Meesho Ltd

The Assessment Unit of Income Tax Department has issued assessment order under Section 143(3) of the Income-tax Act, 1961 along with a demand notice under section 156 of the Income-tax Act, 1961 for AY 2023-2024. The company said it is currently evaluating the assessment order and does not concur with the observations and adjustments made by the tax authorities. It believes it has adequate legal and factual grounds to challenge the order and is taking necessary steps to safeguard its interests. The company added that the assessment order along with the demand notice are not expected to have any major adverse impact on the company's financial position, operations, or other activities. Meesho is India's largest e-commerce platform by annual transacting users and placed orders. The company's consolidated net loss widened to Rs 490.68 crore in Q3 FY26, compared with a loss of Rs 37.43 crore in Q3 FY25. Net sales rose 31.32% to Rs 3,517.60 crore in Q3 FY26 from Rs 2,678.64 crore in the year-ago quarter.Powered by Capital Market - Live

The stock had fallen 14.80% over the past three sessions and is down 15.87% over the last one month. The recent decline followed a sharp widening of consolidated net loss to Rs 490.68 crore in Q3 FY26 from Rs 37.43 crore in Q3 FY25, even as net sales rose 31.32% YoY to Rs 3,517.60 crore. Adjusted EBITDA marketplace margin for Q3FY26 was at -4.2% (Rs -460 crore) due to lower contribution margin and accelerated user growth and engineering investments. Adjusted EBITDA for New Initiatives was at Rs 19 crore, up 44% QoQ and 30% YoY with continuous improvement in user adoption for financial services platform. Founder and CEO Vidit Aatrey said the company stepped up advertising and sales promotion spend to 2.4% of NMV in Q3 FY26 from 1.3% a year ago. The firm expects a significant improvement in adjusted EBITDA margins over the next two quarters on logistics cost recovery and operating leverage. Meesho is India's largest e-commerce platform by annual transacting users and placed orders. Meesho made its stock market debut on 10 December 2025. The stock is up 37.79% over its IPO price of Rs 111, but down 5.12% from its listing price of Rs 161.20 and about 40% from its record high of Rs 254.65 hit on 18 December 2025. Powered by Capital Market - Live

Net sales rose 31.32% YoY to Rs 3,517.60 crore in Q3 FY26 from Rs 2,678.64 crore in the year-ago quarter. The company reported pre-tax loss of Rs 478.59 crore in Q3 FY26, compared with a profit of Rs 15.45 crore in Q3 FY25. Total expenditure increased 43.99% YoY to Rs 4,060.20 crore in Q3 FY26, significantly outpacing revenue growth. Employee expenses rose 20.64% YoY to Rs 235.17 crore. Interest costs surged 141.61% YoY to Rs 3.89 crore, while depreciation declined 7.06% YoY to Rs 10.92 crore. Meesho's Annual Transacting Users surged 34% YoY to 251 million with net merchandise value (NMV) standing at Rs 10,995 crore, up 26% YoY. Over 9MFY26, it increased 37% YoY to Rs 30,189 crore. The company witnessed 690 million orders placed on its platform in the quarter under review, up 36% YoY. The contribution margin as a percentage of NMV stood at 2.3%, down 104 bps QoQ and 198 bps YoY due to accelerated Valmo scale-up following 3PL industry consolidation. This is expected to normalise in the coming quarters, the company filing said. On a last twelve month basis, users transacted 9.78 times per year on average, growing 9% year-on-year, reflecting increasing purchase frequency. On a last twelve months basis, free cash flow stood at Rs 56 crore, supported by growth in NMV. As of 31 December 2025, Meesho's cash balance stood at Rs 7,277 crore, including Rs 4,088 crore raised through initial public offering in Dec FY26. Adjusted EBITDA marketplace margin for Q3FY26 was at -4.2% (Rs -460 crore) due to lower contribution margin and accelerated user growth and engineering investments. Adjusted EBITDA for New Initiatives was at Rs 19 crore, up 44% QoQ and 30% YoY with continuous improvement in user adoption for financial services platform. In a letter to the shareholders, Founder & CEO Vidit Aatrey said that the company has increased its investment into Advertising & Sales Promotion to 2.4% of NMV in Q3 FY26 from 1.3% of NMV in Q3 FY25. The company expects significant improvement in Adjusted EBITDA margin in the next two quarters returning to Q1 FY26 levels; driven by logistics cost recovery and operating leverage on user growth and technology investments made in FY26. The company said: This marks our first quarter reporting as a public company and demonstrates our operating philosophy in action: continued growth in ATUs towards our mission of democratising internet commerce, and when forced to choose between near-term financial optimisation and long-term flywheel health, we chose the latter. We held order fulfillment charges stable, and increased user acquisition. Each decision positions us for stronger platform profitability in the long-term. These investments met our return thresholds; measured through payback periods, expected IRR against hurdle rates, and impact on long-term Free Cash Flow. 251 million ATUs, 9.78 purchase frequency, and 37% NMV growth for 9M FY26 validate such decisions made 12-18 months ago. Results lag strategy by several quarters in platform businesses. The growth we are capturing today compounds Meesho into a leadership position in value-led e-commerce over the next decade. Meesho is India's largest e-commerce platform by annual transacting users and placed orders. Powered by Capital Market - Live

Net sales rose 31.32% YoY to Rs 3,517.60 crore in Q3 FY26 from Rs 2,678.64 crore in the year-ago quarter. The company reported pre-tax loss of Rs 478.59 crore in Q3 FY26, compared with a profit of Rs 15.45 crore in Q3 FY25. Total expenditure increased 43.99% YoY to Rs 4,060.20 crore in Q3 FY26, significantly outpacing revenue growth. Employee expenses rose 20.64% YoY to Rs 235.17 crore. Interest costs surged 141.61% YoY to Rs 3.89 crore, while depreciation declined 7.06% YoY to Rs 10.92 crore. Meesho's Annual Transacting Users surged 34% YoY to 251 million with net merchandise value (NMV) standing at Rs 10,995 crore, up 26% YoY. Over 9MFY26, it increased 37% YoY to Rs 30,189 crore. The company witnessed 690 million orders placed on its platform in the quarter under review, up 36% YoY. The contribution margin as a percentage of NMV stood at 2.3%, down 104 bps QoQ and 198 bps YoY due to accelerated Valmo scale-up following 3PL industry consolidation. This is expected to normalise in the coming quarters, the company filing said. On a last twelve month basis, users transacted 9.78 times per year on average, growing 9% year-on-year, reflecting increasing purchase frequency. On a last twelve months basis, free cash flow stood at Rs 56 crore, supported by growth in NMV. As of 31 December 2025, Meesho's cash balance stood at Rs 7,277 crore, including Rs 4,088 crore raised through initial public offering in Dec FY26. Adjusted EBITDA marketplace margin for Q3FY26 was at -4.2% (Rs -460 crore) due to lower contribution margin and accelerated user growth and engineering investments. Adjusted EBITDA for New Initiatives was at Rs 19 crore, up 44% QoQ and 30% YoY with continuous improvement in user adoption for financial services platform. In a letter to the shareholders, Founder & CEO Vidit Aatrey said that the company has increased its investment into Advertising & Sales Promotion to 2.4% of NMV in Q3 FY26 from 1.3% of NMV in Q3 FY25. The company expects significant improvement in Adjusted EBITDA margin in the next two quarters returning to Q1 FY26 levels; driven by logistics cost recovery and operating leverage on user growth and technology investments made in FY26. The company said: This marks our first quarter reporting as a public company and demonstrates our operating philosophy in action: continued growth in ATUs towards our mission of democratising internet commerce, and when forced to choose between near-term financial optimisation and long-term flywheel health, we chose the latter. We held order fulfillment charges stable, and increased user acquisition. Each decision positions us for stronger platform profitability in the long-term. These investments met our return thresholds; measured through payback periods, expected IRR against hurdle rates, and impact on long-term Free Cash Flow. 251 million ATUs, 9.78 purchase frequency, and 37% NMV growth for 9M FY26 validate such decisions made 12-18 months ago. Results lag strategy by several quarters in platform businesses. The growth we are capturing today compounds Meesho into a leadership position in value-led e-commerce over the next decade. Meesho is India's largest e-commerce platform by annual transacting users and placed orders. Powered by Capital Market - Live

Net Loss of Meesho reported to Rs 490.68 crore in the quarter ended December 2025 as against net loss of Rs 37.43 crore during the previous quarter ended December 2024. Sales rose 31.32% to Rs 3517.60 crore in the quarter ended December 2025 as against Rs 2678.64 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales3517.602678.64 31 OPM %-15.32-4.88 - PBDT-463.9737.58 PL PBT-474.8825.82 PL NP-490.68-37.43 -1211 Powered by Capital Market - Live

Meesho has incorporated a wholly owned subsidiary in name of 'Valmo Transportation on 28 January 2026. The main objects of the Valmo inter- alia include engaging in the business of logistics service provider for the movement of goods and undertake activities relating to loading, unloading, in-transit storage, handling and trans-shipment of goods through third-party service providers, as incidental or ancillary to transportation service. Powered by Capital Market - Live

Meesho will hold a meeting of the Board of Directors of the Company on 30 January 2026.Powered by Capital Market - Live

In an exchange filing, Meesho said Megha Agarwal, General Manager ' Business and a senior management personnel, tendered her resignation on 7 January 2026. The company added that detailed disclosures will be made at the prescribed time. Separately, the company announced an internal role change. Milan Partani, currently General Manager ' User Growth and Content Commerce, will assume the role of General Manager ' Commerce Platform and will continue to be classified as a senior management personnel. The stock had already come under pressure in the previous session, slipping about 5% after the expiry of a one-month shareholder lock-in period. Around 10.99 crore shares, or nearly 2% of the company's outstanding equity, reportedly became eligible for trading following the lock-in expiry. Market participants noted that eligibility does not necessarily translate into immediate selling. Meesho made its stock market debut on 10 December 2025. The stock is up 49.23% over its IPO price of Rs 111 and has gained 2.76% from its listing price of Rs 161.20. Post listing, the stock surged 57.97% from its listing price to hit a record high of Rs 254.65 on 18 December 2025, before witnessing profit-taking. The stock is currently down about 35% from its peak levels. The company's initial public offering had seen strong investor demand, with the issue subscribed 79.03 times. The IPO was open for subscription between December 3 and December 5 at a price band of Rs 105 to Rs 111 per share. Meesho has said it plans to use the IPO proceeds to strengthen its cloud infrastructure, invest in technology and AI talent, scale up marketing and brand-building initiatives, pursue inorganic growth opportunities and meet general corporate requirements. Meesho operates a multi-sided e-commerce platform connecting consumers, sellers, logistics partners and content creators. Order fulfilment is handled through its in-house logistics arm, Valmo, along with third-party logistics partners. For the quarter ended September 2025, the company reported a consolidated net loss of Rs 700.72 crore, while revenue stood at Rs 5,577.54 crore. Net merchandise value per annual transacting seller grew at a CAGR of 16.86% between FY23 and FY25. Powered by Capital Market - Live

Around 10.99 crore shares, or nearly 2% of the company's outstanding equity, have reportedly become eligible for trading following the end of the lock-in. However, this does not necessarily indicate immediate selling, as the expiry only allows these shares to be traded. Meesho made its stock market debut on 10 December 2025. The stock is up 56.04% over its IPO price of Rs 111 and has gained 7.44% from its listing price of Rs 161.20. Post listing, the stock had surged 57.97% from its listing price to hit a record high of Rs 254.65 on 18 December 2025, before witnessing profit-taking. The stock is currently down about 32% from its peak levels. The company's initial public offering had seen strong investor interest, with the issue subscribed 79.03 times. The IPO was open for subscription between December 3 and December 5, with a price band of Rs 105 to Rs 111 per share. Meesho plans to utilise the IPO proceeds to strengthen its cloud infrastructure, invest in technology and AI talent, scale up marketing and brand-building initiatives, pursue inorganic growth opportunities and meet general corporate requirements. The company operates a multi-sided e-commerce platform connecting consumers, sellers, logistics partners and content creators. Order fulfilment is managed through its in-house logistics arm, Valmo, as well as third-party logistics partners. For the quarter ended September 2025, Meesho reported a consolidated net loss of Rs 700.72 crore, while revenue stood at Rs 5,577.54 crore. Its net merchandise value per annual transacting seller grew at a CAGR of 16.86% between FY23 and FY25. Powered by Capital Market - Live

The stock touched a record high of Rs 208.50 so far in the session. The brokerage highlighted Meesho's asset-light business model and negative working capital structure, noting that these features have enabled the company to generate consistent positive cash flows, unlike many other internet-led peers. The broker expects Meesho's net merchandise value to grow at a robust 30% CAGR over FY25 to FY30E. Contribution margins are seen improving to 6.8% of NMV, while adjusted EBITDA margins are projected to rise to 3.2% by FY30E. According to the brokerage, NMV growth will be driven by a sharp expansion in annual transacting users to 518 million from 199 million, along with an increase in annual ordering frequency to 14.7 from 9.2. Average order values are expected to moderate to Rs 233 from Rs 274 as logistics efficiencies are passed on across the ecosystem. Meesho made its stock market debut on December 10. The stock has rallied 77.43% over its IPO price of Rs 111 and is up 22.18% from its listing price of Rs 161.20. The company's initial public offering saw strong investor demand, with the issue subscribed 79.03 times. Bids were received for 2,196.67 crore shares against an offer size of 27.79 crore shares. The IPO was open between December 3 and December 5, with a price band of Rs 105 to Rs 111 per share. Meesho plans to use the IPO proceeds to strengthen cloud infrastructure, invest in technology and AI talent, scale marketing and brand-building initiatives, pursue inorganic growth opportunities and meet general corporate needs. The company operates a multi-sided e-commerce platform that connects consumers, sellers, logistics partners and content creators. Order fulfilment is handled either through its in-house logistics arm Valmo or through third-party logistics partners. Meesho's net merchandise value per annual transacting seller grew at a CAGR of 16.86% between FY23 and FY25. For the quarter ended September 2025, the company reported a consolidated net loss of Rs 700.72 crore, while revenue stood at Rs 5,577.54 crore. Powered by Capital Market - Live