Results · Financial Services

Jefferies removes PolicyBazaar from India portfolio, replaces it with Lenskart

By Startup Enthusiast · 12 August 2026

What they do

PB Fintech reported Q1 FY27 revenue of Rs 1,888 crore, up 40% YoY, and PAT of Rs 163 crore, up 92%

Jefferies removed PolicyBazaar from its India long-only portfolio, replacing it with Lenskart

Management said the GST-led insurance demand boost is fading and the underlying demand environment is extremely low

Jefferies removed PolicyBazaar from its India long-only equity portfolio and replaced it with Lenskart.
Jefferies cited improved India domestic growth outlook, pickup in bank credit, foreign equity inflows, and rupee support measures.
PB Fintech reported Q1 FY27 consolidated operating revenue of Rs 1,888 crore, up 40% year-on-year.
Profit after tax (PAT) was Rs 163 crore, up 92% year-on-year.
PAT margin improved to 9% from 6% a year earlier.
Core new insurance premium (including savings) rose 39% year-on-year; excluding savings it rose 48%.
New health and term insurance premiums grew 53% year-on-year; health insurance alone grew 59%.
Renewal revenue on a last-12-month basis reached Rs 1,003 crore, up 55% year-on-year.

The GST-led insurance demand boost started fading in Q1 FY27, and management said it would be lucky if it continued into Q2.
Management described the underlying insurance demand environment as extremely low.
The company is focusing on fresh insurance demand, expanding health and term penetration, building the renewal book, and improving conversion via technology and AI.

PolicyBazaar is an insurance aggregator that lets users compare and buy health, term, life, car, bike, home, travel, investment, corporate, liability, marine, property, cyber, and pet insurance plans.
The website offers renewal services, claim filing, a cashless network, account management, advisor verification, and helplines for buying, existing policies, and claims.
PB Fintech reported Q1 FY27 total insurance premium of Rs 8,372 crore, up 41% year-on-year.
Core credit revenue in Q1 FY27 grew 25% year-on-year.

The company is focusing on fresh insurance demand, expanding health and term penetration, building the renewal book, and improving conversion via technology and AI.
PolicyBazaar is working with insurer partners to fast-track Assam flood insurance claims.