Financial Performance Highlights (Consolidated)
Income Statement:
- Q2 FY27 Revenue from operations: ₹342.19 crore (vs ₹294.98 crore in Q1 FY27 and ₹252.84 crore in Q2 FY26)
- H1 FY27 Revenue from operations: ₹637.17 crore (vs ₹463.33 crore in H1 FY26)
- Total Income Q2 FY27: ₹351.66 crore
- Employee benefits expense Q2 FY27: ₹64.23 crore
- Finance costs Q2 FY27: ₹2.60 crore
- Other expenses Q2 FY27: ₹301.67 crore
- Loss before exceptional items and tax Q2 FY27: ₹(23.55) crore (improved from ₹(37.87) crore in Q1 FY27 and ₹(44.47) crore in Q2 FY26)
- Exceptional items: Nil in current period (vs ₹33.98 crore in Q2 FY25)
- Net Loss Q2 FY27: ₹(25.83) crore (vs ₹(37.78) crore in Q1 FY27 and ₹(78.45) crore in Q2 FY26)
- H1 FY27 Net Loss: ₹(63.61) crore
- Basic EPS Q2 FY27: ₹(1.00) per share
- Diluted EPS Q2 FY27: ₹(1.00) per share
Balance Sheet (Consolidated as of September 30, 2026):
- Total Assets: ₹1,074.58 crore (vs ₹450.09 crore as of March 31, 2026)
- Cash and cash equivalents: ₹380.76 crore
- Bank balances other than cash: ₹353.65 crore
- Total cash and bank balances: ₹734.41 crore
- Trade receivables: ₹173.79 crore
- Total Equity: ₹867.58 crore
- Equity share capital: ₹29.45 crore (29,44,78,906 equity shares of ₹1 each)
- Borrowings (non-current): ₹32.72 crore
- Borrowings (current): ₹17.18 crore
IPO Details and Utilization
IPO Completion:
- Completed on June 29, 2026
- Issue size: 5,80,70,398 equity shares at ₹152 per share
- Fresh issue: 4,34,68,552 shares raising ₹660.72 crore
- Offer for sale: 1,46,01,846 shares
- Post-IPO paid-up capital increased from ₹25.10 crore to ₹29.45 crore
IPO Proceeds Utilization (as of September 30, 2026):
- Total gross proceeds: ₹660.72 crore
- Amount utilized: ₹19.25 crore
- Unutilized amount: ₹641.47 crore
- Breakdown of utilization:
- Cloud and server infrastructure: ₹2.57 crore (of ₹25.64 crore allocated)
- Technology team salaries: ₹6.55 crore (of ₹193.04 crore allocated)
- Marketing initiatives: ₹3.18 crore (of ₹39.07 crore allocated)
- Lease payments: ₹1.32 crore (of ₹22.21 crore allocated)
- Offer expenses: ₹5.63 crore (of ₹80.01 crore allocated)
Exceptional Items
Historical exceptional items recognized:
- Q2 FY25: ₹33.98 crore (₹2.41 crore IPO expenses + ₹31.57 crore financial instruments related expenses)
- H1 FY25: ₹33.98 crore
- FY26: ₹54.93 crore
The financial instruments related expenses of ₹31.57 crore (Q2 FY25) and ₹52.52 crore (FY26) resulted from adjustments to conversion ratios of CCPS instruments following a bonus issue of 500 equity shares for every equity share held, approved by Board on July 12, 2025 and shareholders on July 17, 2025.
Debt Financing
NCD Issuance:
- Received ₹50 crore from Trifecta Venture Debt Fund III and IV on March 26, 2026
- 13.75% Non-Convertible Debentures with monthly interest payments
- Additional 0.60% quarterly coupon on subscription amount
- 8-month principal moratorium, 36-month repayment period
- Secured by first charge over company and TMF assets, second charge over TIB assets
Subsidiary Information
Consolidated entities:
1. Turtlemint Mutual Fund Distributors Private Limited
2. Turtlemint Insurance Broking Services Private Limited
Investment in subsidiary:
- Invested ₹25 crore in TIB on May 19, 2026
- Additional investment of ₹149.51 crore in TIB on October 20, 2026
Share Capital Changes
ESOP Activity:
- No stock options granted during Q2 and H1 FY27
- 12,33,880 equity shares allotted on April 16, 2026 to employees exercising options
Auditor Review
Limited Review Conducted by: S.R. Batliboi & Co. LLP, Chartered Accountants
Conclusion: No material misstatement found in the financial results prepared in accordance with Ind AS 34 and SEBI Listing Regulations.