Turtlemint Fintech SolutionsIPO Review — Financials, Valuation & Peers
A data-only look at the Turtlemint Fintech Solutions IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 460.11 | -288.18 | — | 743.45 | 900.37 | 0 | — |
| FY 2024 | 119.12 | -193.35 | — | 563.8 | 612.55 | 0 | — |
| FY 2025 | 693.21 | -194.11 | 82.43 | 410.46 | 578.69 | 0 | — |
| Dec 2025 (interim) | 748.91 | -187.39 | 81.58 | 295.68 | 467.14 | — | -7.73 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- -19.66x
- P/E (post-issue)
- -17.91x
- RoNW
- -63.38%
- RoE
- -95.18%
- RoCE
- -59.09%
- Debt / Equity
- 0.15
- EPS (pre-issue)
- ₹-7.73
- EPS (post-issue)
- ₹-8.48
- EBITDA Margin
- 11.01%
- P/BV
- 2.77x
- NAV / share
- ₹54.95
- Market Cap
- ₹4,476.08 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Turtlemint Fintech Solutions | -7.33 | 7,768.02 | — | -47.29% | — | Restated |
| PB Fintech | 7.77 | 140.06 | 202.33x | 5.74% | 11.05x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi
- Holding (pre-issue)
- 17.05%
- Holding (post-issue)
- 13.1%
- Dilution
- 3.95%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Turtlemint Fintech Solutions IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
31 anchor investors participated in the Turtlemint Fintech Solutions IPO ahead of the public offer, together allocated ₹397.21 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ICICI PRUDENTIAL EQUITY & DEBT FUND (₹44.75 crore), BNP PARIBAS FINANCIAL MARKETS-ODI (₹30.99 crore) and MIRAE ASSET AGGRESSIVE HYBRID FUND (₹29.83 crore). Investor categories represented include Other, Insurance, Bank and FII/FPI. The lock-in on half the anchor shares ends on 23 Jul 2026, with the remainder locked until 21 Sept 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Turtlemint Fintech Solutions IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Turtlemint Fintech Solutions operates at an EBITDA margin of 11.01%. Capital efficiency reads at a return on capital employed (RoCE) of -59.09% and a return on equity (RoE) of -95.18%. At the upper band, the post-issue market capitalisation works out to about ₹4,476.08 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward salary expenditure towards the technology and product development teams of the company (₹193.04 crore), alongside funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes (₹151.24 crore). In all, 8 objects are disclosed.
Financials
In FY2025, Turtlemint Fintech Solutions reported revenue of ₹748.91 crore and a net loss of ₹187.39 crore. Revenue grew from ₹460.11 crore in FY2023 to ₹748.91 crore in FY2025 (+63.0%). Net worth stood at ₹295.68 crore at the end of FY2025.
Valuation
At the upper band, the issue is priced at -17.91× post-issue earnings and 2.77× book value, against a return on net worth of -63.38% and a debt-to-equity ratio of 0.15. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Promoter holding stands at 17.05% before the issue and comes down to 13.1% after listing.
Frequently asked questions
- What is the reservation split in the Turtlemint Fintech Solutions IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%.
- Who are the promoters of Turtlemint Fintech Solutions and what is their holding?
- The promoters are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Promoter holding is 17.05% before the issue and 13.1% after listing.
- What is the P/E ratio of the Turtlemint Fintech Solutions IPO?
- At the upper price band, the Turtlemint Fintech Solutions IPO is valued at -19.66× pre-issue earnings and -17.91× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Turtlemint Fintech Solutions IPO?
- The net proceeds go primarily toward salary expenditure towards the technology and product development teams of the company, among 8 disclosed objects.