- Motilal Oswal initiates coverage on Turtlemint with a Buy rating and Rs 180 target price
- Turtlemint trades at 17 times Sep28E EV/Ebitda, deemed attractive for earnings growth
- Brokerage expects transition to monetisation-led growth with improving profitability
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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has initiated coverage on Turtlemint Fintech Solutions Ltd. with a Buy rating and has set a target price of Rs 180, implying a potential upside of 41% from reports current market price of Rs 128.
Turtlemint currently trades at 17 times Sep'28E EV/Ebitda, which appears attractive given the earnings compounding ahead, adds the brokerage.
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The brokerage also highlighted that Turtlemint enters its next phase of growth with a scaled distribution franchise, a large digital partner ecosystem and an increasingly diversified revenue model across advisor-led, embedded insurance and direct digital channels.
With ~690,000+ digital partners and ~46 insurer partners, the company has built a meaningful distribution franchise in an underpenetrated insurance market.
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Motilal Oswal believes the company's growth opportunity is increasingly shifting from network creation to network monetisation, supported by rising active-partner conversion, higher advisor productivity, and cross-selling. Active transacting digital partners have increased to ~84,000 in FY26 from ~63,000 in FY25 and ~50,000 in FY24, while mature advisor cohorts have demonstrated significant improvement in earnings.
The brokerage expects Turtlemint to transition from a scale-building phase to a monetisation-led growth phase, supported by its large advisor franchise, growing renewal pool, embedded insurance opportunity, and improving profitability.
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