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Meesho

MEESHO NSE
₹224.55 No trade today
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹224.55 +54.46 +32.0% since 10 Dec 2025
Start ₹170.09

Key Fundamentals

MidcapRetailConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
−40.00%
Debt to Equity
0.01
EPS (TTM)
−₹3.85
Book Value
₹9.08
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
24.73
ROE
−46.20%
Dividend Yield
0.00%
EBITDA
−₹1,012 Cr
52W High
₹254.40
52W Low
₹125.56
Volume
0

Peer Comparison

Consumer Discretionary › Retail › Ecommerce › E-Retail/ E-Commerce

Meesho peer comparison
Eternal
₹344.50662.50₹3,34,095 Cr10.620.00%0.38%2.48%₹77,956 Cr₹493 Cr
Meesho (this company)
₹224.55—₹1,03,188 Cr24.730.00%−46.20%−40.00%₹13,835 Cr−₹1,201 Cr
Nykaa
₹355.50399.44₹1,01,640 Cr70.820.00%15.30%17.20%₹10,649 Cr₹260 Cr
Swiggy
₹178.89—₹49,465 Cr2.910.00%−29.10%−24.10%₹24,904 Cr−₹3,748 Cr
Urban Company
₹155.01—₹24,479 Cr12.030.00%−12.00%−7.82%₹1,717 Cr−₹333 Cr
CarTrade Tech
₹2,492.9051.54₹12,070 Cr4.610.00%9.65%11.80%₹807 Cr₹254 Cr
Shiprocket
₹131.89—₹9,563 Cr3.980.00%−5.14%−2.68%₹1,631 Cr−₹48 Cr
Median 7 companies₹224.55399.44₹49,465 Cr10.620.00%−5.14%−2.68%₹10,649 Cr−₹48 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

45 Average

Data confidence 88/100

Category scores

Quality
5
Poor
Returns, margins, earnings quality 22% weight
Valuation
7
Poor
Cheap vs sector & own history 24% weight
Growth
91
Strong
Sales & profit trajectory 9% weight
Financial Health
54
Average
Solvency, leverage, coverage 9% weight
Momentum
72
Strong
Trend strength, vol-adjusted 12% weight
Ownership
82
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

4
  • Stock is trading at 23.6 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding is low: 16.3%
  • Company has a low return on equity of -62.5% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish379
OscillatorsBearish270
Moving AveragesStrong Bullish109

Key readings

RSI (14)
51.51
Neutral
MACD (12,26,9)
0.49
Bearish
SMA (50)
220.22
Bullish
SMA (200)
184.80
Bullish

As of

Analyst Rating

Based on 18 analysts
BUY50%

9 of 18 analysts rate Buy, 3 Hold, 6 Sell.

As of

BUY
9
50%
HOLD
3
17%
SELL
6
33%

Growth Rate

From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
3Y+30.09%
1Y+34.46%

Net profit

Net profit growth by window
3YLoss narrowed by ₹317 Cr
1YLoss narrowed by ₹2,584 Cr

Operating cash flow

Operating cash flow growth by window
3YOutflow widened by ₹1,572 Cr
1YTurned negative

Operating margin· change in pp

Operating margin growth by window
3Y+19.61 pp
1Y−5.60 pp

Trailing twelve months: Fewer than eight quarters are reported, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2023₹5,735 Cr
Mar 2024₹7,615 Cr
Mar 2025₹9,390 Cr
Mar 2026₹12,626 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2023−₹1,675 Cr
Mar 2024−₹328 Cr
Mar 2025−₹3,942 Cr
Mar 2026−₹1,358 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
−₹146 Cr −43.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Meesho Ltd trades at ₹224.78 per share with a market cap of ₹1,03,988 Cr as of 2026-10-29. The company remains loss-making with a TTM EPS of -₹3.85 and negative ROE of -30.95%, though it has demonstrated strong revenue momentum with TTM sales growth of 34% and is virtually debt-free with a debt-to-equity ratio of 0.01.

Bull Case 7
  • Strong revenue growth with TTM compounded sales growth of 34% and a 3-year sales CAGR of 30%, indicating robust top-line momentum in India's large e-commerce addressable market.
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.01, providing significant financial flexibility to fund growth without leverage risk.
  • Compounded profit growth on a TTM basis stands at 49%, suggesting the company is narrowing losses at an accelerating pace even as it scales revenues.
  • The stock has rallied significantly from its 52-week low of ₹125.56 to the current ₹224.78, reflecting a ~79% recovery and improving investor sentiment around the business model.
  • 3-year ROE has improved from -63% to the last-year figure of -46%, indicating a directional trend toward reducing the magnitude of losses over time.
  • Operating in India's under-penetrated Tier-2 and Tier-3 e-commerce segment, Meesho's social commerce model targets a massive consumer base that legacy platforms have struggled to reach, supporting the 34% TTM sales growth.
  • Zero dividend yield (0%) is consistent with a growth-stage company reinvesting all resources into scaling, which can be value-accretive if the path to profitability materialises.
Bear Case 7
  • The company remains unprofitable with TTM EPS of -₹3.85 and a P/E ratio that is not calculable (null), making traditional earnings-based valuation impossible.
  • Return on equity is deeply negative at -30.95% as of the latest period, with a 3-year average ROE of -62.5%, reflecting persistent destruction of shareholder capital.
  • Stock trades at 24.73 times book value (P/B), an elevated multiple for a loss-making company, implying the market is pricing in substantial future profitability that has yet to materialise.
  • ROCE stands at -26.98%, indicating the company is not generating positive returns on total capital employed, raising questions about capital allocation efficiency.
  • Promoter holding is low at just 16.3%, which may raise governance concerns and suggests limited promoter skin-in-the-game relative to the ₹1,03,988 Cr market capitalisation.
  • Low interest coverage ratio flagged in known concerns suggests that even the minimal debt on the books could strain cash flows given the company's negative earnings.
  • 3-year compounded profit CAGR of only 6% versus the 30% sales CAGR over the same period indicates that revenue growth has not efficiently translated into bottom-line improvement over a multi-year horizon.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Meesho is executing well on its core marketplace with strong festive season momentum (75% Day 1 order growth), expanding contribution margins to a multi-quarter high of 6%, and robust NMV growth of 23-33% YoY. Key risks include intensifying competition from Flipkart Shopsy and quick commerce, rising marketing spend to sustain user growth, and widening losses in newer initiatives. Institutional ownership is increasing meaningfully and FCF has turned positive, but the stock trades at premium valuations that leave limited margin for error. The trend is improving operationally, with the path to the 8-8.5% medium-term CM target and 25% NMV CAGR being the key milestones to watch.

Headwinds 5
  • New initiatives widen EBITDA losses Oct 28

    Newer segments including financial services, grocery and AI services contributed just 0.3% of revenue while EBITDA loss widened to ₹41.6 crore in Q2FY27 from ₹13.5 crore in Q2FY26.

  • Competition may erode logistics moat Oct 28

    AI adoption could narrow Meesho's logistics efficiency advantage, with AI agents already reducing model-to-live-testing timelines from 17 days to 3 days, potentially leveling the playing field for competitors.

  • West Asia war risks for value buyers Oct 28

    Management flagged that the ongoing West Asia conflict could elevate raw material and fuel prices, pressuring household budgets of Meesho's price-sensitive customer base.

Positives 7
  • Festive sale orders surge 75% Oct 10

    Day 1 of the Mega Blockbuster Sale on October 9 saw orders jump ~75% YoY with peak demand at 75,000 orders/minute and transacting customers up 60% YoY.

  • Contribution margin hits multi-quarter high Oct 28

    Contribution margin expanded to 6.0% of NMV from 3.3% a year ago, driven by logistics efficiencies including 15% faster deliveries YoY, with medium-term target at 8-8.5%.

  • Strong NMV and revenue growth Oct 28

    Consolidated revenue grew ~34% YoY to ₹4,132 crore, NMV grew 23% to ₹12,911 crore, and NMV grew 33% YoY on a pre-Dussehra 90-day basis adjusting for sale timing.

Neutral 3
  • ₹400 crore payments subsidiary investment Nov 03

    Meesho invested ₹399.99 crore in Meesho Payments Private Limited via rights issue on November 2, 2026, subscribing to 11.4 million shares at ₹349 premium each.

  • ₹50 crore Retail Pulse investment Oct 06

    Board approved up to ₹50 crore investment in Retail Pulse Labs Private Limited as a step-down subsidiary, following the proposed Kirana Club acquisition announced June 12, 2026.

  • No platform or handling fees Nov 03

    Management confirmed no plans to introduce platform or handling fees, prioritizing customer trust, while server costs are expected to normalize as a percentage of NMV by Q4FY27.

Quarterly Results

₹ Cr
MEESHO quarterly results, ₹ crore
Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
2,679
2,400
2,504
3,074
3,518
3,531
3,713
4,132
Expenses
2,809
2,631
2,768
3,530
4,056
3,786
3,937
4,361
Operating Profit
−131
−231
−264
−456
−539
−255
−225
−229
OPM %
−4.9%
−10%
−11%
−15%
−15%
−7%
−6%
−6%
Other Income
160
−1,158
34
136
75
116
114
127
Interest
2
1
1
1
4
2
2
1
Depreciation
12
5
8
9
11
19
20
20
PBT
15
−1,395
−240
−330
−479
−160
−133
−123
Tax %
342%
0%
21%
24%
3%
4%
0%
7%
Net Profit
−37
−1,391
−289
−411
−491
−166
−133
−132
EPS (₹)
−4.44
−160
−1.49
−2.11
−1.09
−0.36
−0.29
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MEESHO profit and loss, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,735
7,615
9,390
12,626
13,835
Expenses
7,533
8,109
9,968
14,111
15,310
Operating Profit
−1,799
−494
−578
−1,485
−1,475
OPM %
−31%
−6%
−6%
−12%
−11%
Other Income
155
231
−835
332
441
Interest
1
6
7
9
10
Depreciation
30
58
34
47
58
PBT
−1,675
−328
−1,455
−1,209
−1,102
Tax %
0%
0%
171%
12%
—
Net Profit
−1,675
−328
−3,942
−1,358
−1,201
EPS (₹)
−214
−41.82
−453
−2.97
−3.85
Div. Payout %
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
MEESHO balance sheet, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
8
0
0.27
456
Reserves
2,169
2,230
1,445
3,930
Borrowings
0
72
58
63
Other Liabilities
1,376
1,859
5,722
3,458
Total Liabilities
3,553
4,161
7,226
7,907
Fixed Assets
56
112
96
195
CWIP
2
0
0
0
Investments
2,053
744
4,983
1,210
Other Assets
1,442
3,305
2,147
6,502
Total Assets
3,553
4,161
7,226
7,907

Cash Flow

₹ Cr
MEESHO cash flow, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−2,303
220
539
−3,875
Investing
−1,289
−165
−2,638
247
Financing
3,263
−11
2,105
4,101
Net Cash Flow
−328
44
7
473
Free Cash Flow
−2,303
186
516
−3,976
CFO/OP
128
−47
−100
74

Ratios

MEESHO financial ratios, annual
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
0
0
Cash Conversion Cycle
0
0
0
0
Working Capital Days
−59
20
−167
−27
ROCE %
—
−15%
−9%
−40%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Meesho insights

51 extracted metrics across FY23–FY27.

Shareholding Pattern

As of Sep 2026

  • Others 56.98%
  • Promoters 16.34%
  • DIIs 13.66%
  • FIIs 9.83%
  • Public 3.19%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Meesho

What does Meesho Ltd do?
The Company is an app-based marketplace that is operated under the brand of Meesho that connects sellers and end consumers. Its offerings span categories including fashion, accessories, electronics, home and kitchen items, health, and fitness equipment, and office supplies.
Where is Meesho Ltd (MEESHO) listed?
Meesho Ltd trades as MEESHO on the NSE and under code 544632 on the BSE.
Which sector does Meesho Ltd belong to?
Meesho Ltd is classified under the Retail sector, in the Ecommerce industry.
What is the 52-week high and low of Meesho Ltd?
Over the last 52 weeks Meesho Ltd has traded between ₹125.56 and ₹254.4 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Meesho Ltd?
Meesho Ltd reported a return on equity of -46.20%. Its debt-to-equity ratio is 0.01.

Company Information

The Company is an app-based marketplace that is operated under the brand of Meesho that connects sellers and end consumers. Its offerings span categories including fashion, accessories, electronics, home and kitchen items, health, and fitness equipment, and office supplies.

Website meesho.com
Listed 10 Dec 2025
Face Value ₹1

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