Meesho Q4 results: Net loss narrows to ₹166 crore, revenue soars 47% YoY

Its consolidated net loss narrowed to ₹166.34 crore during the quarter under review, in comparison with a loss of ₹1,391.38 crore in the March quarter of the 2024-25 fiscal year (Q4 FY25), as AI-led investments improved the firm’s unit economics.

The company’s revenue from operations stood at ₹3,531.21 crore in Q4 FY26, reflecting a 47.31% YoY surge from ₹2,399.97 crore in the same period last year, according to a regulatory filing.

In Q4 FY26, Meesho recorded a net merchandising value (NMV) of ₹11,371 crore, up by 43% YoY, with 717 million orders (+43% YoY), driven by continued new-user onboarding and deeper engagement from existing cohorts.

“The quarter also saw a sharp recovery in contribution margin to 4.0% of NMV and an improvement of 245 bps QoQ (quarter-on-quarter) in adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) (marketplace) to -1.7% of NMV, driven by logistics cost normalisation, network optimization, and operating leverage at scale,” the company stated.

Meesho Mall surged 82% YoY in Q4 FY26, “enabling value-conscious consumers to access national brands at competitive prices.” Furthermore, its top brands scaled over six times, while FMCG, led by Beauty and Personal Care, grew 86%.

FY26 performance

For the full year FY26, Meesho’s Annual Transacting Users (ATUs) grew by 33% YoY to 264 million, while orders increased 45% YoY to 2.67 billion.

Its NMV for the year stood at ₹41,560 crores, marking a 39% YoY increase, with frequency improving to 10.1 transactions per user annually.

What the CEO said

Commenting on the earnings, Vidit Aatrey, Founder & CEO, Meesho, said: “FY2026 has deepened our conviction that the Indian e-commerce market has far more depth than most people assume. In emerging markets like China, Southeast Asia, and Latin America, more than 80% of smartphone users shop online."

In India, he stated that the number of smartphone users shopping online stands at around 30%, “not because Indians don't want to shop online, but because nobody built e-commerce that actually works for them. Every time we removed one of those barriers, the market got larger. That pattern has held for a decade," he added.

"What AI has changed is the pace at which we can now remove them. Today, more than 75% of orders on Meesho come from personalized feeds that infer what a user is looking for before they even type a query. Vaani, our voice shopping agent, lets a user describe what they want in their own language and complete a purchase through conversation. GeoIndia decodes the landmark-based, vernacular addresses that conventional systems cannot parse," he added.

Aartey noted that this has resulted in first-time buyers who had never placed an order online completing purchases on Meesho.

“We are still early in this journey, but the direction is clear: as accessibility improves, the market continues to widen, and we are building the technology infrastructure to drive that expansion," Aatrey added.

Meesho has a total market capitalisation of ₹90,098.63 crore as of May 6, 2026, according to data on the NSE.