Turtlemint Fintech Solutions Limited operates a tech-enabled insurance distribution platform that connects customers, insurance advisors, and insurers. The company operates a digital partner network model, primarily empowering Point-of-Sale Persons (PoSPs) through its proprietary mobile and web-based application, "TurtlemintPro". To execute its direct insurance broking business, the company acquired Turtlemint Insurance Broking Services Private Limited (TIB) in May 2024. The company's revenue is heavily dependent on commissions and fees earned from its Insurer Partners, primarily general insurance, life insurance, and health insurance providers. To distribute these products to end retail consumers, the company relies on a massive, geographically diverse network of 6,31,885 Digital Partners (PoSPs) as of December 31, 2025. The company has also expanded into mutual funds distribution through its subsidiary, Turtlemint Mutual Funds Distributors Private Limited (TMF). ecause Turtlemint is a technology-driven fintech and insurance distribution company, it does not operate traditional manufacturing units or factories, and therefore capacity utilization metrics are not applicable. Instead of manufacturing infrastructure, the company’s operations are supported by 83 leased physical branch offices across India, call centers, and a robust cloud and server-based IT infrastructure. As per financial performance, Turtlemint Fintech Solutions Limited has posted total income/net profits of Rs 460.11 Cr / Rs (288.18) Cr (FY23), Rs 119.11 Cr / Rs (193.35) Cr (FY24), Rs 693.20 Cr / (194.11) Cr (FY25) and Rs 748.90 Cr / (187.39) Cr (upto Q3 FY26). So as per previous financials data, company has shown steady growth, but debt increased three times from Rs 368.18 Cr in FY23 to Rs 1,303.21 Cr as of 9M FY26. Net Cash from Operating Activities collapsed from a positive Rs 610.89 Crores in FY23 to a negative Rs (92.00) Crores in FY25, and worsened to a bleeding negative Rs (387.70) Crores in 9M FY26. The company is recording accounting profits but burning immense cash. Company has an average EPS of Rs (7.96) and average RoNW of (41.54)% for last three fiscals. Issue is priced at a P/BV of 2.77 as per NAV of Rs 54.95/- as on 31.12.25. If we attribute latest earnings of FY24, FY25, TTM and annualised FY26 on equity post issue, then asking price is at a P/E of around NA, NA, NA and NA respectively. As per RHP, comparison between listed peers are shown in the above market. On BRLM's front, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, and Motilal Oswal Investment Advisors Limited are associated with this IPO, and has handled 134 IPOs in last three fiscal years. ( As on 16.06.26 ) As per financials, Turtlemint Fintech Solutions Limited has shown average results, RoNW is (47.29)% and P/E is NA, NA, NA and NA respectively as per FY24, FY25, TTM and annualised FY26 earnings. So issue looks fully priced, but negative cash flow, increase in debt and inventory are indicating risks. This IPO purely looks exit strategy for existing investors and no benefit to the company. Company is the leading non-ferrous metal recycler in terms of installed capacity, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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