Turtlemint Fintech Solutions CEO, chairman, board of directors and AGM
NSE: TURTLEMINTBSE: 544799Financial Technology (Fintech)Small Cap
Share price at the NSE close on 27 Oct 2026. Previous close ₹53.77.
27 Oct: open ₹53.79, high ₹56.00, low ₹52.33
- Under NSE's long-term additional surveillance, stage I, on the list for 27 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹1,598 Cr851st largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- No full year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 5.24
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Jun 2026
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 12,51,02240.7% delivered
Turtlemint Fintech Solutions' chairperson and managing director and CEO is Dhirendra Nalin Mahyavanshi, as filed for the quarter to Jun 2026. Its latest annual general meeting was on 24 Sep 2026.
Turtlemint Fintech Solutions board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing director and CEODhirendra Nalin MahyavanshiRelated to the promoter
- Company Secretary and Compliance OfficerPrashant Saini
6 directors4 independent2 executive
- Dhirendra Nalin Mahyavanshi · Chairperson and managing director and CEOExecutive · joined Feb 2025 · reappointed Jul 2025 · 1 listed board · 2 committee seats
- Anand Rohidas PrabhudesaiExecutive · joined Apr 2015 · reappointed Jul 2025 · 1 listed board · 1 committee seat
- Dinanath Mohandas DubhashiIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Alok Chandra MisraIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 months as independent · 4 listed boards · 3 as independent · 5 committee seats, 4 as chair
- Anup WadhawanIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 3 as chair
- Mohua SenguptaIndependent · joined Jul 2025 · reappointed Jul 2025 · 11 months as independent · 1 listed board · 1 as independent
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 23 Jun 20264 of 6 present3 independent · 7 days in between
- 15 Jun 20265 of 6 present3 independent · 11 days in between
- 3 Jun 20266 of 6 present4 independent · 5 days in between
- 28 May 20264 of 6 present3 independent · 62 days in between
4 earlier meetings
- 26 Mar 20265 of 6 present3 independent · 56 days in between
- 28 Jan 20264 of 6 present2 independent · 11 days in between
- 16 Jan 20265 of 6 present3 independent · 1 day in between
- 14 Jan 20265 of 6 present4 independent
Audit Committee
Chair Alok Chandra Misra
Anup Wadhawan, Dhirendra Nalin Mahyavanshi, Dinanath Mohandas Dubhashi
- 23 Jun 20263 of 4 present2 independent · 7 days in between
- 15 Jun 20264 of 4 present3 independent · 12 days in between
- 2 Jun 20264 of 4 present3 independent · 4 days in between
- 28 May 20263 of 4 present3 independent · 6 days in between
5 earlier meetings
- 21 May 20264 of 4 present3 independent · 104 days in between
- 5 Feb 20263 of 4 present2 independent · 7 days in between
- 28 Jan 20263 of 4 present2 independent · 11 days in between
- 16 Jan 20263 of 4 present2 independent · 1 day in between
- 14 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Dinanath Mohandas Dubhashi
Alok Chandra Misra, Anup Wadhawan, Dhirendra Nalin Mahyavanshi
- 15 Apr 20263 of 4 present3 independent · 19 days in between
- 26 Mar 20263 of 4 present2 independent
Stakeholders Relationship Committee
Chair Alok Chandra Misra
Dhirendra Nalin Mahyavanshi, Anand Rohidas Prabhudesai
No meeting listed in the filing.
Risk Management Committee
Chair Anup Wadhawan
Alok Chandra Misra, Dinanath Mohandas Dubhashi, Dhirendra Nalin Mahyavanshi
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- S.R. Batliboi & Co. LLPPeer-review certificate valid to Jul 2027
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Turtlemint Fintech Solutions AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.
Annual general meeting, 24 Sep 2026
36,734 shareholders on the register on 17 Sep 2026; present: 2 promoters and 57 others; votes counted by Alifya Sapatwala / M/s. Mehta and Mehta, Practicing Company Secretaries.The company's voting result
To receive, consider and adopt: a. The Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon; and b. The Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026, together with the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 78.42% · promoters 100.00% · institutions 80.94% · other public 46.14%
- To appoint a director in place of Mr. Dhirendra Nalin Mahyavanshi (DIN: 06652017), who retires by rotation and being eligible, offers himself for re-appointment.OrdinaryPromoters have an interest in it98.28% for1.72% against
Against: promoters 0.00% · institutions 2.30% · other public 0.00%
Turnout: all 78.42% · promoters 100.00% · institutions 80.94% · other public 46.14%
To approve the appointment of S G and Associates, Company Secretaries as Secretarial Auditor of the Company for a term of five consecutive years for the financial year 2026-27 to financial year 2030-31 and to fix their remunerationMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 78.42% · promoters 100.00% · institutions 80.94% · other public 46.14%
- Ratification and Approval for Amendment of the Turtlemint Fintech Solutions ESOP Scheme 2025 of the CompanySpecial92.77% for7.23% against
Against: promoters 0.00% · institutions 8.92% · other public 6.79%
Turnout: all 78.42% · promoters 100.00% · institutions 80.94% · other public 46.14%
- Ratification of extension of the benefits of the Turtlemint Fintech Solutions Limited Employees Stock Option Scheme - 2025 to the eligible employees of subsidiary companies of the CompanySpecial92.77% for7.23% against
Against: promoters 0.00% · institutions 8.92% · other public 6.79%
Turnout: all 78.42% · promoters 100.00% · institutions 80.94% · other public 46.14%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 24 Sep 2026, 7 fund houses
To receive, consider and adopt: a. The Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon; and b. The Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026, together with the Report of the Auditors thereon.MoreLess
7 for0 against- To appoint a director in place of Mr. Dhirendra Nalin Mahyavanshi (DIN: 06652017), who retires by rotation and being eligible, offers himself for re-appointment.7 for0 against
To approve the appointment of S G and Associates, Company Secretaries as Secretarial Auditor of the Company for a term of five consecutive years for the financial year 2026-27 to financial year 2030-31 and to fix their remunerationMoreLess
7 for0 against- Ratification and Approval for Amendment of the Turtlemint Fintech Solutions ESOP Scheme 2025 of the Company
Against Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual FundNo major governance concern is identified w.r.t the proposed amendments, itself. Non-compliance with SEBI (SBEB & SE) Regulations, 2021: Exercise price and Exercise Period inadequately disclosed. Governance Concern: Based on the existing disclosures, excessive benefit may be extended to an individual employee. Transparency Concern: Inadequate justification for placing a minimum threshold for vesting from the date of listing.
- Bank of India Mutual FundThe options pool comprises 12,193,045 options. As per DRHP dated 15 June 2026, 6.9 mn options are outstanding. The options when exercised would result in an overall dilution of ~4.0% on the expanded capital base. The minimum vesting period is one year, with overall vesting period not less than four years, while the specific vesting schedule and conditions will be set out in the grant letter issued to employees. The exercise price shall be determined by the Nomination and Remuneration committee. As per the Red Herring Prospectus, options granted prior to the IPO were issued at an exercise price of Re. 1.0. The current market price of share is Rs. 144.0 (Closing price as on 7 September 2026). We do not favour ESOP schemes where the exercise price can be at a significant discount (greater than 20%) to market price. Further, in case of significant discount, we expect the vesting of the stock options to be based on clearly defined performance metrics along with a confirmation that the targets along with their achievement will be disclosed by the company in the subsequent annual reports. While the other amendments are operational in nature, given the lack of clarity on the exercise price and absence of any performance-based vesting criteria, we do not support the scheme. Hence, we do not support the resolution
- ICICI Prudential Mutual FundThe options pool comprises 12,193,045 options. As per DRHP dated 15 June 2026, 6.9 mn options are outstanding. The options when exercised would result in an overall dilution of ~4.0% on the expanded capital base. Clearly defined performance metrics are not mentioned. Hence, the AMC has voted against the resolution.
3 for4 against - Ratification of extension of the benefits of the Turtlemint Fintech Solutions Limited Employees Stock Option Scheme - 2025 to the eligible employees of subsidiary companies of the Company
Against Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual FundNon-compliance with SEBI (SBEB & SE) Regulations, 2021: Interlinked with resolution #4. Governance Concern: Benefit proposed to be extended to Group companies including Associate Company(ies) without adequate justification & no provision for reimbursement of cost to be incurred by the Company.
- Bank of India Mutual FundThe company proposes to extend the ESOP Scheme - 2025 to eligible employees of its existing and future subsidiary, holding, associate and group companies, in India or outside India. While we support the extension of the scheme to subsidiary company employees, we do not support extension of scheme to associate companies. Further, our recommendation is linked to our view on resolution #4. We do not support this resolution.
- ICICI Prudential Mutual FundThe options pool comprises 12,193,045 options. As per DRHP dated 15 June 2026, 6.9 mn options are outstanding. The options when exercised would result in an overall dilution of ~4.0% on the expanded capital base. Clearly defined performance metrics are not mentioned. Hence, the AMC has voted against the resolution.
3 for4 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeJoint Commissioner, CGST &CX Thane CommissionerateSince 15 Jun 2023The Company has filed the appeal, regularly attended hearings, and responded to the queries raised by the appellate authority
At the filing before: The Directorate General of GST Intelligence has levied the penalty against the Company under section 122 (1) of the CGST Act,2017 f of Rs. 511.96 millions (as disclosed in financial statements for the year ended March 31, 2025). The Company has filed an appeal agianst the said penalty ordersMoreLess
- Tax disputeOffice of the Assistant Commissioner of income tax, Central circle, MumbaiSince 26 Sep 2024The Company has filed the appeal and responded to the queries raised by the appellate authority
At the filing before: The Income Tax Department passed assessment orders under Sections 143(3) and 147 for FY 2017-18, 2019-20, 2020-21, 2021-22 and 2022-23, making ad hoc disallowances under Section 37 aggregating to INR 62.25 million. (as disclosed in financial statement for the year ended March 31, 2025) . The disalowances were set off against brought-forward tax losses resulting in a nil tax demand. Penalty proceedings under Sections 270A and 271AAD have been initiated but are currently kept in abeyance, pending disposal of the Company’s appeals.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- No
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Expenditure towards cloud and server related infrastructure of our company | 25.64 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Salary expenditure towards technology and product development teams of our company | 193.04 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Expenditure towards marketing initiatives by our company | 39.07 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Expenditure towards the existing properties of our company | 22.21 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Expenditure towards the existing properties of our wholled owned subsidiary | 20.87 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Investment in our wholly owned subsidiary TIB for funding its working capital requirements | 128.64 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Funding inorganic growth through unidentified acquistions, strategic initiatives and general corporate purposes | 151.24 | 0.00 | No |
| Public IssuesJun 2026, checked by CARE Ratings Limited | 660.72 | Estimated offer expenses to the extent applicable to the fresh issue | 80.01 | 0.00 | No |