PB Fintech has disclosed that its wholly owned subsidiary, PB Marketing and Consulting Private Limited, has been granted a certificate of registration as a Stock Broker by the Securities and Exchange Board of India (SEBI). The approval was communicated via an email from the National Stock Exchange of India Limited (NSE) dated May 08, 2026. This authorization permits the subsidiary to act as a Stock Broker on the NSE specifically within the Debt Segment(s).

The regulatory approval is a significant development for the company's subsidiary, enabling it to expand its operational capabilities in the financial markets. The Registration Number assigned by SEBI for this purpose is INZ000333532. While the approval has been granted, the company noted that the physical certificate of registration is currently awaited.

Regulatory Details

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The approval is valid effective May 08, 2026. The authorization is subject to the subsidiary's compliance with all applicable SEBI Regulations, exchange by-laws, rules, and circulars.

The table below summarizes the key particulars of the approval as required under the listing regulations:

Compliance and Future Operations

With this new registration, PB Marketing and Consulting Private Limited is now officially recognized to facilitate trading in the debt segment. There are no withdrawals, cancellations, or suspensions of licenses reported. The disclosure was signed by Bhasker Joshi, Company Secretary and Compliance Officer of PB Fintech Limited, and the company has requested the stock exchanges to take this information on record as part of its compliance obligations under the SEBI Listing Regulations.

PB Fintech Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 06, 2026. The company reported a robust financial performance for FY26, marked by significant growth in insurance premiums, revenue, and profitability. The results were published in the Financial Express and Jansatta on May 08, 2026, pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Financial Highlights: FY26 Full Year

PB Fintech delivered strong growth across key metrics in FY26. The consolidated PAT grew 115% YoY to ₹670 Cr, with the PAT margin expanding from 6% in FY25 to 10% in FY26. Total income from operations for the year stood at ₹679,402 Lakhs (₹6,794 Cr), compared to ₹497,721 Lakhs (₹4,977 Cr) in the previous year. The table below summarises the key performance indicators for FY26:

India Insurance Premium numbers exclude GST. Adjusted EBITDA is a non-GAAP measure excluding ESOP charges.

Q4FY26 Performance

The quarterly performance reflected strong momentum, with Q4FY26 total income from operations reaching ₹206,133 Lakhs (₹2,061 Cr), up from ₹150,787 Lakhs (₹1,508 Cr) in Q4FY25. Net profit for the quarter after tax stood at ₹26,116 Lakhs (₹261 Cr), compared to ₹16,974 Lakhs (₹170 Cr) in the same period last year. Key Q4 metrics include:

The core renewal and trail revenue on a 12-month rolling basis stood at ₹935 Cr, up 40% YoY, driven by a 55% increase in the insurance segment. The quarterly core insurance renewal revenue annualised run rate (ARR) reached ₹1,126 Cr, a growth of 63% YoY.

Earnings Per Share and Comprehensive Income

The audited results extract provides detailed earnings per share (EPS) data on both standalone and consolidated bases. On a consolidated basis, the full-year basic EPS stood at ₹14.58 and diluted EPS at ₹14.46 for the year ended March 31, 2026, compared to basic EPS of ₹7.75 and diluted EPS of ₹7.63 in the previous year. The following table presents the EPS and comprehensive income figures:

EPS for quarterly periods is not annualised.

On a standalone basis, the full-year basic EPS was ₹0.90 and diluted EPS was ₹0.89 for the year ended March 31, 2026, compared to ₹0.28 and ₹0.27 respectively in the prior year. Other equity including non-controlling interest on a consolidated basis stood at ₹722,498 Lakhs as of March 31, 2026, compared to ₹634,615 Lakhs in the previous year.

ESOP and Stock-Based Compensation

During the year ended March 31, 2026, PB Fintech granted 3,495,529 stock options convertible into an equal number of equity shares of face value ₹2/- each under the Employee Stock Option Scheme – 2024, and 18,782 stock options under the Employee Stock Option Scheme – ESOP Scheme 2021, as approved by the Nomination and Remuneration Committee. No stock options were granted during the quarter ended March 31, 2026. Share-based payment expense for the quarter and year ended March 31, 2026 at the standalone level was ₹1,972 Lakhs and ₹8,939 Lakhs, respectively, and at the consolidated level was ₹4,425 Lakhs and ₹19,417 Lakhs, respectively.

Business Segment Highlights

The insurance segment reported Q4FY26 premiums of ₹9,217 Cr, up 46% YoY, with new protection (Health & Term) premium growing 67% YoY. The Paisabazaar credit business recorded FY26 loan disbursals of ₹31,000 Cr (₹31K Cr) and 3.5 Lacs credit card issuances. New initiatives, including PB Partners and the UAE insurance business, showed strong growth, with the UAE business recording a 54% YoY premium increase and achieving full-year profitability for the first time.

Analyst Views and Corporate Actions

Following the results, brokerages offered divergent views. Morgan Stanley maintained an Underweight rating with a target price of ₹1,215, citing expensive valuations. Jefferies raised its target to ₹1,950 (from ₹1,800) with a Buy rating, while Citi increased its target to ₹2,275 (from ₹2,225), retaining a Buy rating based on strong operational performance.

The Board approved an investment of up to ₹5 Cr in PB Marketing and Consulting Private Limited to support its application for a stockbroking license. Additionally, the company noted that it had paid a ₹500 Lakh penalty levied by IRDAI in August 2025, while responses to other inspection reports remain pending.