Mumbai, June 10, 2026, 19:37 IST
- Meesho slipped 0.41% to ₹166.06, having started at ₹173 and reaching as high as ₹174.86 during the session.
- Some 9.3 crore shares—close to 2% of the equity—were traded in a block deal worth ₹1,540 crore following the end of the six-month lock-in.
- Jefferies kicked off coverage with a Buy and set a ₹225 target, but Macquarie’s recent Underperform highlights a divide among investors over Meesho’s unit economics.
Meesho Ltd. slipped into the red by Wednesday’s close, erasing earlier gains despite Jefferies initiating coverage on the stock with a positive rating. Traders zeroed in on the looming post-IPO share sale window instead. Shares ended at ₹166.06, down from ₹166.73 the previous day, after briefly touching ₹174.86.
Supply became the latest catalyst. Roughly 9.3 crore shares of Meesho—around 2% of its total equity—swapped hands in a block deal pegged at ₹1,540 crore, according to Moneycontrol. Block deals involve sizable, privately agreed share trades routed via the market.
The clock, not the price, drew more attention this time. Just a day after Meesho’s six-month shareholder lock-in lapsed, almost 68% of its outstanding equity suddenly became available for trade, Nuvama Alternative & Quantitative Research data shows, as reported by Moneycontrol. This lock-in had barred certain holders—typically those in before the IPO—from selling for months post-listing.
Jefferies threw its weight behind Meesho, starting coverage on the stock with a Buy and a ₹225 target. The brokerage pointed to Meesho’s potential to carve out scale in value commerce, a segment focused on budget-minded online shoppers, by leveraging affordability, easier product discovery, and streamlined logistics.
Jefferies is betting on hefty growth for Meesho. The brokerage projects net merchandise value, or NMV, to climb at roughly a 25% compound annual rate from FY26 to FY30—NMV being the adjusted total value of goods sold on the platform. Revenue, they estimate, should tack on about 27% annually. By FY30, Jefferies figures adjusted EBITDA margin could hit the 3% mark. That metric tracks operating earnings before interest, tax, depreciation, and amortisation, with some items stripped out.
Meesho’s most recent filing lays out the numbers for both buyers and sellers. In its Q4 shareholder letter, the company reported annual transacting users hit 264 million. Placed orders for FY26 jumped 45% to 2.67 billion, while NMV for FY26 climbed 39%, landing at ₹41,560 crore. For the quarter, placed orders and NMV each increased by 43%—orders reached 717 million and NMV came in at ₹11,371 crore.
Margins picked up in the March quarter, though the company isn’t turning a clear profit yet. Meesho reported Q4 operating revenue of ₹3,531 crore—a 47% jump year-over-year—and contribution margin bounced back to 4.0% of NMV. Still, marketplace adjusted EBITDA came in negative at ₹198 crore, or 1.7% of NMV.
Audited results showed the company posted a net loss of around ₹166 crore in Q4, much lower than the ₹1,391 crore loss recorded a year ago. Revenue from operations reached about ₹12,626 crore for FY26, with the annual loss standing at roughly ₹1,358 crore.
The stock is still hovering around the range set on listing day—making this lock-in expiry worth watching. Meesho debuted on the NSE in December, opening at ₹162.50, according to Reuters, after pricing its IPO at ₹111. As of Wednesday’s close, shares held well above the IPO price but stayed far short of their 52-week high at ₹254.40.
Meesho is carving out a distinct position versus Amazon and Walmart’s Flipkart, Reuters notes, both dominant forces in India’s e-commerce sector. The company skips commissions for sellers and pushes affordability, banking instead on revenue streams like logistics, advertising, and seller services.
Scale doesn’t guarantee solid profits on each order, and that’s the snag. Macquarie took a bearish stance earlier this month, starting coverage with an Underperform and pegging a ₹125 target. The firm pointed to shrinking average order values and thin per-order margins. To get EBITDA to levels that matter, Meesho would have to accelerate both the number of users transacting annually and how often they order.
The immediate question is whether fresh post-lock-in shares can actually find buyers without dropping the stock beneath that ₹165–₹166 band where it landed after Wednesday’s big volume. What really matters, though, is Meesho’s upcoming operating update. Investors want evidence—order growth, contribution margin, and cash burn all headed the right way, not just higher volumes alone.
