Nomura has cut its price target on PB Fintech by 31% to Rs 1,100, citing proposed curbs by the Insurance Regulatory and Development Authority of India (IRDAI) on insurance website practices and commissions, according to an Economic Times Markets report.

In the same note, the Japanese brokerage lowered its earnings estimates for the company. Under alternative scenarios outlined in the report, Nomura put fair values for the stock in the range of Rs 1,335 to Rs 1,366.

As the report's headline notes, Nomura is the latest brokerage to reduce its price target on PB Fintech in the wake of the regulator's proposed measures. With the measures still at the proposal stage, the key things to watch are how the IRDAI's proposals take final shape and whether additional brokerages adjust their estimates for the stock.

Background: PB Fintech

PB Fintech is the parent company of Policybazaar, one of India's largest online insurance marketplaces, and Paisabazaar, a digital platform for comparing loans, credit cards and other financial products. The company listed its shares on Indian stock exchanges through an initial public offering in November 2022.

The regulatory backdrop

IRDAI is the regulator responsible for overseeing India's insurance sector, including insurers, intermediaries online distribution channels. The proposals cited in the report relate to practices used on insurance websites and to commissions in insurance distribution — the mechanics through which online insurance marketplaces such as Policybazaar connect customers with insurers and generate revenue, which is why the proposals bear directly on PB Fintech's core business.

A price target represents a brokerage's assessment of a stock's fair value, generally framed over a 12-month horizon. Nomura, headquartered in Tokyo, is one of Japan's largest investment banking and securities firms.

The report was authored by Veer Sharma and published by Economic Times Markets on October 9, 2026.