Meesho Q4 FY26 loss narrows 88% as revenue jumps 47%

Key takeaway from Meesho’s March-quarter print

Meesho reported a sharp year-on-year reduction in quarterly losses in Q4 FY26, alongside strong growth in revenue and marketplace activity metrics. The Bengaluru-based value commerce platform said its quarterly net loss fell 88% to Rs 166.3 crore for the quarter ended March (Q4 FY26). A year earlier, it had reported a net loss of Rs 1,391.4 crore for the same period. Sequentially, losses also narrowed from Rs 490.7 crore in the previous quarter. The update came through an exchange filing, marking the company’s second quarterly results after its IPO.

Q4 FY26: Net loss narrows sharply year-on-year

The scale of the year-on-year improvement stood out, with the net loss compressing by more than Rs 1,200 crore compared with the March quarter of the previous year. On a quarter-on-quarter basis, the reduction was also material, from a loss of about Rs 490.7 crore to Rs 166.3 crore. Meesho’s filing also highlighted a sequential improvement in profitability metrics, signalling that the quarter’s performance was not only driven by growth but also by cost and unit economics changes. While the company remained loss-making, the loss trajectory improved compared with both the year-ago and the immediately preceding quarter.

Revenue growth stays strong, near-flat sequentially

Revenue from operations came in at Rs 3,531.2 crore in Q4 FY26, a 47% increase from Rs 2,400 crore in Q4 FY25. Compared with Q3 FY26, revenue was broadly steady, with the prior quarter reported at Rs 3,517.6 crore. The March-quarter revenue figure therefore reflected continued scale without a sharp step-up from the festive-heavy December quarter.

Expenses rise 44% year-on-year, fall sequentially

Total expenses increased 44% year-on-year to Rs 3,807.1 crore in Q4 FY26, up from Rs 2,636.8 crore in Q4 FY25. Sequentially, expenses eased from Rs 4,071.3 crore in Q3 FY26, indicating lower spending relative to the December quarter. The company’s quarterly numbers therefore showed a combination of higher scale and lower cost run-rate versus the prior quarter.

Marketplace momentum: NMV and orders growth in Q4

Meesho reported strong marketplace expansion in the March quarter. Net merchandise value (NMV) rose about 43% year-on-year to Rs 11,371 crore in Q4 FY26. The company said orders grew at a similar pace to 717 million, driven by new user additions and higher activity from existing users. These operating metrics provided context for the revenue growth and the company’s claims of improved operating leverage.

Profitability metrics improve sequentially

Meesho said contribution margin recovered to 4.0% of NMV in Q4 FY26. Adjusted EBITDA for the marketplace segment improved by 245 basis points quarter-on-quarter to -1.7% of NMV. The company attributed the sequential improvement to lower logistics costs and operating leverage. These disclosures point to better unit economics even as the company continued to post a net loss.

Full-year FY26: Loss down 66% with NMV up 39%

For the full financial year, Meesho reported a net loss of Rs 1,357.7 crore, down 66% from Rs 3,941.7 crore in the previous fiscal. On scale and engagement, the company said annual transacting users increased 33% to 264 million. Total orders rose 45% to 2.67 billion for the year. NMV increased 39% to Rs 41,560 crore, while average order frequency improved to 10.1 transactions per user.

How Q3 FY26 set up the year-end quarter

For Q3 FY26, Meesho reported consolidated revenue from operations of Rs 3,517.6 crore and a consolidated net loss of about Rs 490.7 crore. NMV in Q3 FY26 stood at Rs 10,995 crore, marking a 26% year-on-year increase, and the annual transacting user base was reported at 251 million as of December 31, 2025. A Reuters report cited higher expenses during that period, including advertising and sales promotion spend rising as a share of NMV to 2.4%, and noted accelerated scaling of Meesho’s logistics platform, Valmo.

Stock reaction: Shares end lower on results day

On May 6, Meesho’s shares on the BSE closed 3.77% lower at Rs 196.50 apiece. The move came on the same day as the quarterly results disclosure.

Key numbers at a glance

What to watch next

Meesho said it will host an Investor/Analyst Conference Call to discuss its Q4 FY26 financial results. With losses narrowing sharply year-on-year and profitability metrics improving sequentially, the discussion is likely to focus on the drivers behind the quarter’s contribution margin recovery, logistics cost movement, and the sustainability of operating leverage alongside user and order growth.