Jefferies initiates India's Turtlemint Fintech Solutions with 'buy' on insurance growth prospects

Turtlemint Fintech Solutions

20/08/2026 05:05

    ** Shares of India's Turtlemint Fintech Solutions  TURE.NS 
rise 2.98% to 142.91 rupees 
    ** Jefferies initiates coverage with "buy" and TP of 190
rupees - a 30.5% upside to the current price - citing co's
exposure to India's underpenetrated insurance market and the
fast-growing point-of-sales-person (POSP) distribution channel
    ** Brokerage expects revenue to grow at 38% CAGR over
FY26-FY29, driven by 31% premium growth
    ** Says Turtlemint, India's third-largest POSP player with a
20% market share, benefits from a granular distributor network
and strong presence in smaller cities
    ** Sees co's adjusted EBITDA margin improving to 10% by FY29
from loss in FY26
    ** Stock up 6% from debut IPO price on June 29 

 (Reporting by Surbhi Misra in Bengaluru)
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