India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.</li>
<li>Unlike traditional search-led e-commerce, Meesho is proving the viability of a "discovery-led" model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. </li>
<li>Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its "Everyday Low Price" moat against deep-pocketed competitors.</li>
</ul>


Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.
Unlike traditional search-led e-commerce, Meesho is proving the viability of a "discovery-led" model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. 
Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its "Everyday Low Price" moat against deep-pocketed competitors.


The Beat Ideas: Meesho Ltd- Deciphering India’s Value-E-Commerce Giant

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>In this insight, we highlight why <a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> is a data science workhorse masquerading as an E-Commerce Platform</li>
<li>We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.</li>
<li>Finally, we discuss our view on future prospects and valuation of the company.</li>
</ul>


In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
Finally, we discuss our view on future prospects and valuation of the company.


Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> raised around US$606m in its India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Meesho Ltd IPO Trading - Robust Overall Demand

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (DELHIVER IN)</a> faces immediate volume erosion as <a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.</li>
<li>Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.</li>
<li>Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.</li>
</ul>



Delhivery (DELHIVER IN) faces immediate volume erosion as Meesho (1546271D IN) migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.
Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.
Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.


Meesho’s Valmo | Erosion of Delhivery’s Margins

India

Meesho Limited is an Indian e-commerce company operating an online marketplace across various categories such as fashion, home and kitchen, beauty and personal care, electronics accessories, and daily use products. It aims to democratize internet commerce by enabling individuals and small businesses to sell products across India. The company is headquartered in Bengaluru, India, and was founded in December 2015.

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Meesho (MEESHO IN)

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

The Beat Ideas: Meesho Ltd- Deciphering India’s Value-E-Commerce Giant

Meesho's IPO focuses on deepening technology and AI capabilities to defend its unique "discovery-led" e-commerce model against competitors.

Sudarshan Bhandari

Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

We expect a strong listing for Meesho shares today. The IPO saw robust demand, with overall subscription reaching 79x, led by institutional...

Sreemant Dudhoria

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Meesho’s Valmo | Erosion of Delhivery’s Margins

Delhivery faces volume erosion as Meesho migrates orders to Valmo, impacting revenue and creating pricing pressure in the 3PL market.

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

The Beat Ideas: Meesho Ltd- Deciphering India’s Value-E-Commerce Giant

​Meesho's IPO focuses on deepening technology and AI capabilities to defend its unique "discovery-led" e-commerce model against competitors.

Sudarshan Bhandari

Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

We expect a strong listing for Meesho shares today. The IPO saw robust demand, with overall subscription reaching 79x, led by institutional...

Sreemant Dudhoria

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Meesho’s Valmo | Erosion of Delhivery’s Margins

​Delhivery faces volume erosion as Meesho migrates orders to Valmo, impacting revenue and creating pricing pressure in the 3PL market.

Pranav Bhavsar

Meesho's IPO focuses on deepening technology and AI capabilities to defend its unique "discovery-led" e-commerce model against competitors.

Delhivery faces volume erosion as Meesho migrates orders to Valmo, impacting revenue and creating pricing pressure in the 3PL market.