Turtlemint Fintech Solutions Ltd(TURTLEMINT)

NSE: TURTLEMINTBSE: 544799

₹ 53.75-4.98%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 1,583 crWebsite: www.turtlemint.comUpdated: 27 Oct 2026

About

Turtlemint Fintech Solutions is an Indian insurtech platform that distributes insurance products through a network of digitally-enabled independent agents called Digital Partners (DPs). In Q1 FY27, the platform processed ₹1,205 cr in premium and generated ₹294 cr in revenue from operations. It also distributes mutual funds and facilitates loans through the same DP network.^[1][2]

Business model

Turtlemint earns commissions and tech-service fees by enabling its Digital Partner network to sell insurance, mutual funds, and loans; general insurance constitutes over 90% of platform premium as of FY26.^[3]
Enterprise channel Turtlefin licenses the platform's technology to institutional partners and contributed ~20% of platform premium in FY26, earning tech-service fees with no direct variable cost.^[3]
Renewal revenue - premiums from policies renewed through the platform - carries service EBITDA approximately 2.5 - 3x higher than new-business revenue, providing an annuity-like income stream.^[1][3]

Digital Partner network

Total verified DP base reached 6,91,194 as of Q1 FY27, with more than 32,000 new DPs recruited in the quarter.^[1]
P3M active DPs were 90,791 in Q1 FY27, up ~30% YoY from 72,244 in Q1 FY26; the active DP base has grown at a CAGR of 51% over seven years.^[1][3]
Network concentration is low: as of FY26, the top 100 DPs contributed only 4.62% of platform premium.^[3]
75.59% of platform premium in Q1 FY27 originated from B30+ (beyond top-30 cities) markets, indicating deep semi-urban and rural penetration.^[1]

Key operating numbers

Platform premium was ₹1,205 cr in Q1 FY27, up 49% YoY; full-year FY26 platform premium was INR 38,678 Mn, up 31% YoY.^[1][3]
Renewal revenue was ₹65 cr in Q1 FY27, up 66% YoY, and constituted 22% of total revenue, up from 19% in Q1 FY26.^[1]
Full-year FY26 renewal revenue was INR 2,246 Mn, up 51% YoY, representing ~20% of total FY26 revenue.^[3]
Service EBITDA was ₹39 cr (13% of revenue) in Q1 FY27, up 89% YoY from ₹21 cr (10% of revenue) in Q1 FY26.^[1]
Adjusted EBITDA was -₹26 cr (-9% of revenue) in Q1 FY27, improved from -20% of revenue in Q1 FY26.^[1]
Corporate overheads fell to 22% of revenue in Q1 FY27 from 30% in Q1 FY26, growing only 5% in absolute terms to ₹66 cr.^[1]

Products and distribution breadth

Health insurance grew 75%+ in FY26 and is the fastest-growing vertical within general insurance, partly driven by GST-related affordability tailwinds.^[3]
Mutual fund AUM distributed reached ~INR 1,400 cr as of FY26; loan disbursements were running at ~INR 300 cr annualised, both described as early-stage.^[3]
Non-insurance revenue (mutual funds, loans) was 3% of total revenue in FY26 but carries higher margins than insurance distribution.^[3]

Cross-sell and training

Motor-only DPs who began selling health insurance grew 40%+ YoY in Q1 FY27, reducing reliance on recruiting pre-trained health and life agents.^[1]
Turtlemint Academy had ~55,000 monthly active users in Q1 FY27.^[1]

AI and technology initiatives

Voice AI agents deployed for renewal calling delivered renewal rates 500 basis points higher than human-led calls as of Q1 FY27, using local-language capability and stronger follow-ups.^[1]
AI handled 55% of support tickets and processed ~2 million documents in Q1 FY27; 75% of new code was generated using AI tools.^[1]

Recent developments

Q4 FY26 was Turtlemint's first-ever quarter of adjusted EBITDA breakeven (INR 29 Mn), with corporate overheads falling to 16% of Q4 revenue from 38% in FY25.^[3]
A new Turtlefin enterprise partner went live in Q1 FY27, contributing to the 49% platform premium growth; several accounts added in FY26 are expected to go live through FY27.^[1][3]

Market Cap

₹1,583 Cr

High / Low

₹160 / 57

Stock P/E

-9.0

Price / Book

5.5

EPS

₹-6.3

ROE

-60.4%

Sales

₹1,098 Cr

Net Profit

₹-184 Cr

Promoter holding

13.2%

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