On this page ▾
We do not publish one number for PB Fintech — and here is why.
On today's figures the market pays roughly 4.4 times what our model says PB Fintech is worth. On a company this widely followed, a gap that large almost always means our model is missing something rather than that thousands of investors are wrong. So we show the workings and say plainly that we cannot stand behind a single figure here.
- How it is valued: no single figure is published here — our model and the market disagree too far.
- What the price assumes: 35% growth, against 35% the model takes from its own record.
- Ten-year record: Between FY2022 and FY2026, PB Fintech's revenue went from ₹1,425 crore to ₹6,794 crore — it compounded at about 48% a year over 4 years.
- Biggest swing factor: Insurance premiums sold. Main risk: Commission rules.
01Policybazaar and Paisabazaar
PB Fintech, founded by Yashish Dahiya and Alok Bansal, runs Policybazaar, where people compare and buy health, life, motor and other insurance, and Paisabazaar, which helps them choose loans and credit cards.
It earns commissions from insurers and lenders. It is also building a health-insurance network and expanding in the UAE.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for PB Fintech, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03PB Fintech's record, in plain numbers
Between FY2022 and FY2026, PB Fintech's revenue went from ₹1,425 crore to ₹6,794 crore — it compounded at about 48% a year over 4 years. It reported a net loss in FY2022 and FY2023, and closed the period with net profit of ₹670 crore. In FY2026 it kept 9.9% of revenue as net profit — its best year in the period. The latest year added 36.5% to revenue, well behind its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2022 | 1,425 | -833 | -58.5% |
| FY2023 | 2,558 | -488 | -19.1% |
| FY2024 | 3,438 | 64 | 1.9% |
| FY2025 | 4,977 | 353 | 7.1% |
| FY2026 | 6,794 | 670 | 9.9% |
04How PB Fintech gets valued — and why
Estimate withheld — model and market disagree too farOur model and the market disagree so far apart on this company that the model is the more likely one to be wrong. Rather than publish a number we cannot stand behind, we show the workings and say so.
05What decides PB Fintech's value
Insurance premiums sold
More policies sold online drive commissions.
Renewals
Repeat commissions on renewals are high-margin.
Health and term insurance
Fast-growing, under-penetrated categories.
Operating leverage
Margins rise as costs grow slower than revenue.
06What could go wrong
- Commission rules. Regulators can cap commissions.
- Competition. Insurers and banks sell directly.
- The premium. The price assumes rapid growth continues.
07What the full PB Fintech valuation shows
Sign in free to see the complete PB Fintech valuation
- ✓The full model workings — and exactly where the model and the market part ways
- ✓Every assumption — growth, returns and cost of capital, with sources
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Paytm, Info Edge and other internet companies
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about PB Fintech
What does PB Fintech own?
Policybazaar for insurance and Paisabazaar for loans and credit cards.
Is Policybazaar profitable?
PB Fintech has reported profits since FY2024 in the filed series.
How does Policybazaar make money?
Commissions from insurers on policies sold and renewed.
Is PB Fintech overvalued?
At ₹1,105 the market is pricing in roughly 35% sustained growth, against the ~35% its own record supports. That is close to what it has delivered, so the price is broadly consistent with the company simply continuing as it has.
What is the intrinsic value of PB Fintech?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
How much debt does PB Fintech carry?
Debt to equity stands at 0.00, against 0.00 at the start of the period — the balance sheet is a core input to the cost of capital used here.