Meesho Q3 FY26 results: Meesho has reported a jump in user activity in the December quarter, its first set of quarterly results after listing on Indian stock exchanges in December 2025, while also posting a sharp widening in losses.
Meesho Q3 FY26 Results: Numbers that stood out
In Q3 FY26, Meesho said it logged 690 million placed orders, up about 36% year-on-year. It also reported annual transacting users of 251 million, a 34% increase over the previous year, and said this was the highest number of annual transacting users/orders among Indian e-commerce platforms, based on its internal data.
The platform’s average purchase frequency (on a last-twelve-months basis) rose 9% year-on-year to 9.78 transactions per user, Meesho said.
On the business side, Net Merchandise Value (NMV) for Q3 FY26 came in at ₹10,995 crore, representing a 32% year-on-year increase.
A calendar quirk that shifted festive demand
Meesho flagged that quarter-on-quarter comparisons were affected by a shift in the festive calendar: Diwali fell in early November in 2025, whereas it was at the end of October in 2024. It also said its flagship Meesho Mega Blockbuster Sale began September 19, 2025, compared with September 27 the previous year, pulling some festive demand into the prior quarter.
Taken together, Q2 and Q3 FY26 delivered combined NMV of ₹21,510 crore, up 37% year-on-year, the company said.
What Meesho’s CEO is emphasising post-listing?
In a shareholder letter as a public company, founder and CEO Vidit Aatrey said the quarter reflected “more users transacting more frequently,” and reiterated the company’s focus on what it calls “platform health and disciplined growth.”
He also pointed to a “north star” metric of Free Cash Flow per share, describing it as real cash generated after reinvestment and a measure of long-term economics.
Where Meesho says it’s investing?
Meesho said it is continuing to invest in technology aimed at improving onboarding and conversion, especially among first-time users and regional language markets. The company highlighted:
- Deep learning-based recommendation models that personalise home page feeds using limited signals
- Voice search improvements designed for regional language users
It also said national brands such as Dabur are expanding their presence on Meesho Mall, increasing the share of branded products offered at value price points.
Cash flow and cash balance?
On a last-twelve-months basis, Meesho reported free cash flow of ₹634 crore, attributing it to NMV growth, an asset-light operating model, minimal capex, and a working capital cycle that it says supports cash generation.
As of December 31, 2025, the company’s cash balance stood at ₹7,277 crore, which it said included proceeds from its IPO completed in December FY26.
Revenue grew, but costs grew faster
Meesho reported revenue from operations of ₹3,517.6 crore in Q3 FY26, compared with ₹2,682.7 crore in the same quarter last year, a little over 31% year-on-year growth. Other income of ₹73.8 crore took total income for the quarter to ₹3,596.4 crore.
For the nine months ended December 2025, revenue from operations rose to ₹9,095.1 crore, marking about 30% year-on-year growth.
But total expenditure rose faster: Q3 FY26 expenditure increased 44% year-on-year to ₹4,071.3 crore. Employee benefit expenses were ₹235.2 crore, and depreciation and amortisation was also reported.
Loss widens sharply in Q3
The company’s loss for the quarter widened to ₹490.7 crore, compared with a loss of ₹37.4 crore in Q3 FY25. The loss also increased sequentially from ₹411.4 crore in Q2 FY26.
What this quarter signals?
Meesho’s first quarterly result post listing is a mixed bag: engagement and order volumes are trending upwards, NMV is growing, and the company is guiding investors towards free cash flow and cash balance, while the P&L indicates a sharp increase in losses as expenses are growing faster than revenue.
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