Mumbai, Dec. 17 -- The stock touched a record high of Rs 208.50 so far in the session.

The brokerage highlighted Meesho's asset-light business model and negative working capital structure, noting that these features have enabled the company to generate consistent positive cash flows, unlike many other internet-led peers.

The broker expects Meesho's net merchandise value to grow at a robust 30% CAGR over FY25 to FY30E. Contribution margins are seen improving to 6.8% of NMV, while adjusted EBITDA margins are projected to rise to 3.2% by FY30E.

According to the brokerage, NMV growth will be driven by a sharp expansion in annual transacting users to 518 million from 199 million, along with an increase in annual ordering frequency to 14.7 f...