Meesho Shares Surge 6% Near Record High as Jefferies Forum Fuels Optimism

Shares of Meesho jumped as much as 6% in intraday trade on Tuesday, pushing the e-commerce platform's stock close to its all-time high as investors reacted to bullish commentary on the company's growth trajectory.

The numbers

The stock touched Rs 232.90 on the BSE amid heavy trading volume, not far from its record high of Rs 254.65 set on December 18, 2025. A combined 15.4 million shares changed hands across the NSE and BSE by mid-morning. At current levels, Meesho trades roughly 110% above its Rs 111 issue price from its December 2025 market debut — a striking run for a stock that listed less than a year ago.

What's driving the rally

The move came on the back of commentary at the Jefferies Forum, where internet stocks broadly drew strong investor interest on the back of large addressable markets, rising usage frequency and improving monetisation. Meesho's own presentation reiterated a target of 25% compound annual growth in Net Merchandise Value (NMV) over the next five years, with management pointing to scale benefits that should support margins as the business matures.

The company, which runs an asset-light marketplace connecting sellers, consumers, logistics partners and content creators, said contribution margins are expected to climb from 4.6% in the June quarter to around 5.5% over the next 12 months and further to 8.5% by FY31, helped by tighter logistics costs and higher advertising monetisation. Management also flagged plans to cut logistics costs by 15-20% over five years through a higher prepaid mix, self-pickup options and automation at sort centres — improvements it says will partly be passed on to consumers rather than kept entirely as margin.

What brokerages are saying

Motilal Oswal Financial Services, which has a "Buy" rating on the stock with a target price of Rs 240, expects Meesho to deliver a 25% CAGR in marketplace NMV between FY26 and FY31, driven by customer acquisition and rising platform adoption. The brokerage projects contribution margin expansion of around 400 basis points to 7.5% by FY31, alongside adjusted EBITDA of roughly Rs 4,800 crore by the same year. Motilal Oswal had initiated coverage on the stock in July 2026, valuing it at 30 times its FY31 estimated adjusted marketplace EBITDA.

Meesho is also looking at Buy Now, Pay Later as a longer-term opportunity, currently offered to both shoppers and sellers through NBFC partnerships. Management has suggested it could eventually monetise this further using its data for underwriting and collections support.

The bigger picture

Meesho's rally on Tuesday came even as the broader Sensex was largely flat, underlining how stock-specific narratives — rather than the overall market mood — are driving some of the sharpest single-stock moves this week. For a company that only listed nine months ago, sustaining a run this close to its issue-day highs will depend on whether the ambitious margin and revenue targets laid out to brokerages actually show up in its coming quarterly numbers.

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