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Meesho revenue jumps 34 per cent as losses narrow in FY26
Ecommerce firm posts Rs 13,577 crore loss as revenue crosses Rs 1.26 lakh crore.
MUMBAI: Meesho may still be in the red, but the numbers suggest the ecommerce player is spending less time chasing scale at all costs and more time tightening the screws beneath the hood. The SoftBank-backed company, now renamed Meesho Limited, reported a consolidated revenue from operations of Rs 1.26 lakh crore for FY26, up sharply from Rs 93,899 crore a year earlier, a jump of nearly 34 per cent.
The company’s net loss narrowed to Rs 13,577 crore in FY26 from Rs 39,417 crore in FY25, signalling a dramatic reduction in losses even as it continued to invest heavily in growth, technology and customer acquisition.
If India’s ecommerce battlefield has largely been a duel between discounting and discipline, Meesho’s latest scorecard suggests it is trying to play both sides of the pitch.
In the March quarter alone, revenue stood at Rs 35,312 crore, up from Rs 23,999 crore in the corresponding quarter last year. Quarterly losses, however, widened sequentially to Rs 1,663 crore compared to Rs 1,102 crore in the year-ago period.
The company’s total income for FY26 rose to Rs 1.30 lakh crore from Rs 99,009 crore in FY25.
Yet beneath the topline surge, the cost machine kept humming loudly. Other expenses ballooned to Rs 1.31 lakh crore during FY26, while employee benefit expenses climbed to Rs 9,121 crore. Share-based payment expenses alone stood at Rs 1,822 crore.
Meesho also booked exceptional losses of Rs 13,464 crore during the year, largely weighing on profitability.
Still, the balance sheet reflected growing financial muscle. Cash and cash equivalents jumped to Rs 6,203 crore as of March 31, 2026, from Rs 1,470 crore a year earlier. Total equity surged to Rs 43,863 crore, sharply higher than Rs 14,455 crore in FY25, helped by fresh capital inflows and restructuring exercises.
The Bengaluru-headquartered company also significantly reshaped its investment portfolio during the year. Current investments fell to Rs 9,517 crore from Rs 49,834 crore, while bank balances excluding cash rose sharply to Rs 12,727 crore.
Operationally, Meesho appears to be betting on a mix of scale commerce and sharper financial controls. Marketing intensity moderated, but infrastructure and ecosystem costs continued to remain elevated as the platform expanded deeper into value-driven ecommerce markets.
The company generated a negative operating cash flow of Rs 38,753 crore during FY26, compared with a positive Rs 5,393 crore in FY25, largely due to tax outflows and working capital shifts.
Even so, the broader message from the earnings sheet was unmistakable: Meesho is still burning cash, but the fire is no longer raging at the same pace.
In India’s crowded ecommerce arena, where profitability has become the new badge of credibility, that distinction matters more than ever.
