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Jefferies adds Meesho to model portfolio on mass-consumption thesis
Jefferies added Meesho to its model portfolio as a play on mass discretionary consumption, arguing rising gold wealth and gold-backed lending could support bottom-of-pyramid spending in India.
Newer report , , Business Today : Meesho falls 6.9% after Nomura starts coverage with ‘reduce’ call
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Reported figures
From the report. Source details below
| Indians hold an estimated | $4 trillion in gold |
|---|---|
| Navin Fluorine FY26-29E EPS CAGR estimate: | 23% |
| FY26 equity flows: | $96 billion |
| FY26 gold imports: | $79 billion |
| Gold loan AUM: | $197 billion as of March 2026 |
| Gold monetisation rose from under 4% pre-2020 to 5.1% in March | 2026 |
| Potential additional gold loans: | $15-20 billion annually |
| Estimated monetised gold holdings: | 15% |
Also in the report
- A 10% gold-price increase could drive 80 bps of additional GDP-growth spending
- Gold loans equalled about 130 bps of GDP in FY26
- Gold loans grew 73% in dollar terms over two years
- Gold loans account for 7% of total bank and NBFC credit
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