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.

Consolidated Financial Performance

Meesho reported a significant rise in consolidated revenue from operations for FY26, reflecting strong growth in its marketplace business. The net loss for the 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

The Board approved a further investment of up to ₹100 Crores in Meesho Payments Private Limited (MPPL), a wholly owned subsidiary and Lending Service Provider. The investment will be made by subscribing to a rights issue or further issue of capital in one or more tranches, with the transaction to be completed on or before July 30, 2026. The consideration will be in cash. Meesho currently holds 99.99% of the equity share capital of MPPL. Key details of 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 from ₹19.95 lakhs in FY24 to ₹235.61 lakhs in FY25 and ₹1,104.65 lakhs in FY26. As MPPL is a subsidiary and a related party, the subscription qualifies as a related party transaction. No governmental or regulatory approvals are required for the acquisition.

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 announced the grant of 8,370 Stock Options to eligible employees under its Employee Stock Option Plan, 2024 (ESOP 2024 Plan). The grant was approved by the company's Nomination and Remuneration Committee (NRC) through a circular resolution passed on May 04, 2026, and has been disclosed to stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Stock Option Grant

The disclosure, filed in accordance with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, outlines the material terms of the grant. The following table summarises the key parameters as disclosed:

Exercise and Vesting Conditions

The stock options granted under the ESOP 2024 Plan are exercisable at any time after the applicable vesting period, provided the option grantee remains in employment with the company. In the event of cessation of employment, all vested options as on the last working day may be exercised within 6 (Six) months from the date of cessation.

The ESOP 2024 Plan also provides for the manner in which stock options would be dealt with in cases of death, permanent incapacity, resignation, termination, and retirement. Notably, equity shares allotted pursuant to the exercise of stock options would not be subject to any lock-in period.

Regulatory Compliance

The grant has been confirmed to be in terms of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The total number of shares covered includes requisite adjustments pursuant to corporate actions as provided under the ESOP 2024 Plan. The disclosure was signed by Rahul Bhardwaj, Company Secretary & Compliance Officer (Membership No.: A41649), and the information is also available on the company's investor relations website at https://investor.meesho.com/announcements .