Meesho Q2 FY27 results: Net loss narrows to ₹132 crore YoY; net merchandise value grows 23%

The e-commerce firm’s revenue from operations for the quarter under review stood at ₹4,132 crore, marking a growth of 34% from ₹3,074 crore reported in the second quarter of FY26. 

For Q2 FY27, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss was at ₹229 crore as against ₹456 crore year-on-year (YoY).

Meesho’s annual transacting users grew 21% annually to 284 million in Q2, while annual purchase frequency increased 7% to 10.4 transactions per user. First-time buyers rose 16% quarter-on-quarter (QoQ), reflecting the expansion of the platform's consumer base.

The company’s net merchandise value (NMV) grew 23% YoY to ₹12,911 crore, while placed orders increased 17% to 819 million.

The festive-aligned NMV grew 33% YoY over the 90 days preceding Dussehra, reflecting consumer demand across comparable festive periods, Meesho said. The comparison accounts for the shift of the Mega Blockbuster Sale from Q2 last year to Q3 this year, capturing the same stretch of seasonal demand, including the sale, across both years.

“More consumers are shopping on Meesho, and they are shopping more frequently, even as first-time buyers grew 16% quarter-on-quarter. This momentum extended into the festive season, with NMV growing 33% year-on-year on a festive-aligned basis, reinforcing our conviction in the depth of India’s e-commerce opportunity,” said Vidit Aatrey, Chairman, Managing Director and CEO at Meesho.

Consumer engagement continued to strengthen, with annual purchase frequency reaching 10.4 transactions per user. First-time buyers also increased 16% QoQ ahead of the festive season, the firm said.

For Q2 FY27, Meesho’s contribution margin expanded to 6.0% of NMV, compared with 4.6% in the previous quarter, supported by logistics efficiencies and improved platform monetisation.

The marketplace revenue from operations grew 34% YoY to ₹4,120 crore, driven by stronger advertising monetisation and better matching of seller demand with consumer intent.

The company said it generated ₹345 crore in quarterly free cash flow, compared with an outflow of ₹226 crore in the previous quarter, supported by seasonal working capital benefits.

As of September 30, 2026, Meesho had a cash balance of ₹7,048 crore, providing flexibility to pursue long-term growth opportunities while maintaining financial discipline.

“As we grow, the benefits of scale are increasingly translating into stronger platform economics. Contribution Margin expanded to 6.0% of NMV, driven by logistics efficiencies and improved monetisation. At the same time, AI is fundamentally changing how we build and operate Meesho, with engineering productivity increasing 171% between March and September 2026,” said Aatrey.

On Wednesday, Meesho shares settled at ₹226.84 apiece on the National Stock Exchange, rising 1.91%. The earnings, however, came after market hours.

According to NSE data, as of October 28, 2026, Meesho has a total market capitalisation of ₹1.05 lakh crore.