Turtlemint expects FY27 profit after tax despite seasonality-led quarterly volatility
Turtlemint expects to end FY27 profitable despite seasonal quarterly swings, after posting its first-ever profitable quarter in Q4 FY26.
Summary
Turtlemint expects to end FY27 profitable despite seasonal quarterly swings, after posting its first-ever profitable quarter in Q4 FY26.
Turtlemint Fintech Solutions Ltd, which turned profitable in its first earnings report post-listing, expects to end FY27 profitable despite some loss-making quarters, a top executive of the firm said.
"FY27 is expected to be a profitable year. Last fiscal, at a consolidated level, we reported a loss of approximately ₹184 crore. For FY27, we are targeting full-year profitability. There may still be some loss-making quarters because of seasonality, but on an annual basis, we expect to be PAT positive," Dhirendra Mahyavanshi, managing director and chief executive officer, Turtlemint, told Mint in an interview on Saturday.
The Mumbai-based insurtech reported an adjusted Ebitda of ₹2.9 crore and a profit after tax of ₹3 crore for the March quarter, its first profitable quarter ever.
This was also Turtlemint’s first quarterly earnings report since listing. Shares of Turtlemint Fintech Solutions made a muted Dalal Street debut on 29 June, listing at a sharp discount of over 10% to the issue price.
In February, Mint reported that a number of India’s loss-making new-age companies that listed in recent years moved into profitability or sharply reduced losses around the time of their stock market debuts.
Mahyavanshi said the improvement was driven largely by operating leverage rather than one-off cost cuts. "Profitability is largely a function of scaling revenues while keeping overhead costs relatively stable. Q4 profitability is encouraging, but insurance businesses also have seasonality. Historically, Q2 is better than Q1, Q3 is better than Q2, and Q4 is the strongest quarter. So, seasonality will continue to play out," he said.
Revenue from operations for the quarter rose 42% year-on-year to ₹357 crore.
Room for further margin gains
Mahyavanshi added that Turtlemint’s corporate overheads have been declining as a percentage of revenue from nearly 50% in FY23 to around 23%.
On the path ahead, Mahyavanshi pointed to further room for margin expansion. "Operating leverage primarily comes from scale. Corporate overheads will continue to grow marginally because of inflation, but as a percentage of revenue, it will continue to decline. There is still considerable operating leverage left in the business. AI is also playing a significant role," he said. "Our internal goal is to bring corporate overheads down to approximately 6-7% of revenue by 2030."
Founded in 2015, Turtlemint is a technology-enabled insurance distribution platform that connects customers, insurance advisors, and insurers. The company operates alongside firms such as InsuranceDekho and PB Fintech in India’s growing insurance technology space and has raised nearly $190 million to date.
Turtlemint was backed in its 2022 funding round by Amansa Capital, Jungle Ventures and Nexus Venture Partners. Other investors, including Vitruvian Partners and Marshall Wace, had also participated in the round.
Last month, Mint reported that Turtlemint Ltd is set to raise ₹883 crore through an initial public offering (IPO) priced at a valuation of about half its 2022 peak, as the venture-backed firm joins a few tech companies braving the public markets amid the war in West Asia.
The offering combines a fresh issue of ₹660.72 crore with a scaled-back secondary sale of 14.6 million shares, trimmed from an initially proposed 28.6 million, as only five of its 12 investors opt to monetise holdings.
Cash balance shrinks, but company sees ‘infinite runway’
For the full year, Turtlemint's platform premium rose 31% to ₹3,868 crore, and revenue from operations grew 57% to ₹1,098 crore. Service Ebitda—a measure of profitability before corporate overheads—nearly doubled to ₹141.6 crore from ₹83.2 crore in FY25. Even so, the company posted a consolidated net loss of ₹184.3 crore for the year, over ₹202.6 crore loss reported in FY25, narrowing losses by about 9%.
The company's cash and bank balances stood at ₹127.6 crore at the end of FY26, down from ₹316.5 crore a year earlier. Mahyavanshi, however, said the company has minimal working capital requirements and strong cash generation, with 97-98% free cash flow conversion to EBITDA.
"All the revenue comes in over a period of 30-35 days. The only outstanding thing that we will have in March will be towards the business done in that month. With private insurers, collections typically come within 30-45 days, while 95% of dues from public sector insurers are received within 45-60 days," he said, without sharing further details.
He also struck a confident note on the company's cash position. “At this stage, I would say the business effectively has an infinite runway because we have achieved what we set out to achieve from a profitability perspective. Our business has 97-98% free cash flow conversion to EBITDA, minimal working capital requirements,” he said.
Regarding customer acquisition costs for its digital partners, Mahyavanshi said costs have remained broadly stable even as the company expands into smaller towns. "Turtlemint's acquisition model is a combination of ground sales teams, digital marketing or organic inbound traffic. We continue investing in all three channels for the next four years. Our assumption is that acquisition costs will remain broadly stable," he said.
About the Author
Mansi Verma
Mansi Verma is a senior correspondent covering private capital in India for Mint. Think of strategy shifts, private equity and venture capital deals, the companies trying to go public, and occasionally, the ones falling apart.
She moved into this beat in 2022, and has been following it closely since. Prior to Mint, Mansi worked at Moneycontrol, where she covered jobs and edtech, reporting extensively on the 2022–2024 startup and IT layoffs cycle. Her work during this period focused on what happens to fast-growing companies when capital dries up, combining financial reporting with human-interest stories.
Mansi reported closely on Byju’s during a critical phase in its unravelling, and has since built a strong understanding of edtech businesses, particularly unicorns, and the deeper structural challenges in education that many of them have struggled to solve. At Mint, she follows the flow of capital across VC and PE deals, exits and IPO pipelines, while also tracking large investment firms, and the financial services sector.
Outside of the newsroom, Mansi spends time exploring how technology is changing the way people think and work, while actively attempting to build a critical thinking human brain in the age of short-form everything.
She holds a Master’s degree in journalism and has moderated industry discussions on financial services and investments.
Source: Livemint — Companies
