Just posted its first-ever quarterly results as a listed company. The market didn't know whether to celebrate or worry. Let's break it down simply. The good stuff first: Net loss fell from ₹1,391 crore to just ₹166 crore — an 88% drop Revenue up 47% to ₹3,531 crore 264 million users. That's more than the population of Brazil shopping on one app 2.67 billion orders in a year. Orders. Billion. Free cash flow likely turning positive from FY27 This is a company that was bleeding ₹4,000 crore a year — and now it's almost not bleeding at all. That's a serious turnaround story. The market reacted fast: Stock jumped 8% this morning. From ₹196 to ₹211. In a single session. In the last one month alone, the stock had already surged 36% — so investors clearly saw this coming before most people were paying attention. Now here's the uncomfortable part 👇 Brokerages are NOT chasing this one. JM Financial says REDUCE. Choice Equities says ADD but be careful. HSBC says HOLD. Why? Because the stock already trades at 46x FY29 earnings. That's not a typo — FY 29. Three years away. You're paying today for profits that don't exist yet. At current market price, analysts say there is little to no room for any execution missteps. So the stock is great. The business is improving. But the price? Already expensive. Why it'll stay in news tomorrow: Meesho just approved pumping ₹100 crore more into Meesho Payments. That's their fintech play — buy now, pay later, UPI credit. If payments take off, this stock re-rates overnight. Watch Meesho Payments. That's the next chapter.