| Metric | Value (₹ Cr) |
|---|---|
| Revenue | 3.5K |
| Total Income | 3.6K |
| Expenditure | 3.8K |
| PBT | -160.09 |
| Net Profit | -166.34 |
| OPM | -7.22% |
| NPM | -4.56% |
| EPS | 0.36 |
Meesho Q4 FY26 NMV Up 43% YoY, Losses Narrow 66%
06 May 2026 · 6 May, 5:21 pm
Summary
Meesho announced its financial results for Q4 and full year FY26, reporting a Net Merchandise Value (NMV) of ₹11,371 Cr in Q4, a 43% year-over-year increase, and ₹41,560 crores for the full year, up 39% YoY. The company experienced a strong recovery in its Q4 contribution margin to 4.0% of NMV and improved its Adjusted EBITDA (Marketplace) by 245 bps QoQ to -1.7% of NMV, attributing this to logistics cost normalization and operational efficiencies. Management highlighted the significant market depth in Indian e-commerce and the role of AI-led investments in enhancing accessibility and driving market expansion. Meesho's Annual Transacting Users grew 33% to 264 million for the year, with an increased frequency of 10.1 transactions per user annually, indicating continued strengthening of user cohorts.
Key Highlights
- 1
Meesho reported a Net Merchandise Value (NMV) of ₹11,371 Cr for Q4 FY26, representing a ~43% year-over-year growth.
- 2
For the full year FY26, NMV reached ₹41,560 crores, an increase of 39% compared to the previous year.
- 3
Orders in Q4 FY26 grew by 43% year-over-year to 717 million, contributing to 2.67 billion orders for the full year FY26, a 45% YoY rise.
- 4
The company achieved a sharp recovery in contribution margin to 4.0% of NMV in Q4 FY26.
- 5
Adjusted EBITDA (Marketplace) improved by 245 bps QoQ to -1.7% of NMV in Q4 FY26, driven by logistics cost normalization and operating leverage.
- 6
Annual Transacting Users (ATUs) expanded by 33% year-over-year to 264 million for FY26, with user frequency improving to 10.1 transactions per user annually.
- 7
Prepaid adoption on the platform reached 35.3% in March 2026, supported by product innovations such as on-app UPI integration.
Management Comments
Vidit Aatrey
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, that number is 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. 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. The result is that first-time buyers who had never placed an order online are now 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.
Informational and educational content only. Not investment advice.