Meesho Ltd
Meesho Ltd
RetailKey Fundamentals
MidcapEcommerceRetailInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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30 extracted metrics + investor summaries across FY23–FY26.
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Technical Indicators
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
4- Stock is trading at 20.0 times its book value
- Company has low interest coverage ratio.
- Promoter holding is low: 16.4%
- Company has a low return on equity of -92.4% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 10h agoMeesho is an asset-light e-commerce marketplace trading at a market cap of ₹88,237 crore with a negative PE of -73.8x and a price-to-book of 20.2x. The company posted FY26 revenue of ~₹13,099 crore with a narrowing net loss of ~₹1,209 crore, while annual transacting users grew 33% to 264 million and orders rose 45% to 2.67 billion in FY26.
- Revenue growing at a TTM rate of 34% with FY26 Q4 revenue up 47% YoY to ₹3,531 crore, demonstrating accelerating top-line momentum
- Annual transacting users grew 33% YoY to 264 million in FY26, indicating strong platform adoption in underpenetrated Tier-2/3/4 markets
- Order volumes surged 45% YoY to 2.67 billion in FY26, with purchase frequency improving to 10.1 orders per user annually
- Net loss narrowed 88% in Q4 FY26 to ₹166 crore from ₹1,391 crore a year earlier, showing a clear path toward profitability
- Company is almost debt-free, giving financial flexibility to invest in growth without leverage risk
- Asset-light marketplace model with no inventory or warehousing costs provides operating leverage as volumes scale
- Compounded profit improvement of 75% on TTM basis signals rapid loss reduction trajectory
- Active seller base grew 81% YoY to 8.46 lakh sellers in Q3 FY26, deepening supply-side network effects
- Stock trades at 20.2x book value despite the company being loss-making, implying stretched valuation relative to current fundamentals
- Three-year average ROE of -92% reflects sustained value destruction for equity holders over the medium term
- Promoter holding is low at 16.4%, which may raise governance concerns and create overhang from potential insider selling
- FY25 net loss stood at ₹3,942 crore (including exceptional items for reverse flip tax), showing vulnerability to large one-time charges
- Negative PE of -73.8x means the company remains unprofitable with no near-term earnings to support the ₹88,237 crore market cap
- Q3 FY26 loss widened sharply to ₹491 crore from ₹37 crore YoY due to rising costs from logistics arm Valmo expansion and customer acquisition spending
- Zero dividend yield with no visibility on when cash returns to shareholders might begin given ongoing losses
- Intense competition from Flipkart, Amazon India, and other value platforms means customer acquisition costs may remain elevated to sustain growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- GST treatment allegations raised Jul 21
InGovern Research alleged Meesho's GST treatment provides a recurring financial advantage, raising concerns over tax compliance and corporate governance. No regulatory response or quantum of advantage disclosed yet.
- Q1FY26 swings to profit Jul 25
Meesho reported standalone net profit of ₹3,537.70 million for Q1FY26, swinging from a loss in the prior year. Board approved ₹75 crore investment in Meesho Grocery and full acquisition of Meesho Payments.
- Investor meet scheduled Aug 17-18 Aug 12
Meesho will hold in-person meetings with institutional investors and analysts on August 17 and 18, 2026, per SEBI Listing Regulations.
- Q1 FY27 earnings call held Jul 23
Meesho hosted its Q1 FY27 virtual earnings conference call on July 23, 2026, and made the audio recording available on its investor website.
TL;DR: Meesho has turned profitable with a ₹3,537.70 million standalone net profit in Q1FY26 and is actively investing in grocery and payments verticals. The key risk is the InGovern allegation on GST treatment which could invite regulatory scrutiny. Investor engagement remains active with scheduled meets and earnings calls. The profitability trend is positive but the GST controversy warrants monitoring for any regulatory action.
Quarterly Results
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 2,679 | 2,400 | 2,504 | 3,074 | 3,518 | 3,531 | 3,713 |
| Expenses | 2,809 | 2,631 | 2,768 | 3,530 | 4,056 | 3,786 | 3,937 |
| Operating Profit | -131 | -231 | -264 | -456 | -539 | -255 | -225 |
| OPM % | -4.9% | -10% | -11% | -15% | -15% | -7% | -6% |
| Other Income | 160 | -1,158 | 34 | 136 | 75 | 116 | 114 |
| Interest | 2 | 1 | 1 | 1 | 4 | 2 | 2 |
| Depreciation | 12 | 5 | 8 | 9 | 11 | 19 | 20 |
| PBT | 15 | -1,395 | -240 | -330 | -479 | -160 | -133 |
| Tax % | 342% | 0% | 21% | 24% | 3% | 4% | 0% |
| Net Profit | -37 | -1,391 | -289 | -411 | -491 | -166 | -133 |
| EPS in Rs | -4.44 | -160 | -1.49 | -2.11 | -1.09 | -0.36 | -0.29 |
Profit & Loss
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales | 5,735 | 7,615 | 9,390 | 12,626 | 13,835 |
| Expenses | 7,533 | 8,109 | 9,968 | 14,111 | 15,310 |
| Operating Profit | -1,799 | -494 | -578 | -1,485 | -1,475 |
| OPM % | -31% | -6% | -6% | -12% | -11% |
| Other Income | 155 | 231 | -835 | 332 | 441 |
| Interest | 1 | 6 | 7 | 9 | 10 |
| Depreciation | 30 | 58 | 34 | 47 | 58 |
| PBT | -1,675 | -328 | -1,455 | -1,209 | -1,102 |
| Tax % | 0% | 0% | 171% | 12% | — |
| Net Profit | -1,675 | -328 | -3,942 | -1,358 | -1,201 |
| EPS in Rs | -214 | -41.82 | -453 | -2.97 | -3.85 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 8 | 0 | 0.27 | 456 |
| Reserves | 2,169 | 2,230 | 1,445 | 3,930 |
| Borrowings | 0 | 72 | 58 | 63 |
| Other Liabilities | 1,376 | 1,859 | 5,722 | 3,458 |
| Total Liabilities | 3,553 | 4,161 | 7,226 | 7,907 |
| Fixed Assets | 56 | 112 | 96 | 195 |
| CWIP | 2 | 0 | 0 | 0 |
| Investments | 2,053 | 744 | 4,983 | 1,210 |
| Other Assets | 1,442 | 3,305 | 2,147 | 6,502 |
| Total Assets | 3,553 | 4,161 | 7,226 | 7,907 |
Cash Flow
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Operating | -2,303 | 220 | 539 | -3,875 |
| Investing | -1,289 | -165 | -2,638 | 247 |
| Financing | 3,263 | -11 | 2,105 | 4,101 |
| Net Cash Flow | -328 | 44 | 7 | 473 |
| Free Cash Flow | -2,303 | 186 | 516 | -3,976 |
| CFO/OP | 128 | -47 | -100 | 261 |
Ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 |
| Working Capital Days | -59 | 20 | -167 | 1 |
| ROCE % | — | -15% | -9% | -36% |
Documents
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Company Information
The Company is an app-based marketplace that is operated under the brand of Meesho that connects sellers and end consumers. Its offerings span categories including fashion, accessories, electronics, home and kitchen items, health, and fitness equipment, and office supplies.[1]