Meesho (MEES.NS): The Active TAM: Reach Beats Wait; Initiate at Buy

研报英文原文证据摘录

Meesho (MEES.NS): The Active TAM: Reach Beats Wait; Initiate at Buy

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22 Jun 2026 09:11:10 ET │ 50 pages

Meesho (MEES.NS)

The Active TAM: Reach Beats Wait; Initiate at Buy

CITI'S TAKE

We initiate coverage on Meesho with a Buy rating and a TP of Rs210/sh,

based on 50x FY29E EV/Adj EBITDA (discounted back 1 year). Meesho is a

value-focused e-commerce platform, with several vectors of strategic Buy

differentiation vs other e-commerce platforms: share beyond tier-1 cities, Price (22 Jun 26 15:30) Rs172.21

long-tail seller base, zero commissions logistics-monetization and a new

Target price Rs210.00ROAS-targeted advertising engine that relieves sellers of bid-management.

With 264mn+ annual transacting users (+33% YoY; Mar’26) and >950k Expected share price return 21.9%

(+87% YoY) annual transacting sellers, Meesho’s business model is fully Expected dividend yield 0.0%

marketplace-based, structurally reduces cost of doing business for sellers

Expected total return 21.9%& delivers low-cost affordable selection to consumers. We believe Meesho

is uniquely positioned to serve as an infinite & accessible store to a massive Market Cap Rs791,874M

audience, leveraging technology uniquely across the plumbing of e-com. US$8,395M

Leveraging Technology to Deliver Value E-Commerce — Meesho delivers hyper-

personalized discovery feed, incentivizes productivity across sellers, logistics

providers, and content creators by leveraging its unique scale and investments in Price Performance

technology, including in proprietary vernacular-language based SLMs.

(RIC: MEES.NS, BB: MEESHO IN)

Expect 27% NMV CAGR/>2% of NMV In Adj EBITDA Margins by FY29E — We

expect NMV growth at a CAGR of 27% over FY26-29E, driven by 62%/82% CAGR in

AUTC/Frequency and -4% in AOVs.