Meesho Ltd(MEESHO)

NSE: MEESHOBSE: 544632

₹ 215.05-1.87%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 99,536 crNext results: 28 Oct 2026Website: www.meesho.comUpdated: 24 Oct 2026

About

Meesho is an Indian e-commerce marketplace connecting consumers, sellers, logistics partners and content creators, with a focus on value-seeking shoppers in Tier 2+ markets. It is India's most downloaded shopping app and the country's largest e-commerce platform by Annual Transacting Users and Placed Orders, with 264 million Annual Transacting Users in FY26. The company reported revenue of ₹12,626.35 crores in FY26 and listed on NSE and BSE in December 2025 after raising ₹54,212.04 million through its IPO.^[1][2]

Business segments

Meesho reports one segment, Marketplace, which earned revenue of ₹12,614.18 crores in FY26. That is 99.9% of total revenue, with segment EBIT of -₹1,177.83 crores.^[3]
New Initiatives EBITDA burn was ₹39 Cr in Q1 FY27. Management has set an annual burn cap of about ₹200 Cr for FY27.^[4]

Products and assortment

Meesho's assortment spans unbranded products, regional brands and national brands (through Meesho Mall). Categories include apparel, footwear and accessories, home, kitchen and furnishings, kids and baby products, and beauty and personal care.^[1]
Meesho Mall's NMV grew about 70% YoY in Q3 FY26, with brands such as P&G and Nivea scaling up. As of Q1 FY27 it was growing materially faster than the overall platform.^[5]
Meesho pioneered a zero-commission model for sellers. Combined with low-cost fulfilment, this places it among the most economical platforms to sell on in India.^[1]

Logistics and fulfilment operations

Valmo, Meesho's own logistics orchestration platform, handled about 50% of order volumes in Q4 FY26 and Q1 FY27. Orders are allocated to the lowest-cost lane rather than to a fixed in-sourcing target.^[4]
The Valmo network was scaled up rapidly in Q2 and Q3 FY26 after third-party logistics (3PL) providers consolidated across the industry.^[1]
Over 18k logistics partners across India supported Meesho as of FY26.^[1]
Cost per delivered order fell by about ₹1 QoQ in Q1 FY27 despite fuel price hikes and minimum wage increases.^[4]
Meesho is building a local low-cost logistics network for perishables, low-AOV FMCG and grocery, separate from Valmo's national network. Management described it as pre-product-market fit in Q1 FY27.^[4]

Key operating metrics

Annual Transacting Users grew 33% YoY to 264 million in FY26 and 29% YoY in Q1 FY27. A significant proportion of users come from Tier 2+ markets.^[1]
Annual order frequency grew about 9% YoY in Q1 FY27. Cohorts on the platform for 3+ years transact about 15 times per year as of FY26.^[4]
NMV reached Rs. 10,995 crores in Q3 FY26, up 26% YoY, and grew 37% YoY over 9M FY26. NMV was about 58.8% of GMV in FY26 and about 60% in Q3 FY26.^[5]
Average order value fell 2% YoY in Q1 FY27, compared with a -5% baseline trend.^[4]
Contribution margin was 4% of NMV at the Q4 FY26 exit, up about 170 bps sequentially. It had dropped to 2.3% in Q3 FY26 because of logistics disruption.^[6]

Sellers and distribution

Active sellers grew 87% YoY to 961k in FY26. Annual transacting sellers reached 846,000 in Q3 FY26, up 81% YoY, helped by allowing non-GST sellers onto the platform.^[1]
About two-thirds of GMV-contributing sellers used the ad platform in Q1 FY27. In FY26, advertised catalogs grew more than 40% YoY and seller ad budgets more than doubled.^[4]
63,213 active content creators had generated over 1.4 million pieces of order-generating content on a cumulative basis as of FY26.^[1]
Meesho plans to grow consumers and order frequency by widening its assortment and onboarding a broader base of offline sellers (FY26 annual report).^[1]

Technology and AI

Over 70% of Meesho's code was AI-generated as of FY26.^[1]
Vaani, an AI shopping agent for vernacular and first-time users, launched in Q4 FY26. It crossed 1.5 million users in its first month and delivered a 22% conversion lift for adopters.^[1]
TrustMesh, Meesho's integrity model, blocked about 9 million high-risk transactions in FY26. It also restricted about 2 million consumers and about 62k sellers, cutting return-to-origin rates by more than 10%.^[1]
BharatMLStack, Meesho's in-house ML platform, runs inference and AI workloads at 60 - 70% lower cost than equivalent cloud services as of FY26.^[1]
Chorus, Meesho's GenAI voice agents for sellers, handled up to 300k calls per day as of FY26.^[1]
Meesho plans further investment in technology and AI, including Meesho AI Labs, agentic AI and logistics systems (FY26 annual report).^[1]

Expansion and new initiatives

Meesho acquired Kirana Club in Q1 FY27; it runs a low-cost model for serving retailers in small towns and rural areas. Management described it as at early product-market fit, with any P&L contribution expected only over the long term.^[4]
Horizon 2 initiatives are tested for unit economics before any further investment is made (FY26 annual report).^[1]
Management has guided a five-year NMV CAGR of 25% through FY31, with higher growth in the early years.^[4]
From FY26, Meesho plans to automate all Valmo sort centres over the next few years.^[6]
The company says its negative free cash flow in FY26 came from deliberate investment in user acquisition and growth initiatives, and from logistics headwinds.^[1]

Recent developments

Meesho listed on NSE and BSE on December 10, 2025, after an IPO of 488,396,721 equity shares that raised ₹54,212.04 million.^[1]
Under a Scheme of Arrangement approved by the NCLT on May 27, 2025, Meesho created Meesho Technologies Private Limited, Meesho Grocery Private Limited and Meesho Inc. This put the e-commerce and grocery businesses in separate entities.^[1]
The Blockbuster festive sale moves to October (Q3 FY27) from September (Q2 FY26) because of Diwali timing. Management said Q2 FY27 YoY growth will look weaker as a result.^[4]

Market Cap

₹99,536 Cr

High / Low

₹255 / 126

Stock P/E

-76.5

Price / Book

23.6

Book Value

₹10

EPS

₹-3.0

No. of Shares

456.41 Cr

ROCE

-24.0%

ROE

-30.9%

OPM

-8.1%

Debt / Equity

0.00

Sales

₹12,626 Cr

Net Profit

₹-1,358 Cr

Promoter holding

16.3%

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