Turtlemint Fintech Solutions (TURTLEMINT) investor relations material

Executive summary

• H1FY27 platform premium rose 52% YoY to INR 2,419 crore; revenue from operations grew 38% to INR 637.17 crore and Service EBITDA increased 66% to INR 85 crore.

• H1 adjusted EBITDA loss narrowed to INR 48 crore from INR 77 crore; PAT loss narrowed to INR 63.61 crore from INR 125 crore.

• The Digital Partner network reached 728,138 after adding 69k+ in H1; 75.58% of platform premium came from B30+ markets.

• Strategy emphasizes tech-enabled PoSP distribution, AI productivity, partner training, renewals and cross-selling insurance and financial products.

Financial highlights

• Consolidated H1 revenue from operations was INR 637.17 crore versus INR 463.33 crore; Q2 revenue was INR 342.19 crore versus INR 252.84 crore.

• H1 Service EBITDA was INR 85 crore, up 66%; adjusted EBITDA loss was INR 48 crore versus INR 77 crore, while reported EBITDA loss was INR 48 crore versus INR 82 crore.

• H1 loss before tax was INR 61.42 crore and net loss INR 63.61 crore; Q2 loss before tax was INR 23.55 crore and net loss INR 25.83 crore.

• Q2 revenue rose 35% to INR 342 crore; Service EBITDA was INR 45 crore, up 47%, and adjusted EBITDA loss was INR 21 crore versus INR 35 crore.

• Standalone H1 revenue was INR 36.60 crore and net loss INR 68.78 crore; Q2 revenue was INR 20.77 crore and net loss INR 33.23 crore.

Outlook and guidance

• Next-year Service EBITDA is expected to remain near the original plan in absolute terms; its margin may rise as some policyholder business shifts to direct/B2C.

• FY-end cash is expected to be slightly above the INR 740 crore quarter-end balance, supported by working-capital movements, refunds and tax utilization.

• AI applications are planned across sales and renewal calls, partner and RM copilots, customer support, onboarding and operations; efficiency gains are intended to support flat employee costs as revenue grows.

• Long-term targets are to reduce non-payout costs from 5%-6% of premium to 1%-3%, and fixed costs from 6%-8% to 3%-4% of premium.

• Cross-selling and capacity-building may take several quarters; near-term profitability protections include contract maintenance and retained policy servicing as some policies shift to direct business.