Turtlemint Shares Surge 6% As Jefferies Initiates Buy Coverage

21 Aug 2026, 1:54 pm · 22d ago · 1 min read · Inc42

Shares of recently listed insurtech startup Turtlemint gained up to 5.7% to touch ₹152.80 on the BSE after brokerage Jefferies initiated coverage with a ‘Buy’ rating and a target price of ₹190, implying a 37% upside. Jefferies highlighted Turtlemint’s expanding Point-of-Sales-Person channel, which drives roughly 6% of Indian insurance premiums sold. The brokerage projects a 38% revenue CAGR over three years and expects adjusted EBITDA margins to reach 10% by FY29. Turtlemint narrowed its Q1 net loss by 19% year-on-year to ₹37.8 crore, while operating revenue increased 40% to ₹294.1 crore.