Turtlemint Cuts Losses 67% as Revenue Climbs to Rs 342 Crore

Turtlemint posted Rs 342 crore in revenue from operations for Q2 FY27, up 35.2% year-on-year, while its net loss narrowed 67.1% to Rs 25.83 crore, according to financial statements filed with the NSE.

The numbers mark a sharp improvement on both lines. A year earlier, in Q2 FY26, the insurance distribution platform earned Rs 253 crore and lost Rs 78.45 crore. Revenue grew faster than expenses, and the gap showed up directly at the bottom line.

Who is Turtlemint?

Dhirendra Mahyavanshi and Anand Prabhudesai founded the company, which runs a technology-led platform distributing insurance and other financial products. Turtlemint listed its financial statements with the NSE, and the figures here come straight from those filings.

Beyond core operations, the company booked Rs 9.5 crore in other income during the quarter. That lifted total income to Rs 352 crore in Q2 FY27, up from Rs 255 crore in the same quarter last year.

Where did the money go?

Total expenses rose 25% to Rs 375 crore in Q2 FY27, against Rs 300 crore in Q2 FY26. Turtlemint does not disclose a detailed breakup of its expenses in its filings.

Among the reported heads:

• Other expenses: Rs 306.50 crore, up 31%
• Employee benefit expenses: Rs 64.23 crore, up 4.2%
• Depreciation: Rs 4.30 crore

The expense mix tells the story. Other expenses — the platform's largest cost head — grew at nearly the pace of revenue, while employee costs barely moved. Payroll discipline plus top-line growth is what compressed the loss.

How did the first half shape up?

The half-year picture reinforces the quarterly trend. Revenue from operations grew 37.6% to Rs 637 crore in H1 FY27, up from Rs 463 crore in H1 FY26. Net losses for the period narrowed 50.9% to Rs 61.42 crore, from Rs 125 crore a year earlier.

So the company added Rs 174 crore of revenue in six months while cutting its loss by more than Rs 63 crore. That combination — faster growth, smaller burn — is the one investors typically reward.

What does the market say?

On Thursday, Turtlemint shares closed at Rs 61.13 apiece, giving the company a market capitalisation of Rs 1,800 crore.

The market cap works out to roughly 5.3 times annualized Q2 revenue — a modest multiple that suggests investors are still pricing the company on the trajectory of its loss reduction rather than on scale alone. If the 67% loss compression holds into the second half, Turtlemint's path to breakeven shortens considerably.