CITI ON MEESHO ; BUY | TP ₹265 VS ₹220 EARLIER

• Target Upgrade: Citi raises target price by 20.45% to ₹265 from ₹220. • Q2 Performance: Marketplace NMV UP 23% YoY. • Contribution Margin: Expanded to 6%. • Earnings Pressure: Higher customer acquisition and technology spending weigh on near-term profitability. • Growth Outlook: Strong festive demand and advertising monetisation expected to drive future profitability. • Impact: Positive 🟢

MEESHO LIMITED

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