Meesho
Meesho
RetailKey Fundamentals
MidcapEcommerceRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
4- Stock is trading at 22.6 times its book value
- Company has low interest coverage ratio.
- Promoter holding is low: 16.4%
- Company has a low return on equity of -62.5% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoMeesho Ltd has a market cap of approximately ₹1,00,303 Cr and remains a loss-making company with a negative PE of -83.8x. Revenue growth is strong at 34% TTM and 30% CAGR over 3 years, but the company continues to burn cash with a 3-year average ROE of -63%, while trading at a rich 22.95x price-to-book valuation.
- Strong revenue momentum with TTM sales growth of 34%, indicating robust demand and expanding GMV on the platform
- 3-year compounded sales CAGR of 30% demonstrates consistent top-line scaling, not a one-off spike
- Company is almost debt-free, providing financial flexibility to fund growth without leverage-related risks
- Compounded profit growth of 49% on a TTM basis suggests losses are narrowing rapidly and the path to profitability is shortening
- Market cap of ₹1,00,303 Cr reflects significant scale in the Indian social commerce segment, positioning it as a category leader
- Zero dividend yield is typical for a high-growth tech platform reinvesting all cash flows into customer acquisition and logistics expansion
- 3-year compounded profit growth of 6% shows gradual improvement in unit economics even during aggressive expansion phases
- Negative PE of -83.8x confirms the company is still loss-making, with no clear timeline for sustainable profitability
- 3-year average ROE of -63% and last year ROE of -46% indicate the business is destroying shareholder value at a significant rate
- Stock trades at 22.95x book value, an extremely rich valuation for a company that has yet to turn profitable
- Promoter holding is low at just 16.4%, raising concerns about alignment of interests and potential dilution or selling pressure
- Low interest coverage ratio flagged despite being nearly debt-free suggests operating earnings are insufficient to cover even minimal financial obligations
- Last year ROE of -46% while improved from -63% over 3 years still represents deep losses relative to equity base
- No 52-week high or low data available (both at 0) limits visibility into recent price action and volatility for newly listed stock
- Absence of positive EPS, ROCE, and debt-to-equity data points to limited financial track record, making fundamental valuation challenging
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- CLSA flags 29% downside risk Sep 9
CLSA maintained Underperform rating with ₹150 target price, implying 29% downside from ₹210.30. The brokerage sees stretched valuations at 149x FY28 earnings and questions whether ad revenue can reach 5% of NMV by FY30.
- Monetisation challenges flagged Aug 26
CLSA initiated coverage noting that Meesho's low-income user base limits revenue per user and higher-value transactions. Payments, lending and content monetisation are seen as highly competitive and at early stages.
- Still loss-making through FY27 Sep 9
CLSA projects a net loss of ₹357 crore in FY27, with profitability expected only in FY28 at ₹651 crore. The stock trades at 149x estimated FY28 earnings and 66x FY29 earnings.
- SoftBank exits with ₹1,650cr sale Sep 3
SVF II Meerkat sold 8 crore shares at ₹206.30 average, reducing SoftBank's stake from 8.60% to 6.87%. This follows Elevation Capital, Peak XV and Y Combinator block deals totalling over ₹4,500 crore in recent months.
- Logistics capacity constraints ahead Sep 9
Meesho now accounts for ~39% of India's ecommerce shipments, up from ~3% five years ago. CLSA warns third-party logistics partners may underinvest as volumes shift to Meesho's Valmo network.
- Q1 revenue surges 48% YoY Sep 11
Marketplace revenue rose 48% YoY to ₹3,707 crore in Q1FY27. Net loss narrowed 54% YoY to ₹132.8 crore, with annual transacting users up 29% to 274 million and NMV growing 34% to ₹11,614 crore.
- Meesho Mall NMV nearly doubles Sep 11
Meesho Mall branded segment saw 93% YoY NMV growth with 88% increase in transacting users in Q1FY27, signalling successful expansion into higher-value branded products.
- Stock up 85% from IPO price Aug 20
Shares hit a 3-month high of ₹209.98, up 14.3% in August alone and 87.6% above the ₹113 IPO price. Motilal Oswal initiated with Buy and ₹240 target; Choice Broking upgraded to Buy with ₹220 target.
- Marquee buyers absorb block deals Sep 3
SoftBank's ₹1,650 crore exit was absorbed by Morgan Stanley, Fidelity, Goldman Sachs, Kuwait Investment Authority, Franklin Templeton and multiple domestic institutions, signalling strong institutional demand.
- 10 lakh festive season jobs planned Aug 21
Meesho expects to create over 1 million seasonal jobs across its seller (~6.5 lakh) and logistics (~3.75 lakh) ecosystems for the upcoming festive season, indicating significant volume ramp-up.
- Kotak flags bullish chart breakout Aug 28
Kotak Securities identified an Ascending Triangle breakout on Meesho's weekly chart at ₹208.35, with ₹199 as trend decider and ₹222 as the upside target.
- Investor meet on Sep 16 Sep 10
Meesho scheduled in-person investor and analyst meets for September 10 and September 16, 2026, with discussions based on publicly available information.
- Y Combinator sells 1.05% stake Aug 22
Y Combinator entities sold 4.85 crore shares at ₹200.01 per share for ₹970 crore to 20 institutional investors including Nippon India MF (₹200 crore) and HDFC Standard Life (₹150 crore).
- ₹250cr TILT impact fund launched Aug 27
Meesho CEO Vidit Aatrey co-launched TILT, a ₹250 crore impact fund targeting seed-to-Series A investments of ₹2-16 crore in startups serving low-income communities. Not directly related to Meesho operations.
- First BRSR filed for FY26 Aug 24
Meesho filed its inaugural Business Responsibility and Sustainability Report disclosing ₹63,809.23 million turnover, 1,602 employees and zero safety incidents.
- 11th AGM on September 18 Aug 24
Meesho scheduled its AGM for September 18, 2026 via video conference, with remote e-voting open from September 13-17 and FY26 Annual Report now available.
TL;DR: Meesho is delivering strong top-line growth with Q1FY27 revenue up 48% YoY and losses narrowing 54%, while its user base of 274 million and Meesho Mall's near-doubling NMV show platform momentum. Key risks centre on CLSA's Underperform call citing stretched valuations at 149x FY28E earnings, monetisation challenges with a low-income user base, and continued pre-IPO investor exits totalling thousands of crores. The stock has shown resilience, absorbing large block deals from SoftBank, Y Combinator and others with marquee global institutions stepping in as buyers. The trend is cautiously improving — watch for the path to profitability in FY28 and festive season execution as near-term catalysts.
Quarterly Results
| Particulars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 2,679 | 2,400 | 2,504 | 3,074 | 3,518 | 3,531 | 3,713 |
| Expenses | 2,809 | 2,631 | 2,768 | 3,530 | 4,056 | 3,786 | 3,937 |
| Operating Profit | -131 | -231 | -264 | -456 | -539 | -255 | -225 |
| OPM % | -4.9% | -10% | -11% | -15% | -15% | -7% | -6% |
| Other Income | 160 | -1,158 | 34 | 136 | 75 | 116 | 114 |
| Interest | 2 | 1 | 1 | 1 | 4 | 2 | 2 |
| Depreciation | 12 | 5 | 8 | 9 | 11 | 19 | 20 |
| PBT | 15 | -1,395 | -240 | -330 | -479 | -160 | -133 |
| Tax % | 342% | 0% | 21% | 24% | 3% | 4% | 0% |
| Net Profit | -37 | -1,391 | -289 | -411 | -491 | -166 | -133 |
| EPS in Rs | -4.44 | -160 | -1.49 | -2.11 | -1.09 | -0.36 | -0.29 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| 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 in Rs | -214 | -41.82 | -453 | -2.97 | -3.85 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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31 extracted metrics + investor summaries across FY23–FY27.
Documents
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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.[1]
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