Brands
Meesho fires up festive quarter with Rs 10,995 crore NMV surge in Q3 FY26
BENGALURU: Meesho posted a sharp festive-quarter performance in Q3 FY26, clocking net merchandise value (NMV) of Rs 10,995 crore, up 26 per cent year on year, driven by a surge in placed orders and rising purchase frequency across underserved markets.
Placed orders rose 36 per cent to 690 million during the quarter, while annual transacting users climbed 34 per cent to 251 million, cementing Meesho’s position as India’s largest e-commerce platform by both users and order volumes.
Meesho founder and chief executive officer Vidit Aatrey, said the results reflected the strength of the platform’s growth, with more users shopping more frequently, particularly first-time e-commerce consumers in value-focused regions.
He added that despite becoming a public company, Meesho would continue to prioritise platform health and disciplined growth, with free cash flow per share as its long-term performance metric.
User engagement also deepened, with customers transacting an average of 9.78 times annually over the last twelve months, up 9 per cent year on year, signalling the formation of repeat purchasing behaviour.
The company noted that festive season calendar shifts moved some Diwali-led demand into Q2 FY26. Combined NMV for Q2 and Q3 FY26 stood at Rs 21,510 crore, marking a stronger 37 per cent year-on-year growth when adjusted for the timing impact.
Meesho continues to invest in technology-led onboarding, rolling out deep-learning recommendation models and enhanced voice search to boost conversion among first-time users, particularly in regional language markets. Brand participation is also expanding, with companies such as Dabur scaling their presence on Meesho Mall.
On a last twelve months basis, Meesho reported positive free cash flow of Rs 56 crore, supported by its asset-light model and negative working capital cycle. As of December 31, 2025, cash reserves stood at Rs 7,277 crore, including Rs 4,088 crore raised through its recent initial public offering.
