Shares of Turtlemint surged nearly 6% on Tuesday after brokerage Jefferies initiated coverage with a “Buy” rating and a price target of ₹190, implying a 37% upside from current levels.
The stock hit an intraday high of ₹152.80 on the BSE, up 5.7%, before paring some gains to trade 3.3% higher at ₹149.40 around 1:27 PM IST. At that price, the company’s market capitalization stood at ₹4,405.40 crore, or roughly $460 million.
Jefferies sees growth in PoSP channel
Jefferies cited Turtlemint’s expanding Point-of-Sales-Person (PoSP) network as a key driver for its bullish outlook. The brokerage noted that the company’s PoSP vertical already accounts for about 6% of all insurance premiums sold in India.
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Revenue is projected to grow at a 38% compound annual growth rate (CAGR) over the next three years, fueled by a 31% increase in premiums and higher take rates. Adjusted EBITDA margins are expected to improve to 10% by fiscal 2029, up from a loss in fiscal 2026, as the business scales.
This isn’t the first time the stock has caught investor attention. Over the past five trading sessions, Turtlemint shares have climbed 10.6%, and they’re up about 12% from their BSE listing price of ₹136.20.
A rocky start, but narrowing losses
The company’s debut on the bourses in June was underwhelming. On the NSE, shares opened at ₹134.90, an 11.25% discount to its IPO price of ₹152. The BSE listing was slightly better, with the stock debuting at ₹136.20, down 10.4% from the issue price.
Recent financials suggest a turnaround may be underway. In the first quarter of fiscal 2027, Turtlemint narrowed its net loss by 19% year-over-year to ₹37.8 crore, down from ₹46.7 crore in the same period last year. Operating revenue jumped 40% to ₹294.1 crore, while total income, including other income of ₹1.6 crore, reached ₹295.7 crore.
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Service EBITDA—a metric the company calculates after deducting direct operational expenses—rose 89% to ₹39 crore, with adjusted EBITDA margins improving to -9% from -20% in the prior-year quarter. Anand Prabhudesai, the company’s COO, attributed the gains to stronger platform economics and technology-driven efficiencies across operations, from digital partner onboarding to sales support.
Founded in 2015, Turtlemint operates an insurance distribution platform that connects customers with insurers through financial advisors. The company says it has facilitated over 30 million insurance policies across 46 insurers, supported by a network of 690,000 digital partners spanning 19,186 pincodes. It also runs 83 physical branches and provides technology platforms linking insurers with its distribution network and third-party partners.
For a company that stumbled out of the gate, the brokerage’s endorsement—and the stock’s recent momentum—could signal a shift in sentiment. Whether that translates into sustained gains remains to be seen, but the numbers suggest the business is moving in the right direction.
