Turtlemint Fintech Solutions Limited · NSE:TURTLEMINT
Turtlemint Fintech Solutions — Q4 FY26 Earnings Presentation
72 slides from Turtlemint Fintech Solutions's earnings presentation, Jul 17, 2026
Slide 1: Filing cover letter to BSE and NSE
July 17, 2026 To, To The Manager The Manager, Listing Department Listing Department BSE Limited (“BSE”) National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, (“NSE”) Dalal Street, Fort Exchange Plaza, Plot No. C/1, G Block, Mumbai 400 001. Bandra-Kurla Complex, Bandra (East), Mumbai 40
Slide 2: Digital Insurance Distribution Platform Q4FY26 & FY26 Investor Presentation
Digital Insurance Distribution Platform Q4FY26 & FY26 | Investor Presentation
Slide 3: Content
01 About Turtlemint 02 Market Opportunity Turtlemint Triadic Model Content 03 04 Product and Technology 05 Our Board 06 Q4 ‘26 & FY 26 Performance 07 FAQ
Slide 4: About Turtlemint
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Slide 5: To drive insurance distribution across Bharat and make every Indian financially secure
Turtlemint was founded 11 years ago with a simple mission To drive insurance #1 First & Largest PoSP Network* distribution across Bharat and make B30 Deep Reach Beyond Metros every Indian financially secure Tech Led Distribution 4 * As of 31st December 2025; largest amongst the Peer Group as confirm
Slide 6: Turtlemint is India's Leading Distribution Network Serving Policyholders In B30 Markets
Turtlemint is India’s Leading Distribution Network Serving Policyholders In B30 Markets PLATFORM PREMIUM REVENUE FROM OPERATIONS INSURANCE PARTNERSHIPS INR 38,678 INR 10,983 46 22.57% Mn (FY26) Mn (FY26) Insurers integrated on platform Top 3 insurer concentration REACH & FOOTPRINT GRANULAR NETWORK O
Slide 7: Turtlemint is a Triadic Platform – Creating A Collaborative Ecosystem
Turtlemint is a Triadic Platform – Creating A Collaborative Ecosystem 659k+ Self-Employed Retired Home-Maker Financial Distributor Digital Partners Digital Partners Customers 46 Customers Insurers 29.53 Mn policies distributed Insurers Personal Life General Stand Alone Accident Life Motor Health Fir
Slide 8: Technology To Manage Our Business At Scale Across Stakeholders
Technology To Manage Our Business At Scale Across Stakeholders Digital Partners Digital Partners Relationship Managers Customers Insurers and Enterprises • Smooth Onboarding and KYC • CRM to manage all Digital • View of all insurance policies • Make products accessible to of Digital Partners Partner
Slide 9: Our Evolution – Driving Growth Through Digital Transformation
Our Evolution – Driving Growth Through Digital Transformation, Regulatory Tailwinds And Ecosystem Development In India's Insurance Sector LOANS Training Platform Loans & Deposit Listed on NSE & BSE Turtlemint Started Insurer API GROW– Consumer Integrations Engagement Platform SME Insurance & Digital
Slide 10: Consumer Thesis
Consumer Thesis The trend holds globally - Customers need advisory This is reflected in assisted non-insurer-led channels and guidance support in distribution accounting for contribute over 70% of US selecting insurance over 95% of all insurance premiums and over 90% in product sales in India China
Slide 11: Market Opportunity
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Slide 12: India's Insurance Sector Is Underpenetrated And Set For Strong Growth
India’s Insurance Sector Is Underpenetrated And Set For Strong Growth Insurance In India Is Underpenetrated… …With Strong Growth Potential Growth Drivers Insurance density, CY24 ($, Gross Direct Premium Income (GDPI) per capita) Insurance GDPI ($bn)2 Digital distribution expanding insurance access t
Slide 13: Targeting High Growth B30+ Markets Through Rapidly Growing PoSP Network
Targeting High Growth B30+ Markets Through Rapidly Growing PoSP Network Focus on high growing B30+ markets PoSPs have grown at a CAGR of +38% during FY20–25 to reach 2.7mn in FY25, while the number of individual agents has grown at a CAGR of GDPI CAGR FY2025-30P B30+ markets T30 markets +9% over the
Slide 14: Turtlemint Triadic Model
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Slide 15: Our Ecosystem | 659k+ Digital Partners
Our Ecosystem | 659k+ Digital Partners; India's Largest Certified PoSP Network 659k+ Self-Employed Retired Home-Maker Financial Distributor Digital Partners Digital Partners Customers 46 Customers Insurers 29.53 Mn policies distributed Insurers Personal Life General Stand Alone Accident Life Motor H
Slide 16: Key Offerings To Digital Partners
Key Offerings To Digital Partners Digital Partners One License, Many Products Seamless Transaction Journeys Enabling access to multiple insurance • 848K quotes generated daily1 products in one app via single PoSP • Policies issued across 45 insurers certification • 100% paperless journeys available
Slide 17: 25+ Best In Class Features in the TurtlemintPro App
25+ Best In Class Features in the TurtlemintPro App Digital Partners Grow business with Learn insurance, content marketing your way with 640+ courses Ready-to-share personalized posters, No paperwork, no instantly shareable on branch visits - the WhatsApp, Facebook, entire funnel runs on or in Print
Slide 18: Tech-enabled PoSP Model Is Well Positioned To Drive Insurance Distribution
Tech-enabled PoSP Model Is Well Positioned To Drive Insurance Distribution And Servicing In B30+ Markets Traditional Model Tech-enabled Tech-enabledPoSP PoSP Model Model Choice & Product Areas × Limited to only a few insurers ü Multi-brand access with real time comparisons Experience Customer Policy
Slide 19: Seamless Digital Journey For Onboarding Digital Partners
Seamless Digital Journey For Onboarding Digital Partners Digital Partners Onboarding at factory scale- Entirely digital and fully repeatable… Campaign One-tap Guided app Training Self paced Begin to reach interest download Quick Digital and learning selling & prospects capture flow sign-up KYC certi
Slide 20: Creative Campaigns To Recruit PoSP
Creative Campaigns To Recruit PoSP Digital Partners 19
Slide 21: Driving Cross-Sell & Multi-Product Enablement through Training
Driving Cross-Sell & Multi-Product Enablement through Training Digital Partners Teach New Skill Deepen Capability Reinforce with Feedback Track Performance • Basics of insurance & other • Product knowledge • Self-paced courses • Monthly usage products • Financial planning • Certification courses • C
Slide 22: Diverse Digital Partner Profiles Across 19,186 Pin Codes
Diverse Digital Partner Profiles Across 19,186 Pin Codes Digital Partners Suresh Singh Surendra Sahu Barnala, Punjab Durgh, Chhattisgarh Guduri Manidivya Rinku Saikia Rajmundhry, Jorhat, Assam Andhra Pradesh All above 4 displayed digital partners were active during FY 26 21
Slide 23: Our Ecosystem | Large Customer Base With 29.53 Mn Policies Distributed
Our Ecosystem | Large Customer Base With 29.53 Mn Policies Distributed 659K+ Self-Employed Retired Home-Maker Financial Distributor Digital Partners Digital Partners Customers 46 Customers Insurers 29.53 Mn policies distributed Insurers Personal Life General Stand Alone Accident Life Motor Health Fi
Slide 24: Customer Value Proposition
Customer Value Proposition Digital Partners On-time Renewal Reminders Comprehensive Product Suite Timely reminders with payment links to 29.53 Mn policies bought including health, renew policy via Turtlemint consumer app life, motor & more from 46 insurers Seamless Claims Process Personalized Financ
Slide 25: Simplifying Personal Insurance Management For Customers
Simplifying Personal Insurance Management For Customers Comprehensive Customer App... …Providing Enhanced Control, Transparency and Convenience Designed to empower individuals in managing their personal insurance portfolio A unified digital repository for customers to consolidate and oversee their i
Slide 26: Nationwide Presence Using Technology
Nationwide Presence Using Technology Note: Distribution network in India, as of March 31, 2026 Map not to scale All numbers above are certified by independent Chartered Accountant, M/s S K Patodia &Associates LLP 25
Slide 27: Our Strategy: Deepen Customer Relationship By Expanding Distribution Network
Our Strategy: Deepen Customer Relationship By Expanding Distribution Network And Adding New Products To Our Offerings Continue To Deepen Penetration & Scale Insurance Distribution In B30+ Markets Through Expanding The DP Network Life Introducing New Insurance Products And Adding Other Financial Prod
Slide 28: Customer Focused Claim Assistance
Customer Focused Claim Assistance The Claim Journey enables end-to-end support with zero paperwork stress Dedicated Claims team Customer Contacts connects with In-House Experts Hassle-Free Happy Turtlemint Customer Assist Processing Customer Key Differentiators Live App Tracking 80+ Geographies Heal
Slide 29: What Our Customers And Partners Say About Claim Assistance
What Our Customers And Partners Say About Claim Assistance “I would like to express my sincere gratitude “I want to express my sincere appreciation “Thanks for your excellent assistance in the to your health claims team and in house for the prompt assistance during my recent claim. Earlier, the surv
Slide 30: Our Ecosystem | 46 Insurance Partners Across GI, SAHI & Life
Our Ecosystem | 46 Insurance Partners Across GI, SAHI & Life 659k+ Self-Employed Retired Home-Maker Financial Distributor Digital Partners Digital Partners Customers 46 Customers Insurers 29.53 Mn policies distributed Insurers Personal Life General Stand Alone Accident Life Motor Health Fire Insurer
Slide 31: Key Offerings For Insurers
Key Offerings For Insurers Digital Partners Deep B30 Penetration Efficient access to underserved B30+ markets* Expanding Reach & Market Faster Go-To-Market Penetration Established network accelerates 659k+ Digital Partners1 enable market entry without physical instant nationwide reach presence Low &
Slide 32: Relationships With Broad Base Of Insurer Partners
Relationships With Broad Base Of Insurer Partners Deep And Long-term Relationships With 46 Insurer Partners Life General Stand Alone Insurers Insurers Health Insurers Diversified Platform Driving Scale For Insurer Partners INR 1bn 22.57% Underwritten by 17 Insurer partners Contribution of platform p
Slide 33: Self-reinforcing Flywheels Driving Strong Network And Learning Effects
Self-reinforcing Flywheels Driving Strong Network And Learning Effects More Larger Customers Network Network Effect Expanding network of platform stakeholders results in increased reach, product diversity, and customer activity that drives continued platform growth Richer More More New data & Polici
Slide 34: Product and Technology
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Slide 35: AI will reshape insurance distribution
AI will reshape insurance distribution. Drive Growth Improve Productivity Higher Retention We’re not watching from the Drive growth through AI driven AI Co-pilots for Digital Partners Improve Digital Partner and sidelines – we’re driving the change ! sales channels and Relationship Managers Customer
Slide 36: Becoming An AI First Company
Becoming An AI First Company Digital Partners Our ambition is to become an AI first company. And we have made a strong start. Every function has started building with AI - not as a pilot, but in day-to-day work. Sales and Ops AI driven Customer Support and AI based sales calling Product and Design U
Slide 37: Proprietary Technology Platforms For Onboarding Insurer Partners
Proprietary Technology Platforms For Onboarding Insurer Partners Core infrastructure solutions to streamline and scale insurance integrations Insurance Hub Seller app Offering access to: Banks • Insurance products, • KYC services Insurers API API Brokers • Robust transformation and rules engine • La
Slide 38: Training And Building Capabilities For Exceptional Customer Experience
Training And Building Capabilities For Exceptional Customer Experience 🤝 Digital Partners 🔍 Relationship Managers ⚙ Operations ⚠ Claims Building Digital Partner Training RMs in communication, Building capabilities in Driving smoother claim capabilities to enable trusted, product expertise &…
Slide 39: Our Board
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Slide 40: Backed By An Experienced Board Of Directors
Backed By An Experienced Board Of Directors Experienced Board Of Directors Dhirendra Nalin Mahyavanshi Anand Rohidas Prabhudesai • Chairperson, MD & CEO • Executive Director and COO • Prior exp: ICICI Lombard General Insurance Co. Ltd., Quikr India Pvt. Ltd. • Prior exp: Yahoo India Pvt. Ltd., Nokia
Slide 41: Q4'26 & FY26 Performance
turtlemint” Q4'26 & FY26 Performance
Slide 42: FY26 – Full year performance snapshot
FY26 – Full year performance snapshot INR 38,678 Mn 659,073 7.83 Mn Policies issued Platform Premium* Digital Partners 31% YoY Recruited 115k DPs in FY26 46 Insurer Partners INR 10,983 Mn INR 1,416 Mn Revenue From Operations Service EBITDA 57% YoY* 70% YoY* 19k+ pin codes *Above all YoY % are calcul
Slide 43: Largest Certified And Diversified Digital Partner Base
Largest Certified And Diversified Digital Partner Base; 80% Based In Digital B30+ Markets Partners 60.93% Digital Partners are up 4.62% Platform premium generated to the age of 35 by top 100 Digital Partners Continued growth in Active Digital Partners: Quarterly Count of Digital Partners Issuing a P
Slide 44: Business Model Characterized By Strong DP Earnings
Business Model Characterized By Strong DP Earnings Digital Partners Our User-friendly Platform, Transparent Payout Structures And Accessible Training Resources Contribute To Growth In Productivity And Scale Of Our Distribution Network (Average earnings1 cohort of Digital Partners) Cohort FY20 FY21 F
Slide 45: Premium And Revenue Growth Driven By Ability To Recruit And Retain Digital Partners
Our Premium And Revenue Growth Driven By Our Ability To Recruit And Retain Our Digital Partner Base Is Now An Established Playbook Active Transacting DPs (quarterly average) Verified DPs CAGR 83,657 CAGR 6,59,073 5,43,972 51% 49,668 63,048 33% 3,76,618 4,44,794 38,702 2,68,228 24,485 1,79,568 14,188
Slide 46: FY26 Revenue Has Grown Over 57% While Service EBITDA Has Grown By 70%
Our FY26 Revenue Has Grown At Over 57% While Our Service EBITDA Has Grown By 70% For The Year Revenue from Operations* (in Mn) Service EBITDA* (in Mn) 10,983 1,416 +57% +70% 7,003 832 FY25 FY26 FY25 FY26 *Revenue numbers for FY25 and Service EBITDA numbers for FY25 are on Proforma basis YoY % All nu
Slide 47: Q4 FY26 Revenue Has Grown Over 42% While Service EBITDA Grown Over 60%
Our Q4 FY26 Revenue Has Grown At Over 42% While Our Service EBITDA Has Grown By Over 60% For The Quarter Revenue from Operations (in Mn) Service EBITDA (in Mn) 3,572 601 +42% +60% 2,516 376 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 All numbers above are certified by independent Chartered Accountant, M/s S K P
Slide 48: Service EBITDA Margin Expansion Is Supported By Growth In The Renewal Book
Service EBITDA Margin Expansion Is Supported By Growth In The Renewal Book Renewal Revenue* (in Mn) 2,246 +51% 1,487 FY25 FY26 YoY % All numbers are on Proforma basis All numbers above are certified by independent Chartered Accountant, M/s S K Patodia & Associates LLP 47
Slide 49: Adjusted EBITDA In Q4FY26 Was Breakeven
Adjusted EBITDA In Q4FY26 Was Breakeven. Corporate Overheads For FY26 Have Reduced From 38% Of Revenue To 23% Corporate Overhead as % of Revenue* Adjusted EBITDA* (in Mn) FY25 FY26 Q4 FY25 Q4 FY26 38% 29 1% 28% -13% 23% -10% -335 2,696 -27% 16% 710 2,471 -1,055 572 FY25 FY26 Q4 FY25 Q4 FY26 -1,863 I
Slide 50: PAT For Q4FY26 Is Breakeven
PAT For Q4FY26 Is Breakeven. For FY26, PAT To Revenue Has Reduced From (29)% To (16)% PAT Margin* (%) INR Mn FY25 FY26 Q4 FY25 Q4 FY26 1% 31 -1,293 -394 -2,026 -12% -16% -29% Net cash flow generated from operating activities converted at 99% to PAT indicating strong working capital management *Profi
Slide 51: Income Statement: Q4 FY26
Income Statement: Q4 FY26 Was Our First Quarter With Adjusted EBITDA Breakeven Particulars (INR Mn) Q4 FY 25 Q4 FY 26 YoY Revenue from Operations 2,516 3,572 42% Service EBITDA 376 601 60% Corporate Overheads 710 572 (19%) % of Revenue from operations 28% 16% (12%) Adjusted EBITDA (335) 29 NM % of R
Slide 52: Income Statement FY26: Strong Growth Coupled With Margin Improvement
Income Statement FY26: Strong Growth Coupled With Margin Improvement Particulars (INR Mn) FY 25 FY 26 YoY (Proforma) (Consolidated) Revenue from Operations 7,003 10,983 57% Service EBITDA 832 1,416 70% Corporate Overheads 2,696 2,471 (8%) % of Revenue from operations 38% 23% (15%) Adjusted EBITDA (1
Slide 53: Appendix
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Slide 54: Consolidated Statement Of Profit And Loss For The Year Ended March 31, 2026
Consolidated Statement Of Profit And Loss For The Year Ended March 31, 2026 For the year ended For the year ended Particulars (INR Mn) March 31, 2025 March 31, 2026 Revenue from operations 6,627 10,983 Other income 305 111 Total income (I) 6,932 11,094 Expenses Employee benefits expense 2,226 2,424
Slide 55: Consolidated Statement Of Profit And Loss For Q4, FY2026
Consolidated Statement Of Profit And Loss For Q4, FY2026 For the quarter ended For the quarter ended Particulars (INR Mn) March 31, 2025 March 31, 2026 Revenue from operations 2,516 3,572 Other income 51 32 Total income (I) 2,568 3,604 Expenses Employee benefits expense 589 593 Finance costs 5 5 Dep
Slide 56: Consolidated Condensed Balance Sheet As At March 31, 2026
Consolidated Condensed Balance Sheet As At March 31, 2026 Particulars March 31, 2025 March 31, 2026 Property Plant and equipment (including ROU, intangibles & goodwill) 440 340 Income tax assets (net) 301 590 Other non-current assets 37 129 Trade receivables 1,378 1,588 Cash and Bank balances 3,165
Slide 57: Consolidated Condensed Statement Of Cash Flows
Consolidated Condensed Statement Of Cash Flows For The Year Ended March 31, 2026 For the year ended For the year ended Particulars (INR Mn) March 31, 2025 March 31, 2026 (Loss) before tax (1,894) (1,926) Adjustments to reconcile loss before tax to net cashflows : Depreciation and amortisation expens
Slide 58: Adjusted EBITDA To PAT Walk
Adjusted EBITDA To PAT Walk Particulars (INR Mn) FY 25 FY 26 Q4 FY25 Q4 FY26 Adjusted EBITDA (1,863) (1,055) (335) 29 ESOP cost 118 250 37 68 Other Income (305) (111) (51) (32) EBITDA (1,675) (1,194) (321) (7) Depreciation and amortisation expenses 300 162 70 40 Finance costs 24 21 5 5 PBT before ta
Slide 59: Operational Key Performance Indicators (KPIs)
Operational Key Performance Indicators (KPIs) FY 23 FY 24 FY 25 FY 26 Particulars (INR Mn) (Proforma)* (Proforma)* (Proforma)* (Consolidated) Operational KPIs : Platform premium 22,155 22,731 29,459 38,678 Number of Digital Partners 3,76,618 4,44,794 5,43,972 6,59,073 Active Transacting Digital Part
Slide 60: Glossary
Glossary Term Description Active Transacting Digital Active Transacting Digital Partners are those Digital Partners who have facilitated the sale of insurance or any other product in the given period, Partners (quarterly average) calculated as a quarterly average during the relevant period/ fiscal y
Slide 61: Glossary
Glossary Term Description Point-of-sale person; Digital Partners who have completed the mandatory training, enabling them to obtain the requisite certification to distribute insurance PoSP products in accordance with applicable IRDAI regulations, including the PoSP Regulations Platform Premium refer
Slide 62: Frequently Asked Questions
turtlemint” Frequently Asked Questions
Slide 63: FAQs
FAQs DP (Digital Partners) vs. PoSP (Point of Sales Person), what's the difference? ● DP is an internal terminology that stands for Digital Partners. These represent count of partners that we have recruited and completed KYC ● PoSP are DPs licensed (post-certification) to sell insurance ● 532 k+ of
Slide 64: FAQs
FAQs How is a PoSP different from Insurance agent? ● PoSPs are permitted to distribute retail insurance products (subject to prescribed limits in certain product categories), while insurance agents can sell the full range of insurance products without such restrictions. ● As per regulations, the min
Slide 65: FAQs
FAQs How do you recruit DPs, and what it the Cost of Acquisition? ● We recruit DPs through a combination of digital marketing, and targeted outreach by our Relationship Managers. ● Our DP Customer Acquisition Cost (CAC) has declined over time as word-of-mouth has compounded and our brand has become
Slide 66: FAQs
FAQs How does the DP cohort behave over time? ● Our business model is characterized by consistently strong earnings and high retention rates among our Digital Partners, resulting in favorable unit economics. ● We have observed that each DP cohort has predominantly experienced an increase in their av
Slide 67: FAQs
FAQs How do you define Active DP? ● Active DP is one who sells at least one policy in a particular period. ● For instance, the way we define out Past 3-month active is a DP who sold a policy during last 90 days How big is DP recruitment TAM? ● India is a country with huge population and favorable de
Slide 68: FAQs
FAQs What is your role when a customer has a claim? ● Claims assistance is a key differentiator and moment of truth for us. ● Our in-house claims experts support both Digital Partners and customers throughout the claims process, including policies not sold through our platform. ● We have good succes
Slide 69: FAQs
FAQs How is your insurer concentration? ● We have no concentration on Insurers side ● Top 3 are only 22.57% ● This is due to granularity of our business. ● 17 insurers did premium of INR 1 Bn+ in FY26, this number was 12 in FY25 What is TurtleFin? ● This is a SaaS-based platform which was originally
Slide 70: FAQs
FAQs What is your strategy on mutual fund and loan distribution, and how does it fit with the core insurance business? ● Mutual fund and loan distribution through our DPs is a natural adjacency. ● DPs who are already trusted advisors for insurance clients can expand their wallet share by offering in
Slide 71: FAQs
FAQs What is Service EBITDA, how do you define it, and what does it look like for new versus renewal business? ● Service EBITDA is our internal measure of operating profitability at the business level, before fixed costs. It is computed as revenue from operations less direct costs, primarily DP payo
Slide 72: Thank You
Thank You . .* y turtlemint
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