🚫 Avoid
Listed
Financial Technology (Fintech)
Turtlemint Fintech Solutions Limited IPO
₹883 Cr · Fresh Issue & OFS · Financial Technology (Fintech)
Price Band
₹144 – ₹152
Lot: 1200 shares (₹182,400)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹883 Cr
Fresh Issue & OFS
Market Cap
₹4476.08 Cr
At upper band
P/E Ratio
23.1x
P/S: 6.8x
Listing Date
26 Jun 2026
BSE & NSE
IPO Timeline
✓
Opens
19 Jun 2026
✓
Closes
23 Jun 2026
✓
Allotment
24 Jun 2026
✓
Refund
25 Jun 2026
✓
Listing
26 Jun 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company is loss-making with a ₹194.11 Cr net loss in the latest fiscal year, making P/E analysis irrelevant. Despite 150.7% revenue CAGR and a modest 0.15x D/E ratio, the negative ROCE of -59.09% signals severe capital inefficiency, and promoter holding collapses from 17.05% to 13.1% post-issue, raising governance concerns.
Listing Performance
Issue Price
₹152
Allotment price
Listing Price
₹136.2
-10.39% on listing day
Current Price (CMP)
₹136.25
-10.4% vs issue
Listed On
26 Jun 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional revenue growth trajectory
The company achieved 150.7% two-year revenue CAGR, growing from ₹119.1 Cr (FY-2) to ₹748.9 Cr (FY0), demonstrating strong market traction in fintech. This scale-up speed indicates product-market fit and aggressive customer acquisition in the insurance distribution space.
✓ Strength
Conservative balance sheet structure
Debt-to-equity ratio of 0.15x is well below the fintech sector norm of 1.5x, providing financial flexibility and low refinancing risk. This conservative leverage supports the company's ability to fund growth without distress.
⚠ Risk
Severe profitability and capital efficiency crisis
The company reported a ₹194.11 Cr net loss despite ₹748.9 Cr revenue, implying a negative net profit margin of -25.9%. More critically, ROCE of -59.09% indicates the company destroys shareholder capital at scale—each rupee invested generates negative returns, a red flag for any growth-stage fintech.
⚠ Risk
Dramatic promoter stake dilution post-IPO
Promoter holding drops from 17.05% pre-issue to 13.1% post-issue, a 23% dilution that signals weak founder conviction and raises governance risk. Combined with 25.1% OFS (founder/early investor exit), this suggests insiders are cashing out despite growth, a bearish signal.
₹ Valuation
Valuation metrics distorted by losses
P/E of 23.1x is technically meaningless given negative earnings; P/S of 6.8x is elevated for a loss-making fintech (sector median ~2–3x for profitable peers). At ₹4,476 Cr market cap, the company trades at 6× revenue with no path to profitability visible in current financials.
👁 Watch
Path to profitability and unit economics
Investors must scrutinize quarterly earnings post-listing to confirm whether the 12.44% EBITDA margin can translate to net profitability. If losses persist or widen, the stock will face severe repricing regardless of GMP momentum.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Turtlemint Fintech Solutions Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹662.71 Cr
Net Profit
₹-194.11 Cr
Industry
Financial Technology (Fintech)
Issue Type
Fresh Issue & OFS
Promoters
ANAND ROHIDAS PRABHUDESAI AND DHIRENDRA NALIN MAHYAVANSHI
Lead Managers
ICICI Securities, Jefferies, JM Financial and Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Avoid. The company is loss-making with a ₹194.11 Cr net loss in the latest fiscal year, making P/E analysis irrelevant. Despite 150.7% revenue CAGR and a modest 0.15x D/E ratio, the negative ROCE of -59.09% signals severe capital inefficiency, and promoter holding collapses from 17.05% to 13.1% post-issue, raising governance concerns.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹152, the minimum investment per retail application is ₹182,400. You can apply for up to 13 lots (₹2,371,200) under the retail category (up to ₹2 lakh).
The IPO opens on 19 Jun 2026. It closes on 23 Jun 2026. Allotment is expected on 24 Jun 2026. Refunds initiate on 25 Jun 2026. Listing on BSE and NSE is on 26 Jun 2026.
The lead managers for the IPO are ICICI Securities, Jefferies, JM Financial and Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 26 Jun 2026 at ₹136.2 against an issue price of ₹152 (-10.39% on listing day). The current market price (CMP) is approximately ₹136.25 (-10.4% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 23 Jun 2026. The minimum investment is ₹182,400 for one lot (1200 shares). The company is loss-making with a ₹194.11 Cr net loss in the latest fiscal year, making P/E analysis irrelevant. Despite 150.7% revenue CAGR and a modest 0.15x D/E ratio, the negative ROCE of -59.09% signals severe capital inefficiency, and promoter holding collapses from 17.05% to 13.1% post-issue, raising governance concerns.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 23 Jun 2026. The IPO is priced at a P/E of 23.1x. Market cap at issue price is ₹4476.08 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹152 each, costing ₹182,400 per application. The issue closes on 23 Jun 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Turtlemint Fintech Solutions Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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