India's Meesho slumps after Nomura starts with 'reduce'

Meesho

25/09/2026 05:00

** Meesho MEES.NS down nearly 4% at 224.69 rupees, on track for biggest intraday pct drop since January 27
** Nomura initiates MEES at "reduce" with 167 rupees PT, implying about 28% downside from its 233-rupee reference price
** Says current valuation leaves little room for execution missteps; flags rising competition from Amazon and Walmart-owned Flipkart
** Expects net merchandise value to grow at about 23% CAGR over FY27-FY30, initially driven by user additions and later by higher purchase frequency
** Meesho's asset-light model and low fulfilment costs are key strengths  - Nomura
** Stock rated "hold" on average by 16 analysts, median PT at 215 rupees  - LSEG-compiled data
** YTD stock up about 23%

(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))