Highlights

• Meesho reported FY26 NMV growth of 39% to ₹ 41,560 crore.
• Annual transacting users increased 33% year-on-year to 264 million in FY26.
• The company’s placed orders rose 45% year-on-year during the financial year.

Shares of Meesho (NSE:MEESHO) rose nearly 4.95% on May 7 after the company released its FY26 operational and shareholder update highlighting growth in users, orders and net merchandise value (NMV). The stock traded at ₹ 206.00 during the session, compared to the previous close of ₹ 196.28 on the NSE. The stock touched an intraday high of ₹ 211.34.

Source: TradingView

The company stated that annual transacting users increased to 264 million in FY26 from 199 million in FY25. Placed orders rose to 2.67 billion from 1.83 billion in the previous financial year.

FY26 NMV Crosses ₹ 41,500 Crore

Meesho reported FY26 NMV of ₹ 41,560 crore, compared to ₹ 29,988 crore in FY25, reflecting growth of 39% year-on-year.

Q4 FY26 NMV stood at ₹ 11,371 crore, up 43% from ₹ 7,972 crore reported in the corresponding quarter last year.

The company said user frequency improved to 10.1 orders per customer annually during FY26.

Annual transacting sellers increased 87% year-on-year to 961,000 sellers during the financial year.

AI-Led Systems Expand Across Platform

Founder and CEO Vidit Aatrey said more than 70% of the company’s code generation is now AI-assisted.

Meesho highlighted multiple AI-driven systems across shopping, logistics and customer support operations, including PRISM, Vaani, GeoIndia LLM and TrustMesh.

According to the company:

• PRISM recommendation feeds accounted for over 75% of orders.
• Vaani voice shopping agent crossed 1.5 million users in the first month.
• Chorus AI agents resolved 62% of customer queries without human intervention.
• TrustMesh blocked nearly 9 million high-risk transactions in FY26.

The company also stated BharatMLStack reduced inference and AI workload costs by 60%-70% compared to equivalent cloud services.

Margins Recover In Q4 FY26

Contribution margin improved to 4.0% of NMV in Q4 FY26 from 2.3% in Q3 FY26.

Adjusted EBITDA for the marketplace business stood at negative 1.7% of NMV during Q4 FY26, compared to negative 4.2% in the previous quarter.

However, full-year adjusted EBITDA marketplace margin declined to negative 2.8% from negative 0.4% in FY25.

LTM free cash flow stood at negative ₹ 633 crore for FY26, while cash balance reached ₹ 6,750 crore.

Growth Across Content Commerce And Meesho Mall

The company said content commerce NMV rose 105% year-on-year in Q4 FY26.

Meesho Mall NMV increased around 82% year-on-year during the quarter, led by FMCG and beauty categories.

The company also noted increasing prepaid order adoption, which reached nearly 34% of shipped orders in Q4 FY26.

Key Risks

• Continued EBITDA losses may impact profitability timelines and investor sentiment.
• Higher spending on user acquisition could pressure future cash flow generation.
• Logistics disruptions may affect delivery costs and operating efficiency.
• Competition in value e-commerce may influence market share and pricing strategies.

Summary

Meesho (NSE:MEESHO) reported higher FY26 users, orders and NMV, supported by platform expansion and AI-led systems across commerce, logistics and customer support.

The company also recorded recovery in quarterly contribution margins, although annual adjusted EBITDA losses widened. Investors continue monitoring user growth, cash flow trends, competition and the pace of profitability improvement in India’s e-commerce sector.

FAQs

Q: Why did Meesho shares rise on May 7?

A: Meesho shares gained after the company reported higher FY26 users, orders, NMV and contribution margin recovery in Q4.

Q: What was Meesho’s FY26 NMV?

A: Meesho reported FY26 net merchandise value of ₹ 41,560 crore, up 39% year-on-year from FY25.

Q: How many users transacted on Meesho in FY26?

A: The platform reported 264 million annual transacting users during FY26, compared to 199 million users in FY25.