Meesho
Meesho
RetailKey Fundamentals
LargecapEcommerceRetailPrice-based figures as of 09 Oct 2026, 15:59 IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
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.
Growth Rate
change over 1 year
change over 1 year
change over 1 year
Operating margin -6% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-06 close, Meesho Ltd traded at ₹238.22, giving a market capitalisation of about ₹1,10,206 crore. That is roughly 6.4% below its 52-week high of ₹254.40 and about 90% above its 52-week low of ₹125.56. Sales are growing fast, at 34% TTM and 30% compounded over 3 years, and the balance sheet is almost debt free (debt-to-equity of 0.01). The company is still loss-making, with TTM EPS of -₹3.85, ROE of -30.95% and ROCE of -26.98%, and the stock trades at 25.1x book value with no dividend.
- Revenue is growing quickly. Sales grew 34% on a TTM basis and 30% compounded over 3 years, which shows the platform is gaining scale in Indian value e-commerce.
- The balance sheet is almost debt free, with debt-to-equity of 0.01. This keeps financial risk and refinancing pressure low while the company is still loss-making.
- The company reports compounded profit growth of 49% TTM, compared with 6% over 3 years. Because the TTM result is still a loss (EPS of -₹3.85), this figure most likely reflects losses getting smaller rather than profits growing.
- Return on equity looks better than its multi-year average. ROE is -30.95% now, against -46% last year and -63% on a 3-year basis, which points to improving capital efficiency even though it is still negative.
- Price momentum has been strong. The stock is about 90% above its 52-week low of ₹125.56 and closed at ₹238.22, only about 6.4% below its 52-week high of ₹254.40.
- A market capitalisation of about ₹1,10,206 crore makes Meesho a large-cap name. That size usually brings deeper liquidity and the potential for inclusion in indices and institutional portfolios.
- The company is still loss-making, with TTM EPS of -₹3.85. That means there is no meaningful P/E, so the valuation depends on profits that have not arrived yet.
- The valuation is high relative to book value: the stock trades at 25.1x book. A market cap of about ₹1,10,206 crore at that multiple implies a book value of only about ₹4,390 crore.
- Returns on capital are deeply negative. ROE is -30.95% and ROCE is -26.98%, and the 3-year ROE averages about -63%, so the business has not yet earned a return on the capital it uses.
- Profit growth over 3 years is only 6% compounded, against 30% sales growth over the same period. This suggests that growth in scale has not yet turned into earnings at the same pace.
- Interest coverage is low because operating earnings are negative (ROCE of -26.98%). Debt is minimal, but the core business is not yet producing enough operating profit to cover even small fixed financing costs.
- Promoter holding is low at 16.3%. This can mean less promoter alignment and more dependence on institutional and investor sentiment.
- The dividend yield is 0%, so shareholders get no cash return while waiting for profitability.
- The stock is close to its high: it trades about 6.4% below its 52-week high of ₹254.40 after a roughly 90% rise from ₹125.56. That leaves less room for error if growth or the path to profitability disappoints.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Nomura initiates with Reduce call Oct 6
Nomura started coverage with a 'Reduce' rating and a ₹167 target, citing premium valuations despite faster NMV growth. That target is about 30% below the ₹240.40 intraday price.
- Rising horizontal and QC competition Oct 6
Nomura flagged Amazon and Flipkart pushing harder into quick commerce and value commerce, including Flipkart's Shopsy relaunch in May 2026. It also said third-party logistics disruptions could slow margin gains.
- Still loss-making, cash burn continues Sep 22
Q1 FY27 adjusted loss was ₹132.84 crore, narrower than ₹215.92 crore a year earlier but still a loss. LTM free cash flow remained negative at ₹537 crore, cushioned by a ₹6,521 crore cash balance.
- Technically overbought near resistance Oct 6
RSI is above 70 and technical analysts call the stock heavily extended, with resistance at ₹245-250 and support at ₹215. The stock fell about 2% intraday on Oct 7, set to snap a two-day winning run.
- Valuation hinges on unproven profits Sep 11
Meesho trades at 7.3x sales at about ₹1 lakh crore market cap. Unlike Nykaa (Q1 net profit up 233% to ₹80 crore), it has no visible earnings base yet.
- Late SEBI disclosure on investor meet Sep 18
Meesho disclosed its Sep 21, 2026 institutional investor meetings late and blamed an administrative oversight. This is a minor governance and compliance lapse under SEBI rules.
- Festive Day 1 orders up 75% Oct 10
Day 1 festive orders rose about 75% YoY, peaking at 75,000 orders per minute, and transacting customers grew about 60%. Meesho Mall orders jumped over 200% YoY, and AI-powered discovery influenced about 85% of orders.
- Strong Q1 FY27 operating metrics Sep 22
Revenue rose 48.3% YoY to ₹3,712.81 crore and NMV grew 34% to ₹11,614 crore. Contribution margin expanded to 4.6% of NMV, up from 2.3% in Q3FY26, and ATUs rose 29% to 274 million.
- UBS raises target to ₹260 Sep 22
UBS kept its Buy rating and raised its target to ₹260 from ₹210. It lifted FY29-31 NMV estimates by 7-18% and EBITDA estimates by 20-40%, and the stock jumped 9.56% to ₹240 on the call.
- DIIs and FPIs boost stakes Oct 6
In the Sep quarter, DII holding rose to 13.66% from 9.14% and FPI holding rose to 9.83% from 5.19%. Shares are up 59% over six months against a 3% fall in the Sensex.
- Content commerce NMV up 152% Oct 6
Content Commerce NMV grew 152% YoY, powered by more than 1.6 lakh active creators, 81% of them from non-metro India. Tier 3-4 markets drove 66% of these orders, and the stock rose 10% in two sessions on the update.
- Jefferies Buy, margin roadmap intact Oct 6
Jefferies reiterated Buy with a ₹240 target and sees contribution margin rising to 5.5% in 12 months and 8.5% by FY31. Management is targeting a 15-25% cut in logistics costs over five years.
- Ad monetisation and seller base expanding Sep 22
Advertising revenue crossed 3% of NMV, and sellers indicate they could spend 2.5-3x more. Annual transacting sellers grew 81% YoY to 1.04 million.
- ₹50 crore Retail Pulse Labs investment Oct 6
The board approved up to ₹50 crore for Retail Pulse Labs, the Kirana Club subsidiary, which will become a step-down subsidiary. This follows the proposed Kirana Club acquisition announced on Jun 12, 2026.
- ₹766.76 crore block trade on BSE Sep 23
About 3.19 crore shares changed hands at ₹240.20 in a large trade worth ₹766.76 crore. This is an unconfirmed real-time trade-scanner signal.
- Further large trades at ₹214-225 Sep 30
Large-trade signals flagged ₹21.37 crore at ₹213.70 on NSE (Sep 29) and ₹127.80 crore at ₹224.95 on BSE (Sep 30). Neither is a confirmed exchange disclosure.
- 11th AGM approves FY26 accounts Sep 18
Shareholders adopted the audited FY26 financial statements and reappointed director Mukul Arora at the 11th AGM on Sep 18, 2026.
- Investor meets on Sep 16, 21 Sep 18
Meesho held in-person institutional investor and analyst meetings on Sep 16 and Sep 21, 2026, limited to publicly available information.
TL;DR: Meesho is executing well: Q1 FY27 revenue grew 48% and NMV 34%, contribution margin doubled to 4.6% in two quarters, and festive Day 1 orders rose 75% YoY. Institutional buying is heavy, with DII plus FPI holding up about 9 percentage points in one quarter, and the stock is up 59% in six months. The risks are that Meesho is still loss-making, trades near its ₹254.65 high with RSI above 70, and faces Nomura's ₹167 Reduce call along with tougher competition from Flipkart's Shopsy and quick commerce. The fundamental trend is improving, but Q2 numbers, likely softened by the Diwali timing shift, and Q3 festive conversion will need to justify the valuation, with ₹215 as key support.
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 (₹) | -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 (₹) | -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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51 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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