E-commerce platform Meesho reported a 23% year-on-year rise in Net Merchandise Value (NMV) to ₹12,911 crore for the quarter ended September 30, 2026, the Bengaluru-based company said on Wednesday, October 28.
Net losses for the quarter narrowed by approximately 68% year-on-year to ₹132 crore, down from ₹411 crore in the same quarter last year. The company generated ₹345 crore in quarterly free cash flow, a reversal from an outflow of ₹226 crore in the preceding quarter, which it attributed to seasonal working capital benefits. Meesho held a cash balance of ₹7,048 crore as of September 30, 2026.
Annual Transacting Users grew 21% year-on-year to 284 million, while annual purchase frequency rose 7% year-on-year to 10.4 transactions per user. First-time buyers increased 16% quarter-on-quarter. Placed orders rose 17% year-on-year to 819 million.
The company said NMV on a festive-aligned basis — measured over the 90 days preceding Dussehra — grew 33% year-on-year, which it said reflects consumer demand across comparable festive periods. It noted that this year’s Mega Blockbuster Sale moved from the second quarter to the third quarter compared with the previous year, and that the festive-aligned comparison captures the same stretch of seasonal demand, including the sale, in both years.
Within the platform, Meesho Mall — now home to approximately 1,800 brands — posted 81% year-on-year NMV growth, with growth reaching 89% in Tier 3-plus cities; the company said roughly half of Mall customers during the quarter were first-time buyers in that segment. Content Commerce NMV grew 160% year-on-year, with active order-generating content rising 144% to 2.2 million pieces. Annual Transacting Sellers increased 60% year-on-year to 1.13 million, and the company said more than 4 lakh sellers are now part of its Content Commerce ecosystem.
On profitability, Contribution Margin expanded to 6.0% of NMV, up from 4.6% in the preceding quarter, which the company linked to logistics efficiencies and improved monetisation. Marketplace Revenue from Operations grew 34% year-on-year to ₹4,120 crore, driven by stronger advertising monetisation. The company said deliveries became approximately 15% faster year-on-year, aided by greater network density and improvements to its routing and address-intelligence systems.
On technology, Meesho said engineering productivity rose 171% between March and September 2026 as it shifted toward AI-assisted software development, with the number of experiments run rising 73% and roughly 65% of engineering pods now operating with a single engineer directing AI agents. The company said code approval times fell 41%, and that AI-assisted data science agents cut the time to take a model to live testing from 17 days to three.
The shares of the e-commerce platform ended 1.3% in the green on Wednesday, October 28. The stock has climbed nearly 25% in the year so far.
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