Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Meesho Limited
NSE: MEESHOConsumer CyclicalInternet Retail
- Last close
- ₹214.90
- Day change
- −₹4.35 (−1.98%)vs
- Market cap
- ₹1.11 lakh crIndian rupees
- Research updated
- 1 report
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About Meesho
Meesho Limited is an Indian e-commerce company that operates a large-scale online marketplace under the Meesho brand. The platform primarily connects suppliers and customers through an app-based interface, enabling trade across categories such as fashion, home and kitchen, beauty and personal care, electronics accessories, and everyday household products. Meesho integrates technology, logistics, and content to support digital commerce, with a model designed to serve price-sensitive and first-time online shoppers across India. The company also supports small businesses and individual entrepreneurs by providing access to demand, nationwide logistics, and payment services, helping them digitize their sales with minimal upfront costs. Over time, Meesho has become one of India’s prominent internet retail players by focusing on everyday low prices, an asset-light fulfillment structure, and broad reach into smaller cities and towns. Its role in the financial market reflects the growing importance of digital marketplaces and consumer internet platforms in India’s formal economy.
- Sector
- Consumer Cyclical
- Industry
- Internet Retail
- Listing
- NSE: MEESHO
- Next results
- Chief executive
- Mr. Vidit Aatrey
- Employees
- 2,078
- Headquarters
- Bengaluru, India
- ISIN
- INE0VDM01015
- Website
- meesho.com
Public research · Report of
Business model & financial foundation
Meesho (NSE: MEESHO), Value-commerce marketplace and logistics services: revenue of ₹12,626 crore in FY26 (+34.5% on FY25), an EBITDA margin of -11.8%, net profit of ₹-1,358 crore and net cash of ₹6,918 crore.
- Revenue, FY26 (₹ crore)
- 12,626
- consolidated
- Revenue growth, FY26
- +34.5%
- on FY25
- EBITDA margin, FY26
- -11.8%
- EBITDA = revenue less employee cost and other expenses / revenue
- Net profit, FY26 (₹ crore)
- -1,358
- to owners
- Return on equity, FY26
- -46.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -6,918
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 1,01,384
- at the close of 14 Oct 2026
Company profile
Meesho links value-conscious Indian consumers with sellers through a marketplace. Revenue includes fulfilment and seller monetisation, rather than the gross value of goods sold. Its asset-light Valmo network coordinates logistics partners; new initiatives remain in investment phase.
| Item | Value |
|---|---|
| Legal name | Meesho Limited (formerly Meesho Private Limited, Fashnear Technologies Private Limited) |
| Exchange and ticker | NSE: MEESHO; BSE: 544632 |
| ISIN | INE0VDM01015 |
| CIN | L74900KA2015PLC082263 |
| Sector | Consumer internet |
| Industry | Value-commerce marketplace and logistics services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2023) |
| Market capitalisation | ₹1,01,384 crore (14 Oct 2026) |
| Shares outstanding | 456.41 crore shares (FY26) |
| Price | ₹240.7 (close, 14 Oct 2026) |
| Website | https://investor.meesho.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Meesho Technologies Private Limited | 100% | Marketplace |
| Meesho Grocery Private Limited | 100% | Grocery logistics |
| Meesho Payments Private Limited | 99.99% | Lending-service provider |
| Valmo Transportation Private Limited | 100% | Logistics |
| Meesho Networks LLC | 100% | AI |
Former US parent merged into the Indian group in June 2025. No associates or joint ventures.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 16.76% | 16.57% | 16.41% | 16.34% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.31% | 4.17% | 5.19% | 9.84% |
| Domestic institutions | 5.28% | 5.56% | 9.14% | 13.67% |
| of which mutual funds | 4.56% | 4.91% | 8.15% | 11.68% |
| Retail | 3.28% | |||
| Other | 73.66% | 73.70% | 69.26% | 60.18% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Meesho runs a marketplace that charges sellers no commission. It earns from fulfilment and logistics fees (Valmo coordinates third-party partners and handled about 50% of volumes in Q1FY27), seller advertising and other services. Revenue is about 30-32% of delivered NMV: FY26 revenue 12,626 cr against NMV 41,560 cr. There is no inventory and receivables are negligible (6.1 cr at FY26), so working capital is negative because payables to sellers (1,570 cr) fund the business. The Marketplace segment is almost all of revenue; New Initiatives had 12.2 cr of revenue in FY26. Meesho controls demand, pricing algorithms and the logistics orchestration. It does not control seller supply quality, courier capacity or the regulation of marketplaces.
| Peer | Why the dossier compares them |
|---|---|
| Eternal (ETERNAL) | Consumer-platform network effects, monetisation and expansion spend; different grocery economics. |
| Swiggy (SWIGGY) | Early-profit consumer platform, fulfilment and customer acquisition; different ticket sizes. |
| FSN E-Commerce Ventures (NYKAA) | Listed e-commerce monetisation; inventory ownership differs. |
| Brainbees Solutions (FIRSTCRY) | Consumer e-commerce and physical retail; inventory model differs. |
| Delhivery (DELHIVERY) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 7,615 | 9,390 | 12,626 |
| Materials / traded goods / inventory change | 0.00 | 0.00 | 0.00 |
| Employee benefits expense (incl. SBC) | 757.7 | 848.2 | 912.2 |
| Other expenses (logistics, ads, server etc.) | 7,352 | 9,120 | 13,199 |
| EBITDA = revenue less employee cost and other expenses | -494.1 | -578.5 | -1,485 |
| Other income | 244.1 | 511.0 | 472.7 |
| Depreciation and amortisation (incl. ROU) | 58.1 | 34.0 | 46.8 |
| EBIT = EBITDA less D&A (before other income) | -552.3 | -612.5 | -1,532 |
| Finance costs (lease interest; no borrowings) | 6.37 | 6.90 | 8.96 |
| Loss before exceptional items and tax | -314.5 | -108.4 | -1,068 |
| Exceptional items (signed) | -13.1 | -1,346 | -141.1 |
| Profit/(loss) before tax | -327.6 | -1,455 | -1,209 |
| Total tax expense | 0.00 | 2,487 | 148.5 |
| Profit/(loss) for the year | -327.6 | -3,942 | -1,358 |
| Non-controlling interests | n.d. | 0.00 | 0.00 |
| Share of associates/JVs | n.a. | 0.00 | 0.00 |
| Profit/(loss) attributable to owners | -327.6 | -3,942 | -1,358 |
| Basic EPS (₹) | -0.87 | -9.98 | -3.11 |
| Diluted EPS (₹) | -0.87 | -9.98 | -3.11 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity | 2,230 | 1,446 | 4,386 |
| Equity share capital | 0.00 | 0.27 | 456.4 |
| Borrowings (excl. leases) | 0.00 | 0.00 | 0.00 |
| Lease liabilities (current + non-current) | 72.3 | 58.3 | 62.6 |
| Cash and cash equivalents | 140.4 | 147.1 | 620.4 |
| Bank balances other than cash equivalents | 0.40 | 231.3 | 1,273 |
| Current investments | 743.6 | 4,983 | 951.8 |
| Non-current investments | 0.00 | 0.00 | 258.6 |
| IPO-earmarked bank FDs within other financial assets | n.a. | n.a. | 2,573 |
| Net debt (negative = net cash) | -3,344 | -6,450 | -6,918 |
| Trade receivables | 0.18 | 0.46 | 6.13 |
| Inventories | 0.00 | 0.00 | 0.00 |
| Trade payables | 874.9 | 1,071 | 1,570 |
| Other current financial assets | 2,048 | 1,366 | 2,450 |
| Other current financial liabilities | 831.2 | 1,282 | 1,387 |
| Provision for tax (business combination) | 0.00 | 2,487 | 0.00 |
| Property, plant and equipment | 52.3 | 51.7 | 77.7 |
| Intangible assets | 1.56 | 0.43 | 68.9 |
| Right-of-use assets | 58.1 | 43.7 | 48.0 |
| Capital work in progress | 0.00 | 0.00 | 0.00 |
| Total assets | 4,161 | 7,226 | 7,907 |
| Total liabilities | 1,931 | 5,781 | 3,520 |
| Equity shares issued (crore) (crore shares) | 0.00 | 0.27 | 456.41 |
| Weighted average shares for EPS (crore) (crore shares) | 377.16 | 395.11 | 437.21 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities | 220.2 | 539.4 | -3,875 |
| Income taxes paid (net of refund) | -12.9 | -36.6 | -2,780 |
| Purchase of PPE and intangibles (outflow negative) | -35.2 | -22.9 | -101.0 |
| FCF = CFO + capex | 185.0 | 516.5 | -3,976 |
| Net cash from investing activities | -165.6 | -2,635 | 247.3 |
| Net cash from financing activities | -11.4 | 2,105 | 4,101 |
| Proceeds from issue of share capital incl. premium | 0.00 | 2,297 | 4,251 |
| Lease payments (principal + interest) | -11.4 | -19.6 | -23.4 |
| Dividends paid | 0.00 | 0.00 | 0.00 |
| Net increase in cash and cash equivalents | 43.2 | 9.38 | 473.4 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| EBITDA, company definition (PAT+fin+tax+D&A) | -263.2 | -1,414 | -1,153 |
| Adjusted EBITDA (company) | -230.2 | -219.6 | -1,246 |
| Share-based payment in employee cost | 253.0 | 320.0 | 182.3 |
| Logistics and fulfilment expenses | 5,927 | 7,352 | 10,457 |
| Advertising and sales promotion | 459.5 | 643.5 | 1,120 |
| Server and software tools | 577.5 | 619.6 | 939.1 |
| Communication expenses | 208.0 | 226.7 | 288.1 |
| Contracted manpower | 79.5 | 105.0 | 149.3 |
| Current tax on business combination | 0.00 | 2,487 | 69.8 |
| Interest on deposits, bonds, CDs, CPs | 200.7 | 260.0 | 216.3 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,679 | 2,400 | 2,504 | 3,074 | 3,518 | 3,531 | 3,713 |
| Materials/purchases/inventory cost line | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Employee benefits expense including ordinary SBC | 194.9 | 239.9 | 207.3 | 237.8 | 235.2 | 232.0 | 243.1 |
| Other expenses including logistics, technology and ads | 2,595 | 2,391 | 2,561 | 3,265 | 3,819 | 3,554 | 3,694 |
| Accounting operating EBITDA, before other income | -111.6 | -230.8 | -264.4 | -429.1 | -536.9 | -254.8 | -224.6 |
| Other income | 150.8 | 126.6 | 126.1 | 154.1 | 76.8 | 115.8 | 113.6 |
| Depreciation and amortisation | 11.8 | 4.52 | 7.98 | 9.29 | 10.9 | 18.6 | 19.7 |
| Finance costs | 1.61 | 1.49 | 1.45 | 1.25 | 3.89 | 2.38 | 2.13 |
| Exceptional items, signed gain/(expense) | -10.4 | -1,285 | -92.4 | -45.0 | -3.71 | 0.00 | 0.00 |
| Profit/(loss) before tax | 15.5 | -1,395 | -240.1 | -330.5 | -478.6 | -160.1 | -132.8 |
| Tax expense/(benefit) | 52.9 | -3.55 | 49.3 | 80.9 | 12.1 | 6.26 | 0.00 |
| Profit/(loss) for period | -37.4 | -1,391 | -289.4 | -411.4 | -490.7 | -166.3 | -132.8 |
| Profit attributable to non-controlling interests | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Share of associates/JVs | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Profit/(loss) attributable to owners of parent | -37.4 | -1,391 | -289.4 | -411.4 | -490.7 | -166.3 | -132.8 |
| Diluted EPS, bonus adjusted, not annualised (₹) | -0.09 | -3.39 | -0.68 | -0.97 | -1.14 | -0.36 | -0.28 |
| Total income | 3,826 | ||||||
| Total ordinary expenses including D&A and finance | 3,959 | ||||||
| Loss before exceptional items and tax | -132.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 23.3% | 34.5% | |
| EBITDA margin | -6.5% | -6.2% | -11.8% |
| Net margin | -4.3% | -42.0% | -10.8% |
| Return on equity | -14.7% | -214.5% | -46.6% |
| Return on capital employed | -24.8% | -33.3% | -52.5% |
| Return on assets | -7.9% | -69.2% | -17.9% |
| Net debt (₹ crore) | -3,344 | -6,450 | -6,918 |
| Net debt / EBITDA | 6.77x | 11.1x | 4.66x |
| Interest cover | -86.7x | -88.8x | -171.0x |
| Asset turnover | 1.83x | 1.65x | 1.67x |
| Receivable days | 0 | 0 | 0 |
| Inventory days (on revenue) | 0 | 0 | 0 |
| Payable days (on revenue) | 42 | 42 | 45 |
| Cash conversion | -0.67x | -0.14x | 2.85x |
| Capex intensity | 0.5% | 0.2% | 0.8% |
| Free cash flow (₹ crore) | 185.0 | 516.5 | -3,976 |
| Dividend payout | -0.0% | -0.0% | -0.0% |
| EPS, diluted (₹) | -0.87 | -9.98 | -3.11 |
| Book value per share (₹) | 2,22,96,42,00,00,00,00,000 | 53,04,66,05,505 | 9,61,06,861 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA = revenue less employee cost and other expenses / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA = revenue less employee cost and other expenses.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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