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PB Fintech Limited · Research view

PB Fintech Limited

NSE: POLICYBZRBSE: 543390ISIN INE417T01026Face value ₹2standalone
₹983
−7.69% · 2026-10-01 · 52-wk ₹983–₹1,957
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
StrengthTalking point

Profit outpacing revenue

Profit grew 89.8% while revenue grew 36.5%, so the company kept more of each rupee of revenue as profit.

Net profit growth+89.8%Revenue growth+36.5%

Importance 72 / 95 · growth

WatchTalking point

Volatile earnings

Profit has swung sharply over 4 years (from ₹-833 to ₹670) — one year is a weak guide to the earnings power.

Importance 63 / 95 · growth

WatchTalking point

Growing, but light on cash

Revenue grew 36.5% but only 0.06× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

ConcernTalking point

Weak cash conversion

Operating cash flow was only 0.06× reported profit (FY2026).

Importance 60 / 95 · cash quality

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Financial Technology (Fintech) › Financial Technology (Fintech).

Market cap
₹45,483 cr
FY2026 revenue
₹208 cr
FY2026 net profit
₹41 cr
Net worth
₹8,197 cr
Total debt
₹0 crnet cash
EPS (basic)
₹0.90
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 2 financial technology (fintech).

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr00000000REVENUENET PROFIT103-300FY22134-74FY2311036FY2415313FY2520841FY26
RevenueNet profit
Strength

Profit grew 89.8% while revenue grew 36.5%, so the company kept more of each rupee of revenue as profit.

Rule PROFIT_FASTER_THAN_REVENUE

Revenue growth per year
+19.2%over 4 years
Revenue growth
+35.8%vs last year
Net profit growth
+207.6%vs last year
Change in net profit since FY22
+114%

Profit has swung sharply over 4 years (from ₹-833 to ₹670) — one year is a weak guide to the earnings power.

Revenue compounded at 47.8% a year over 4 years (₹1,425 → ₹6,794) — though FY2023 saw a one-off step-change of 80% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Net profit grew 89.8% year on year (FY2025 → FY2026).

Revenue grew 36.5% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹163 cr, up 92.5% from ₹85 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹1,888 cr, up 40.1% from ₹1,348 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹192 cr, up 92.8% from ₹100 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01223000REVENUENET PROFIT1k51Q2 '251k72Q3 '252k171Q4 '251k85Q1 '262k135Q2 '262k189Q3 '262k261Q4 '262k163Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY251,167—51—4.4%
Q3 FY251,292+48.3%72+92.2%5.5%
Q4 FY251,508+38.4%171+183.5%11.3%
Q1 FY261,348+33.4%85+41.1%6.3%
Q2 FY261,614+38.2%135+164.6%8.4%
Q3 FY261,771+37.1%189+164.8%10.7%
Q4 FY262,061+36.7%261+53.0%12.7%
Q1 FY271,888+40.1%163+92.5%8.6%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹7,334 crTTM
EBITDA
₹981 crTTM
EBIT
₹838 crTTM
PBT
₹799 crTTM
Net profit
₹748 crTTM

C. Corporate actions

No verified corporate actions on record for this company.

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
-290%-285%-280%-275%-270%-265%-260%-255%-250%-245%-240%-235%-230%-225%-220%-215%-210%-205%-200%-195%-190%-185%-180%-175%-170%-165%-160%-155%-150%-145%-140%-135%-130%-125%-120%-115%-110%-105%-100%-95%-90%-85%-80%-75%-70%-65%-60%-55%-50%-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%30%35%40%45%20.9%9.8%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

ROE of 9.7% is the highest in 4 years (prior range -15.4% to 5.7%).

Rule ROE_AT_MULTI_YEAR_HIGH

EBITDA margin now
20.9%
5-year range
-286.1–43.7%
ROE FY2026
0.5%
ROCE FY2026
0.5%

EBITDA margin of 13.0% is the widest in 4 years (prior range -54.5% to 10.1%).

ROE of 9.7% is well above the financial technology fintech median of 6.7%.

ROE improved from 5.7% to 9.7% year on year.

EBITDA margin improved from 10.1% to 13.0% of revenue.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 crtotal debt ≈ ₹0 across the history03697kFY227kFY238kFY248kFY258kFY26
Net worth (shareholders' funds)
Watch

Revenue grew 36.5% but only 0.06× of reported profit came through as operating cash.

Rule GROWTH_WITH_WEAK_CASH

Operating cash flow vs net profit₹ crore · FY22–FY26
0k0k0k0k-57-300FY22-5-74FY234336FY24-10313FY25-13541FY26
Operating cash flowNet profit
Total debt
₹0 crnet cash
Operating cash flow ÷ net profit
-3.25×FY2026
Free cash flow
₹−137 cr
Current ratio
25.14×

Operating cash flow was only 0.06× reported profit (FY2026).

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 financial technology (fintech) (FY2026, consolidated).

Not enough peers in this set report the underlying metrics yet for a ranking.

Context

Trades at 60.78× earnings — 46% below the financial technology fintech median of 112.47×.

Rule PE_BELOW_PEERS

P / E
60.8×TTM to Jun 26
P / B
6.2×latest book
P / S
6.2×TTM sales
Earnings yield
1.6%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 67.9× · P/S 6.3× · ROE 9.7%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2021-11 to 2026-10₹ per share · split / bonus adjusted
0k4k₹983202120222023202420252026

Long-term price performance is shown above.

1-year return
−41.3%
3-year return
+28.5%
5-year return
—
From 52-wk high
−49.8%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹1,661
vs 200-day avg
Below₹1,630
RSI (14)
19.9oversold
MACD histogram
-90.0
From 52-wk high
−49.8%
From 52-wk low
0.0%
30-day volatility
133.4%ann.
6-month return
−31.2%
RSI (14) · 0–10019.9 — oversold
0305070100OVERSOLDOVERBOUGHT19.9
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Volatile earnings
    Profit has swung sharply over 4 years (from ₹-833 to ₹670) — one year is a weak guide to the earnings power.
    EARNINGS_VOLATILE · conviction 63
  • Watch
    Growing, but light on cash
    Revenue grew 36.5% but only 0.06× of reported profit came through as operating cash.
    GROWTH_WITH_WEAK_CASH · conviction 62
  • Concern
    Weak cash conversion
    Operating cash flow was only 0.06× reported profit (FY2026).
    WEAK_CASH_CONVERSION · conviction 60
  • Watch
    Receivables stretching
    Receivable days rose from 73 to 93 — collections are slower.
    RECEIVABLE_DAYS_JUMP · conviction 50
  • Watch
    Unusual tax rate
    Effective tax rate of 5.3% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
    EFFECTIVE_TAX_UNUSUAL · conviction 41
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue103134110153208
Total income217329362412422
EBITDA−295−7048443
Profit before tax−300−74441547
Net profit−300−74361341
EPS (₹)−7.3−1.70.80.30.9
Net worth6,8957,3637,7297,9588,197
Total debt00000
Operating cash flow−57−543−103−135
Free cash flow−57−543−104−137
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—30.0-17.839.135.8
Profit growth YoY———-62.8207.6
Profitability
EBITDA margin %-286.1-51.843.72.720.9
Net margin %-137.8-22.510.03.39.8
Return on equity %-4.3-1.00.50.20.5
Return on capital %-4.3-1.00.60.00.5
Leverage & cash
Debt to equity0.000.000.000.000.00
Cash flow ÷ profit——1.18-7.64-3.25
Current ratio258.19133.0039.4820.5325.14
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.