Analysts/Institutional Investor Meet/Con. Call Updates

August 11, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Department of Corporate Services/ Listing Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai – 400051 Mumbai – 400001 SYMBOL: POLICYBZR SCRIP CODE: 543390 Sub: Transcript of the Earnings Call conducted on August 05, 2026 Dear Sir/Madam, In furtherance to our earlier communication dated July 31, 2026, August 05, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Transcript of the Earnings Call conducted on August 05, 2026. The transcript of Earnings Call is also available on the website of the Company at https://www.pbfintech.in/investor-relations/. You are requested to kindly take the same in your records. Yours Sincerely, For PB Fintech Limited Bhasker Joshi Company Secretary and Compliance Officer Encl.: A/a PB FINTECH LIMITED Q1 FY 2026-27 Earnings Call August 05, 2026 Management: Hello everyone. A very good evening and a very warm welcome to PB Fintech Limited Earnings Conference Call for Q1 FY27. Today, we have with us: • Mr. Yashish Dahiya, Chairman & Group CEO, PB Fintech • Mr. Alok Bansal, Executive Vice Chairman, PB Fintech • Mr. Sarbvir Singh, Joint Group CEO, PB Fintech • Ms. Santosh Agarwal, CEO, Paisabazaar • Mr. Mandeep Mehta, Group CFO, PB Fintech, and • Mr. Mohit Khobragade, Head, Investor Relations, PB Fintech I now request Yashish for his introductory note. Management: Thanks, Mohit. Good evening everybody and thank you for joining us. We've started FY27 on a strong note, with healthy growth across most of our insurance and credit businesses, actually all. The overall insurance premium, is now at ₹8,372 Cr, it's grown at 41% year-on-year. Importantly, this growth continues to be led by the protection categories, which is our focus. New health and term insurance grew at 53%, with new health growing at 59% year-on-year, for the core business. This is an important indicator of both the opportunity in the market and the strength of our platform. Health and term both remain significantly under-penetrated as categories, and for our large and growing middle class, social security is very critical. That's sort of our big problem to solve. Our consolidated operating revenue grew 40% to ₹1,888 Cr, with core insurance revenue growing at 46% and core credit revenue growing at 25% year-on-year. The consolidated PAT increased 92% year-on-year, (which is, again, both going to the new business as well as the renewal business), to ₹163 Cr, while PAT margin improved from 6% to 9% year-on-year. Just to put it in perspective, that also means, for the last 12 months, our PAT would be just about ₹750 Cr +/-, right now. So, starting to kind of inch towards our target number for the year. Our core online total premium grew 41% year-on-year, for the quarter. Core new insurance premium, including savings, grew at 39%, excluding savings is 48% YoY growth. This is amongst the highest we've ever had. If you remember, for the last 13 quarters now, we have been upwards of 35% for our total new premium growth, excluding savings. The quality of the growth is also visible in our renewal and trail revenue. While our renewal revenue has grown at 55% to ₹1,003 Cr for the last 12 months, but now we're getting to a stage when you will see higher and higher growth in renewals, because this is the previous 3 years of fresh growth starting to pay off. So you will see higher and higher numbers in renewal growth, here onwards. Building trust beyond the point of sale is important. Insurance is clearly not about just helping customers buy a policy. Actually, the customer gets nothing when he buys a policy. The real test comes when they use that policy, which is at the point of claims. Basically, both in getting the policy, as well as in claims. We now are at above 90% in terms of CSAT. We have supported ~70,000 claims in this quarter that just went by, for health insurance. We are increasingly using technology and claim-related information to make customers' conversations more transparent. Our advisors can demonstrate real-time, real claims outcomes. So, when a customer comes to us, we're able to explain to the customer in and around their area, how many claims we have settled. And should the customer be willing, we can even connect them to those customers for referral calls, etc. All this is very powerful in convincing new customers to buy from us. And this is being done at scale using tech. In our credit business, the core revenue grew 25%, while, as I said, the core disbursals grew 33%. So the good news is credit is also back into growth now. The total credit disbursal is now at ₹4,366 Cr for the quarter. The business continues to focus on customers with all different credit profiles. If you really think about it, there is a Page 1 of 14 high-end customer, there's a middle-end customer, and there is a customer who cannot really get credit. We are helping all three, we solve their problems, and all three obviously have very different problems. PB Partners is expanding, clearly, across all areas. Now, 78% of the GWP comes from Tier 2 and Tier 3 cities. We now have more than 500,000 advisors, with the active partner count increasing 55% year-on-year to 1.13 lacs for this quarter that's gone by. Our strategy has been to increasingly work with smaller, higher quality advisors, and equip them with technology, product access, training, and service support. We, of course, cover 99% of India's PIN codes, more than 19,000 PIN codes. Our quarterly premium grew 46% year-on-year to ₹1,637 Cr, while revenue grew 47% to ₹561 Cr. A few data points which we are starting to share now. The share of employee benefit expenses was about 15% of the revenue for the quarter. It was 12% in the previous quarter, but that is because it was seasonally a bigger quarter, but it's 15% of revenue right now. Our top 100 partners' share of premium is 16%. We will further work actively in reducing this. We are very good in this; once we track something, we really get it sorted. But it is 16% right now. We believe PB Partners can play an important role in increasing insurance access across India by combining local relationships with Policybazaar’s technology, product breadth and service capabilities. Now, this actually has quite astounded me, because I don't think anybody expects this. Because there's a lot going on in the UAE, but growth is not one of those things. Our UAE insurance premium grew 31% year-on-year for this quarter. Most of what we do is health and life insurance, similar to evolution of our India business. Again, cross-border is a big part, so people who retire, need health insurance in India, people need to plan for their children's education, etc. So that business has done well and has been very resilient in tough times. Our new initiatives continue to scale forward across the board. To conclude, we are seeing strong momentum across the group. As you know, insurance premium grew 41%, revenue grew 40%, PAT grew 92%, PAT margin improved to 9%. The interesting part is to look at this over time. Over the last 5 years, from Q1FY22 to Q1FY27, our quarterly revenue has grown from ₹238 Cr to ₹1,888 Cr, which is a CAGR of 51%. Some quarters, something has worked, some quarters, something else has worked, but overall, CAGR of our growth has been 51% over a 5-year period, which is quite astounding. At the same time, our PAT margin has improved from -47% to 9%, and for those of us who track financial numbers better than I do, the best is just starting to come. So, thank you, and I'll start looking forward to questions. Management: Thank you Yashish. I request everyone to raise their hands for Q&A. We will wait for 1 minute, and then we will start the Q&A. Management: The first question is from the line of Sachin from BofA. Sachin, please unmute your m [Showing first 8,000 characters — download PDF for full document]