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10 Yrs X-Ray 
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Analyst Note 
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About
Meesho Ltd (MEESHO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544632 NSE: MEESHO e-Commerce | Mid Cap | Meesho Share Price
₹220.45 2.50 (1.15%)
As on 11-Sep'26 14:41
Meesho Ltd (MEESHO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544632 NSE: MEESHO e-Commerce | Mid Cap | Meesho Share Price
₹220.45 2.50 (1.15%)
As on 11-Sep'26 14:41
Key Metrics
Valuation Multiples
Market Cap
₹1,00,828 Cr.
Current Price
₹220.5
52-Week Low / High
₹126 / 255
TTM EPS
₹-2.6
TTM Sales
₹13,835 Cr.
Book Value per Share
₹8.3
P/E Ratio
0.00
Industry PE
104.6
Price to Book (P/B)
26.32
Higher than its 5-year historical median
Price to Sales (P/S)
7.29
Lower than its 5-year historical median
EV/EBITDA
-100.42
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-59.38%
Return on Capital Employed (ROCE)
-41.16%
Return on Assets (ROA)
-17.94%
Operating Profit Margin
-11.8%
Net Profit Margin
-10.75%
Gross Profit Margin
-8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-32.03%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
16.41%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,368 Cr.
Equity
₹462.6 Cr.
Face Value
₹1
All Time Low / High
₹125.70 / 254.65
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Strong
Is Meesho Ltd a good quality company?
Meesho Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Meesho Ltd performance compare with that of its Peers?
Revenue growth of Meesho Ltd vs industry peers?
Meesho Ltd revenue CAGR is 51.75%, compared to the industry median CAGR of 32.69%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Meesho Ltd?
Promoters hold 16.41% of the Meesho Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Meesho Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Meesho Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -52.1% | -76% | -129.8% | -1,037.5% | -126.3% | -14.1% | -74% | 158.6% | - |
| Value Creation Index ⓘ | -5.6 | -7.8 | -12.5 | -93.2 | -12.2 | -2.3 | -7.6 | 13.1 | - |
Growth Parameters ⓘ |
|||||||||
| Sales ⓘ | 80 | 307 | 793 | 3,232 | 5,735 | 7,615 | 9,388 | 6,381 | 6,442 |
| Sales YoY Gr. | - | 283.5% | 158.3% | 307.7% | 77.4% | 32.8% | 23.3% | -32% | - |
| Adj EPS ⓘ | -0.8 | -1.6 | -2.7 | -10.9 | -4.5 | 0 | -230.6 | 19.2 | 3.1 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 1.5 | 3.3 | 0.8 | 0.8 | 4.8 | 0 | 52.4 | 71.7 | 71.5 |
| Adj Net Profit ⓘ | -103 | -307 | -499 | -3,292 | -1,711 | -330 | -3,031 | 8,765 | 1,429 |
| Cash Flow from Ops. ⓘ | -72.2 | -305 | -247 | -2,113 | -2,303 | 226 | 543 | -5,637 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 51.8% | 3.6% | -32% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | NA | 144.5% | 146.1% | 36.9% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -53.6 | -76.1 | -129.9 | -1051.7 | -129.1 | -14.9 | -161.3 | 50.6 | 4.3 |
| Op. Profit Mgn % ⓘ | -130.3 | -110.8 | -67.6 | -104.1 | -31.4 | -6.4 | -5.9 | -4.2 | -3 |
| Net Profit Mgn % ⓘ | -128.1 | -99.9 | -62.9 | -101.9 | -29.8 | -4.3 | -32.3 | 137.4 | 22.2 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 0 | 65 | 86 | 66 | 69 | 107 | 96 | 134 | 52 |
| Cash Conv. Cycle ⓘ | 0 | -19 | -16 | -40 | -60 | -43 | -39 | -20 | 32 |
Valuation of Meesho - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Sales | 5,735 | 7,615 | 9,390 | 12,626 |
| Operating Expenses ⓘ + | 7,538 | 8,109 | 9,968 | 14,111 |
| Operating Profit ⓘ | -1,804 | -494 | -579 | -1,485 |
| Operating Profit Margin (%) | -31.5% | -6.5% | -6.2% | -11.8% |
| Other Income ⓘ + | 163 | 244 | 511 | 473 |
| Interest ⓘ | 1 | 6 | 7 | 9 |
| Depreciation ⓘ | 30 | 58 | 34 | 47 |
| Profit Before Tax ⓘ | -1,672 | -328 | -1,455 | -1,209 |
| Tax ⓘ | 0 | 0 | 2,487 | 148 |
| Profit After Tax | -1,672 | -328 | -3,942 | -1,358 |
| PAT Margin (%) | -29.2% | -4.3% | -42.0% | -10.8% |
| Adjusted EPS (₹) | 0.0 | 0.0 | -300.0 | -3.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,763 | 1,299 | 616 | 3,957 | |||||||
| Debt + | 0 | 0 | 0 | 0 | |||||||
| Minority Interest | 0 | 0 | 0 | 0 | |||||||
| Trade Payables | 834 | 875 | 1,071 | 1,570 | |||||||
| Others Liabilities ⓘ | 1,256 | 1,987 | 5,539 | 2,380 | |||||||
| Total Liabilities ⓘ | 3,853 | 4,161 | 7,226 | 7,907 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 56 | 112 | 96 | 195 | |||||||
| CWIP ⓘ | 2 | 0 | 0 | 0 | |||||||
| Investments ⓘ | 2,344 | 744 | 4,983 | 1,210 | |||||||
| Inventories | 0 | 0 | 0 | 0 | |||||||
| Trade Receivables | 0 | 0 | 0 | 6 | |||||||
Cash Equivalents 
ⓘ
| 109 | 141 | 378 | 1,893 | |||||||
| Others Assets ⓘ | 1,343 | 3,164 | 1,768 | 4,602 | |||||||
| Total Assets ⓘ | 3,853 | 4,161 | 7,226 | 7,907 | |||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -2,308 | 220 | 539 | -3,875 |
| Cash Flow From Investing Activity ⓘ + | 498 | -166 | -2,635 | 247 |
| Cash Flow From Financing Activity ⓘ + | -12 | -11 | 2,105 | 4,101 |
| Net Cash Flow ⓘ | -1,822 | 43 | 9 | 473 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -94.85 | -21.4 | -411.55 | -59.38 | ||||||
| ROCE (%) | -67.58 | -13.67 | -78.8 | -41.16 | ||||||
| Asset Turnover Ratio | 1.49 | 1.9 | 1.65 | 1.69 | ||||||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 0 | 0 | 0 | 0.10 | ||||||
| Inventory Days | 0 | 0 | 0 | 0 | ||||||
| Payable Days | 0 | 0 | 0 | 0 | ||||||
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Meesho Ltd FAQs
The current trading price of Meesho on 11-Sep-2026 14:41 is ₹220.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Meesho stood at ₹1,00,828.5 Cr
The latest P/E ratio of Meesho as of 10-Sep-2026 is 70.54.
The latest P/B ratio of Meesho as of 10-Sep-2026 is 3.05.
The 52-week high of Meesho is ₹254.7 and the 52-week low is ₹125.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Meesho is ₹6,442 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Meesho Ltd is a below average quality company.
The key valuation ratios of Meesho Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Meesho Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Meesho Ltd
Meesho was originally incorporated as ‘FashNear Technologies Private Limited’ on August 13, 2015. Thereafter, the name of the company was changed to ‘Meesho Private Limited’ on May 13, 2025. Upon the conversion of the company into a public limited company, pursuant to a resolution passed by its Board dated June 5, 2025 and a special resolution passed by its shareholders dated June 5, 2025, the name of the company was changed to ‘Meesho Limited’, on June 10, 2025.
The company is a multi-sided technology platform driving e-commerce in India by bringing together four key stakeholders - consumers, sellers, logistics partners and content creators. Its value-focused ecommerce marketplace serves consumers from diverse income backgrounds across India by offering ‘Everyday Low Prices’. This is made possible by providing a low-cost channel for sellers, which in turn allows them to offer a wide assortment of products at affordable prices to consumers. Sellers on the company includes manufacturers, wholesalers, and traders. It engages with logistics partners, encompassing first and last-mile delivery businesses, sorting centres, and truck operators, to ensure cost efficient order fulfilment. Content creators on Meesho enhance product discovery and drive sales by sharing engaging content. Its platform is designed to deliver a personalised discovery led shopping experience to consumers, making online shopping easy and engaging for consumers. It monetizes its platform through services that are provided to sellers such as order fulfilment, advertising, and data insights.
Its value focused platform is designed to serve all segments of consumers across India by making ecommerce affordable, accessible and engaging. It is focused on providing ‘Everyday Low Prices’ to consumers. Its technology-first operations, platform scale and efficiency offer low-cost order fulfilment to sellers on it. This, along with a zero-commission model for sellers enables it to reduce the average cost charged to sellers and provide a wide assortment of products ranging from low-cost unbranded products, regional brands and national brands at affordable prices on it. Its artificial intelligence/machine learning (AI/ML) led algorithms are designed to deliver a personalised, discovery led shopping experience to consumers similar to an offline window-shopping experience, making online shopping easy and engaging for consumers.
Business area of the company
The company is a multi-sided technology platform driving e-commerce in India by connecting four key stakeholders: consumers, sellers, logistics partners, and content creators. Its value-focused ecommerce marketplace serves consumers from diverse income backgrounds across India by offering ‘Everyday Low Prices.’ This is made possible by providing a low-cost channel for sellers, which in turn allows them to offer a wide assortment of products at affordable prices to consumers. Further, It engages with logistics partners, encompassing first and last-mile delivery businesses, sorting centres, and truck operators, to ensure cost efficient order fulfilment.
Awards and recognitions
- 2020: Awarded ‘Young Turk Startup of the Year’ at the CNBC - TV18 India Business Leader Awards
- 2021: Felicitated on becoming a unicorn start-up in 2020-2021 by Government of Karnataka at the Bengaluru Tech Summit 2021
- 2022: Awarded at the ‘Pride of India Brands - The Best of South Awards’ by e4m
- 2022: Awarded ‘gold’ under the 'David v/s Goliath' category for the ‘Reclaiming the value of Low Prices’ campaign at the EFFIE Awards India
- 2023: Recognised on the list of ‘TIME100 Most Influential Companies 2023’
- 2024: Awarded 'Gender Diversity Champion in Supply Chain - 2024' for ‘empowering women entrepreneurs, fostering inclusive practices and promoting equitable opportunities, thereby transforming the e-commerce landscape and driving social change in India’ in the ISCM Supply Chain Ranking 2024 by the Institute of Supply Chain Management
- 2024: Awarded ‘Most Disruptive eRetailer of the Year’ at the iReC 2024 Retail Innovation Conference & Expo
- 2025: Recognised among ‘500 High-Growth Companies - Asia Pacific, 2025’ by The Financial Times and Statista
History and millstone
- 2018: One million Placed Orders in a single month on the ‘Meesho’ platform.
- 2022: Meesho crosses 100 million Annual Transacting Users.
- 2022: Meesho launches Valmo.
- 2022: Meesho crosses 5 million Placed Orders a day.
- 2023: Meesho crosses 500 million downloads.
- 2023: Meesho launches content commerce.
- 2024: Meesho becomes free cash flow positive.
- 2025: Inbound merger of Meesho Inc. into Meesho Limited.
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