Kotak initiates Meesho at 'Reduce', Rs 195 target — growth story already priced in
Kotak Institutional Equities began Meesho coverage with a Reduce rating and Rs 195 target, just 1% above CMP of Rs 193. Forecasts 28% NMV/revenue CAGR through FY29, annual transacting users rising from 264M (FY26) to 391M (FY29), and Ebitda breakeven by FY29 — but says asset-light model and Valmo logistics scale-up are baked in.
Kotak initiates Meesho coverage with 'reduce' rating, Rs 195 target (1% upside). Forecasts 28% NMV/revenue CAGR through FY29, 391M users, Ebitda breakeven by FY29, but says growth and asset-light model already priced in.