Event Details

  • Event: Q4 and Full Year FY26 Earnings Conference Call
  • Date & Time: July 17, 2026, at 18:30 Hrs IST
  • Duration: 80 minutes

Management Participants

  • Mr. Dhirendra Mahyavanshi, Managing Director and Chief Executive Officer
  • Mr. Anand Prabhudesai, Executive Director and Chief Operating Officer
  • Mr. Badrinarayan Sanjeevi, Chief Financial Officer
  • Mr. Nitin Garewal, Head – Investor Relations

Key Financial & Operational Highlights (FY26)

  • Platform Premium: Increased to ₹3,868 crores from ₹2,946 crores in FY25, a growth of 31% YoY.
  • Operating Revenue: Grew 57% YoY to ₹1,098 crores (₹700 crores in FY25).
  • Renewal Revenue: Grew 51% YoY to ₹225 crores.
  • Service EBITDA: Grew 70% YoY to ₹142 crores (13% of revenue).
  • Adjusted EBITDA: Loss narrowed to ₹105 crores (-10% of revenue) from a loss of ₹186 crores (-27%) in FY25.
  • PAT (before exceptional items): ₹129 crores (12% of revenue), an improvement from a loss of ₹203 crores (-30%) in FY25.
  • Exceptional Item: A non-cash charge of ₹55 crores related to the conversion of preference share capital to equity, recorded in the nine-month period ending Dec 31, 2025. No exceptional items in Q4 FY26 or expected in FY27.
  • ESOP Cost: ₹25 crores (2.3% of revenue) for FY26.
  • Cash Flow: Cash conversion from operations was 99% of PAT (before exceptional items).
  • Active Digital Partners (P3M - Prior 3-Month Active): ~93,000 as of March 31, 2026, having grown at a 7-year CAGR of 51%.
  • Network Granularity: The top 100 digital partners contributed only 4.62% of platform premium.
  • Geographic Reach: Digital partners operate across 19,000+ PIN codes in India.

Key Financial & Operational Highlights (Q4 FY26)

  • Revenue: ₹357 crores, up 42% YoY.
  • Service EBITDA: ₹60 crores, up 60% YoY.
  • Corporate Overheads: Reduced to 16% of revenue for the quarter.
  • Profitability: Achieved first-ever breakeven at an adjusted EBITDA level on a consolidated basis. PAT was positive.

Business Model & Strategy Updates

  • Core Mission: To make insurance simple, accessible, and trusted via a tech-enabled, advisor-led (PoSP) model.
  • Platform Ecosystem: Connects 6.5+ lakh advisors (digital partners), 46 insurance companies, and policyholders.
  • Growth Strategy: Focus on RAP - Recruit, Activate, and Produce digital partners at scale. Over 80% of recruits are new to insurance.
  • Key Focus Areas for Future: Deepen penetration in B30 markets, leverage technology/AI, expand product suite (MF, loans), strengthen brand, and pursue strategic partnerships/acquisitions.
  • Adjacent Businesses: Mutual Fund AUM is ~₹1,400 crores. Loan disbursement run-rate is ~₹300 crores annually.
  • Enterprise Business (Turtlefin): Contributes ~20% of platform premium. Offers tech-enabled distribution solutions to banks, NBFCs, and FinTechs.

Technology & AI Initiatives

  • Turtlemint Pro App: Crossed 5 million downloads on Google Play.
  • Digital Tools: Turtlemint Academy for training (~52,000 monthly active users); tools for sharing personalized content (~1.25 million pieces monthly in 8 languages); digital transaction infrastructure (~8 lakh quotes generated daily).
  • AI Implementation: Used in support ticket resolution, renewal calling/nudging, and claims support to drive key KPIs like agent activation and productivity.
  • Enterprise Tech: Turtlefin provides API-based, plug-and-play modules for enterprise partners.

Profitability Drivers & Outlook

  • Renewal Business: A key profitability driver with higher service EBITDA margins (2.5-3x higher than new business). Constituted 20% of overall revenue in FY26.
  • Operating Leverage: Corporate overheads were contained at ₹247 crores for FY26 (down from ₹270 crores in FY25), shrinking to 23% of revenue from 38%.
  • Productivity: Frontline employee premium productivity improved by over 20% in the last year.
  • Long-term Margin Guidance: Management expects Service EBITDA to expand to 24-25% and corporate overheads to reduce to 5-6% of revenue, leading to an Adjusted EBITDA margin of 18-20% in the next 4-5 years.
  • FY27 Outlook: The company expects to be profitable for the full year on a consolidated basis, with continued improvement in profitability each quarter.

Q&A Session Key Points

  • Growth Sustainability: Management attributes growth to a repeatable engine of recruiting and activating new digital partners and improving the productivity of existing cohorts. Historically, the company has grown at a 40%+ CAGR.
  • Commission Regulation Impact: Expressed confidence in the platform's ability to absorb potential commission changes due to its asset-light, performance-driven model, citing the smooth absorption of GST-related changes previously.
  • Claims Process: The company has an in-house expert claims desk that assisted in settling over ₹85 crores of delayed or rejected claims in Q4.
  • Working Capital: Disciplined management with receivables of ~40-50 days. High cash conversion (99% of PAT) is achieved by paying partners largely after collecting from insurers.
  • Insurer Concentration: Low concentration risk; top 3 insurers contribute ~22% of business.
  • Attrition: Claimed to have lower attrition than the industry, aided by compensation structures and ESOPs.