JEFFERIES ON MEESHO ; BUY | TP ₹285 (EARLIER ₹240)

• Target Upgrade: Jefferies raises target price to ₹285 from ₹240, maintaining Buy rating. • Q2 Revenue: UP 34% YoY, supported by strong business growth. • Net Merchandise Value (NMV): UP 23% YoY. • Contribution Margin: Improved to 6%, supported by better logistics efficiency and reduced losses. • Growth Guidance: Management targets 25% NMV CAGR through FY31. • Business Strategy: Management prioritises business growth over monetisation. • Impact: Positive 🟢

MEESHO LIMITED

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