Turtlemint shares jump over 5% as Jefferies initiates buy call, sets ₹190 target

Turtlemint recently posted a standalone net loss of ₹35.55 crore in Q1FY27, compared with ₹39.65 crore in Q1FY26.
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Turtlemint shares soared over 5 per cent on Thursday after global brokerage Jefferies initiated coverage on the stock with a buy rating and a target price of ₹190, about a 37 per cent uptick from the previous closing level, citing the company’s growth opportunity in India’s insurance penetration story.

At 12.06 pm, the stock traded at ₹144.40, after hitting a high of ₹146.50, against its previous close of ₹138.92.

Jefferies initiates buy

Jefferies said the Point-of-Sales-Person (POSP) channel is among the fastest-growing insurance sales channels in India and accounts for 6 per cent of premiums.

According to the brokerage, Turtlemint is the third-largest player in the segment, with a 20 per cent share. It said the company’s granular POSP network and technology stack drive better profitability on a smaller base.

Jefferies expects a 38 per cent three-year revenue CAGR for Turtlemint, led by a 31 per cent premium CAGR and higher take-rates.

The brokerage expects growing scale to drive Turtlemint’s FY29 estimated adjusted EBITDA margin to 10 per cent, compared with a loss in FY26.

Jefferies said Turtlemint trades at 23x FY28 estimated adjusted EBITDA, compared with 39x for PB Fintech and 29x for Prudent.

The brokerage said the valuation does not reflect what it described as the company’s strong relationships with agents, increasing dependency of insurers on POSP networks and operating leverage.

Jefferies set a target price of ₹190 based on 22x September 2028 estimated adjusted EBITDA, representing a roughly 30 per cent discount to PB Fintech due to the latter’s more than 90 per cent market share in the B2C business.

The brokerage identified commission cuts or caps and an aggressive market leader as key risks. It said a 1 per cent cut in commission rates would result in a 50-60 basis point decline in adjusted EBITDA margin.

Turtlemint recently posted a standalone net loss of ₹35.55 crore in Q1FY27, compared with ₹39.65 crore in Q1FY26.