Meesho reports first-ever quarterly results since listing; loss jumps 13x to Rs 491 crore in Q3 FY26

Bengaluru-based listed ecommerce platform Meesho reported growth in user activity during the December quarter, even as its losses widened. This was the company’s first quarterly results announcement after listing on Indian stock exchanges in December 2025.

In Q3 FY26, Meesho said it recorded 690 million placed orders, an increase of about 36% year on year. Annual Transacting Users rose 34% to 251 million. The company said that it had the highest number of Annual Transacting Users and placed orders among Indian e-commerce platforms, as per its internal data.

On a last twelve months basis, average purchase frequency increased 9% year on year to 9.78 transactions per user. Driven by higher user activity and purchase frequency, Net Merchandise Value stood at Rs 10,995 crore in Q3 FY26, representing a 26% year on year increase.

The company said quarter on quarter comparisons were partly impacted by a shift in the festive calendar. Diwali in 2025 fell in mid October, while in 2024 it was celebrated at the end of October. Meesho noted that its flagship Meesho Mega Blockbuster Sale began on September 19, 2025, compared with September 27 in 2024. This moved a portion of festive demand into the previous quarter. Taken together, Q2 and Q3 FY26 delivered NMV of Rs 21,510 crore, up 37% year on year.

In its first shareholder letter as a public company, founder and chief executive Vidit Aatrey said, “Our Q3 results reflect the strength of Meesho’s flywheel, with more users transacting more frequently, driving platform growth while building long-term habits in previously underserved markets. Today, we serve 251 million consumers and enable business growth for 846,000+ sellers annually, many of whom are first-time e-commerce users. Becoming a public company changes how we are accountable, but it does not change what we optimize for, as platform health and disciplined growth remain our priority. Our north star is Free Cash Flow per share, which captures the real cash generated after reinvestment and reflects the long-term economics of our business.”

The company highlighted continued investments in technology to improve onboarding and conversion among first time users. This includes deep learning based recommendation models that personalise home page feeds using limited onboarding signals, and improvements to voice search aimed at regional language markets.

Meesho also said national brands such as Dabur are expanding their presence on Meesho Mall, increasing the availability of branded products at value price points. On a last twelve months basis, Meesho reported free cash flow of Rs 56 crore.

The company said this was supported by NMV growth, an asset light operating model, minimal capital expenditure, and a negative working capital cycle. As of December 31, 2025, Meesho’s cash balance stood at Rs 7,277 crore. This included Rs 4,088 crore raised through its initial public offering completed in December FY26.

From a financial perspective, Meesho reported revenue from operations of Rs 3,517.6 crore in Q3 FY26, compared with Rs 2,673.0 crore in the same quarter last year. This represents a year on year increase of a little over 31%, according to filings with Indian stock exchanges. Other income of Rs 73.8 crore took total income for the quarter to Rs 3,596.4 crore.

For the nine months ended December 2025, revenue from operations rose to Rs 9,095.1 crore, representing a year on year increase of about 30%. Expenses grew faster than revenue. Total expenditure increased 44% year on year to Rs 4,071.3 crore in Q3 FY26. Employee benefit expenses rose to Rs 235.2 crore, while depreciation and amortisation expense stood at Rs 10.9 crore.

As a result, the company’s loss for the quarter widened to Rs 490.7 crore, compared with a loss of Rs 37.4 crore in Q3 FY25. The loss also increased sequentially from Rs 411.4 crore in Q2 FY26.