Q2 FY27 results analysis · October 30, 2026
POLICYBZR Q2 FY27 Results Analysis: PAT Jumps 42%, Renewal ARR Surges 52%
+42.2%PAT year on year, Rs. 192.00 Cr
Source: Quarterly results filing (NSE)
Quick summary
POLICYBZR's Q2 FY27 numbers came in strong, with revenue of Rs. 2,178.00 Cr (+34.90% YoY) and PAT growth of +42.20% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,178.00 Cr (+34.90% YoY) |
| PAT (Q2) | Rs. 192.00 Cr (+42.20% YoY) |
| EBITDA margin | 7.62% (+155 bps YoY) |
Quarter Snapshot
Q2 FY27 delivered 34.9% revenue growth and 42.2% PAT growth with core ex-Savings premium of 41% landing within management's 35-45% guidance band, while renewal ARR grew 52.1% YoY. Key offsets are fixed-cost growth of 34.7% versus guided 15-20%, a widening New Initiatives burn of −Rs.42 Cr against the near-zero-by-FY27 goal, and PAT reliance on other income (48.78% of PBT). The Rs.1,000 Cr FY27 PAT target requires H2 PAT of Rs.645 Cr (+81.7% HoH), making it a stretch.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand "ahead" | "The demand backdrop into the print is a tailwind on the core engine" | Premium +37.5% (ex-GST base), revenue +34.9% YoY | Played out |
| Margin expansion via operating leverage | "the operating-leverage math … stays intact for Q2" | Adj. EBITDA margin 9.92% vs 9.67% YoY, ~flat vs Q1's 9.85% (H1 9.89% vs 8.27%) | Partially |
| New Initiatives burn narrowing from −Rs.36 Cr | "does the adjusted-EBITDA loss narrow from Q1's −Rs.36 Cr" | −Rs.42 Cr — widened | Contradicted |
| Base optics (which Q2 FY26 premium base) | "the choice materially moves the YoY print" | Filing compares against the ex-GST base Rs.6,824 Cr; the pre-call note cited Rs.7,157 Cr ex-GST — the filing's own table base is used (filing wins; noted discrepancy) | Played out |
| Savings faded, not collapsed | "savings momentum likely faded into quarter-end rather than collapsed" | Incl.-Savings +34% vs ex-Savings +41% | Played out |
| IRDAI paper not a Q2 P&L item | "the Q2 risk is to guidance credibility … not to the quarter's take rate" | No P&L impact visible | Played out |
| Show-cause ATR status; retrospective-vs-prospective clarity; take-rate reaffirmation; SIP/bonds uptake | watch-list | Not addressed in the filing — remain open for the call | Not observable |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Rs.1,000 Cr group PAT by FY27 | Q4 FY26 slide ("On track for Rs.1,000 Cr PAT in FY27"); Q2 FY26 call | H1 FY27 PAT Rs.355 Cr; H2 must deliver Rs.645 Cr (+81.7% HoH); TTM PAT Rs.806 Cr is Rs.194 Cr short of the target | Stretch |
| New Initiatives Adjusted EBITDA "very close to zero" by FY27 | prior earnings calls | Q2 burn −Rs.42 Cr, wider than Q1 (−Rs.36 Cr) and Q2 FY26 (−Rs.27 Cr) | Stretch |
| Core ex-Savings premium growth 35–45% | prior earnings calls | +41% YoY (with Savings +34%) | Met |
| Fixed (non-contribution) cost growth 15–20% | prior earnings calls | Derived proxy (Contribution − Adj. EBITDA) +34.7% YoY — proxy basis | Missed |
| Paisabazaar "significantly positive" EBITDA in FY27 | Q4 FY26 call | No Paisabazaar-only P&L disclosed this quarter; core online adj. EBITDA Rs.259 Cr (+41.5%) | Too Early |
| PAT ~3% of premium; Rs.1 trillion premium by FY30 | prior earnings calls | 2.05% this quarter; 2.31% TTM | Too Early |
| Daily-SIP and PB Money bonds launches by Aug 2026 | prior calls | Filing states Paisabazaar "launched Bonds, FDs & MF" | Met |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Protection (Health+Term) new premium | +44 | +53 | +42 (new health +46) |
| Core new premium ex-Savings | +38 | +48 | +41 |
| Core credit revenue | −22 | +25 | +19 |
| UAE insurance premium | +64 | +31 | +36 |
| PB Partners active advisors (lac) | — | — | 1.31 (+55% YoY) |
Key Investment Insights
Key Positives
- Revenue grew 34.9% YoY to Rs.2,178 Cr; total insurance premium grew 37.5% YoY to Rs.9,385 Cr (ex-GST base)
- PAT grew 42.2% YoY to Rs.192 Cr; H1 FY27 PAT of Rs.355 Cr grew 61.4% YoY
- Adjusted EBITDA grew 38.5% YoY to Rs.216 Cr; unadjusted EBITDA grew 69.4% to Rs.166 Cr
- Core Online revenue grew 39.5% YoY to Rs.1,336 Cr with Adjusted EBITDA of Rs.259 Cr (+41.5%)
- Core ex-Savings premium grew 41% YoY, within management's 35-45% guidance band; above 34% for 14 consecutive quarters
- Core insurance renewal ARR grew 52.1% YoY to Rs.1,153 Cr; 12M renewal/trail revenue Rs.1,097 Cr (+41.7%)
- TTM premium Rs.34,939 Cr (+42.2% YoY); TTM Adjusted EBITDA Rs.882 Cr (+86.9%); TTM PAT Rs.806 Cr (+74.8%)
- PB Partners active advisors reached 1.31 lac (+55% YoY) with Tier 2/3 at 76% of GWP
Risk Factors
- Fixed-cost proxy grew 34.7% YoY, well above management's guided 15-20% range
- New Initiatives Adjusted EBITDA burn widened to −Rs.42 Cr from −Rs.36 Cr in Q1 and −Rs.27 Cr in Q2 FY26, moving away from the near-zero-burn-by-FY27 goal
- Other income of Rs.100 Cr equals 48.78% of PBT; PAT would be ~Rs.98 Cr if other income were nil at the 6.3% effective tax rate
- Rs.1,000 Cr FY27 PAT target requires H2 PAT of Rs.645 Cr (+81.7% HoH vs H1's Rs.355 Cr); TTM PAT of Rs.806 Cr is Rs.194 Cr short
- Income-tax demands of Rs.60.31 Cr (AY 2022-23) and Rs.85.60 Cr (AY 2023-24) under appeal; Rs.24.50 Cr deposited under protest with DGGI
- IRDAI consultation paper on 'Recalibrating Economics of Insurance Distribution' and a show cause notice/LoA to Policybazaar Insurance Brokers remain outstanding
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.