Jefferies initiated coverage on Turtlemint with a “buy” recommendation with a price target of ₹190 per share, which implies an upside potential of 36.7% from Wednesday’s closing price.
In its note, Jefferies said that the ‘point of sales person’ (POSP) is among the fastest growing insurance sales channels in India, now accounting for 6% of the overall premiums. Turtlemint Fintech is the third-largest player within this space with a 20% market share, Jefferies said.
Its granular POSP network and tech stack drives better profitability on a smaller base, the brokerage said.
Turtlemint’s revenue grew at a Compounded Annual Growth Rate (CAGR) of 38% over the last three years, and majority of that came from a 31% premium CAGR and higher take rates.
Jefferies expects Turtlemint’s growing scale to drive the company’s EBITDA margin to a 10% level, compared to a loss that it reported in financial year 2026.
The company reported its first quarter earnings earlier this month. Its consolidated net loss improved to ₹38 crore from ₹47 crore last year. Its revenue increased 40% to ₹294 crore from ₹210 crore.
Meanwhile, its adjusted EBITDA loss stood at ₹26 crore compared to an EBITDA loss of ₹42 crore in the previous year.
This is the first analyst recommendation that Turtlemint has received after its listing from the analysts.
Shares of Turtlemint Fintech gained 5.1% to hit an intraday high of ₹146 on Monday. The stock is now trading 3.9% higher at ₹144.39. The stock is still trading below its IPO price of ₹152 apiece.
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