India's Turtlemint jumps as Motilal starts with 'buy'

Turtlemint Fintech Solutions

17/09/2026 05:00

** India's Turtlemint Fintech Solutions TURE.NS rises 4.9% to 134 rupees     
** Motilal Oswal initiates coverage with a "buy" rating and a price target of 180 rupees
** Brokerage says the insurtech firm is well placed to benefit from an under-penetrated market through its network of 550,000-plus certified insurance distributors
** Jefferies is the only other brokerage covering TURE, with a "buy" rating and a 190-rupee PT
** Motilal expects TRUE premiums to grow at a 38% CAGR over FY26-29 on rising distributor count and ticket sizes
** Says operating leverage nearing an inflection, forecasting EBITDA breakeven by FY27 and margin expansion to about 11% by FY29
** Stock down 1.1% since trading debut on June 29

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))