Jefferies initiates Buy on Meesho with Rs 225 target, flagging 34% upside

Jefferies starts Meesho at Buy with a Rs 225 target, citing a value-commerce moat across 26.4cr annual users and 250cr orders. House models 25% NMV CAGR and 3% adj Ebitda margin by FY30, helped by asset-light Valmo logistics, negative working capital and FCF turning positive by FY28.

— Source publishedWed, 10 Jun, 2026, 09:04 IST·First seen Wed, 10 Jun, 2026, 09:25 IST·Source Business Today · Latest

What happened

Jefferies initiates Buy on Meesho with Rs 225 target (34% upside), forecasting 25% NMV CAGR and 3% adj Ebitda margin by FY30, citing value-commerce moat,

Key facts

  • Rs 225 target
  • 34% upside
  • 25% NMV CAGR
  • 3% adj Ebitda margin by FY30
  • 26.4 crore ATUs
  • 250 crore orders
  • 1.6x Jun-28E NMV

Why this matters

Jefferies' Rs 225 target reframes Meesho as a structurally profitable platform, raising the bar for any horizontal e-commerce or logistics M&A targeting India's value tier.