Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.
In simple words: The company is currently losing money, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.
The 60-second version of Turtlemint Fintech Solutions Limited — what it does, how it earns, and who it competes with, before any of the numbers below.
What does this company do?
Turtlemint Fintech Solutions Limited operates as a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers in India.
IndustryInsurance Brokers
SectorFinancial Services
Employees1,173
Annual revenue₹700 Cr
How does it make money?
Turns over ₹700 Cr a year. Of every ₹100 of sales, about ₹-29 reaches shareholders as profit, with ₹-23 left at the operating level before interest, tax and depreciation. Each of its 1,173 employees supports ₹59.7 lakh of revenue a year, the signature of a people-led business.
Revenue / employee₹59.7 lakh
Who are its competitors?
The closest listed comparisons in its industry are HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD, ICICI PRU LIFE INS CO LTD, ICICI LOMBARD GIC LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.
What is its competitive advantage?Not assessable from these ratios
For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.
Peer median ROE13.6%
What is the outlook?
1 analysts covering the stock expect revenue to grow about 24.0% and earnings to grow about 1142.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.
Est. revenue growth+24.0%
Est. earnings growth+1142.2%
Analysts1
What has been driving growth?
Sales and margins have both contributed to where profit is now. Over 2 years revenue moved +30% while net margin moved -45% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.
Revenue effect+30%
Margin effect-45%
DalalBaazaar Score
49/ 100
Moderate
Weighted across six categories. Every point is explained below.
✗ Return on equity is negative
✗ ROE has fallen by 11.2 points over the period
Quality vs. Valuation
Company Quality
51/ 100
Average
How good the business is, ignoring the share price entirely.
vs
Valuation
36/ 100
Expensive
What you are being asked to pay, ignoring how good the business is.
A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.
vs. its own history
Not enough price and earnings history
vs. sector peers
Not enough peers with a usable P/E
vs. generic bands
N/A
No P/E — the company is lossmaking
EV/EBITDA
—
PEG
—
What's Good / What's Bad
🟢 What's Going Well1
Margins are improving
EBITDA margin is up from -47.9% to -23.4% over 2 years.
🔴 What Needs Attention3
Return on equity is falling
ROE has dropped from -38.2% to -49.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from -36.2% to -45.3% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 53% against revenue growth of 30% — customers are taking longer to pay.
Red Flags
3 items require attention · 2 high · 1 watch
🔴Thin interest coverageFinancial
Operating profit covers interest only -82.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹203 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -54.1x to -82.6x.
Investment Thesis
🟢 Bull CaseWhat could make this work?
Margin expansion has further to run
EBITDA margin has risen from -47.9% to -23.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
🔴 Bear CaseWhat could go wrong?
Returns on shareholder capital are falling
ROE has dropped from -38.2% to -49.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.
🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today
1Revenue growth stays above 11% a year✓ 14.1% CAGR
Latest reported year was 38.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -25%✓ -23.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ -49.3%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ -82.6x
How much operating profit can fall before interest stops being comfortably covered.
Investment Checklist
5 / 12 checks passed
✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish
Price history
Quick Metrics
2 good · 2 neutral · 7 weak
Market Cap
₹1,986 Cr
Micro Cap
Smaller company — thin liquidity and deep drawdowns are normal here
P/E (Trailing)
Not meaningful
Loss-making
Earnings are negative, so a P/E multiple can't be read here
P/B Ratio
1.19x
Reasonable
Reasonable against the company's book value
EPS (TTM)
₹-6.14
Loss-making
Negative earnings per share — the business is losing money
ROE
-49.3%
Weak
Weak capital efficiency
ROCE
-45.3%
Weak
Low return on total capital employed
Debt/Equity
6.06x
High
High leverage
Revenue Growth (YoY)
38.1%
Healthy
Healthy top-line growth
Profit Growth (YoY)
-8.3%
Falling
Profits are shrinking
Dividend Yield
None
None
No dividend yield reported — usually means no payout, but verify if one was recently initiated
Free Cash Flow
-₹218 Cr
Cash burning
Spending more cash than the operations bring in
More Metrics
P/E (Forward)
12.1x
Operating Margin
-12.0%
Weak
Thin margins leave little room for error
Net Margin
-14.7%
Weak
Very little revenue reaches the bottom line
Current Ratio
3.50
Comfortable
Healthy short-term liquidity
52W Range Position
2%
Near low
Near its 52-week low
Technical Snapshot
SMA 20 / SMA 50
86.8 / 117.8
Bearish alignment (short < long)
RSI (14)
18.0
Oversold zone
Financial Trend (3-Year)
Metric
FY23
FY24
FY25
2Y CAGR
Revenue
₹538 Cr
₹564 Cr
₹700 Cr
+14.1%
EBITDA
-₹258 Cr
-₹152 Cr
-₹164 Cr
—
EBITDA Margin
-47.9%
-26.9%
-23.4%
—
PAT (Net Profit)
-₹284 Cr
-₹187 Cr
-₹203 Cr
—
EPS
₹-10.99
₹-7.06
₹-7.65
—
ROE
-38.2%
-33.2%
-49.3%
—
ROCE
-36.2%
-31.2%
-45.3%
—
Total Debt
₹26 Cr
₹19 Cr
₹27 Cr
+1.0%
Free Cash Flow
-₹298 Cr
-₹243 Cr
-₹218 Cr
—
🟢 Revenue has grown at 14.1% a year over 2 years.
🟢 EBITDA Margin has risen from -47.9% to -23.4% over 2 years (+24.5 pts).
🔴 ROE has fallen from -38.2% to -49.3% over 2 years (-11.2 pts).
🔴 ROCE has fallen from -36.2% to -45.3% over 2 years (-9.1 pts).
🟡 Total Debt has been broadly flat over 2 years (1.0% a year).
🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.
A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.
2 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑
