PB Fintech's Q4 margin rises to 10.59% as revenue grows 36.70% YoY
Expenses grew more slowly than revenue, but other income still supplied 36.15% of pre-tax profit; the stock returned -3.33% by the next session.
Filed 06 May 2026, 17:01 IST · after market close · PB Fintech Ltd (POLICYBZR)
Key takeaways
- Consolidated Q4FY26 net profit rose 53.03% YoY to Rs 261.16 cr as revenue grew 36.70%.
- Operating margin expanded 3.09 percentage points YoY to 10.59%, with expenses growing 32.14%, slower than revenue.
- Other income contributed 36.15% of pre-tax profit, while the stock returned -3.33% by the next session.
Price around the results
Revenue growth accelerated into the year-end quarter
Consolidated revenue grew 36.70% YoY and 16.38% QoQ, while operating profit increased 93.08% YoY and 37.46% QoQ. Expenses rose 32.14% YoY and 14.31% QoQ, allowing operating profit to grow faster than revenue. This marks a clear improvement from the softer operating performance seen earlier in FY26.
Margin expansion continued, with other income still material
Operating margin widened 3.09 percentage points YoY and 1.63 percentage points QoQ because costs grew more slowly than revenue. It has now increased for four consecutive quarters, from 2.55% in Q1FY26 to 10.59% in Q4FY26. Other income accounted for 36.15% of pre-tax profit, so reported profit included a significant non-operating contribution. The QoQ tax-rate decline of 1.84 percentage points also supported net profit, while the YoY tax rate increased 3.49 percentage points.
PB Fintech remains far below the reported peer-margin median
Its 10.59% operating margin was 48.82 percentage points below the 59.41% median for the 52 Financial Services peers that had reported. The company ranked sixth from the bottom on this measure, despite the year-on-year and sequential margin expansion.
Management highlighted health expansion and new product work
Management said PB Health's fresh-market share had increased from 4.5% at IPO to 18%-20%, and that it expects the retail health fresh market to exceed 20% growth in FY27. The company said it is co-developing insurance products and using AI across key verticals. Management also said the car market is slow and two-wheelers remain structurally underinsured, while noting that early six-month delinquency in a hidden high-risk cohort is about three times the approved-population baseline. It said the company is on track to achieve Rs 1,000 cr of PAT in FY27.
The initial stock reaction was softer than its usual results move
The stock returned -1.04% on the result-day session and -3.33% by the next session, with a -3.83% return after 30 sessions. The next-session decline was smaller than the 4.55% median absolute move after the last eight results, when the stock rose four times and fell four times.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,061 cr | ₹1,771 cr | +16.38% | +36.70% |
| Other income | ₹98 cr | ₹85 cr | +15.15% | -2.56% |
| Expenses | ₹1,843 cr | ₹1,612 cr | +14.31% | +32.14% |
| Operating profit | ₹218 cr | ₹159 cr | +37.46% | +93.08% |
| Operating margin (%) | 10.59% | 8.96% | — | — |
| Interest | ₹10 cr | ₹9 cr | +5.05% | +6.65% |
| Depreciation | ₹35 cr | ₹34 cr | +3.29% | +4.75% |
| Profit before tax | ₹272 cr | ₹201 cr | +35.23% | +58.59% |
| Tax | ₹11 cr | ₹12 cr | -7.73% | +1259.49% |
| Net profit | ₹261 cr | ₹189 cr | +37.87% | +53.03% |
| EPS (₹) | ₹5.65 | ₹4.11 | +37.47% | +51.47% |
Operating margin of 10.59% compares with a Financial Services sector median of 59.41% across 52 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -1.04% | -1.02% |
| Next session | -3.33% | — |
| 5 sessions | -1.20% | +1.44% |
| 15 sessions | +0.04% | — |
| 30 sessions | -3.83% | — |
Volume on the results session was 3.86× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The company is on track to achieve ₹1,000 crore PAT in FY27.
- Management expects the retail health fresh market to exceed 20% growth in FY27.
New products
- The company offers a term plan with living benefits including teleconsultation, health checkups and gym benefits.
- The company offers capital-guarantee plans with guaranteed principal protection for market-linked plans.
New initiatives
- The company is co-developing insurance products to address market needs and expand into new segments.
- The company is driving business transformation through AI across key verticals.
Competition
- PB Health fresh market share increased from 4.5% at IPO to 18%-20%.
- Private-car market share reached 8.6% and two-wheeler market share reached 11.8%.
Problems & risks
- The company describes the car market as slow and two-wheelers as structurally underinsured.
- Historic early six-month delinquency is about three times higher in the hidden high-risk cohort than in the approved population.
What to watch
- Whether operating margin remains above 10.59% in the next quarter.
- Whether other income's contribution stays below or around 36.15% of pre-tax profit.
- Progress against management's reported Rs 1,000 cr FY27 PAT target.