Jefferies has reaffirmed its buy rating on PB Fintech with a target price of ₹2,100 per share, stating that the company remains on a strong growth trajectory with premium expansion expected to sustain at around 30%. The brokerage said management commentary pointed to continued strength across core insurance distribution initiatives, aided by rising customer engagement, deeper product penetration and improving cross-sell momentum across platforms.
Jefferies highlighted that despite recent GST-related changes, PB Fintech expects take rates to remain stable through a mix of strategic levers, including higher rider attachment, enhanced protection product mix and optimisation of policy duration profiles. These efforts, combined with scale benefits and operating leverage, are expected to translate into robust profitability and cash flow generation over the medium term. The brokerage added that premium growth remains well-supported by rising awareness, better digital adoption and the company’s ability to maintain strong visibility in high-intent categories.
PB Fintech also emphasised that its hospital network initiative, though still in the early stages, represents a meaningful long-term opportunity to strengthen the claims and servicing ecosystem. Jefferies said this could further differentiate the platform as it expands its footprint. With sustained premium growth, stable unit economics and improving operating leverage, the brokerage sees a favourable risk-reward setup at current valuations.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
