Shares of Turtlemint jumped as much as 5.7% to an intraday high of ₹152.80 on the BSE after Jefferies initiated coverage with a ‘Buy’ rating and a price target of ₹190. The stock later trimmed gains, trading 3.3% higher at ₹149.40, with a market capitalization of ₹4,405.40 crore ($460 million) as of early trading, according to inc42.com.
Jefferies highlighted Turtlemint’s strong position in the Point-of-Sales-Person (PoSP) channel, which accounts for about 6% of insurance premiums sold across India. The brokerage expects the company’s revenue to grow at a compound annual growth rate (CAGR) of 38% over three years, driven by 31% growth in premiums and improved take rates. The firm also forecasts Turtlemint’s adjusted EBITDA margin to turn positive at 10% by fiscal year 2029, improving from a loss in fiscal year 2026, as the business scales.
Turtlemint’s shares have gained roughly 10.6% over the past five trading sessions and about 12% since its BSE listing price of ₹136.20. The company debuted weakly on the bourses in June, with shares initially listing below the IPO price of ₹152. On the NSE, the stock opened at ₹134.90, an 11.25% discount to the IPO price, while on the BSE, it debuted at ₹136.20, down 10.4% from the issue price. The company also reported a 19% decline in net loss for Q1 FY27 to ₹37.8 crore from ₹46.7 crore in Q1 FY26.
Turtlemint’s stock performance and positive outlook from Jefferies come amid expectations of continued growth in the insurtech sector. The next key financial update will be the company’s Q2 earnings report, which investors will watch closely for signs of further margin improvement and premium growth, as noted by inc42.com.