The Board of Directors of Meesho Limited convened on May 06, 2026, and approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The meeting commenced at 1:00 p.m. (IST) and concluded at 4:45 p.m. (IST). The statutory auditors, M/s S.R. Batliboi & Associates, LLP, issued an unmodified opinion on the financial statements. Subsequently, pursuant to Regulation 30 and 47 of SEBI Listing Regulations, Meesho published newspaper advertisements in Financial Express (English) and Vishwavani (Kannada) on May 07, 2026, confirming the audited financial results. On May 09, 2026, Meesho filed a further intimation under Regulation 30 of SEBI Listing Regulations confirming the completion of the additional investment in Meesho Payments Private Limited (MPPL) through a rights issue, with equity shares allotted on May 08, 2026. The company has also flagged increased uncertainty in the macroeconomic environment leading into FY27.

Consolidated Financial Performance

Meesho reported a significant rise in consolidated revenue from operations for FY26, reflecting strong growth in its marketplace business. On a year-on-year basis, Q4 revenue grew to ₹35,312.12 million from ₹23,999.75 million, while the Q4 net loss narrowed sharply to ₹1,663.45 million from ₹13,913.81 million in the same period last year. The net loss for the full year narrowed considerably compared to the previous fiscal year. The following table summarises the key consolidated financial metrics:

The consolidated net loss for FY26 stood at ₹13,577.38 million, a significant reduction from ₹39,417.05 million in FY25. Total comprehensive loss for the year was ₹13,607.01 million against ₹39,453.60 million in the prior year. Loss before tax for FY26 was ₹12,092.73 million, compared to ₹14,548.63 million in FY25, with exceptional items of ₹1,410.91 million recorded during the year, primarily comprising expenses towards business combination (₹1,024.68 million) and a full and final settlement in respect of a vendor dispute (₹386.23 million).

Consolidated Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects a materially strengthened equity position following the IPO and CCPS conversion. Key balance sheet metrics are presented below:

Consolidated Cash Flow Summary

For FY26, net cash used in operating activities was ₹38,753.36 million, compared to net cash from operating activities of ₹5,393.70 million in FY25, primarily driven by income taxes paid (net of refund) of ₹27,804.75 million. Net cash from investing activities was ₹2,472.71 million versus net cash used of ₹26,352.50 million in FY25. Net cash from financing activities was ₹41,014.44 million, supported by proceeds from issue of share capital (including securities premium) of ₹42,505.56 million. Cash and cash equivalents at the end of the year stood at ₹6,203.72 million, up from ₹1,470.58 million at the beginning of the year.

Segment-Wise Performance

The Group operates under two identified segments: Marketplace and New Initiatives. The Marketplace segment contributed ₹1,26,141.81 million in revenue for FY26, compared to ₹93,858.74 million in FY25. The New Initiatives segment contributed ₹121.67 million in FY26, up from ₹40.29 million in FY25. The Marketplace segment's principal activities include the marketplace for sellers and buyers, display of ads, logistics business, and content commerce. New Initiatives covers a low-cost local logistics network for daily essentials, digital financial services, and AI services.

Standalone Financial Highlights

On a standalone basis, Meesho reported revenue from operations of ₹63,809.23 million for FY26, compared to ₹93,175.47 million in FY25. The results include a significant exceptional item—a gain on demerger of ₹2,64,790.20 million—arising from the transfer of grocery and e-commerce undertakings to wholly owned subsidiaries Meesho Technologies Private Limited (MTPL) and Meesho Grocery Private Limited (MGPL) with effect from June 01, 2025. As consideration for the demerger, MTPL and MGPL issued equity shares and Compulsorily Convertible Preference Shares (CCPS) to the Company, recognised at fair value. The Company also recognised interest income on CCPS amounting to ₹10,852.88 million from the date of issuance up to March 31, 2026. Key standalone metrics are summarised below:

Consequently, standalone profit before tax for FY26 was ₹2,74,795.83 million, and net profit was ₹2,73,311.18 million. The standalone balance sheet as at March 31, 2026 reflects total assets of ₹3,44,181.41 million (versus ₹72,582.46 million as at March 31, 2025) and total equity of ₹3,31,541.98 million (versus ₹15,165.53 million), driven primarily by the recognition of investments in subsidiaries at fair value following the demerger.

Demerger — Net Assets Transferred

The carrying value of net assets transferred and consideration received in the demerger are detailed below:

Investment in Meesho Payments Private Limited

Following the Board's approval on May 06, 2026 for an investment of up to ₹100 Crores in Meesho Payments Private Limited (MPPL), a wholly owned subsidiary and Lending Service Provider, Meesho completed the transaction on May 08, 2026. A formal regulatory intimation under Regulation 30 of SEBI Listing Regulations was filed on May 09, 2026, confirming the allotment. The Company subscribed to 30,58,103 fully paid-up equity shares of face value of Re. 1/- each at a premium of ₹326/- per share through a rights issue, for a total cash consideration of Rs. 99,99,99,681. The transaction was carried out at arm's length basis, based on an independent valuation report. Meesho continues to hold 99.99% of the equity share capital of MPPL following the investment, as the rights issue did not alter the percentage shareholding. Key details of the transaction and MPPL are presented below:

MPPL is engaged in partnering with various regulated financial institutions to facilitate credit to buyers and sellers registered on the Meesho platform. Its turnover has grown consistently over the last three financial years, as shown below:

As MPPL is a subsidiary and a related party, the subscription qualifies as a related party transaction. The investment is intended to support the overall business operations and growth of MPPL, enabling it to enhance its capabilities, scale its operations, and effectively meet its business and regulatory requirements. Except to the extent of shareholding held by Vidit Aatrey, Promoter of the Company, none of the other promoters, promoter group entities, or group companies have any interest in MPPL. No governmental or regulatory approvals were required for the acquisition.

Macroeconomic Outlook

Meesho has flagged increased uncertainty in the macroeconomic environment leading into FY27. The company's acknowledgment of these headwinds comes as it transitions into the next fiscal year following a period of significant operational and structural changes, including its IPO, internal demerger, and logistics reorganisation.

Key Corporate Developments

During FY26, Meesho completed its Initial Public Offering (IPO) of 488,396,721 equity shares of face value of ₹1 each at an issue price of ₹111 per share (including a share premium of ₹110 per share). The issue comprised a fresh issue of 382,882,882 equity shares aggregating to ₹42,500.00 million and an offer for sale of 105,513,839 equity shares by selling shareholders aggregating to ₹11,712.04 million. The Company's equity shares were listed on the National Stock Exchange of India Limited and BSE Limited on December 10, 2025. The Board also approved a bonus issue in the ratio of 47.2509 equity shares for every 1 equity share held, and 2,182,749,485 CCPS were converted into equity shares in the ratio of 1:1. Additionally, Valmo Transportation Private Limited was incorporated as a wholly owned subsidiary to house the logistics business, and an internal reorganisation was approved on March 31, 2026 to streamline logistics operations across the Group. During the quarter ended March 31, 2026, 50,924,196 equity shares were allotted upon exercise of vested options under the Employee Stock Option Plan, 2024. The Company also noted a tax demand of ₹14,997.38 million for AY 2023-24, against which it has filed a rectification request and an appeal before the National Faceless Appeal Centre, Delhi. A similar demand of ₹5,720.69 million for AY 2022-23 is subject to an interim stay granted by the Hon'ble High Court of Karnataka.

Meesho Limited has notified the stock exchanges of an upcoming Investors/Analysts meet, in compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was filed on May 08, 2026, by the Company Secretary and Compliance Officer, Rahul Bhardwaj.

Investor Meet Details

The company will be participating in a Non-Deal Roadshow structured as a group meeting. The following table summarises the key details of the scheduled event:

Disclosure and Compliance

The company has stated that the schedule of the Investors/Analysts meeting is subject to change, which may occur due to exigencies on the part of investors, analysts, or the company itself. Meesho has also confirmed that all discussions during the meeting will be based on publicly available information, and no unpublished price sensitive information is proposed to be shared. Further details of the announcement are available on the company's investor relations website at https://investor.meesho.com/announcements .