PB Fintech Limited
NSE: POLICYBZRFinancial Technology (Fintech)Short-term ASM stage 1
Share price
₹996.00
-4.23% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
70
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹46,314 Cr
P/E ratio
61.9
P/B ratio
6.3
ROCE
10.3%
ROE
9.7%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 38.0% over the past year, and 48.3% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from -63.9% to 8.1% over the last four years.
Whether it grew faster than its sector
It grew 48.3% a year against a sector median of 16.0% — 32.3 percentage points faster.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 1.2 times its growth rate, on earnings growth of 50%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| PB Fintech Limited — this one | 50%/yr | 61.9× | ₹1.2 |
| One 97 Communications Limited | 34%/yr | 129.5× | ₹3.8 |
| Pine Labs Limited | 36%/yr | 150.2× | ₹4.2 |
| Moneyview Limited | 34%/yr | 26.0× | ₹0.76 |
| Manipal Payment and Identity Solutions Limited | — | 31.2× | — |
| Seshaasai Technologies Limited | — | 21.7× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Financial Technology (Fintech)), it ranks 5 of 11 on returns, 2 of 9 on growth, 6 of 11 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 10.3% on capital, ahead of 55% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years the business itself consumed ₹2000 crore of cash before any plant spend, funded from lenders and shareholders. It has not made a profit over 11 years.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
Not enough filed accounts to run these checks yet.
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue grew 40% and profit grew 92%, with insurance premium growth still above the 30% broad target.
Announced 5 Aug 2026 · Consolidated · Unaudited
Revenue
₹1,888 Cr
Revenue vs last year
+40.1%
Revenue vs last quarter
-8.4%
Net profit
₹163 Cr
Profit vs last year
+91.7%
Profit vs last quarter
-37.6%
Net margin
8.6%
EPS
₹3.53
Earnings call transcript · 5 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹46,314 Cr
- Prev close
- ₹996.00
- 52w High
- ₹1,964
- 52w Low
- ₹945
- Enterprise value
- ₹44,558 Cr
- Beta
- 1.3
- Price CAGR 1y
- -41.0%
- Price CAGR 3y
- 11.0%
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 7.7%
- PEG ratio
- 1.2
- P/E ratio
- 61.9
- P/B ratio
- 6.3
- EV / EBITDA
- 73.5
- Industry P/E
- 61.6
- ROCE
- 10.3%
- ROCE 5y average
- -2.2%
- ROE
- 9.7%
- Debt / Equity
- 0.0
- Interest coverage
- 19.6
- Dividend yield
- 0.0%
- ROE 3y average
- 6.0%
- ROE last year
- 10.0%
Annual P&L
- Annual revenue
- ₹6,794 Cr
- Annual profit
- ₹670 Cr
- Operating margin
- 7.0%
- Net profit margin
- 9.9%
- EBITDA margin
- 7.5%
- Sales growth 3y
- 38.5%
- Sales growth 5y
- 50.3%
- Profit growth 3y
- 50.0%
- Profit growth 5y
- 42.0%
- EPS
- ₹14.5
- Sales growth TTM
- 38.0%
- Profit growth TTM
- 99.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹1,888 Cr
- Profit latest quarter
- ₹163 Cr
- YoY quarterly sales growth
- 40.1%
- YoY quarterly profit growth
- 91.8%
- OPM latest quarter
- 7.2%
Balance Sheet
- Book Value
- ₹157
- Face Value
- ₹2.0
- Total debt
- ₹360 Cr
- Total cash
- ₹760 Cr
- Borrowings
- ₹360 Cr
- Reserves / Equity
- 77.6
Cash Flow
- Operating cash flow
- ₹41 Cr
- Free cash flow
- -₹36 Cr
- FCF yield
- -0.2%
- Net cash flow
- ₹186 Cr
Shareholding
- Promoter holding
- 0.0%
- FII holding
- 37.3%
- DII holding
- 40.4%
- Public holding
- 22.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| One 97 | 1,656.60 | 131.1 | 1,06,372 | 0.00 | 220.0 | 57.6 | 2,448.0 | 27.6 | 5.0 |
| PB Fintech. | 1,012.25 | 62.6 | 46,842 | 0.00 | 162.9 | 92.5 | 1,888.3 | 40.1 | 10.3 |
| Pine Labs | 170.50 | 152.1 | 19,689 | 0.00 | 19.6 | 308.6 | 736.9 | 19.6 | 4.2 |
| Moneyview | 59.32 | 26.6 | 10,442 | 0.00 | 18.3 | ||||
| Manipal Payment | 353.10 | 28.3 | 8,185 | 0.00 | 76.0 | 120.6 | 409.3 | 44.3 | 43.3 |
| Seshaasai Tech. | 365.80 | 22.0 | 5,919 | 0.69 | 61.8 | 68.3 | 376.2 | 21.0 | 28.0 |
| AvenuesAI | 15.25 | 17.9 | 5,321 | 0.00 | 84.8 | 24.3 | 2,680.4 | 109.4 | 7.7 |
| Median | 205.43 | 28.3 | 5,620 | 0.00 | 19.6 | 63.0 | 376.2 | 33.7 | 14.1 |
Competes with: AvenuesAI Limited, Manipal Payment and Identity Solutions Limited, Moneyview Limited, Network People Services Technologies Limited, One 97 Communications Limited, One Mobikwik Systems Limited, Pine Labs Limited, Seshaasai Technologies Limited, Suvidhaa Infoserve Limited, Turtlemint Fintech Solutions Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 666 | 812 | 871 | 1,090 | 1,010 | 1,167 | 1,292 | 1,508 | 1,348 | 1,614 | 1,771 | 2,061 | 1,888 |
| Expenses | 743 | 901 | 898 | 1,085 | 1,050 | 1,175 | 1,264 | 1,396 | 1,314 | 1,516 | 1,612 | 1,849 | 1,751 |
| Material Cost | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Change in Inventories | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 508 | 560 | 600 | 607 | 699 | 716 | |||||||
| Other Expenses | 887 | 754 | 916 | 1,006 | 1,144 | 1,033 | |||||||
| Operating Profit | -77 | -89 | -27 | 5 | -39 | -8 | 28 | 112 | 34 | 98 | 159 | 212 | 137 |
| OPM % | -12 | -11 | -3.08 | 0.45 | -3.88 | -0.67 | 2.13 | 7.42 | 2.55 | 6.06 | 8.96 | 10 | 7.24 |
| Other Income | 91 | 97 | 94 | 98 | 141 | 106 | 100 | 101 | 100 | 87 | 85 | 104 | 93 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 6 | 7 | 6 | 7 | 6 | 9 | 9 | 9 | 9 | 9 | 9 | 10 | 11 |
| Depreciation | 20 | 22 | 23 | 24 | 25 | 29 | 34 | 33 | 33 | 34 | 34 | 35 | 40 |
| Profit before tax | -12 | -21 | 37 | 73 | 71 | 60 | 85 | 171 | 92 | 142 | 201 | 272 | 179 |
| Tax % | 3 | -1 | 0 | 17 | 15 | 15 | 16 | 0 | 8 | 5 | 6 | 4 | 9 |
| Net Profit | -12 | -21 | 37 | 60 | 60 | 51 | 72 | 170 | 85 | 135 | 189 | 261 | 163 |
| EPS in Rs | -0.25 | -0.45 | 0.84 | 1.34 | 1.32 | 1.11 | 1.56 | 3.70 | 1.84 | 2.94 | 4.09 | 5.64 | 3.52 |
| Diluted EPS in Rs | 3.67 | 1.82 | 2.89 | 4.08 | 5.61 | 3.50 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 90 | 334 | 492 | 771 | 887 | 1,425 | 2,558 | 3,438 | 4,977 | 6,794 | 7,334 |
| Expenses | 149 | 232 | 386 | 828 | 1,091 | 1,046 | 2,325 | 3,219 | 3,626 | 4,884 | 6,286 | 6,729 |
| Material Cost | 0 | 0 | ||||||||||
| Change in Inventories | 0 | 0 | ||||||||||
| Purchases of Stock-in-Trade | 0 | 0 | ||||||||||
| Employee Cost | 1,959 | 2,466 | ||||||||||
| Other Expenses | 2,925 | 3,819 | ||||||||||
| Operating Profit | -72 | -142 | -52 | -336 | -320 | -160 | -901 | -662 | -188 | 93 | 508 | 606 |
| OPM % | -92 | -157 | -16 | -68 | -41 | -18 | -63 | -26 | -5 | 1.90 | 7 | 8 |
| Other Income | 10 | 35 | 26 | 37 | 84 | 71 | 124 | 259 | 381 | 449 | 372 | 370 |
| Exceptional items (within Other Income) | 41 | 0 | ||||||||||
| Interest | 0 | 0 | 0 | 8 | 12 | 12 | 14 | 22 | 27 | 34 | 38 | 39 |
| Depreciation | 2 | 3 | 7 | 30 | 47 | 41 | 43 | 64 | 89 | 121 | 136 | 143 |
| Profit before tax | -64 | -110 | -34 | -337 | -295 | -142 | -833 | -488 | 77 | 388 | 707 | 794 |
| Tax % | 0 | 0 | 76 | 3 | 3 | 6 | -0 | -0 | 16 | 9 | 5 | |
| Net Profit | -64 | -110 | -59 | -347 | -304 | -150 | -833 | -488 | 64 | 353 | 670 | 748 |
| EPS in Rs | -17,719 | -30,600 | -16,396 | -91,266 | -80,008 | -6,584 | -19 | -11 | 1.48 | 7.67 | 14 | 16 |
| Diluted EPS in Rs | 7.65 | 14 | ||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 56%
- 5 years
- 50%
- 3 years
- 38%
- TTM
- 38%
Compounded profit growth
- 10 years
- 22%
- 5 years
- 42%
- 3 years
- 50%
- TTM
- 99%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- 11%
- 1 year
- -41%
Return on equity
- 10 years
- —
- 5 years
- -1%
- 3 years
- 6%
- Last year
- 10%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 90 | 90 | 90 | 92 | 93 |
| Reserves | 97 | 301 | 787 | 489 | 1,265 | 1,990 | 5,322 | 5,386 | 5,781 | 6,340 | 7,219 |
| Borrowings | 0 | 1 | 1 | 90 | 110 | 110 | 159 | 227 | 253 | 322 | 360 |
| Other Liabilities | 29 | 43 | 92 | 172 | 202 | 230 | 344 | 551 | 604 | 776 | 1,035 |
| Minority Interest | 5.54 | 5.73 | |||||||||
| Total Liabilities | 126 | 345 | 880 | 751 | 1,576 | 2,331 | 5,915 | 6,254 | 6,729 | 7,531 | 8,707 |
| Fixed Assets | 4 | 6 | 11 | 119 | 147 | 125 | 205 | 313 | 359 | 418 | 441 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 19 | 237 | 650 | 125 | 2 | 138 | 373 | 622 | 1,358 | 2,173 | 3,211 |
| Other Assets | 103 | 102 | 219 | 507 | 1,427 | 2,068 | 5,338 | 5,319 | 5,011 | 4,940 | 5,054 |
| Total Assets | 126 | 345 | 880 | 751 | 1,576 | 2,331 | 5,915 | 6,254 | 6,729 | 7,529 | 8,707 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -102 | -97 | -83 | -282 | -364 | 29 | -1,568 | -299 | 9 | -183 | 41 |
| Cash from Investing Activity | -15 | -244 | -434 | 375 | 79 | -1,202 | -2,125 | 46 | 301 | 492 | 225 |
| Cash from Financing Activity | 119 | 315 | 513 | -23 | 1,031 | 759 | 3,621 | -42 | -57 | -73 | -81 |
| Net Cash Flow | 2 | -27 | -5 | 69 | 746 | -415 | -71 | -295 | 253 | 236 | 186 |
| Free Cash Flow | -121 | -305 | -97 | -317 | -396 | 24 | -1,599 | -363 | -55 | -279 | -36 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 120 | 156 | 105 | 97 | 85 | 71 | 92 | 97 | 67 | 73 | 93 |
| Cash Conversion Cycle | 120 | 156 | 105 | 97 | 85 | 71 | 92 | 97 | 67 | 73 | 93 |
| Working Capital Days | 57 | 93 | 29 | -12 | 0 | -12 | 309 | 321 | 323 | 122 | 68 |
| ROCE % | -63 | -53 | -36 | -9 | -21 | -8 | 2 | 6 | 10 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-1,756inr_cr
2026-03-31
13-month persistency %
88.90
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
24,25,216inr
2026-03-31
News
News and filings about PB Fintech Limited. Open one to see why it matters.
27 Sept, 15:00 IST · Company event · low impact
Significant movement in price has been observed in PB Fintech Limited.
25 Sept, 19:00 IST · Company event · low impact
Significant movement in price has been observed in PB Fintech Limited.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Financial Services
- Industry
- Financial Technology (Fintech)
- Classification
- Financial Services › Financial Technology (Fintech)
- ISIN
- INE417T01026
Business segments
- Insurance broker services · 90%
- Other services · 10%
News impact
Big market events that reach PB Fintech Limited, and how the effect spreads.
24 Sept, 15:09 IST · Market event · high impact
Insurance overhaul: How will new proposal impact you?
India's insurance regulator proposed capping sales commissions, squeezing online seller Policybazaar and pressuring distributors while giving insurers lower costs and buyers possibly cheaper policies.
Who it hits first
- India's insurance regulator IRDAI has proposed caps on the commissions paid for selling insurance policies.
- PB Fintech, which runs the Policybazaar online marketplace, earns a cut of each policy sold and would see that revenue squeezed.
- Life and health insurers sold on Policybazaar, including HDFC Life Insurance, SBI Life Insurance, ICICI Prudential Life, Max Life, Star Health and Niva Bupa, would pay less per sale but could see slower sales if sellers push less.
Who may gain
- Insurance buyers, who could see slightly cheaper policies if lower commissions are passed through as lower prices
- Large life and health insurers such as SBI Life Insurance and HDFC Life Insurance, which would pay less in selling costs if sales hold up
- Direct and offline sales channels, if online marketplaces lose some pricing edge under the cap
Along the supply chain
Downstream
Downstream, buyers shopping on Policybazaar could see slightly lower prices, while competing sellers such as MobiKwik, Pine Labs and Paytm face the same fee pressure on any insurance they sell.
Upstream
Upstream, the 8 life and health insurers whose policies sit on Policybazaar, including HDFC Life, ICICI Prudential Life, SBI Life, Max Life, LIC, Star Health, Niva Bupa and ICICI Lombard, supply the product and would pay lower selling fees.
Where demand moves
Business
Business demand shifts from sellers to insurers: Policybazaar and other distributors handle the same policies for less fee income, while insurers keep more of each premium unless weaker selling push cuts volumes.
Capital
Investor money turns cautious on commission-led sellers like PB Fintech, which runs Policybazaar, and leans toward large insurers that could keep more margin, with fintech peers moving on sympathy.
How it spreads across sectors
Financial Services
Online sellers fall first on lower fee income while large life and health insurers are cushioned by cost savings, leaving banks, exchanges and asset managers largely untouched.
When it plays out
Immediate
In the first week Policybazaar shares wobble on the headline while insurers trade mixed as investors weigh lower costs against slower sales.
Medium term
If a final cap lands in coming months, seller revenue resets lower and insurers with strong agency and direct sales gain share.
Short term
Over the next few weeks industry feedback shows how strict the cap may be, keeping sellers soft and insurers range-bound.
24 Sept, 11:40 IST · Market event · medium impact
Bank Stocks In Red: AU Small Finance Bank, IndusInd Bank, IDFC First Fall Up To 5% — Here's Why
IRDAI proposed capping insurance selling fees by up to 90%, hurting banks and Policybazaar that live on those fees while pressuring insurers through slower sales.
Who it hits first
- India's insurance regulator IRDAI proposed caps on what banks and online brokers earn for selling insurance, cutting high-margin fees by up to 90%.
- AU Small Finance Bank, IndusInd Bank, and IDFC First Bank, which earn fees selling loan-linked and credit-protection policies, fell up to 5%.
- PB Fintech, which runs the Policybazaar marketplace, led a slump in insurance-linked stocks as its core fee pool shrinks.
Who may gain
- Insurance buyers could pay lower charges if capped commissions feed into cheaper premiums.
- Life insurers such as HDFC Life, SBI Life, and ICICI Pru Life could pay less in commissions over time, though sales may slow first.
Along the supply chain
Downstream
Downstream, AU Small Finance, IndusInd, IDFC First, and Policybazaar deliver policies to borrowers and online buyers; their fee per sale falls, especially on loan-linked covers.
Upstream
Upstream, life insurers including HDFC Life, SBI Life, ICICI Prudential Life, and Max Life supply the policies that banks and Policybazaar sell; they face slower sales but lower commission bills.
Where demand moves
Business
Fee-earning demand shifts away from distributors — banks and Policybazaar sell the same policies for smaller commissions, while insurers keep more premium but risk slower sales.
Capital
Investors sold banks and broker stocks on the proposal, with banks down up to 5% and PB Fintech leading the insurance-stock slide; buying returns only if the final cap is softer.
How it spreads across sectors
Financial Services
Broad negative mood for fee-led banks and brokers as a smaller insurance fee pool cuts non-interest income; insurers mixed with lower costs but softer sales.
When it plays out
Immediate
1–7 days: banks and PB Fintech stay weak, down 2-5%, as the 90% fee-cut warning sinks in.
Medium term
1–6 months: earnings show smaller insurance fees for banks and brokers; insurers trade on whether volumes or margins win.
Short term
1–4 weeks: focus on IRDAI feedback and final wording; any softer cap lifts distributors.
21 Sept, 21:47 IST · Market event · high impact
Mastercard to exit Pine Labs in $93 million block deal
Mastercard is selling up to 49.7 million Pine Labs shares for Rs 893 crore, pressing Pine Labs stock and softening fintech peers like Paytm, while block buyers pick up shares at a discount.
Who it hits first
- Mastercard, the global card network, will sell up to 49.7 million shares of Pine Labs (a payment-terminal company) for up to Rs 893 crore, about $93 million, through a block deal (a large pre-arranged share sale).
- Pine Labs, which supplies card machines to HDFC Bank, SBI, Axis Bank and ICICI Bank, faces near-term share pressure as this large parcel hits the market.
- Payment rivals One 97 Communications (Paytm), PB Fintech (Policybazaar), MobiKwik and NPST soften in sympathy as fintech investors mark down the sector.
- The business itself is untouched: terminals keep working, banks keep paying fees, and only the shareholder list changes.
Who may gain
- Institutional block buyers - pick up a large Pine Labs parcel at a discount to market
- Vanguard index funds - already bought 8.235 million and 8.533 million Pine Labs shares and can absorb more
- No business beneficiary - Pine Labs operations and its bank customers are unaffected, so gains flow only to buyers of the discounted shares
Along the supply chain
Downstream
Downstream, Pine Labs customers HDFC Bank, SBI, Axis Bank and ICICI Bank keep using its terminals with no disruption - an investor exit does not switch off machines or change processing fees.
Upstream
Upstream, Pine Labs hardware and service vendors (Optiemus, EFCIL) see no order change, since Pine Labs keeps buying and deploying terminals as before.
Where demand moves
Business
No business demand change: Pine Labs still runs payment terminals for HDFC Bank, SBI, Axis Bank and ICICI Bank, shoppers still pay the same way, and Mastercard cards keep working - this is an investor selling shares, not a customer cancelling orders.
Capital
Capital flows from Mastercard (selling up to 49.7 million shares) to block buyers such as index funds; Pine Labs stock dips on the extra supply and fintech peers (Paytm, Policybazaar, MobiKwik, NPST) soften in sympathy until the parcel is absorbed.
How it spreads across sectors
Banking
Pine Labs bank customers (HDFC Bank, SBI, Axis, ICICI) see no service change; terminal fees and volumes continue as normal.
Financial Services
Pine Labs dips on block supply while payment peers (Paytm, MobiKwik, NPST, Policybazaar) soften in sympathy; sentiment steadies once the parcel clears.
When it plays out
Immediate
In 1-7 days, Pine Labs stock trades weak on the block discount and placement news while peers drift soft; the discount size sets the floor.
Medium term
In 1-6 months, the overhang clears, the shareholder base broadens toward index funds, and Pine Labs trades on terminal growth and profits again.
Short term
In 1-4 weeks, the block is absorbed by institutions, Pine Labs stabilises, and peer fintech names recover as sentiment normalises.
15 Sept, 05:00 IST · Market event · medium impact
RBI proposes 60-day temporary debit hold on suspicious money-mule transactions
Banks may soon freeze suspicious accounts for 60 days to fight cyber fraud — small cost for big banks, bigger headache for Paytm-style apps.
Who it hits first
- Banks build 60-day hold systems across crores of accounts — one-time plus small ongoing cost.
- Wallet and merchant fintechs (Paytm, Mobikwik, Pine Labs) face user friction where holds bite.
- Fraud losses fall over time, partly paying for the compliance spend.
Who may gain
- Large tech-forward banks gain share as small fintechs stumble on compliance.
- Fraud-prevention software vendors see bank demand (mostly unlisted/global).
Along the supply chain
Downstream
Merchants face occasional payout delays on flagged transactions; genuine users get faster fraud recovery.
Upstream
No direct supply-chain link — a compliance-economics event; banks and fintechs absorb system costs.
Where demand moves
Business
Mule-account money freezes; genuine users face occasional friction; compliance vendors gain orders.
Capital
Money trims small fintechs on friction fears; banks unaffected given immaterial cost.
How it spreads across sectors
Financial Services
Small compliance cost for banks; user-friction risk for wallet/merchant fintechs.
When it plays out
Immediate
Fintechs dip 1-3% on friction fears; banks flat.
Medium term
Lower fraud losses improve payment economics; compliant leaders gain share.
Short term
Final norms and implementation deadlines set compliance budgets; grievance data watched.
13 Sept, 04:28 IST · Market event · high impact
HDFC Bank submits two CEO candidates to RBI for approval
HDFC Bank has picked two possible successors for its top job and sent the names to the RBI, giving investors clarity on who runs India's biggest private bank next.
Who it hits first
- HDFC Bank (HDFCBANK): succession uncertainty ends as two CEO names go to the RBI; stock impact likely ±1-2% per precedent
Who may gain
- HDFC Bank shareholders via clarity; no competitor gains — peer read-across historically weak
Along the supply chain
Downstream
No downstream link — credit flow and rates are set by policy, not by the CEO's name.
Upstream
No upstream link — a bank CEO change does not alter vendor or IT spending.
Where demand moves
Business
No business-demand shift — depositors and borrowers do not switch banks on CEO news.
Capital
Mild rotation within private banks possible if RBI picks an outsider, but precedent shows peers barely move.
How it spreads across sectors
Financial Services
neutral — bank leadership news is stock-specific, with day-one peer moves under 1% historically
When it plays out
Immediate
RBI approval watch; stock flat to +1-2% on relief
Medium term
Strategy continuity vs change shows in loan growth and asset quality
Short term
New CEO's first commentary on growth and margins
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 7 rows from NSE's archive (replace 2, delete 0, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 25 Sep 2026 | GRAVITON RESEARCH CAPITAL LLP | SELL | 38,70,440 | ₹1,182.23 |
| 25 Sep 2026 | GRAVITON RESEARCH CAPITAL LLP | BUY | 38,58,509 | ₹1,180.49 |
| 25 Sep 2026 | SIXTEENTH STREET ASIAN GEMS FUND | SELL | 25,67,217 | ₹1,167.13 |
| 24 Sep 2026 | HDFC MUTUAL FUND | BUY | 25,00,000 | ₹1,282.30 |
| 3 Jul 2026 | MACRITCHIE INVESTMENTS PTE LIMITED | SELL | 1,01,79,920 | ₹1,604.12 |
| 8 May 2026 | TENCENT CLOUD EUROPE B.V. | SELL | 48,40,439 | ₹1,664.00 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call5 Aug 2026
- Earnings call6 May 2026
- Earnings call2 Feb 2026
- Annual report · 2024-254 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.