.86% | 8.77% |
| Net Profit | 0 | 0 | 0 | 0 | 60 | 51 | 72 | 171 | 85 | 135 | 189 | 261 | 163 |
| -0.26 | -0.45 | 0.85 | 1.35 | 1.34 | 1.12 | 1.57 | 3.71 | 1.85 | 2.94 | 4.11 | 5.65 | 3.53 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 184 | 334 | 492 | 771 | 887 | 1,425 | 2,558 | 3,438 | 4,977 | 6,794 | 7,334 | |
| 223 | 386 | 852 | 1,091 | 1,046 | 2,327 | 3,219 | 3,624 | 4,884 | 6,284 | 6,771 | |
| Operating Profit | -39 | -52 | -359 | -320 | -160 | -902 | -661 | -186 | 93 | 510 | 563 |
| OPM % | -21.01% | -15.71% | -73.01% | -41.46% | -18.00% | -63.31% | -25.86% | -5.41% | 1.87% | 7.50% | 7.67% |
| 24 | 26 | 37 | 84 | 71 | 125 | 259 | 381 | 449 | 372 | 367 | |
| Interest | 0 | 0 | 0 | 12 | 12 | 14 | 22 | 27 | 34 | 38 | 39 |
| Depreciation | 3 | 7 | 12 | 47 | 41 | 43 | 64 | 89 | 121 | 136 | 143 |
| Profit before Tax | -18 | -34 | -335 | -295 | -142 | -833 | -488 | 77 | 387 | 707 | 796 |
| Tax % | 140.82% | -76.46% | -2.80% | -3.12% | -5.87% | 0.06% | 0.00% | 16.47% | 8.91% | 5.26% | 5.68% |
| Net Profit | 7 | -59 | -344 | -304 | -150 | -833 | -488 | 64 | 352 | 670 | 751 |
| EPS | 0.01 | -0.16 | -25624.30 | -4338.46 | -4.11 | -20.34 | -10.97 | 1.48 | 7.67 | 14.48 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 54%
- 5 Years:
- 50%
- 3 Years:
- 38%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 32%
- 1 Year:
- -1%
RETURN ON EQUITY
- 10 Years:
- -13%
- 5 Years:
- -3%
- 3 Years:
- 6%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 90 | 90 | 90 | 92 | 93 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 5 | 6 | 6 |
| 288 | 742 | 399 | 1,157 | 1,836 | 4,856 | 4,581 | 4,774 | 5,823 | 6,742 | |
| 1 | 2 | 3 | 93 | 96 | 141 | 194 | 214 | 276 | 305 | |
| Trade Payables | 25 | 47 | 111 | 118 | 102 | 198 | 306 | 301 | 368 | 471 |
| 33 | 79 | 155 | 216 | 306 | 638 | 1,074 | 1,356 | 1,001 | 1,129 | |
| Total Liabilities | 347 | 870 | 668 | 1,585 | 2,339 | 5,923 | 6,254 | 6,741 | 7,565 | 8,744 |
| 4 | 11 | 34 | 147 | 125 | 205 | 313 | 359 | 418 | 441 | |
| 204 | 650 | 125 | 2 | 138 | 373 | 622 | 1,358 | 2,173 | 3,211 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 634 | 1,000 | 1,729 | |
| Cash & Bank | 43 | 48 | 267 | 1,106 | 1,810 | 3,700 | 763 | 735 | 793 | 760 |
| 96 | 162 | 242 | 330 | 266 | 1,645 | 4,556 | 3,655 | 3,181 | 2,604 | |
| Total Assets | 347 | 870 | 668 | 1,585 | 2,339 | 5,923 | 6,254 | 6,741 | 7,565 | 8,744 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -27 | -56 | -421 | -325 | -20 | -1,544 | -249 | 9 | -183 | 41 | |
| Cash from Investing | 58 | -434 | 525 | 79 | -1,202 | -2,127 | 41 | 301 | 458 | 214 |
| Cash from Financing | 0 | 513 | 0 | 1,031 | 759 | 3,621 | -42 | -57 | -73 | -81 |
| 24 | -5 | 69 | 746 | -414 | -73 | -300 | 253 | 202 | 174 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - PB Fintech Limited has informed the Exchange regarding Allotment of 57885 Equity Shares of face value of Rs. 2/- each to eligible employees upon exercise of vested options under PB Fintech Employees Stock Option Plan 2021.
2026-09-09 - PB Fintech Limited has informed the Exchange about Schedule of meet
2026-09-09 - PB Fintech Limited has informed the Exchange about Schedule of meet
2026-09-06 - PB Fintech Limited has informed the Exchange about Copy of Newspaper Publication with regard to confirming dispatch of Notice of the 18th Annual General Meeting of the Company along with Annual Report for financial year 2025-26, e-voting and other related information.
2026-09-05 - PB Fintech Limited has informed the Exchange about dispatch of physical communication to shareholders for Notice and Annual Report for FY 2025-26
2026-09-05 - PB Fintech Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-03 - PB Fintech Limited has informed the Exchange about Copy of Newspaper Publication regarding 18th Annual General Meeting ( AGM ) of the Company to be held through Video Conferencing ( VC )/ Other Audio-Visual Means ( OAVM )
2026-09-02 - PB Fintech Limited has informed the Exchange about Schedule of meet
2026-08-14 - PB Fintech Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing obligations and Disclosure Requirements), Regulations, 2015
News
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PB Fintech Ltd.
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