Intimation w.r.t transcript of the Company''s earnings conference call for Q4 FY 2025-26 held on May 06, 2026

Meesho reported strong Q4 FY26 results with sharp margin improvement of ~170 bps sequentially in contribution margin, reaching a 4% Q4 exit rate. Management clarified the 145 bps one-time logistics headwind from Q2-Q3 FY26 is now behind them as capacity has been restored and optimized. The company continues to invest aggressively in user acquisition, particularly in rural India where the Vaani voice AI agent is helping reduce customer acquisition costs (CAC). Meesho Mall is being scaled for value brands targeting mass India rather than premium customers alone. Ad monetization continues to grow with ROAS described as 'multiples of what other e-commerce players offer in India or anywhere else', though management plans to be measured about pricing increases until more sellers are activated. Valmo (in-sourcing logistics) is at ~50-55% and management does not take a specific target, continuing to optimize for cost efficiency. CFO confirmed no specific EBITDA guidance or timeline for FCF positivity will be provided, though LTM FCF remains the guiding metric.