DBT Bureau
Pune, 29 Oct 2026
Meesho has released its financial results for the second quarter of FY27, ended September 30, 2026. The company reported 23% year-on-year (YoY) growth in Net Merchandise Value (NMV) to ₹12,911 crore, while its net loss narrowed approximately 68% YoY to ₹132 crore.
The company’s Annual Transacting Users grew 21% YoY to 284 million, while the number of placed orders increased 17% YoY to 819 million. Annual purchase frequency also rose 7% YoY to 10.4 transactions per user, reflecting stronger repeat engagement.
Vidit Aatrey, Chairman, Managing Director and Chief Executive Officer of Meesho, said, “Our Q2 performance reflects the strength of Meesho’s operating model, with NMV growing 23% year-on-year to ₹12,911 crore and Annual Transacting Users reaching 284 million. More consumers are shopping on Meesho, and they are shopping more frequently, even as first-time buyers grew 16% quarter-on-quarter. This momentum extended into the festive season, with NMV growing 33% year-on-year on a festive-aligned basis, reinforcing our conviction in the depth of India’s e-commerce opportunity.
“As we grow, the benefits of scale are increasingly translating into stronger platform economics. Contribution Margin expanded to 6.0% of NMV, driven by logistics efficiencies and improved monetisation. At the same time, AI is fundamentally changing how we build and operate Meesho, with engineering productivity increasing 171% between March and September 2026. Our focus remains on reinvesting these efficiency gains into better consumer and seller experiences, accelerating innovation and building a larger, more efficient marketplace that can generate sustainable free cash flow over the long term.”
More consumers shopping more frequently
Meesho’s Annual Transacting Users grew 21% YoY to 284 million, while annual purchase frequency increased 7% YoY to 10.4 transactions per user, reflecting stronger repeat engagement.
First-time buyers grew 16% quarter-on-quarter (QoQ), indicating continued expansion of the platform’s consumer base. NMV increased 23% YoY to ₹12,911 crore, while placed orders rose 17% YoY to 819 million.
Strong festive momentum across India
Meesho’s festive-aligned NMV grew 33% YoY over the 90 days preceding Dussehra, reflecting underlying consumer demand across comparable festive periods.
The Mega Blockbuster Sale shifted from Q2 last year to Q3 this year. The festive-aligned comparison captures the same stretch of seasonal demand, including the sale, across both years.
Consumer engagement also continued to strengthen, with annual purchase frequency reaching 10.4 transactions per user, while first-time buyers increased 16% QoQ ahead of the festive season.
Meesho Mall and content commerce continue to scale
Meesho Mall, which now features approximately 1,800 brands, recorded 81% YoY NMV growth, with growth reaching 89% in Tier 3 and smaller cities.
Approximately half of its customers during the quarter were first-time Mall buyers, reflecting growing demand for branded products beyond everyday essentials, including beauty and personal care.
Content Commerce NMV grew 160% YoY, while active order-generating content increased 144% to 2.2 million pieces, strengthening creator-led product discovery and commerce.
Strengthening India’s entrepreneur ecosystem
Annual Transacting Sellers increased 60% YoY to 1.13 million, reflecting the continued expansion of entrepreneurship through the platform.
More than 4 lakh sellers are now part of Meesho’s Content Commerce ecosystem, enabling entrepreneurs to reach consumers through creator-led product discovery.
Margin expansion driven by structural efficiencies
Meesho’s Contribution Margin expanded to 6.0% of NMV, compared with 4.6% in the previous quarter, supported by logistics efficiencies and improved platform monetisation.
Marketplace Revenue from Operations grew 34% YoY to ₹4,120 crore, driven by stronger advertising monetisation and better matching of seller demand with consumer intent.
Logistics efficiencies helped make deliveries approximately 15% faster YoY. The improvement was supported by greater network density, better routing and partner allocation, and enhancements to Geo-India.
The company plans to reinvest part of these efficiency gains into improving consumer and seller experiences and scaling emerging growth opportunities.
AI across the platform
Meesho accelerated its transition towards agent-led software development, with engineering productivity increasing 171% between March and September 2026. The number of experiments also rose 73%, while approximately 65% of engineering pods now operate with a single engineer directing AI agents.
AI-powered development and code reviews have reduced feature development timelines from weeks to days, with code approval times declining 41%. AI data science agents have also reduced the time required to take a model to live testing from 17 days to three days.
The company continued to enhance its Geo-India and TrustMesh systems to improve address intelligence, logistics efficiency and fraud detection. These improvements helped reduce delivery re-attempts, cancellations and Return-to-Origin (RTO) rates.
Financial discipline and long-term investments
Meesho generated ₹345 crore in quarterly free cash flow, compared with an outflow of ₹226 crore in the previous quarter, supported by seasonal working capital benefits.
The company’s net loss narrowed approximately 68% YoY to ₹132 crore, compared with ₹411 crore in Q2 FY26, reflecting continued improvement in its financial performance.
As of September 30, 2026, Meesho had a cash balance of ₹7,048 crore, providing flexibility to pursue long-term growth opportunities while maintaining financial discipline.
