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Meesho posts wider losses despite strong revenue growth in Q3 FY26 
(10:22, 31 Jan 2026)
Net sales rose 31.32% YoY to ₹ 3,517.60 crore in Q3 FY26 from ₹ 2,678.64 crore in the year-ago quarter.

The company reported pre-tax loss of ₹ 478.59 crore in Q3 FY26, compared with a profit of ₹ 15.45 crore in Q3 FY25.

Total expenditure increased 43.99% YoY to ₹ 4,060.20 crore in Q3 FY26, significantly outpacing revenue growth. Employee expenses rose 20.64% YoY to ₹ 235.17 crore. Interest costs surged 141.61% YoY to ₹ 3.89 crore, while depreciation declined 7.06% YoY to ₹ 10.92 crore.

Meesho's Annual Transacting Users surged 34% YoY to 251 million with net merchandise value (NMV) standing at ₹ 10,995 crore, up 26% YoY. Over 9MFY26, it increased 37% YoY to ₹ 30,189 crore.

The company witnessed 690 million orders placed on its platform in the quarter under review, up 36% YoY. The contribution margin as a percentage of NMV stood at 2.3%, down 104 bps QoQ and 198 bps YoY due to accelerated Valmo scale-up following 3PL industry consolidation. This is expected to normalise in the coming quarters, the company filing said.

On a last twelve month basis, users transacted 9.78 times per year on average, growing 9% year-on-year, reflecting increasing purchase frequency.

On a last twelve months basis, free cash flow stood at ₹ 56 crore, supported by growth in NMV. As of 31 December 2025, Meesho's cash balance stood at ₹ 7,277 crore, including ₹ 4,088 crore raised through initial public offering in Dec FY26.

Adjusted EBITDA marketplace margin for Q3FY26 was at -4.2% (₹ -460 crore) due to lower contribution margin and accelerated user growth and engineering investments.

Adjusted EBITDA for New Initiatives was at ₹ 19 crore, up 44% QoQ and 30% YoY with continuous improvement in user adoption for financial services platform.

In a letter to the shareholders, Founder & CEO Vidit Aatrey said that the company has increased its investment into Advertising & Sales Promotion to 2.4% of NMV in Q3 FY26 from 1.3% of NMV in Q3 FY25.

The company expects significant improvement in Adjusted EBITDA margin in the next two quarters returning to Q1 FY26 levels; driven by logistics cost recovery and operating leverage on user growth and technology investments made in FY26.

The company said: This marks our first quarter reporting as a public company and demonstrates our operating philosophy in action: continued growth in ATUs towards our mission of democratising internet commerce, and when forced to choose between near-term financial optimisation and long-term flywheel health, we chose the latter. We held order fulfillment charges stable, and increased user acquisition. Each decision positions us for stronger platform profitability in the long-term. These investments met our return thresholds; measured through payback periods, expected IRR against hurdle rates, and impact on long-term Free Cash Flow. 251 million ATUs, 9.78 purchase frequency, and 37% NMV growth for 9M FY26 validate such decisions made 12-18 months ago. Results lag strategy by several quarters in platform businesses. The growth we are capturing today compounds Meesho into a leadership position in value-led e-commerce over the next decade.

Meesho is India's largest e-commerce platform by annual transacting users and placed orders.

Shares of Meesho rose 3.39% to settle at ₹ 173.95 on Friday, 30 January 2026.

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