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Turtlemint Jumps Nearly 6%, Jefferies Sees 37% Upside

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Turtlemint Jumps Nearly 6%, Jefferies Sees 37% Upside

Shares of Turtlemint ended today’s trading session 3.3% higher at ₹149.40 apiece on the BSE. The company’s market capitalisation stood at ₹4,399.51 Cr ($459.8 Mn) at the end of the day.

Shares of Turtlemint rose as much as 5.7% to hit an intraday high of ₹152.80 apiece on the BSE after 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. 25% discount to the IPO price of ₹152. 4% from the issue price earlier in June.



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