MEESHO Q2 FY27 results: net loss of ₹132.45 crore

How did MEESHO perform in Q2 FY27?

MEESHO reported consolidated revenue of ₹4,132 crore for Q2 FY27, compared with ₹3,713 crore in Q1 FY27, a rise of 11.3%. Total expenses were ₹4,382 crore, compared with ₹3,959 crore in the previous quarter. EBITDA was a loss of ₹229.16 crore, compared with a loss of ₹224.64 crore, while the EBITDA margin improved from -6.1% to -5.5%.

The consolidated net loss was ₹132.45 crore in Q2 FY27, compared with a net loss of ₹132.84 crore in Q1 FY27. Profit before tax was a loss of ₹123.27 crore, against a loss of ₹132.84 crore, and basic EPS was -₹0.28 in both quarters. On a standalone basis, revenue was ₹2,510.84 crore and the net loss was ₹189.53 crore. For the first half of FY27, consolidated revenue was ₹7,844.39 crore and the net loss was ₹265.28 crore.

Other income was ₹127.42 crore in Q2 FY27, against ₹113.59 crore in Q1 FY27. Employee cost rose to ₹280.88 crore from ₹243.08 crore, while other expenses rose to ₹4,080 crore from ₹3,694 crore. Finance costs fell to ₹1.38 crore from ₹2.13 crore, depreciation was ₹20.14 crore, and there was no exceptional item.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹8,001.68 crore, compared with ₹7,906.75 crore as of 31 March 2026. Total equity was ₹4,205.97 crore, against ₹4,386.37 crore, while cash was ₹128.78 crore, down from ₹620.37 crore. The company reported no borrowings at both dates, trade receivables were ₹10.79 crore and trade payables were ₹1,918.27 crore.

For the first half of FY27, operating cash flow was -₹279.62 crore, investing cash flow was -₹187.43 crore and financing cash flow was -₹24.55 crore. Capital expenditure was ₹26.65 crore. The filing did not provide the corresponding first-half FY26 cash-flow figures or a closing cash figure for the period.

Which businesses drove the quarter?

The Marketplace segment reported revenue of ₹4,119.89 crore in Q2 FY27 and an EBIT loss of ₹130.49 crore, with an EBIT margin of -3.2%. The New Initiatives segment reported revenue of ₹11.69 crore and an EBIT loss of ₹41.63 crore, with an EBIT margin of -356.2%.

The filing did not provide year-ago segment revenue, EBIT or growth rates, so the reported segments cannot be compared with the year-ago quarter from the available figures. On the consolidated basis, revenue for the quarter was ₹4,132 crore and EBITDA was a loss of ₹229.16 crore.

What else did the company announce?

In the same-day filing, the board approved the appointment of Sudhir Ganesh Sitapati as an additional non-executive independent director for five consecutive years, effective from 28 October 2026 to 27 October 2031, subject to shareholder approval. He was also appointed to the Audit Committee, Nomination and Remuneration Committee and Corporate Social Responsibility Committee.

The board approved an additional investment in the common units of Meesho Networks LLC, a wholly owned subsidiary, of up to USD 1,00,000 in one or more tranches. The company also uploaded the prospectus-defined key performance indicators on its investor website. No dividend or fund-raising decision was stated in the same-day filing excerpts.

What did MEESHO's management say?

Management maintained 25% NMV growth over the five-year guidance horizon through FY31 and said any FY28 revision awaited better visibility. It expected FY27 contribution margin to be substantially better than FY26, while server costs as a percentage of NMV were expected to normalise toward the baseline from two quarters earlier by Q4 FY27. The longer-run fixed-cost target was about 3% of NMV.

Management said delivery-speed gains of approximately 15% should continue across Q2-Q3 FY27 and expected positive LTM free cash flow within a few quarters if adjusted margin held or improved. Annual capital across new initiatives, including Kirana Club, was capped at ₹200 crore. The CFO said, “From a full-year perspective, we don't give specific guidance.”

The CEO said, “So, whenever we do speed improvements, we hold the cost and then kind of make those speed improvements.” He also said, “And we have always taken a customer-first view here that we will never add any hidden fees at the cart level, convenience fee, platform fee, many other fees that a lot of platforms add.” Management identified seller supply-chain exposure to crude-price volatility and Middle East disruptions, elevated GPU and server costs, working-capital volatility, macro pressure and expansion into deeper geographies as risks.

How did MEESHO shares react?

MEESHO’s shares rose 3.5% five minutes after the filing appeared, 2.3% after 15 minutes and 2.2% after 30 minutes. On the reaction day, the stock fell 1.0% from its previous close, while the E-Retail/ E-Commerce industry median rose 1.0%; the stock therefore underperformed the industry median by 2.0 percentage points.

How did other E-Retail/ E-Commerce companies do?

Nine other E-Retail/ E-Commerce companies had filed for this quarter by 4 November 2026, with a median revenue growth of 36.1%. Six of seven peers with comparable profit data reported higher profit. Among the other companies, four grew revenue faster than Meesho and four grew more slowly; Meesho is not included in these peer counts.

The peer comparison covered nine other companies, with seven included in the profit comparison and six reporting higher profit. The available peer data covers companies that had filed by 4 November 2026, while Meesho’s Q2 FY27 revenue growth was 11.3% from Q1 FY27.