This Insurtech Stock Rises 136% in 3 Years: From Losses to a Rs 670 Crore Profit

This insurtech stock has turned Rs 1 lakh into approximately Rs 2.36 lakh in three years. One online insurance marketplace delivered a 3-year return of 135.71%, ranking 35th in a screen of 101 large-cap and mid-cap NSE shares as of 10 September 2026.

The company is PB Fintech Ltd (NSE: POLICYBZR), the parent of Policybazaar and Paisabazaar. The PB Fintech share price closed at approximately Rs 1,800 on 10 September 2026, giving the company a market capitalisation of around Rs 83,253 crore. This insurtech stock went from a loss-making start-up story in 2023 to a business that earned a net profit of Rs 670 crore in FY26.

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How Much Has This Insurtech Stock Returned?

This insurtech stock has returned 135.71% over three years, which is the headline number in this screen. The shorter periods tell a more mixed story, and investors should look at both before drawing conclusions.

Here is how this insurtech stock has performed across time frames, with its rank in a screen of 101 NSE stocks:

Period	Return (%)	Rank (out of 101)
1 Month	3.64%	54
6 Months	22.30%	61
1 Year	5.70%	82
3 Years	135.71%	35
5 Years (since Nov 2021 listing)	56.18%	73

Returns are simple price changes and are not annualised. PB Fintech has not issued a bonus or split its shares since listing, so the 3-year gain is genuine price appreciation. The 5-year figure effectively covers its whole listed life, because the company listed in November 2021.

The honest part of the table is the 1-year return of just 5.70%, which ranks 82nd out of 101. Most of the gains of this insurtech stock came between late 2023 and 2025. The past twelve months were largely a sideways phase, with the stock trading between Rs 1,364 and Rs 1,964.20.

Why Did This Insurtech Stock Rise 136% in 3 Years?

This insurtech stock rose 136% in three years because the business crossed from losses to rising profits while revenue kept compounding at a fast pace. In September 2023 the market still questioned whether an online insurance broker could ever make money. By FY26, the same company reported revenue of Rs 6,794 crore and a net profit of Rs 670 crore.

The rally came in two phases. The early drivers were the profit turnaround and scale gains. The recent drivers are faster growth in health and term insurance, higher renewal income and improving margins in newer businesses.

1. From Losses to a Rs 670 Crore Profit

PB Fintech posted a net loss of approximately Rs 488 crore in FY23. It turned profitable in FY24 with a net profit of around Rs 64 crore, then earned Rs 352 crore in FY25 and Rs 670 crore in FY26. That swing of more than Rs 1,150 crore in three years is the single biggest reason this insurtech stock was rerated.

Revenue grew alongside. Sales at this insurtech stock rose from Rs 2,558 crore in FY23 to Rs 6,794 crore in FY26, an increase of roughly 2.7 times. The market rewarded this insurtech stock for proving that its customer acquisition costs could be spread over a much larger base.

Fiscal Year	Revenue (Rs Cr)	Net Profit (Rs Cr)
FY23	2,558	(488)
FY24	3,438	64
FY25	4,977	352
FY26	6,794	670

2. Protection Insurance Growth

For this insurtech stock, health and term insurance, which the company calls protection products, carry higher commissions than savings plans. In Q1 FY27, new protection premium grew about 53% year on year and new health insurance premium grew about 59%. Total insurance premium routed through the platform grew about 41%.

Protection policies also renew every year. Renewal revenue has reached an annualised run rate of approximately Rs 1,000 crore, growing about 50%. For this insurtech stock, renewals act like a recurring income stream that needs little fresh marketing spend.

3. Strong Q4 FY26 and a Strong Q1 FY27

PB Fintech reported a net profit of Rs 261 crore in the March 2026 quarter, up about 53.5% year on year and the highest in the last five quarters. Its lending marketplace, Paisabazaar, also turned EBITDA positive in that quarter.

The June 2026 quarter, announced on 5 August 2026, extended the trend. Revenue from operations rose about 40% to Rs 1,888 crore, while net profit climbed 92% to Rs 163 crore from Rs 85 crore. Adjusted EBITDA more than doubled to Rs 186 crore, and the margin improved to around 10% from 7%. This insurtech stock rose about 3% intraday after the results.

Quarter	Revenue (Rs Cr)	Operating Profit (Rs Cr)	Net Profit (Rs Cr)
Jun 2025	1,348	34	85
Sep 2025	1,614	98	135
Dec 2025	1,771	159	189
Mar 2026	2,061	212	261
Jun 2026	1,888	137	163

Operating profit in the table excludes other income, which is why net profit is sometimes higher than operating profit. The June quarter is seasonally softer than March, but year on year, profit at this insurtech stock nearly doubled.

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4. New Initiatives and AI-Led Efficiency

The newer businesses, including PB Partners for agents, Policybazaar for Business, the UAE operation and the credit platform, earned revenue of Rs 694 crore in Q1 FY27, up about 35%. Their contribution margin improved to around 7% from 5%. PB Partners now has approximately 1.13 lakh active partners, while the UAE business runs at an annualised premium of around Rs 1,871 crore.

Management has also pushed artificial intelligence into customer calls, emails and document checks. The company says it handles around 10 crore customer interactions a month with AI support. For this insurtech stock, that matters because lower servicing costs per policy flow directly into margins.

Why Has the PB Fintech Share Price Been Flat Over One Year?

The PB Fintech share price has gained only 5.70% in a year because regulatory worries and large stake sales offset strong results. Profit growth was never the problem for this insurtech stock. Sentiment was.

In September 2025, GST on individual health and life policies was cut to zero. That removed input tax credit for insurers, and analysts warned that insurers could pass part of the cost on to distributors through lower commissions. This insurtech stock fell about 10% in the weeks after the announcement. The government-backed Bima Sugam platform is another long-term competitive question.

Supply of shares added pressure in 2026. Co-founders Yashish Dahiya and Alok Bansal sold about 0.8% of the company through a block deal in late May at a floor price of Rs 1,720. In early July, an existing investor sold a 2.6% stake worth around Rs 1,909 crore at a floor price of Rs 1,604. This insurtech stock has since recovered to around Rs 1,800.

Who Owns This Insurtech Stock?

PB Fintech has no promoter holding, so ownership is split between foreign investors, domestic institutions and the public. The biggest shift in this insurtech stock over the last year is domestic institutions buying what foreign investors sold.

Quarter	FII (%)	DII (%)	Public (%)
Jun 2025	46.78	23.27	29.65
Sep 2025	43.64	26.63	29.47
Dec 2025	40.77	29.54	29.55
Mar 2026	39.94	36.72	23.19
Jun 2026	37.29	40.42	22.14

DII holding rose from 23.27% to 40.42% in four quarters, while FII holding fell from 46.78% to 37.29%. The shift suggests domestic institutions absorbed much of the selling, and the institutional base of this insurtech stock is becoming more domestic and possibly more long-term.

Valuation of This Insurtech Stock

At approximately Rs 1,800, this insurtech stock trades at a PE of around 111 times trailing earnings and roughly 11 to 12 times book value. Return on equity is around 10%, and the company is almost debt-free.

These are rich multiples for an insurtech stock. The market is paying for expected earnings growth of 40% or more, not for current profits. Any slowdown in premium growth or a cut in commissions could hurt this insurtech stock more than a lower-valued company.

Risks for This Insurtech Stock

Four risks deserve attention before anyone takes a view on this insurtech stock.

Commission regulation: Insurance commissions are regulated, and brokerages have flagged uncertainty around commission rules as a key risk. A cut in payouts would directly reduce revenue.

Share supply: Large investors and founders sold stakes in 2026. Further block deals could weigh on this insurtech stock in the short term.

Valuation: A PE above 100 leaves little room for disappointment. A single weak quarter could trigger a sharp correction in this insurtech stock.

Competition: Insurers are building their own digital channels, and Bima Sugam could change how policies are sold online. Execution in newer businesses such as healthcare and UAE also remains unproven at scale.

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PB Fintech Share: Analyst View

Analysts broadly agree that the business behind this insurtech stock is growing strongly, but many are cautious on valuation. After the Q1 FY27 results, a domestic brokerage kept a Neutral rating and raised its FY27 and FY28 profit estimates by about 5% and 4%. A foreign brokerage also stayed Neutral, noting that insurance take rates had crossed 18% and contribution margins were healthy at around 29%.

Both flagged regulatory uncertainty over commissions. In June 2026, the average 12-month target across around 24 analysts covering this insurtech stock stood near Rs 1,956.

PB Fintech Share Price Target

The PB Fintech share price target from a domestic brokerage is Rs 1,820, only about 1% above the 10 September close of around Rs 1,800. A foreign brokerage has a PB Fintech share price target of Rs 1,590, which is about 12% below the current level.

That spread shows how divided the Street is on this insurtech stock. The consensus PB Fintech share price target of approximately Rs 1,956 implies around 9% upside. On the chart, the 52-week high of Rs 1,964.20 is the level to watch on the upside, while Rs 1,364 is the 52-week low.

Conclusion

This insurtech stock has earned its 136% gain over three years by moving from a Rs 488 crore loss to a Rs 670 crore profit, with revenue growing about 2.7 times in the same period. Q1 FY27 showed that growth is still running at around 40%.

The past year has been far less rewarding, with a 5.70% return, regulatory worries and heavy stake sales. The PB Fintech share price now sits close to several analyst targets and at a PE above 100. Investors tracking this insurtech stock should watch commission rules, renewal growth and margins in new businesses before taking a position.

Frequently Asked Questions

Which insurtech stock rose 136% in 3 years?

Ans. PB Fintech Ltd (NSE: POLICYBZR), the parent of Policybazaar, delivered a 3-year return of 135.71% as of 10 September 2026. It ranked 35th in a screen of 101 NSE stocks.

What is the PB Fintech share price today?

Ans. The PB Fintech share price closed at approximately Rs 1,800 on 10 September 2026. Its 52-week range is Rs 1,364 to Rs 1,964.20, and its market capitalisation is around Rs 83,253 crore.

Why did PB Fintech shares rise over three years?

Ans. The company moved from a net loss of about Rs 488 crore in FY23 to a net profit of Rs 670 crore in FY26. Revenue grew about 2.7 times over the same period, driven by health and term insurance.

Why is the 1-year return of PB Fintech only 5.7%?

Ans. Worries over commission cuts after GST on health and life policies was removed in September 2025 hurt sentiment. Block deals by founders and a large investor in 2026 also added supply.

What were PB Fintech Q1 FY27 results?

Ans. Revenue from operations rose about 40% to Rs 1,888 crore, and net profit rose 92% to Rs 163 crore. Adjusted EBITDA more than doubled to Rs 186 crore.

What is the PB Fintech share price target?

Ans. A domestic brokerage has a target of Rs 1,820 with a Neutral rating, while a foreign brokerage has Rs 1,590. The average target across around 24 analysts was near Rs 1,956 in June 2026.

Does PB Fintech have promoters?

Ans. No, PB Fintech has no promoter holding. As of June 2026, domestic institutions held about 40.42%, foreign investors about 37.29% and the public about 22.14%.

What are the main risks for PB Fintech?

Ans. Key risks include possible changes to insurance commission rules, a PE above 100, further stake sales by large investors and competition from insurers and Bima Sugam.