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Meesho reports 43% YoY NMV growth in Q4; losses narrow ~66% as AI-led investments improve unit economics
Posted On : 2026-05-06 20:02:31( TIMEZONE : IST )
Meesho, India's largest e-commerce platform by Annual Transacting Users and Placed Orders, today announced its financial results for Q4 FY26 and full year ended March 31, 2026.
In Q4 FY26, Meesho reported NMV of ₹11,371 Cr, up ~43% YoY, with 717 million orders (+43% YoY), driven by continued new user onboarding and deeper engagement from existing cohorts. The quarter also saw a sharp recovery in contribution margin to 4.0% of NMV and an improvement of 245 bps QoQ in Adjusted EBITDA (Marketplace) to -1.7% of NMV, driven by logistics cost normalization, network optimization, and operating leverage at scale.
For the full year FY26, Meesho continued to expand India's e-commerce market, emerging as the most downloaded shopping app in India and the largest platform by Annual Transacting Users (ATUs) and placed orders. Annual Transacting Users grew 33% YoY to 264 million, while orders increased 45% YoY to 2.67 billion. NMV for the year stood at ₹41,560 crores, up 39% YoY, with frequency improving to 10.1 transactions per user annually.
Vidit Aatrey, Founder & CEO, Meesho said, "FY2026 has deepened our conviction that the Indian e-commerce market has far more depth than most people assume. In emerging markets like China, Southeast Asia, and Latin America, more than 80% of smartphone users shop online. In India, that number is around 30%, not because Indians don't want to shop online, but because nobody built e-commerce that actually works for them. Every time we removed one of those barriers, the market got larger. That pattern has held for a decade.
What AI has changed is the pace at which we can now remove them. Today, more than 75% of orders on Meesho come from personalized feeds that infer what a user is looking for before they even type a query. Vaani, our voice shopping agent, lets a user describe what they want in their own language and complete a purchase through conversation. GeoIndia decodes the landmarkbased, vernacular addresses that conventional systems cannot parse. The result is that first-time buyers who had never placed an order online are now completing purchases on Meesho.
We are still early in this journey, but the direction is clear: as accessibility improves, the market continues to widen, and we are building the technology infrastructure to drive that expansion."
