NSE: TURTLEMINT · BSE: 544799
TURTLEMINT FINTECH SOLS L
Operates an insurance broking platform that distributes policies of 46 insurers across India and earns commission on the premiums placed. Revenue was INR 1,098 crore in FY26 (+57% YoY) and INR 294 crore in Q1 FY27 (+40% YoY); platform premium — the aggregate insurance premium routed through the platform — was INR 3,868 crore in FY26 (+31% YoY). Money is earned in three layers. First, new-business commissions: roughly 6.59 lakh digital partners (Point of Sale Persons) sell motor, health and life insurance to retail customers, with motor as the anchor and health growing about 75% YoY in FY26. Second, renewal commissions on the back book — the higher-margin layer — grew 51% YoY in FY26 and now represent 22% of revenue; voice AI alone is credited with lifting renewal rates by ~500 basis points. Third, Turtlefin, an enterprise platform that licenses insurance infrastructure (quoting, policy admin, claims) to banks, NBFCs and fintechs via plug-and-play modules and a single API. The biggest cost line is corporate overheads, held roughly flat in absolute terms in an INR 230-260 crore band; as a share of revenue, this fell from 38% to 23% in FY26, and management has guided operating leverage to continue. AR · MarketPing reader · 2026-09-16
Revenue streams, as the annual report describes them. New-business insurance commissions, Renewal commissions (22%), Turtlefin enterprise technology licensing. Asset-light, commission-driven insurance brokerage with tech-enabled distribution and a fast-scaling renewal book.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 294 |
| Profit before tax | (38) |
| Net profit | (38) |
| EPS (₹) | (1.47) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Turtlemint invests up to Rs 149.51 crore in insurance broking subsidiary | business updates | medium | — | — |
| 12 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Clarification on Price Movement of Turtlemint Fintech Solutions Limited | regulatory legal | medium | — | — |
| 28 Sept 2026 · BSE seeks clarification from Turtlemint on price movement | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Turtlemint AGM 2026: All 5 Resolutions Passed Including ESOP Amendments | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Turtlemint holds 11th AGM, all resolutions passed | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Turtlemint appoints Monica Anshul Mishra as new Chief HR Officer | compliance | medium | — | — |
| 9 Sept 2026 · CHRO Monica Mishra designated as Senior Management Personnel | management changes | medium | — | — |
| 3 Sept 2026 · Newspaper publication of 11th AGM notice and Annual Report dispatch | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.