Turtlemint Fintech Solutions gallops after foreign brokerage initiates buy rating
The brokerage expects the company's adjusted EBITDA margin to improve to 10% by FY29 from a loss in FY26.
Turtlemint holds a 20% share of the point-of-sales-person (POSP) insurance distribution channel, making it the third-largest player in the segment.
Mumbai-based Turtlemint Fintech Solutions operates a triadic technology platform that creates a collaborative ecosystem for distributing financial products?including insurance, loans, mutual funds, and credit cards?through its subsidiaries. Turtlemint enables its network of 691,000+ digital partners to deliver a comprehensive suite of financial solutions, expanding access to insurance as well as lending and investment products.
The company was listed on the stock exchanges on 29 June 2026. The stock debuted at Rs 136.20, a 10.39% discount to its issue price of Rs 152. The company's IPO was subscribed 1.20 times.
The company?s consolidated net loss narrowed to Rs 37.78 crore in Q1 FY27 compared with net loss of Rs 46.69 crore recorded in Q1 FY26. Net sales increased 39.71% year on year to Rs 294.08 crore during the quarter. Adjusted EBITDA as a % of revenue improved from -20% in Q1 FY26 to -9% in Q1 FY27.
Platform premium rose 49.8% year on year to Rs 1,205 crore in Q1 FY27 from Rs 804 crore in Q1 FY26. Platform premium refers to the total premium and consideration received on insurance policies issued or re-issued by insurers through Turtlemint's platform.
Renewal revenue increased 66% during the quarter, indicating continued customer retention on the platform. The company also reported an improvement in operating leverage, with corporate overheads as a percentage of revenue declining to 22% in Q1 FY27 from 30% in Q1 FY26.
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