Turtlemint Fintech Solutions LimitedFinancial ServicesTURTLEMINT
Q1 FY27 earnings callTurtlemint Fintech Solutions Limited
The company delivered strong platform and revenue growth driven by a scaling digital partner network, an expanding high-margin renewal book, and operational efficiency gains.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Platform Premium | INR 1,205 crores | 49% | |
| Revenue | INR 294 crores | 40% | |
| Renewal Revenue | INR 65 crores | 66% | |
| Service EBITDA | INR 39 crores | 89% | |
| Adjusted EBITDA Margin | -9% | — | |
| P3M Active Digital Partners | 90,791 | 30% |
TL;DR
- Platform premium grew 49% YoY to Rs 1,205 Cr.
- Revenue grew 40% YoY to Rs 294 Cr.
- Renewal revenue grew 66% YoY.
- Service EBITDA grew 89% YoY to Rs 39 Cr.
- Adjusted EBITDA loss improved to -9% of revenue from -21% YoY.
- P3M Active digital partner base grew 30% YoY to over 90,000.
Said on the call
“Our renewal service EBITDA is about 2.5 times to 3 times higher than the new service EBITDA.”
From the Q&A
| Topic | What management said |
|---|---|
| Business Seasonality | Management confirmed industry seasonality, with H2 (Oct-Mar) typically stronger due to festivals and year-end vehicle sales driving renewals, but highlighted strong YoY growth across health (45%+) and term life (60%+). |
| Take Rate & Cost Analysis | Take rates remained stable; the improvement in service EBITDA margin (up ~3% pts YoY) was attributed 2% pts to non-commission cost efficiencies and 1% pt to commission cost optimization. |
| Regulatory Impact (Motor TP & Commissions) | On Motor TP, management sees potential for a demand surge if enforcement (e.g., fuel denial) is implemented, similar to past two-wheeler fines. On potential commission cuts, they referenced the health GST reset where volume growth compensated for passed-down cuts, expecting a similar dynamic. |
| Path to Profitability & Margin Drivers | Service EBITDA expansion is driven by the growing renewal book, where margins are 2.5-3x higher than new business due to lower customer acquisition cost (CAC) and better terms from insurers. They aim for adjusted EBITDA breakeven in FY27, with PAT profitability not far behind. |
| Renewal Revenue Trajectory | Renewal revenue share increased to 22% in Q1 from 19% YoY. Management expects this share to increase significantly over 4-5 years as renewal business grows faster than new business, supported by high renewal rates and premium growth. |
| Productivity & AI Impact | Productivity improvements are seen across all DP cohorts, with P3M Active growth (30%) lagging revenue growth (40%) indicating higher per-partner output. AI is used for renewals (boosting rates by 500 bps), support (handling 55% of tickets), and coding (75% of new code), seen as a long-term EBITDA driver through growth and automation. |
| Competitive Landscape | Management described the PoSP market as consolidated among 2-3 players, with high barriers to entry due to required tech, integrations, training, and brand building, expecting the 30%+ market growth to be captured by existing players. |
Guidance
- Aim to be adjusted EBITDA breakeven in the current financial year (FY27), with profitability expected in the second half due to seasonality.
- Expect corporate overheads as a percentage of revenue to come below 7-8% over the next four to five years.
- Expect to continue growing the business by about 40% YoY.
Source
Summary written from the transcript filed by Turtlemint Fintech Solutions Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 13:27 IST.