The brokerage said Meesho is building a discovery-led marketplace that doubles as a long-tail advertising network with integrated logistics, targeting India's highly fragmented retail landscape.

It valued the company at 35 times FY30 estimated EV/EBITDA, discounted to FY28, and expects EBITDA CAGR of around 140% over FY28-30. This compares favourably with internet peers, which are projected to grow at about 70% over FY26-28 and trade at around 30 times EV/EBITDA.

The brokerage also noted that net merchandise value (NMV) growth could outpace user growth, indicating improving monetisation.

However, it highlighted risks including potential growth shortfalls and rising logistics costs, especially as the company pushes to lower average selling prices.

Meesho is India's largest e-commerce platform by annual transacting users and placed orders. The company's consolidated net loss widened to Rs 490.68 crore in Q3 FY26, compared with a loss of Rs 37.43 crore in Q3 FY25. Net sales rose 31.32% to Rs 3,517.60 crore in Q3 FY26 from Rs 2,678.64 crore in the year-ago quarter.

Meesho made its stock market debut on 10 December 2025. The stock is up 72.52% over its IPO price of Rs 111 and has gained 18.80% from its listing price of Rs 161.20.

Post listing, the stock had surged 57.97% from its listing price to hit a record high of Rs 254.65 on 18 December 2025, before witnessing profit-taking. The stock is currently down 24.80% from its peak levels.

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