MEESHO IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| LTMLTM Ltd. | CONTRACT | 10,100 | 2,730–10,100 | 80.0% | — | FY24 | EST | 50% |
| “Key Metrics Metrics FY 2024 FY 2025 FY 2026 Annual Transacting Users 156 Mn YoY 14% 199 Mn YoY 28% 264 Mn YoY 33% Placed Orders 1,342 Mn YoY 31% 1,834 Mn YoY 3…” AR DOC | ||||||||
| BHARTIARTLBharti Airtel Ltd. | UNSTATED | 3,465 | 1,906–3,465 | 27.4% | — | FY26 | EST | 75% |
| “She currently serves on the board of Bharti Airtel Limited, with prior leadership experience at PepsiCo India Holdings Private Limited and Kimberly-Clark Asia …” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES The Company has adopted a Policy on Materiality of Related Party Transactions (‘RPT Policy’) and …” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Checkout Value Less (i) Fee For Services Provided (ii) Applicable Tax Checkout Value1 Fee For Services Provided Order Fulfilment Costs Based On Order Parameter…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “g. Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 and The Securities and Exchange Board of India (…” AR DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “During the year ended March 31, 2026, the Group filed a rectification request against the assessment order and has also filed a writ petition before the Honour…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Temporary differences attributable to: Deferred tax liabilities Right of use asset 120.85 136.33 Investment and forward contracts 39.58 454.69 Total deferred t…” AR DOC | ||||||||
| Middle East | UNSTATED | — | — | — | COGS | 2026-11 | EST | 65% |
| “As I mentioned, there have been certain supply-side challenges for our sellers considering last like 20 days, there have been things happening in Middle East a…” CONCALL p.9 · 30-NOV-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| ITCITC Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 60% |
| “GST Compliance: Input Tax Credit (ITC) is availed only upon reflection of the relevant invoices in GSTR-2B. In instances where vendors have not reported invoic…” AR DOC | ||||||||
| GODREJCPGodrej Consumer Products Ltd. | UNSTATED | — | — | — | — | 2025-11 | EST | 60% |
| “Meesho and Flipkart are the big customers for Muuchstac.” CONCALL DOC | ||||||||
| DELHIVERYDelhivery Ltd. | UNSTATED | — | — | — | — | 2026-05 | EST | 60% |
| “But just trying to understand, is there any more consolidation left in the industry, especially, you know, with your customers like Meesho, you know, looking a…” CONCALL DOC | ||||||||
| PINELABSPine Labs Ltd. | UNSTATED | — | — | — | — | 2025-12 | EST | 60% |
| “But at the same time, you would also have a logo as big as something like a Meesho, which is actually a client of ours.” CONCALL p.18 · 31-DEC-25 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 1/1 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 08-NOV-26 |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.620 | 14-NOV-26 | LTM Ltd. share 74% · Bharti Airtel Ltd. share 26% |
| CUST MOM 1M | +13.6% | 14-NOV-26 | from 15-OCT-26 · Bharti Airtel Ltd. +13.6% |
| SUPP MOM 1M | +6.4% | 14-NOV-26 | from 15-OCT-26 · ITC Ltd. +8.0% w 0 · Delhivery Ltd. +6.3% w 0 · Pine Labs Ltd. +4.9% w 0 |