Target: ₹2,000
CMP: ₹1,800.15
PB Fintech is a dominant digital marketplace in both insurance and consumer credit — two sectors benefiting from rising financial awareness, digitalisation, and significant under-penetration. With about 90 per cent share in online insurance and growing traction in digital unsecured loans, the company offers scaled access to India’s structurally growing protection (life and health insurance) and credit markets.
The company has rapidly scaled its presence in India’s insurance distribution landscape, with its share of overall industry premiums rising to ~3 per cent in FY25 (1.3 per cent in FY20). This sharp expansion underscores the platform’s growing relevance as a mainstream distribution channel, steadily challenging the dominance of traditional offline players.
We expect PB Fintech to post a strong FY25-28 revenue/EBITDA/PAT CAGR of 35/156/56 per cent, factoring in a strengthening position in the under-penetrated credit and insurance industries. However, we believe the stock is fairly valued, and all the positives are priced in at current levels.
The possibility of commission restructuring by insurance companies due to the loss of input tax credit post GST exemption, poses a key risk for the company’s top-line growth. We initiate coverage on PB Fintech with a Neutral rating and a one-year TP of ₹2,000 on the basis of DCF-based valuation (implying Sep’27E EV/EBITDA multiple of 58x).
Published on November 18, 2025
