Target: ₹170
CMP: ₹166.90
Founded in 2015, Meesho is the largest e-commerce player in India by order volumes/annual transacting users. Meesho operates a value-focused e-commerce marketplace, connecting consumers, sellers, logistics partners and content creators. The company doesn’t charge commissions, while monetising the platform only via fulfilment, advertising and data insights.
We initiate coverage on Meesho with Reduce rating and Mar’27 TP of ₹170, valuing the company using DCF-based valuation. Our TP implies 108x/25x FY28/30 EV/Adj. EBITDA multiple, aligning with the long-term growth potential of the company. Moreover, with the advent of Valmo, Meesho has further lowered the costs charged to sellers and hence opened up e-commerce categories deemed unserviceable in the past. Via hyper-personalised, discovery-led shopping journeys, Meesho enables shopping patterns similar to offline markets, enabling seamless transition for new-to-e-commerce shoppers.
We expect Meesho to continue being the flagbearer of Indian e-commerce and the first digital commerce platform for a large cohort of Indian population.
Key downside risks include plateauing of logistics cost limiting growth, higher competitive intensity and limited ad-based monetisation and major upside risks include monetisation through content and financing, better than expected growth and ramp-up of commission revenue via Meesho Mall.
Published on January 12, 2026
