Specialising in digital insurance and credit comparison platforms, a leading fintech firm has reported a 184 percent profit jump alongside recent expansion into the Middle East through a newly established Dubai subsidiary.
PB Fintech Limited’s stock, with a market capitalisation of Rs. 81,871 crores, rose to Rs. 1,853, up 4.2 percent from its previous closing price of Rs. 1,777.7. Furthermore, the stock over the past year has given a return of 34 percent.
The company has approved investing up to Rs. 20 crore in its wholly owned subsidiary PB Pay Pvt. Ltd. in multiple tranches, based on the Audit Committee’s recommendation. It also plans to set up a step-down subsidiary in Dubai, “Paisabazaar Middle East LLC.” Furthermore, the company released Q4 FY25 results.
Business Performance
In its latest performance update, the company reported a 45 percent year-on-year (YoY) growth in online insurance new premium for FY25, driven by strong demand in health and life insurance, which grew 48 percent YoY. The total insurance premium stood at Rs. 23,486 crore, with Rs. 7,030 crore recorded during the quarter, marking a 37 percent YoY increase. Core new insurance premium (excluding the savings business) rose 38 percent YoY and has consistently maintained a growth range within ±5 percent of 40 percent for the past eight quarters.
While the health insurance segment remains a key driver, the savings business witnessed some softness amid broader market challenges. The company also reported a steady insurance CSAT above 90 percent, supported by continued improvements in customer onboarding and claims handling. Credit revenue for the quarter was Rs. 115 crore, with disbursals at Rs. 2,368 crore in the core online segment.
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New Initiatives
The company continues to build momentum in its New Initiatives, which saw a 50 percent YoY growth in revenue and an improvement in adjusted EBITDA margin from -10 percent to -6 percent. These initiatives now contribute 4 percent to overall performance, reflecting growing efficiency and scale.
PB Partners, its agent aggregator platform, remains a market leader with over 300,000 advisors onboarded. The business is increasingly focused on attracting smaller, high-quality advisors while maintaining the most diversified footprint across various insurance lines. This approach has strengthened its operational efficiency and market adaptability.
Wider Reach
PB Partners now operates across 19,000 pin codes, covering 99 percent of India, highlighting the platform’s deep national penetration. Internationally, the company is replicating its India success in the UAE, where insurance premiums grew 76 percent YoY. This growth, like in India, is increasingly centred on health and life insurance, aligning with evolving customer preferences and long-term demand trends.
In Q4FY25, the company reported revenue of Rs. 1,507 crore, up 38.4 percent YoY from Rs. 1,090 crore in Q4FY24 and 16.7 percent QoQ from Rs. 1,292 crore in Q3FY25. Net profit surged to Rs. 171 crore, marking a 184 percent YoY increase from Rs. 60 crore and a 138 percent QoQ rise from Rs. 72 crore, indicating strong growth momentum both annually and sequentially.
The company is trading at a P/E of 396, significantly higher than the industry average of 31.4, indicating steep valuations. It maintains a strong balance sheet with a low debt-to-equity ratio of 0.05. Over the past three years, the company has delivered a robust profit CAGR of 33 percent and an impressive sales CAGR of 57 percent, reflecting solid growth momentum.
Written By Fazal Ul Vahab C H
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