169% Return In 3 Years — Analysts still see more upside in THIS fintech stock; Do you hold?

Shares of PB Fintech, the parent company of Policybazaar, are back in focus after the company reported a strong set of earnings for the March quarter of FY26, supported by healthy growth in insurance premiums, revenue expansion and improving profitability.

Brokerages remained positive on the stock after the company’s analyst day, highlighting strong market share gains, technology-led growth and expansion into new business segments.

PB Fintech on Wednesday reported a 54 per cent year-on-year rise in consolidated net profit at Rs 261 crore for the January-March quarter of FY26, compared with Rs 170 crore in the same period last year. Total revenue during the quarter increased 37 per cent to Rs 2,061 crore.

For the full financial year 2025-26, the company’s profit after tax more than doubled, rising 115 per cent to Rs 670 crore. Operating revenue for the year climbed 37 per cent to Rs 6,794 crore.

Insurance Premium Growth Remains Strong

The company also reported strong growth in insurance premium collections. Total insurance premium for FY26 stood at Rs 29,934 crore, marking a 42 per cent increase year-on-year. Quarterly insurance premium rose 46 per cent to Rs 9,217 crore, led mainly by growth in the online protection business.

Jefferies Sees Around 19% Upside

Following the earnings and analyst interactions, brokerage Jefferies maintained its “Buy” rating on the stock with a target price of Rs 1,950. At the current market price of Rs 1,642, the target implies a potential upside of around 19 per cent.

Jefferies said the company’s analyst day focused on the operational drivers behind its success and highlighted how value-added services are helping strengthen its position in health and motor insurance segments.

The brokerage added that PB Fintech’s investments in customer support, claims handling and technology could help the company maintain leadership in the online insurance distribution market.

The brokerage also pointed to the company’s POSP (Point of Sales Person) business as a medium-term growth opportunity. It further noted that the company’s strong cash position could become an advantage in the event of future regulatory changes in the insurance sector.

Citi Remains Bullish With Higher Target

Another brokerage, Citi, also maintained a “Buy” rating on the stock and gave a higher target price of Rs 2,275. This suggests a potential upside of nearly 39 per cent from the current market price.

According to Citi, key takeaways from the analyst day included sustained market share gains across insurance categories, driven by product innovation, technology upgrades and vertical integration initiatives such as claims management and underwriting improvements.

Citi also highlighted the company’s strategy of moving towards an ecosystem-based approach rather than relying only on insurance sales. The brokerage believes PB Fintech is building a wider platform by integrating services across the insurance value chain.

The brokerage further said the company is focusing on “phy-gital” distribution, combining physical and digital channels to improve customer reach and drive future growth. Investments in newer businesses such as Pension Bazaar were also viewed positively.

In addition, Citi noted that PB Fintech has multiple levers available to manage any future pressure related to commission structures because of its diversified business model. Product co-creation with insurance manufacturers to tap underserved customer segments was another positive highlighted by the brokerage.

Stock Performance Remains Mixed

On the stock performance front, shares of PB Fintech have delivered mixed returns in the short term. The stock has declined 2.68 per cent over the last week. However, it has gained 8.33 per cent in the past month.

On a year-to-date basis, the stock is down 9.43 per cent, while it has slipped 3.68 per cent over the last year. Despite the recent volatility, the stock has generated strong long-term returns of nearly 170 per cent over the past three years.

PB Fintech shares had touched a 52-week high of Rs 1,978 on June 17, 2025, while the 52-week low stood at Rs 1,364 on March 9, 2026. The company currently commands a market capitalisation of around Rs 75,673 crore.