Turtlemint Jumps Nearly 6% After Bullish Ratings From Jefferies

Shares of Turtlemint rose as much as 5.7% to hit an intraday high of ₹152.80 apiece on the BSEafter Jefferies initiated coverage on the company with a ‘Buy’ rating and a price target of ₹190.

The shares pared some of the gains later, trading 3.3% higher at ₹149.40 apiece at around 13:27 IST. At the time, Turtlemint’s market capitalisation stood at ₹4,405.40 Cr (about $460 Mn) at the time.

Giving its rationale for the strong rating, Jefferies said that Turtlemint is well placed to benefit from its growing Point-of-Sales-Person (PoSP) channel. The company’s PoSP vertical accounts for around 6% of insurance premiums sold across India, as per the brokerage. 

The recently-listed insurtech company’s revenue is expected to grow at a 38% CAGR over three years, helped by 31% growth in premiums and higher take rates. Jefferies expects the company’s adjusted EBITDA margin to improve to 10% by FY29, from a loss in FY26, as its business gains scale.

Important to mention that Turtlemint’s shares have gained about 10.6% over the past five trading sessions. The stock has gained around 12% from its BSE listing price of ₹136.20.

The company made a weak debut on the bourses in June. Its shares are listed at ₹134.90 on the NSE, an 11.25% discount to the IPO price of ₹152. On the BSE, the stock debuted at ₹136.20, down 10.4% from the issue price earlier in June.

Turtlemint Narrows Q1 Loss

Turtlemint net loss for Q1 FY27 declined by 19% to ₹37.8 Cr from ₹46.7 Cr loss incurred in Q1 FY26. 

Operating revenue increased 40% YoY to ₹294.1 Cr from ₹210.5 Cr in Q1 FY26. Including other income of ₹1.6 Cr, total income stood at ₹295.7 Cr. 

Service EBITDA, which Turtlemint calculates after deducting direct operational expenses from operating revenue, increased 89% YoY to ₹39 Cr from ₹21 Cr. Adjusted EBITDA margin improved to -9% from -20% in Q1 FY26.

“Service EBITDA growth of 89% YoY is a clear signal that our platform economics are strengthening at scale. Technology continues to be the core reason behind the increasing efficiency across every layer of the business, from digital partner onboarding to sales support,” COO Anand Prabhudesai said.

Founded in 2015, Turtlemint runs an insurance distribution platform connecting customers with insurers through financial advisors. 

The company claims to have facilitated over 3 Cr insurance policies with 46 insurers and has a network of 6.9 Lakh digital partners across 19,186 pincodes. It also operates 83 physical branches and provides technology platforms that connect insurers with its distribution network and third-party platforms.

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