PB Fintech Ltd - Stock Valuation and Financial Performance

BSE: 543390 | NSE: POLICYBZR | Fintech | Mid Cap

PB Fintech Share Price

1,672.25 -40.05 -2.34%
as on 03-Feb'25 16:59

DeciZen - make an informed investing decision on PB Fintech

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

PB Fintech stock performance -

P/E Ratio (SA):
0.00
Market Cap:
78,638.6 Cr.
52-wk low:
851.8
52-wk high:
2,255

Is PB Fintech Ltd an attractive stock to invest in?

1. Is PB Fintech Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that PB Fintech Ltd is a below average quality company.

2. Is PB Fintech Ltd undervalued or overvalued?

The key valuation ratios of PB Fintech Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is PB Fintech Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of PB Fintech Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of PB Fintech:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
PB Fintech Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % -85.1%-34.7%13.2%-3.1%-0.7%1.4%1.2%-6.1%-1%0.6%-
Value Creation
Index
-8.6-4.10.2-1.3-1.1-0.9-0.9-1.5-1.1-1.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 29.350.110579.25061.1123103134110141
Sales YoY Gr.-71.3%109.1%-24.5%-36.9%22.3%102%-16.4%30%-17.8%-
Adj EPS -6.9-8.46.9-6.9-4-3.91.6-6.7-1.60.80.3
YoY Gr.-NANA-199.6%NANANA-506.7%NANA-
BVPS (₹) 10.135.245.597.190.9203.6244.3143145.7149171.8
Adj Net
Profit
-61.6-75.262.4-62.2-38.2-37.418.7-300-72.836.415
Cash Flow from Ops. -126-55.787.4-57.2-199-11170.8-56.7-542.6-
Debt/CF from Ops. 0000000000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 15.9%17.2%-3.7%-17.8%
Adj EPS NANA-21%NA
BVPS34.9%10.4%-15.2%2.3%
Share Price - - 21.3% 70.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
-85.1-32.815.8-9.1-4.1-2.50.8-6.1-10.50.2
Op. Profit
Mgn %
-230.6-149.729-54.3-79-46.1-16.4-396.7-196.9-184.8-162.2
Net Profit
Mgn %
-210.5-15059.5-78.6-76.5-61.215.1-290.4-54.23310.4
Debt to
Equity
0000000000-
Working Cap
Days
3473371902605905472542,3975,7819,0193,472
Cash Conv.
Cycle
8595-87-27222420263-283,390

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 0.20%

Sales growth is good in last 4 quarters at 46.01%

Sales growth has been subdued in last 3 years -3.68%

Net Profit has been subdued in last 3 years -20.95%

Latest Financials - PB Fintech Ltd.

Standalone Consolidated
TTM EPS (₹) 0.3 5.3
TTM Sales (₹ Cr.) 141 4,559
BVPS (₹.) 171.8 134.6
Reserves (₹ Cr.) 7,796 6,088
P/BV 9.97 12.73
PE 0.00 323.64
From the Market
52 Week Low / High (₹) 851.75 / 2254.95
All Time Low / High (₹) 356.20 / 2254.95
Market Cap (₹ Cr.) 78,639
Equity (₹ Cr.) 91.9
Face Value (₹) 2
Industry PE 355.6

Management X-Ray of PB Fintech:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:0%Institutions:68.25%Non-Institutions:31.75%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%2%4%6%8%10%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

PB Fintech: Q1FY24 Result Update - 19 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

666

+32%

 Core online* business revenue up 39%

EBITDA

-77

NA

 

EBITDA Margin

NA

NA

 

PAT

-12

NA

 Q1/Q4 FY23 loss of Rs 204/Rs 9 Cr 

We remain watchful of accelerated ramp up in revenues and company becoming PAT positive.  * Includes Policybazaar and Paisabazaar

 

PB Fintech: Q4FY23 Result Update - 26 May 2023

 

Particulars

Q4FY23

YoY Growth

Comments

Revenue

869

61%

Insurance Premium grew by 65% YoY to 3,586 Cr & Credit Disbursal by 53% to 3,357 Cr

Contribution Profit

216

124%

Contribution margin at 25.3%

PAT

-9

 

 

Encouraging results aided by insurance premium & credit growth. Improvement in EBITDA margins and new business segment losses reducing.

 

Initiating Coverage: PB Fintech - 06 Apr 2023

PB Fintech has built India’s largest online platform for insurance and lending products leveraging the power of technology, data and innovation. It provides convenient access to insurance, credit and other financial products.

Policybazaar platform was launched in 2008 as an online platform for Consumers and Insurer Partners to, respectively, buy and sell core insurance products. 

PaisaBazaar operates as an online marketplace that partner with various financial institutions to offer their products to consumers. The platform allows consumers to compare and choose from a variety of products, with a focus on personal loans, home loans, and credit cards.

Industry Overview

Life insurance penetration went up from 2.15% in FY02 to 3.20% in FY22, while non-life insurance penetration moved up by 0.44% to just 1% during same period. The world average for insurance penetration is 7 per cent. Insurance density (premium per capita), India’s overall insurance density stood at US$ 78 in FY21.

Premiums from India’s life insurance industry is expected to reach INR 24 lakh Cr (US$ 317.98 billion) by FY31. In FY23 (Until Oct 22), premium of life insurers increased by 12.93% in FY21-22 to INR 314,262.42 Cr (US$ 40.06 billion).

While that for non-life insurers till Nov FY23 increased by 16.4% toRs 165,360.44 Cr. Total Insurance agent associated with life insurers stood at 24.5 Lakh and with general insurers at 6.8 Lakh as of FY22. IRDAI approved web aggregator stood at 25.

Online insurance penetration in India is at merely 1% of premium as compared to 5.5% in China and 13.3% in the US.

Credit card lending as % of GDP stood 0.5%, while Indian household debt to country's Nominal GDP in Mar 2022 stood at 14.3 %. This is far behind peers, allowing growth for credit in the economy.

Business Model

PolicyBazaar

PolicyBazaar was as an online platform that allows consumers to purchase insurance products from a wide range of manufacturers. The company operates entirely through a digital model, but it recently expanded to include office and point of sales channels as well. PolicyBazaar holds 65% market share in policies sold digitally and 93% share in policies sold sold through digital marketplaces. It earns revenue from commission charged on various policies sold, via new business and renewal policies. Commission earned on new business ranges from 15-17%, while on renewal business ranges in 7-8% range of policy amount.

PaisaBazaar 

PaisaBazaar operates as an online marketplace that partners with various financial institutions to offer their products to consumers. The platform allows consumers to compare and choose from a variety of products, with a focus on personal loans, home loans, and credit cards.

Company follows a revenue model where it earns take rate (around 3%) on credit disbursed and cards issued through its platform. 

Point of Sale Personnel (POSP)

In June 2021, it obtained a direct life and non-life broker license, which allows the company to operate in the offline channels. This new license will allow PolicyBazaar to expand its reach and offer its customers a wider range of services.

Business Performance

 

PolicyBazaar Premium

FY22

FY21

New Business

4534

2805

Renewal

2441

1950

Total

6,975

4,755

Check 10 year X-ray

Risks

PolicyBazaar's has a high dependence on select insurance companies.

Increasing competition from both offline and online players.

PaisaBazaar’s business faces competition from new digital lending business models and fintech players.

Effective execution of the offline business, and new initiatives faces various risks.

Tightening insurance selling rules and limit on commissions earned by regulators (IRDAI).

Extended ESOP could extended time to achieve profitability.

Competition

PolicyBazaar is facing competition from various insurance web aggregator like Turtlemint, Fintech like Paytm and websites of insurers.

Key Ratios of PB Fintech

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2950105795061123103134110
Operating Expenses 97146741228989144513400314
Manufacturing Costs1000001011
Material Costs0000000000
Employee Cost 353421313376130484382238
Other Costs 601115392561313291875
Operating Profit -67-9630-43-39-28-20-409-266-204
Operating Profit Margin (%) -230.0%-191.0%29.0%-54.3%-79.0%-46.1%-16.4%-396.0%-198.0%-184.0%
Other Income 7192325348756114197252
Interest 0000012111
Depreciation 1213194443
Exceptional Items 00000-29-2000
Profit Before Tax -62-7952-21-61927-300-7444
Tax 00-2626998-108
Profit After Tax -62-7977-47-161019-300-7436
PAT Margin (%) -210.0%-158.0%73.9%-59.0%-31.7%15.9%15.4%-290.0%-55.3%32.8%
Adjusted EPS (₹)-6.9-8.88.6-5.2-1.71.01.7-6.7-1.70.8
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 913184108778641,9352,7866,4296,5586,723
Share Capital 0111111909090
Reserves 903174098768631,9342,7856,3396,4686,633
Minority Interest0000000000
Debt0000000000
Long Term Debt0000000000
Short Term Debt0000000000
Trade Payables181455402339451
Others Liabilities 263211421021252174948251,040
Total Liabilities 1353644769599682,0643,0076,9327,3877,814

Fixed Assets

Gross Block10155751124232323
Accumulated Depreciation6936388111518
Net Fixed Assets363223161186
CWIP 0000000000
Investments 362763948856599141,1462,4163,9034,840
Inventories0000000000
Trade Receivables142730284812612
Cash Equivalents 572923162021,0681,7513,243489504
Others Assets2627262910170811,2562,9872,461
Total Assets 1353644769599682,0643,0076,9327,3877,814

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -126-5687-57-199-11171-57-543
PBT -62-7952-21-61930-300-7444
Adjustment 115-19-1511-2633336150-52
Changes in Working Capital -82558-29-206-9814-86-7676
Tax Paid 23-482-6-6-7-4-25
Cash Flow From Investing Activity -13-248-78-463231-170-1,283-3,748-18095
Capex -4-50-2-1-10000
Net Investments 0-19266-441575171-1,093-2,9521,031341
Others -9-51-144-20-343-340-190-797-1,211-245
Cash Flow From Financing Activity 140315051301,0507763,642-3-3
Net Proceeds from Shares 140315051301,05903,64500
Net Proceeds from Borrowing 0000000000
Interest Paid 00000-1-1-1-1-1
Dividend Paid 0000000000
Others 00000-8777-2-3-3
Net Cash Flow 2119-732769-436-163-188134
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)-100.1-39.0121.33-7.27-1.820.70.81-6.5-1.140.55
ROCE (%)-85.05-34.6513.15-3.11-0.681.361.19-6.08-1.030.6
Asset Turnover Ratio0.330.20.250.110.050.040.050.020.020.01
PAT to CFO Conversion(x)N/AN/A1.13N/AN/A-11.13.74N/AN/A1.19
Working Capital Days
Receivable Days1311479913311636293194
Inventory Days0000000000
Payable Days0000000000

PB Fintech Ltd Stock News

PB Fintech Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of PB Fintech on 03-Feb-2025 16:59 is ₹1,672.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Feb-2025 16:59 the market cap of PB Fintech stood at ₹78,638.6.
The latest P/E ratio of PB Fintech as of 03-Feb-2025 16:59 is 0.00.
The latest P/B ratio of PB Fintech as of 03-Feb-2025 16:59 is 9.97.
The 52-week high of PB Fintech is ₹2,255 and the 52-week low is ₹851.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of PB Fintech is ₹140.9 ( Cr.) .

About PB Fintech Ltd

PB Fintech has built India’s largest online platform for insurance and lending products leveraging the power of technology, data and innovation. It provides convenient access to insurance, credit and other financial products and aim to create awareness amongst Indian households about the financial impact of death, disease and damage. Through its consumer-centric approach, it seek to enable online research-based purchases of insurance and lending products and increase transparency, which enables consumers to make informed choices. It also facilitate its Insurer and Lending Partners in the financial services industry to innovate and design customised products for Consumers leveraging its extensive data insights and data analytics capabilities. The company launched Policybazaar, its flagship platform, in 2008 to respond to Consumers’ need for more awareness, choice and transparency and create a consumer-pull based, provider-neutral model for insurance distribution.

The company primarily generate revenues from the following sources: (i) for its Policybazaar business, from insurance commission that it receive from its Insurer Partners, and additional services that it provide to Insurer Partners such as telemarketing and other services relating to sales and post-sales services, account management, premium collection and various other services, (ii) for its Paisabazaar business, from the commission that it receive from its Lending Partners, credit advisory and related services that it provide to its Consumers or Lending Partners, and marketing services that it provide to financial services partners and other third parties, and (iii) for the Company, from providing online marketing, consulting and technology services to Insurer and Lending Partners.

The company’s Policybazaar platform is an online platform for Consumers and Insurer Partners to, respectively, buy and sell core insurance products. As of September 30, 2021, 48 Insurer Partners have offered over 390 term, health, motor, home and travel insurance products on its Policybazaar platform, representing a substantial portion of all licensed insurance companies in India. Policybazaar offers Consumers an information-rich, user-friendly, and tech-driven self-service platform for i) pre-purchase research, ii) purchase, including application, inspection, medical check-up and payment; and iii) post-purchase policy management, including claims facilitation, renewals, cancellations and refunds.

Business area of the company

The company is India's leading online platform for insurance and lending products. The company provides convenient access to insurance, credit, and other financial products and aims to create awareness in India about the financial impact of death, disease, and damage.

Awards and Accreditations:

Paisabazaar

  • 2017: ‘Best Digital Platform for Credit Cards’ at the Economic Times cards and Payment Summit
  • 2017: ‘Best Customer Experience Innovation in Fintech’ by Moneytech Awards.
  • 2017: ‘Startup of the Year’ by Moneytech Awards.
  • 2018: Economic Times’ Most Promising Brand.
  • 2018: ‘Best Fintech Startup 2018’ at the Drivers of Digital Awards.
  • 2019: ‘Most Innovative Lending Startup’ by India Fintech Forum.
  • 2021: Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award by Global Finance Magazine.
  • 2021: Payment and Fintech Award for Excellence in Consumer Lending at the India Digital Awards, organized by the Internet and Mobile Association of India.
  • 2021: Digital Lending Award at the Fintech India Innovation Awards.

Policybazaar

  • 2018: ‘Best Fintech Marketing Campaign’ award by the ‘India Fintech Forum’ at the India FinTech Awards (IFTA) 2018.
  • 2018: ‘Ecomonic Times Best Brands - Insuretech’ award by Economic Times.
  • 2019: Certification for ‘Great Place to Work’ received by Policybazaar.
  • 2019: ‘Insurtech of the Year’ award at the 23rd Asia Insurance Industry Awards.
  • 2020: ‘FE Best Banks’ award in the Fintech category by Financial Express.
  • 2021: ‘Communications Team of the year’ award at the Kaleido Awards
  • 2021: ‘Best Insurtech of the year’ award at the Business Leader of the Year awards presented by World Leadership Congress and Awards.

Milestone:

  • 2008: Incorporation of the Company.
  • 2008: Investment of $ 4 million by Info Edge in the Company.
  • 2010: Commencement of health insurance related activities.
  • 2012: Registration of one of the subsidiaries of the Company as an insurance web aggregator with the IRDAI.
  • 2015: Registration of Paisabazaar as a investment adviser with SEB
  • 2018: Built an in-house actuarial analytics team in respect of retail customer sales.
  • 2018: Reached the $1 billion valuation mark with Series F investment.
  • 2018: Commencement of operations in the United Arab Emirates by PFFL.
  • 2021: Registration of Policybazaar as an insurance broker with IRDAI.
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