Turtlemint Jumps Nearly 6% After Bullish Ratings From Jefferies

Shares of Turtlemint surged as much as 5.7% on the BSE following a bullish 'Buy' rating from Jefferies and a price target of ₹190. The stock later settled 3.3% higher at ₹149.40 apiece. Turtlemint's market cap was reported at ₹4,405.40 Cr ($460 Mn). Jefferies cited the company's expanding Point-of-Sales-Person (PoSP) channel, which accounts for approximately 6% of insurance premiums sold in India, as the reason for the positive rating.

The recently listed insurtech firm anticipates a 38% annual revenue growth over the next three years, driven by a 31% rise in premiums and increased take rates. Jefferies forecasts Turtlemint's adjusted EBITDA margin to improve to 10% by FY29, as the company's business scales. Turtlemint's shares have appreciated by about 10.6% over the past five trading sessions, and the stock has risen around 12% since its BSE listing at ₹136.20.

The company made a weak debut on the bourses in June, with shares trading at ₹136.90, an 11.25% discount to the IPO price of ₹152. Turtlemint narrowed its Q1 FY27 loss by 19% to ₹37.8 Cr from ₹46.7 Cr in Q1 FY26, as operating revenue rose 40% YoY to ₹294.1 Cr. Including other income of ₹1.6 Cr, total income reached ₹295.7 Cr. Service EBITDA, a metric Turtlemint uses after subtracting direct operational expenses from operating revenue, jumped 89% YoY to ₹39 Cr from ₹21 Cr.

Adjusted EBITDA margin improved from -20% in Q1 FY26 to -9%. "Service EBITDA growth of 89% YoY is a clear signal that our platform economics are strengthening at scale," said Turtlemint's COO, Anand Prabhudesai.