MORGAN STANLEY ON PB FINTECH
Downgrade to Underweight from Equal Weight, TP 1400
Key concern  F27 EV/adjusted EBITDA at ~65x.
Profit emergence has been weaker than expected
Stock outperformance has tracked strong core new business premium growth (>60% in 1HF25).
Expect the stock to derate as core new business premium growth moderates in FY26
Paisabazaar has also been facing challenges