TURTLEMINT, BAJAJ HOUSING FINANCE RISE UP TO 4% AS JEFFERIES INITIATES COVERAGE ON STOCKS

Shares of Turtlemint Fintech Solutions and Bajaj Housing Finance gained 4% and 1.6%, respectively, on August 20 after global brokerage Jefferies initiated coverage on both stocks with a ‘Buy’ rating. They Turtlemint’s position in India’s rapidly expanding Point-of-Sales-Person insurance distribution channel. POSP currently accounts for around 6% of insurance premiums, with Turtlemint ranking as the third-largest player and commanding an estimated 20% share of the segment, according to the brokerage. Turtlemint’s granular POSP network and technology platform support stronger profitability despite the company’s relatively smaller scale. The brokerage expects a three-year revenue CAGR of 38%. It also expects increasing scale to help Turtlemint turn profitable, with adjusted EBITDA margins projected to reach 10%, compared with a loss in FY26. Turtlemint’s consolidated net loss narrowed to ₹37.78 crore the year-ago quarter. Revenue from operations rose 40% year-on-year. Platform premium increased 49.8% year-on-year, Platform premium represents the total premium and consideration received on insurance policies issued or renewed by insurers through Turtlemint’s platform. For Bajaj Housing Finance, Jefferies said the company, India’s second-largest housing finance company and a key player in the mass-affluent segment, could deliver a peer-leading 23% CAGR in assets under management. The brokerage expects spreads to moderate and bottom out in FY27, while operating leverage and lower credit costs are likely to cushion earnings. They also described the company’s asset quality as best-in-class, noting that it has the lowest gross Stage 3 ratio among its peers. Bajaj Housing Finance to deliver a 20% EPS CAGR and achieve a return on assets of 2% and return on equity of 13.6%. However, They noted that the stock’s premium valuation of 2.6 times its March 2027 book value could limit further upside.