PB Fintech Limited has filed an investor presentation with the stock exchanges pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the Analyst Day 2026 held on May 11, 2026, at its head office in Gurugram. The presentation, signed by Bhasker Joshi, Company Secretary and Compliance Officer, has been uploaded on the company's website at https://www.pbfintech.in/pdf/pbfintech-analyst-day-2026.pdf . The event was held in physical mode at Plot No. 119, Sector-44, Gurugram-122001, Haryana, commencing at 11:00 A.M. IST. The company has set a Profit After Tax (PAT) target of ₹1,000 Crore for FY27, building on its ₹670 Cr PAT reported in FY26.

Journey Since IPO: Key Financial Milestones

The investor presentation outlined PB Fintech's performance since its IPO, highlighting substantial growth across all key financial parameters. The company turned profitable in FY24 and has continued to scale since. The following table summarises the company's progress from FY22 to FY26:

The company also reported renewal revenue of ₹935 Cr in FY26 with approximately 80% margins, growing at 43% CAGR since IPO, and approximately 15x since FY19 from ₹64 Cr. The company has 26.4 million unique transacting customers in insurance and 7.5 million unique transacting customers in Paisabazaar till date.

Insurance Business: Life, Health, and Motor

PB Fintech's Policybazaar platform has established itself as one of the top distribution players across life, health, and motor insurance segments. In the life insurance segment, the company reported a 4-year CAGR of 32% in fresh term and savings premium and grew at 33% in FY26, while growing at 3x the market over four years. The company drives approximately one-fourth of India's fresh term insurance market. In risk controls, PB Fintech averted ₹9,618 Cr in sum assured through its fraud detection framework in FY26, with cancellations representing 3.2% of premium and 3.6% of policies (term and savings combined). Customer satisfaction in life insurance reached 90%+, with 569 life claims assisted in FY26 and turnaround times down 32% year-on-year.

In the general insurance segment, Policybazaar emerged as the 3rd largest retail fresh health player by end of FY26, with retail health fresh market share growing 4x since IPO — from 4.5% to 20% in FY26. The company anticipates exceeding the 20% retail health market share mark in FY27. The platform added 16 lakh new lives in retail health in FY26, representing 40% of all new lives added to the industry. Health fresh business grew 68% in FY26, growing at over 3x the market rate. In motor insurance, private car market share stood at 8.6% and two-wheeler at 11.8%, with two-wheeler growing 100% year-on-year. The motor claims program reported repair turnaround time 50% lower than industry average and repair cost approximately 30% lower per claim (₹22,000 via PB versus ₹32,000 industry average), with 84% of reported claims handled by PB.

Paisabazaar: Credit Business Highlights

Paisabazaar, the company's credit marketplace, reported loan disbursals of ₹31,000 Cr and issued 3.5 lakh credit cards for the year ended March 2026. The platform recorded 25 lakh monthly enquiries for credit products and 32 lakh transactions on an annualised run-rate basis for the quarter ended March 2026. The platform has 5.8 crore credit score consumers till date and added 76 lakh new consumers in FY26, with consumer enquiries coming from 1,000+ cities.

UAE Operations and PB Partners

Policybazaar's UAE operations recorded FY26 premium growth of 54% year-on-year, with a Q4 FY26 annualised run-rate of ₹1,980 Cr, representing 12x growth since the Q4 FY22 baseline. The platform holds the #1 market position in UAE's digital insurance marketplace with a panel of 25+ insurers and a customer trust rating of 4.6 stars. PB Partners, the company's tech-led POSP (Point of Solicitation Person) platform, expanded its registered partner base by 7x versus the FY22 base of 58,000, now covering 1.7x more pin codes since FY22 and operating across 647 employee cities pan-India. The platform reported that 42% of annual premium equivalent comes from small partners, with 90%+ of partners being small partners in FY26.

AI and Technology Infrastructure

The presentation highlighted PB Fintech's AI-driven operating model embedded across sales, risk, and service functions. Key AI infrastructure metrics include a 3 TB data lake with 2,500+ daily reporting pipelines, 500 GB per day of real-time data ingestion, 2.53 crore documents with PII masking, and 100% call transcription across 7 languages via proprietary ASR technology. The AI sales stack reported a 20% improvement in conversion rate, 10% increase in average ticket size, and 30% of callbacks auto-scheduled. The company's Ask Genie AI assistant handles 100,000 queries per day, supporting approximately 20,000 advisors.

The filing was submitted to both the National Stock Exchange of India Limited and BSE Limited, and the presentation is available on the company's investor relations page at https://www.pbfintech.in/investor-relations .

Two major brokerages have issued contrasting ratings on PB Fintech , reflecting differing assessments of the company's near-term valuation and long-term growth prospects. While Morgan Stanley maintains a cautious stance, Citi expresses confidence in the company's strategic direction and market positioning.

Morgan Stanley Maintains Underweight Rating

Morgan Stanley has retained its Underweight rating on PB Fintech with a target price of ₹1215. The brokerage's assessment centers on the company's FY27 strategic priorities, which include strengthening customer engagement and retention through an ecosystem-based app model. Morgan Stanley acknowledged PB Fintech's continued leadership in high-quality insurance distribution, characterized by lower combined operating ratios.

Key highlights from Morgan Stanley's assessment are summarized below:

The brokerage highlighted a strong addition of 1.6mn health insurance lives in FY26 and noted the rising adoption of monthly premium policies, which have reached 34%. Morgan Stanley also pointed to support from affordability and GST tailwinds as factors underpinning the company's insurance business. Additionally, the firm expects profitability improvement in Paisabazaar as that segment rebuilds its strategic focus.

Citi Reiterates Buy with ₹2275 Target

Citi has maintained its Buy rating on PB Fintech with a target price of ₹2275, drawing on commentary from the company's analyst day. The brokerage emphasized sustained market share gains across insurance segments, driven by product innovation, vertical integration, and technology upgrades.

Citi's key observations are outlined below:

Citi noted a strategic shift toward ecosystem-based and phygital distribution models, along with expansion into new businesses such as Pension Bazaar. The brokerage also highlighted strong levers available to the company to offset commission-related risks through diversification, and deeper product co-creation with manufacturers aimed at tapping underpenetrated customer segments.

Divergent Views Reflect Valuation and Strategy Debate

The contrasting ratings from Morgan Stanley and Citi underscore a broader debate around PB Fintech's current valuation relative to its growth trajectory. Morgan Stanley's Underweight stance reflects a more conservative view on near-term risk-reward, while Citi's Buy recommendation is anchored in the company's expanding business model, market share momentum, and strategic initiatives across insurance and adjacent financial services verticals.