Meesho Q2 FY27: NMV Grows 23% to ₹12,911 Crore, Net Losses Narrow 68%
Meesho reported Q2 FY27 results with NMV growing 23% YoY to ₹12,911 crore and ATUs reaching 284 million. Net losses narrowed 68% YoY to ₹132 crore. Contribution Margin improved to 6.0% of NMV. Festive-aligned NMV grew 33% YoY.
The results show substantial growth in key financial metrics and operational improvements, which are likely to have a significant impact on investor perception and the company's market position.
The company has shown strong year-on-year growth in NMV and user base, significant narrowing of net losses, and improved contribution margin, indicating a positive financial performance.
Meesho Limited announced its financial results for the second quarter and half-year ended September 30, 2026. The company reported a Net Merchandise Value (NMV) growth of 23% year-on-year, reaching ₹12,911 crore. Annual Transacting Users (ATUs) grew 21% year-on-year to 284 million, with an increased purchase frequency of 10.4 transactions per user.
First-time buyers saw a 16% quarter-on-quarter increase, indicating continued expansion of the consumer base. Festive-aligned NMV experienced a significant 33% year-on-year growth in the 90 days preceding Dussehra. Meesho Mall, which houses approximately 1,800 brands, recorded 81% year-on-year NMV growth, with a notable 89% growth in Tier 3+ cities.
Content Commerce NMV surged by 160% year-on-year, supported by a 144% increase in active order-generating content. The number of Annual Transacting Sellers grew by 60% year-on-year to 1.13 million. Contribution Margin improved to 6.0% of NMV, up from 4.6% in the previous quarter, driven by logistics efficiencies and enhanced monetisation. Marketplace Revenue from Operations increased by 34% year-on-year to ₹4,120 crore.
AI integration has significantly boosted engineering productivity by 171% between March and September 2026. The company generated ₹345 crore in quarterly free cash flow, a marked improvement from the previous quarter's outflow of ₹226 crore. Net losses narrowed by approximately 68% year-on-year to ₹132 crore. As of September 30, 2026, Meesho maintained a cash balance of ₹7,048 crore.
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