Mumbai, April 30 -- The brokerage said Meesho is building a discovery-led marketplace that doubles as a long-tail advertising network with integrated logistics, targeting India's highly fragmented retail landscape.

It valued the company at 35 times FY30 estimated EV/EBITDA, discounted to FY28, and expects EBITDA CAGR of around 140% over FY28-30. This compares favourably with internet peers, which are projected to grow at about 70% over FY26-28 and trade at around 30 times EV/EBITDA.

The brokerage also noted that net merchandise value (NMV) growth could outpace user growth, indicating improving monetisation.

However, it highlighted risks including potential growth shortfalls and rising logistics costs, especially as the company pushes t...