Turtlemint Soars 9% Intraday Amid Positive Brokerage Reports
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Shares of insurtech company Turtlemint soared 9% to touch an intraday high of ₹142.90 apiece on the BSE today. The shares pared some of the gains later, closing 6.6% higher at ₹139.75 apiece. At the time, Turtlemint’s market capitalisation stood at ₹4,115.34 Cr ($431 Mn).
The rally today comes days after brokerage Motilal Oswal initiated a “buy” rating for the stock and set a price target (PT) of ₹180 on the stock. This implies a 22% upside from today’s close.
Motilal Oswal said that the PoSP-driven premiums are growing at nearly twice the industry rate. The company, with its presence across 19,186 pin codes, is well-positioned to capture this opportunity.
The brokerage further said, “While we expect 1.3–1.5 Lakh partner additions annually, active DPs are poised to grow at about 24% FY26–29 CAGR, driven by Turtlemint’s training-led activation engine and strong partner retention.”
As per Motilal Oswal, Turtlemint’s key margin opportunity lies in controlling corporate overheads with partner payouts accounting for most direct costs. As growth shifts from adding partners to improving their activation and productivity, the brokerage expects operating leverage to improve, with corporate overheads projected to grow at a 6% CAGR between FY26-29. This is expected to help Turtlemint achieve adjusted EBITDA breakeven in FY27 while expanding margins to around 11% by FY29.
The development comes a month after Jefferies initiated coverage on the company with a ‘Buy’ rating and a price target of ₹190.
Founded in 2015, Turtlemint operates an insurance distribution platform, connecting consumers with insurers through a network of financial advisors for car, bike, health, and term life insurance.
The company made its market debut on the exchanges on June 29. Its shares were 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.
On the financial front, Turtlemint managed to trim down its Q1 FY27 net loss 19% to ₹37.8 Cr from a loss of ₹46.7 Cr in the same quarter last year. Operating revenue jumped 40% to ₹294.1 Cr in the quarter under review, from ₹210.5 in Q1 FY26.
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