1QF27 First Cut: Mixed results – EBITDA loss broadly in line but slight top-line miss

研报英文原文证据摘录

1QF27 First Cut: Mixed results – EBITDA loss broadly in line but slight top-line miss

Update

July 23, 2026 02:33 PM GMT

Morgan Stanley India Company Private Limited+MMeesho Limited | Asia Pacific Gaurav Rateria

Equity Analyst

1QF27 First Cut: Mixed results – Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

Sulabh.Govila@morganstanley.com +91 22 6118-2249

EBITDA loss broadly in line but Shreshtha Chopra

Research Associate

Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

slight top-line miss Sakshi Rana

Sakshi.Rana@morganstanley.com +91 22 6118-1002

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Meesho Limited (MEES.NS, MEESHO IN)

Key Takeaways India Technology | India

Outlook: Meesho expects higher user acquisition spending and slower NMV Stock Rating Equal-weight

Industry View In-Line

growth in 2Q. Key reasons include: Price target Rs190.00

Up/downside to price target (%) 0

a) Meesho plans to step up new-user acquisition spending from 2Q onwards Shr price, close (Jul 22, 2026) Rs189.87

ahead of the festive season; 52-Week Range Rs254.40-125.56

Sh out, dil, curr (mn) 4,621

b) YoY comparisons in 2Q likely softer as Mega Blockbuster Sale shifts to Mkt cap, curr (mn) Rs877,331

EV, curr (mn) Rs833,158

3QFY27 (vs. 2QFY26); management believes combined 2Q–3Q comparison is Avg daily trading value (mn) Rs4,805

appropriate. Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** (2.94) (0.67) 1.14 3.68

1QF27 actuals vs. estimates: Consolidated revenue of Rs37.12bn (+5.1% QoQ, EPS (Rs)§ (3.50) (0.88) 1.48 3.82

Revenue, net (Rs mn) 127,244 186,833 235,700 300,867

+48.3% YoY) came in 2.3% below MSe.