Around 48.40 lakh shares worth nearly ₹805 crore changed hands at ₹1,664 per share in the block deal window.
Meanwhile, HSBC has maintained its ‘Buy’ rating on PB Fintech and raised its price target to ₹2,100 per share from ₹1,980 earlier. The revised target implies a potential upside of 23.4% from current levels.
The brokerage said PB Fintech’s Q4FY26 earnings showed continued momentum in premium growth, customer acquisition and operating leverage, while core fundamentals of the business remain intact.
HSBC said that PB Fintech delivered a strong operational performance, driven by healthy growth in new business premiums, renewals and customer acquisitions.
The company is growing 3-4x faster than the industry and added nearly 1.5 million transacting customers per quarter on average during FY26, while maintaining tighter control over operating costs.
The company’s cost-to-operating income ratio improved to 95% in FY26 from over 100% in FY25.
HSBC also said that losses from the credit distribution business are easing, while newer initiatives are beginning to benefit from scale, strengthening the resilience of the business model.
The brokerage said management’s guidance of over 30% online premium growth for FY27 is a major positive for investor sentiment.
However, HSBC cautioned that potential regulatory changes to commission structures could remain a near-term overhang. Despite that, it believes consistent execution on growth and margins should help offset the impact.
Over the medium term, HSBC expects scaling up distribution of other financial products to further strengthen the company’s earnings outlook.
The brokerage has also tweaked its earnings estimates, raising EPS forecasts by 1.5-2.2% for FY27-FY29.
PB Fintech March quarter update
The company’s net profit rose 54% YoY to ₹261 crore in Q4FY26 from ₹170 crore a year ago. For the full financial year FY26, profit after tax surged 115% to ₹670 crore.
Revenue from operations grew 37% YoY to ₹2,061 crore during the quarter, while FY26 revenue also increased 37% to ₹6,794 crore.
The company’s total insurance premium stood at ₹9,217 crore in Q4FY26, with new core online insurance premiums rising 44% YoY. New protection premiums, including health and term insurance, grew 67%.
For the full year FY26, total insurance premium increased 42% to ₹29,934 crore, led by 57% growth in protection premiums. The company attributed the strong performance to robust demand in its core online insurance business, especially the health insurance segment.
Shares of PB Fintech were trading lower at ₹1,676.60 on Friday, although the stock remains up 12% over the last one month.
