Shares of homegrown e-commerce platform Meesho Ltd. will be in focus on Friday, September 25, after global brokerage firm Nomura initiated coverage on the stock with a ‘Reduce’ rating and a price target of ₹167 per share. The target implies a potential downside of 28% from the stock’s last closing level on Thursday.
In its note, Nomura said Meesho offers direct exposure to India’s fast-growing online value commerce segment, with the brokerage expecting net merchandise value to grow at a 23% CAGR over FY27 to FY30. However, Nomura said the stock is trading at a significant premium to other platforms, including Eternal and Swiggy, despite its view that these companies have higher growth profiles in their quick commerce businesses.
The brokerage expects Meesho’s 23% NMV CAGR to be driven by continued adoption of online value commerce. Nomura identified Meesho’s asset light business model, AI led innovations and improving free cash flow as key positives. At the same time, it flagged rising competition from horizontal platforms and a potential overlap with quick commerce as key risks.
Earlier on September 22, UBS raised its price target on Meesho to ₹260 from ₹210 while maintaining its ‘Buy’ rating. UBS raised its FY29 to FY31 NMV estimates by 7% to 18% and EBITDA estimates by 20% to 40%, citing stronger growth and improving margins.
A total of 18 analysts currently cover Meesho, with 10 having ‘Buy’ recommendations, three having ‘Hold’ ratings and five having ‘Sell’ recommendations. Meesho shares listed on the stock exchanges on December 10, 2025. The stock ended 1.85% lower at ₹232 on Thursday.
It has now extended its year to date advance to 28%.