Meesho Q2 Results, October 28, 2026: Loss Narrows 68% as Revenue Rises 34%

Meesho Q2 results came out on Wednesday, October 28, 2026, and the headline is a much smaller loss. The e-commerce company’s net loss for the July-September quarter narrowed 68% year on year to ₹132.4 crore, from ₹411.4 crore a year earlier, Business Standard reported from the exchange filing. Revenue from operations rose 34% to ₹4,131.6 crore.

Meesho Q2 results: the numbers that matter

Revenue came in at ₹4,131.6 crore against ₹3,073.7 crore a year ago, and it was also up from ₹3,712.8 crore in the June quarter. Total expenses grew more slowly, rising 24% year on year to ₹4,382.3 crore from ₹3,540.4 crore. That gap between a 34% rise in revenue and a 24% rise in costs is the whole story of the shrinking loss.

One thing we’d point out: on a sequential basis the loss barely moved. Meesho lost ₹132.8 crore in the June quarter, so the September quarter was flat, not better. Expenses also went up from ₹3,959.2 crore in Q1.

Orders, users and a sale that moved quarters

Under the hood, the platform kept growing. Placed orders rose 17% year on year to 819 million, and net merchandise value (NMV), the value of goods sold through the platform, rose 23% to ₹12,911 crore. Annual transacting users climbed 21% to 284 million, and annual purchase frequency reached 10.4 transactions per user. First-time buyers were up 16% from the June quarter, and annual transacting sellers rose 60% to 1.13 million.

There’s a catch in the year-on-year comparison. Meesho’s Mega Blockbuster Sale fell in the second quarter last year but has moved to the third quarter this year, so Q2 FY27 is up against a tougher base. To adjust for that, the company compared the 90 days before Dussehra in both years, and on that festive-aligned basis NMV grew 33%, as CNBC-TV18 reported. That is a company-chosen yardstick, so it’s fair to read it alongside the plain 23% figure rather than instead of it.

Margins and cash

Contribution margin rose to 6.0% of NMV from 4.6% in the previous quarter. Chairman, MD and CEO Vidit Aatrey credited logistics efficiencies and better monetisation, and said the company would reinvest those gains in the consumer and seller experience. He also said engineering productivity rose 171% between March and September 2026 and linked that to AI changing how the company builds and runs the platform.

Cash moved the right way too. Meesho generated ₹345 crore of free cash flow in the quarter, against an outflow of ₹226 crore in the June quarter, which the company put down to seasonal working-capital benefits. It ended September with a cash balance of ₹7,048 crore.

What to watch in the December quarter

The real test is Q3. With the Mega Blockbuster Sale now sitting in October-December, that quarter carries the bulk of this year’s festive buying, and the 33% festive-aligned NMV growth is the best early hint we have of how it went. If Meesho reinvests its margin gains as Aatrey said it would, the contribution margin may not keep rising in a straight line, so watch NMV and order growth first and margins second.

For a quick framework on reading numbers like these, see our guide on how to analyse quarterly results of a company. And for a very different set of Q2 numbers from the same day, read our note on Hyundai Motor India’s Q2 results.

Sources: Business Standard and CNBC-TV18, both dated October 28, 2026.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.