PB Fintech directors cease to hold office after first term

PB Fintech accepted the cessation of Mr. Kaushik Dutta and Ms. Lilian Jessie Paul as Independent Directors on June 18, 2026, following the completion of their first term. The directors communicated their inability to continue for a second term due to professional preoccupations and personal commitments. Their tenure concluded at the close of business hours on June 18, 2026.

Consequent to their departure, Mr. Kaushik Dutta ceased to be the Chairperson of the Audit Committee and a Member of the M&A and Investment Committee. Ms. Lilian Jessie Paul stepped down from her roles as a Member of the Stakeholders' Relationship Committee and the Corporate Social Responsibility Committee. The Board acknowledged their contributions during their tenure.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the required details, including the specific reasons for cessation, to the exchanges.

Details of Cessation

Director	Reason for Change	Date of Cessation
Mr. Kaushik Dutta	Completion of first term and decision not to seek reappointment	Close of business hours on June 18, 2026
Ms. Lilian Jessie Paul	Completion of first term and decision not to seek reappointment	Close of business hours on June 18, 2026

The company confirmed that all necessary disclosures regarding the change in board composition have been filed with the National Stock Exchange of India Limited and BSE Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.17%	+8.81%	-6.38%	-10.78%	-13.58%	+36.13%

Jefferies has maintained its Buy rating on PB Fintech with a target price of ₹1,950, even as the stock has undergone a notable derating in recent periods. The brokerage's stance reflects confidence in the company's underlying earnings resilience despite a challenging sentiment environment.

Stock Derating and Key Concerns

PB Fintech's stock has witnessed a 20% derating, attributed primarily to two concerns: potential commission regulation and the prospect of a founder exit. Jefferies acknowledges these overhangs but argues that the market reaction has been disproportionate relative to the actual impact on fundamentals, given that earnings have remained stable through this period.

Valuation Already Pricing In Risks

A central argument in Jefferies' assessment is that the current valuation levels have already absorbed the key downside risks. The brokerage highlights the following factors as already reflected in the stock price:

A 10% commission cut scenario is considered priced in at current levels
Renewal profitability is expected to remain unchanged
Management continuity is seen as entrenched, reducing the risk associated with founder-exit concerns

Key Parameters at a Glance

The following table summarises the key parameters outlined in Jefferies' assessment of PB Fintech:

Parameter:	Details
Rating:	Buy
Target Price:	₹1,950
Stock Derating:	20%
Commission Cut Priced In:	10%
Renewal Profitability:	Unchanged
Management Status:	Entrenched
EBITDA Outlook:	Expected to double over FY27–29

EBITDA Growth Outlook

Looking at the medium-term trajectory, Jefferies expects PB Fintech's EBITDA to double over FY27–29, which forms a key pillar of the brokerage's continued positive stance. This projected growth underscores the firm's view that the current valuation dislocation presents an opportunity, with the business fundamentals remaining intact despite near-term regulatory and governance-related concerns.