Turtlemint Reports First Quarterly Profit as FY26 Revenue Hits ₹1,098 Crore

How Did Turtlemint Achieve Its First Quarterly Profit While Crossing ₹1,000 Crore in Revenue?

Digital insurance distribution platform Turtlemint has achieved a significant financial milestone by reporting its first-ever quarterly profit during the fourth quarter of FY26. The Mumbai-based insurtech company posted a net profit of ₹3.1 crore while recording strong growth across revenue, platform premiums, and partner expansion.

According to the company’s financial statements filed with the National Stock Exchange (NSE), Turtlemint’s revenue from operations increased 42% year-on-year to ₹357 crore in Q4 FY26, compared to ₹252 crore in the corresponding quarter of the previous fiscal.

For the full financial year, the company crossed the ₹1,000 crore revenue mark for the first time, highlighting the growing adoption of its digital insurance distribution platform.

How Did Turtlemint Perform in FY26?

Turtlemint delivered strong financial growth during FY26, with revenue from operations rising 57% year-on-year to ₹1,098.3 crore, compared to ₹700.3 crore in FY25.

The company also made notable progress toward profitability by reducing its adjusted EBITDA loss to ₹105.5 crore, down from ₹186.3 crore in the previous financial year.

Its improving financial performance reflects higher insurance premium volumes, stronger renewal income, and continued expansion of its digital partner ecosystem.

The company also recorded healthy improvements in operational efficiency during the year.

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What Drove Turtlemint’s Quarterly Profit?

Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology-driven platform that enables the distribution of insurance and other financial products through a large network of digital advisors.

During Q4 FY26, the company’s service EBITDA increased 60% year-on-year to ₹60.1 crore.

More importantly, adjusted EBITDA turned positive at ₹2.9 crore, compared to an adjusted EBITDA loss of ₹33.5 crore during the same quarter last year.

The company reported a net profit of ₹3.1 crore for the March quarter, compared to a net loss of ₹39.4 crore in Q4 FY25.

However, Turtlemint clarified that the reported quarterly profit included a deferred tax asset of ₹8.2 crore. Excluding this accounting adjustment, the company would have reported a loss of ₹5.2 crore during the quarter.

Despite this, the sharp improvement in profitability indicates the business is moving closer to achieving sustainable earnings.

How Is Turtlemint’s Core Business Growing?

One of the company’s key performance indicators is platform premium, which measures the total insurance premium processed through its platform.

During FY26, platform premium increased 31% year-on-year to ₹3,868 crore, reflecting higher insurance sales across its network.

The company also reported strong growth in renewal income, with renewal revenue rising 51% to ₹224 crore.

Renewal revenue is particularly important for insurance businesses because it generates recurring income while improving customer lifetime value.

The continued increase in both new business and policy renewals demonstrates strengthening customer engagement and platform utilisation.

How Large Is Turtlemint’s Distribution Network?

Turtlemint continued expanding its nationwide distribution network during FY26.

The company added more than 1.1 lakh digital partners, taking its total network to over 6.5 lakh partners across India.

It currently collaborates with 46 insurance companies and has established a presence across more than 19,000 pin codes, giving it one of the widest digital insurance distribution networks in the country.

The company’s technology platform enables insurance advisors and agents to compare, sell, and manage insurance products digitally while serving customers across urban and rural markets.

How Has the Stock Performed After Listing?

Turtlemint made its stock market debut last month following its initial public offering.

The company’s shares were listed at ₹134.90, representing an 11.25% discount to the IPO issue price of ₹152.

At the close of trading on Friday, the stock settled at ₹135.99 on the NSE, giving the company a market capitalisation of approximately ₹4,006 crore.

While the listing received a muted response from investors, the company’s improving financial performance and narrowing losses could remain key factors influencing investor sentiment going forward.

What Lies Ahead for Turtlemint?

Turtlemint’s FY26 performance reflects steady progress toward operational profitability while maintaining strong business growth.

The company has successfully crossed ₹1,000 crore in annual revenue, expanded its nationwide partner network, increased insurance premium volumes, and significantly reduced losses.

Although its reported quarterly profit was supported by a deferred tax adjustment, improvements in adjusted EBITDA and operating metrics suggest the company is strengthening its underlying business fundamentals.

As India’s insurance penetration continues to rise and digital insurance distribution gains momentum, Turtlemint is well positioned to benefit from increasing demand for technology-enabled financial services.

Going forward, sustained profitability, continued partner expansion, and higher renewal revenues are expected to remain key focus areas as the company seeks to strengthen its position in India’s growing insurtech ecosystem.