Turtlemint Fintech Solutions Ltd. jolted 5% higher to ₹133.8 on Thursday, after Motilal Oswal rolled out a fresh buy coverage that sets a ₹180 target price.
Motilal’s note names the fintech as a key driver of India’s insurance distribution, citing a 75% premium share from B30+ markets and 5.5 lakh certified point‑of‑sale agents. The firm’s PoSP channel has grown at 38% CAGR FY20‑25, outpacing the 9% growth of individual agents.
The brokerage projects Turtlemint holding 30% of PoSPs registered via brokers by FY25, with 16% of total PoSPs. It also forecasts a 24% CAGR in active distribution partners and a 12% CAGR in ticket size, translating into a 38% CAGR in platform premiums and a 35% revenue CAGR through FY29.
Profitability is set to improve, with service EBITDA margins projected to rise from 13% in FY26 to 22% by FY29, and an adjusted EBITDA break‑even expected in FY27. Corporate overheads are forecast to climb 6% CAGR, supporting margin expansion.
Turtlemint trades at 17× EV/EBITDA on the day, while the target price is premised on a 20× multiple in September 2028. Jefferies is the only other house giving a buy recommendation.
The stock has dipped 11% in the last month and posted a negative YTD return, making the 5% jump notable against a backdrop of market volatility and regulatory uncertainties around commission structures.
Looking ahead, investors will watch for Q2 results, the pace of PoSP partner additions, and the impact of higher renewal book contribution, slated to rise to 25% by FY29.