Meesho Q3 FY26 Results: Revenue Up 32%, Loss ₹491 Cr

Key takeaway from Meesho’s Q3 FY26 print

Meesho reported its third-quarter FY26 results with a sharp increase in losses even as revenue and platform activity rose. The e-commerce company posted a consolidated net loss of ₹490.67 crore for the quarter ended December 31, 2025 (Q3 FY26). This was materially higher than the loss of ₹37.4 crore reported in the same quarter last year (Q3 FY25), and also wider than the ₹411 crore loss in Q2 FY26.

Revenue from operations grew strongly during the quarter, helped by higher demand in the festive period and continued user activity. Meesho’s revenue from operations was reported at ₹3,517.6 crore in Q3 FY26, up from ₹2,678.64 crore in Q3 FY25. Another report pegged the year-on-year revenue increase at 32% with revenue at ₹3,518 crore versus ₹2,674 crore a year earlier.

Headline numbers: revenue up, net loss wider

The company’s reported net loss widened mainly due to a significant jump in expenses during the festive season. While revenue rose, profitability metrics weakened, reflecting higher spending and pressure on unit economics during the period.

Meesho also disclosed platform performance indicators that showed sustained growth in orders, transacting users, and net merchandise value. The company attributed the growth in activity to strong user growth and increasing purchase frequency.

What Meesho reported on NMV, orders, and users

Meesho reported net merchandise value (NMV) of ₹10,995 crore in Q3 FY26, representing 26% year-on-year growth. It also disclosed that orders placed on the platform rose 36% year-on-year to 690 million.

On the user side, annual transacting users increased 34% to 251 million, with users transacting an average of 9.78 times. In a separate statement, the company said, “Together, these quarters delivered ₹21,510 crore in NMV, growing 37% YoY.” It also reported NMV of ₹30,189 crore for the nine months ended December.

Profitability metrics deteriorated during the quarter

Meesho reported a decline in contribution margin as a percentage of NMV to 2.3%. The company said this was down 104 basis points quarter-on-quarter and 198 basis points year-on-year, and linked it to the accelerated scale-up of Valmo following consolidation in the third-party logistics industry.

Adjusted EBITDA marketplace margin for the quarter stood at -4.2%, translating to an adjusted EBITDA loss of ₹460 crore. The company attributed the weaker margin performance to lower contribution margins alongside higher investments in user growth and engineering.

Cash flow and liquidity snapshot

Despite the larger accounting loss, Meesho disclosed positive free cash flow metrics over the last twelve months. It reported last twelve-month free cash flow of ₹56 crore and free cash flow to equity of ₹437 crore.

The company ended the quarter with a cash balance of ₹7,277 crore, which it positioned as a liquidity buffer even as losses rose.

Stock price moves around the results

Meesho shares closed 2.87% higher at ₹173 per unit on the National Stock Exchange (NSE) on Friday, ahead of the result announcement. The results were declared after market hours.

Separate price data in the provided material also showed ₹149.05 (-6.84%) at 12:44:59 PM on March 4, 2026. Another cited quote showed Meesho Limited (NSE: MEESHO) at ₹191.40, up ₹20.65 (12.09%), last updated on December 16, 2025.

Board meeting outcome and governance update

Meesho Limited announced the outcome of its Board of Directors meeting held on January 30, 2026. The Board approved the unaudited financial results (standalone and consolidated) for the quarter and nine months ended December 31, 2025.

The meeting commenced at 2:00 p.m. IST and concluded at 5:15 p.m. IST. The Board also reconstituted the Nomination and Remuneration Committee, appointing Mr. Rohit Bhagat as Chairperson. Mr. Surojit Chatterjee continued as a member, and Mr. Mohit Bhatnagar remained a member of the committee.

Meesho said a copy of the financial results along with the limited review report from statutory auditors, M/s S.R. Batliboi & Associates, LLP, was enclosed, and that the results would also be published in newspapers as per SEBI Listing Regulations and made available on the company’s website.

Regulatory and audit context referenced in filings

The company’s Board report stated it submitted the report on business and operations together with audited financial statements for the financial year ended March 31, 2025, in accordance with Section 134(3) of the Companies Act, 2013.

It also noted that standalone and consolidated financial statements for the year ended March 31, 2025 were prepared in accordance with Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs and amended from time to time.

An audit extract in the provided material said the auditors reviewed the standalone financial statements and opined that they present a true and fair view in conformity with generally accepted accounting principles in India.

Scheme approval and restatement note

The material also referenced a scheme approved by the Bengaluru Bench of the National Company Law Tribunal (NCLT) on May 27, 2025. It stated that requisite filings were made with the Registrar of Companies and relevant statutory authorities in the USA on June 15, 2025 and June 20, 2025 respectively.

It further noted that comparative financial information as at and for the year ended March 31, 2024 had been restated from previously issued financial statements.

H1 FY26 operating update also cited

A separate operating update in the provided text stated that Meesho’s operating revenue climbed 29% to ₹5,577 crore in H1 FY26 from ₹4,311 crore in the same period a year ago. It also said the operating loss increased almost tenfold to ₹551.8 crore for the first half of FY26 from ₹54.3 crore in the year-ago period.

Snapshot table: Q3 FY26 vs Q3 FY25

Timeline and market markers mentioned

Why the Q3 FY26 result matters

Meesho’s Q3 FY26 result shows the trade-off between growth and profitability in a high-volume e-commerce model during a peak seasonal quarter. The company reported strong top-line growth and higher platform activity, but also said losses widened due to higher festive-season expenses.

The quarter also highlighted margin pressure, with contribution margin falling to 2.3% of NMV and adjusted EBITDA marketplace margin at -4.2%. Alongside this, the company disclosed a large cash balance of ₹7,277 crore and positive last twelve-month free cash flow of ₹56 crore, which provides context on liquidity while operating losses remain elevated.

Conclusion

Meesho’s Q3 FY26 performance combined strong revenue growth and higher NMV with a sharp widening in net loss, which the company linked to a festive-season jump in expenses and increased investments. The Board subsequently approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 at its January 30, 2026 meeting.