Turtlemint Achieves First Quarterly Profit in FY26

Digital insurance distribution platform Turtlemint has recorded its first-ever quarterly profit, amounting to Rs 3 crore in the fourth quarter of the previous fiscal year (FY26). The company’s revenue from operations surged by 42% compared to the same period last year.

According to Turtlemint’s financial statements submitted to the NSE, the revenue from operations increased to Rs 357 crore in Q4 FY26, a rise from Rs 252 crore in Q4 FY25.

Turtlemint’s Founders and Operations

Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology-driven platform focused on the distribution of insurance and other financial products. The Mumbai-based firm reported a significant 60% year-on-year increase in service EBITDA, reaching Rs 60.1 crore in Q4 FY26. The adjusted EBITDA turned positive at Rs 2.9 crore, in contrast to a loss of Rs 33.5 crore in the equivalent quarter last year.

Fiscal Year Performance

For the fiscal year ending FY26, Turtlemint achieved a 57% growth year-on-year, with revenue climbing to Rs 1,098.3 crore from Rs 700.3 crore in FY25. The company also managed to reduce its adjusted EBITDA loss, reaching Rs 105.5 crore in FY26 compared to Rs 186.3 crore in FY25.

Quarterly Net Profit Analysis

In the March quarter, Turtlemint reported a net profit of Rs 3.1 crore, reversing a loss of Rs 39.4 crore recorded in Q4 FY25. However, the reported profit incorporated a deferred tax asset worth Rs 8.2 crore. Without this asset, Turtlemint would have reported a loss of Rs 5.2 crore during the quarter.

Growth Metrics and Partnerships

The platform premium, highlighted as a significant business metric, indicated a 31% increase to Rs 3,868 crore in FY26. Renewal revenue saw a rise of 51%, reaching Rs 224 crore. Throughout the year, Turtlemint expanded its reach by adding over 1.1 lakh digital partners, bringing the total number to more than 6.5 lakh. Currently, the company collaborates with 46 insurers and operates in over 19,000 pin codes.

Market Debut

Turtlemint was recently listed on stock exchanges, marking a modest market debut. Its shares began trading at Rs 134.9, showing an 11.25% discount compared to the IPO issue price of Rs 152. As of the close on Friday, the stock was valued at Rs 135.99 on the NSE, giving the company a total valuation of Rs 4,006 crore.