Shares of insurtech company Turtlemint rose 6.6% to close at ₹139.75 apiece on the BSE, touching an intraday high of ₹142.90. The rally followed Motilal Oswal’s initiation of a buy rating with a price target of ₹180, implying a 22% upside from the closing price. Turtlemint’s market capitalization stood at ₹4,115.34 crore ($431 million) after the gains, according to inc42.com.
Motilal Oswal highlighted that Turtlemint’s premiums driven by point-of-sale platforms (PoSP) are growing at nearly twice the industry rate. The company operates across 19,186 pin codes and expects to add 1.3 to 1.5 lakh partners annually. Active distribution partners are projected to grow at a 24% compound annual growth rate (CAGR) between fiscal years 2026 and 2029, supported by Turtlemint’s training-led activation engine and strong partner retention, inc42.com reported.
The brokerage noted that Turtlemint’s key margin improvement will come from controlling corporate overheads, as partner payouts constitute most direct costs. As growth shifts from partner additions to enhancing activation and productivity, operating leverage is expected to improve. Corporate overheads are projected to grow at a 6% CAGR through FY26-29, aiding the company in reaching adjusted EBITDA breakeven by FY27 and expanding margins to about 11% by FY29, per inc42.com.
Jefferies also initiated coverage on Turtlemint with a buy rating and a price target in the previous month. The stock’s recent performance and positive brokerage reports underscore investor confidence ahead of the company’s financial milestones in the coming years, inc42.com noted.