Meesho narrows Q4 net loss 88% to Rs 166 crore, revenue rises 47%

E-commerce firm reports higher orders and improving margins in the March quarter as operating leverage and lower logistics costs support profitability

E-commerce firm Meesho narrowed its quarterly losses, reporting a net loss of ₹166.3 crore for the March quarter, down 88 per cent from a year earlier. The company had posted a loss of ₹1,391.4 crore in the same quarter last year and ₹490.7 crore in the preceding quarter.

 

The Bengaluru-based company’s full-year loss narrowed 66 per cent to ₹1,357.7 crore in the latest fiscal year, from ₹3,941.7 crore a year earlier.

 

Revenue from operations climbed 47.14 per cent YoY to ₹3,531.21 crore in Q4 FY26. It had reported a revenue of ₹3,517.6 crore in the previous quarter.

 

Vidit Aatrey, Founder and CEO, Meesho said FY2026 has deepened the company’s conviction that the Indian e-commerce market has far more depth than most people assume. He said in emerging markets like China, Southeast Asia, and Latin America, more than 80 per cent of smartphone users shop online.

 

 

“In India, that number is around 30 per cent, not because Indians don't want to shop online, but because nobody built e-commerce that actually works for them,” said Aatrey. “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.” 

 

In Q4 FY26, Meesho reported net merchandise value (NMV) of ₹11,371 crore, up 43 per cent YoY, with 717 million orders, rising by 43 per cent YoY. This was 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 per cent of NMV and an improvement of 245 bps QoQ in Adjusted EBITDA (Marketplace) to -1.7 per cent of NMV. This was driven by logistics cost normalization, network optimization, and operating leverage at scale.

 

Aatrey said that today, more than 75 per cent of orders on Meesho come from personalized feeds that infer what a user is looking for before they even type a query. Vaani, the company’s voice shopping agent, lets a user describe what they want in their own language and complete a purchase through conversation. GeoIndia decodes the landmarkbased, 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,” said Aatrey.

 

For the full year FY26, Meesho continued to expand India’s e-commerce market, emerging as the most downloaded shopping app in India and the largest platform by Annual Transacting Users (ATUs) and placed orders. Annual Transacting Users grew 33 per cent YoY to 264 million, while orders increased 45 per cent YoY to 2.67 billion. NMV for the year stood at ₹41,560 crore, up 39 per cent YoY, with frequency improving to 10.1 transactions per user annually.

 

Meesho Mall grew 82 per cent YoY in Q4 FY26, enabling value-conscious consumers to access national brands at competitive prices. Top brands scaled over 6X, while FMCG, led by beauty and personal care, grew 86 per cent.