Meesho Limited has informed the Exchange about Shareholders' Letter for Q4 and year ended March 31, 2026.
MEESHO · price
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Meesho reported strong Q4 FY26 results with NMV growing 43% YoY to ₹11,371 crore, capping a year where full-year NMV reached ₹41,560 crore (up 39%). Annual Transacting Users surged 33% to 264 million, with order frequency improving to 10.1 orders per user. The company recovered from Q2-Q3 logistics disruptions, with contribution margin bouncing back to 4.0% in Q4 from 2.3% in Q3. However, FY26 Adjusted EBITDA declined to -2.8% of NMV versus -0.4% in FY25, reflecting deliberate investments in new user acquisition (₹990 crore, up 103% YoY) and temporary logistics headwinds. Meesho launched its voice AI shopping agent 'Vaani' with 1.5 million users in the first month, and over 70% of its code is now AI-generated. The company remains cash generative with ₹6,750 crore in cash reserves.
Meesho continues to expand India's e-commerce market aggressively while accepting near-term profitability pressure for long-term user growth. The margin recovery in Q4 signals operational improvements, but shareholders should expect continued losses as the company invests heavily in acquiring the next 500 million Indian e-commerce users.