MEESHO
Meesho share price & financials
- Price
- ₹187.87
- Market cap
- ₹83.7k Cr
- Sector
- Consumer Services
- Calls analysed
- 3
Meesho Limited Q1 FY27
What went well
- Meesho successfully absorbed fuel price hikes and minimum wage increases in Q1 FY27 through efficiency gains, leading to a ~₹1 reduction in cost per delivered order.
- Strategic new initiatives, including Kirana Club and a low-cost logistics network for perishable goods, are progressing to expand the total addressable market (TAM) into B2B and grocery segments.
- Ad adoption among GMV-contributing sellers is strong at approximately two-thirds, with management focused on further increasing this to drive monetization.
What to watch
- New initiatives incurred operating losses of INR 39 crores in Q1 FY27, reflecting their early product-market fit stage and long-term investment horizon.
- The company is addressing a GST-related dispute concerning its GTA model, though management believes there is no material adverse impact and provisions have been made.
What Meesho Limited does
Meesho runs an asset-light online marketplace that connects small, unbranded and MSME manufacturers directly with value-conscious consumers across India, without holding its own inventory. It earns primarily through order-fulfilment services and on-platform advertising rather than seller commissions. The company operates its own last-mile logistics platform, Valmo, which orchestrates local delivery partners instead of building centralised infrastructure, and is expanding into adjacent verticals including Meesho Mall (national/regional branded goods), Meesho Grocery and Meesho Payments (financial services). Originally launched in 2015 as a WhatsApp-based reselling platform, it now serves consumers via a low-end-device-optimised app with multilingual, image- and voice-based shopping built for first-time e-commerce users, including in rural India.
Segments
- Marketplace
- New Initiatives
- Annual Transacting Users
- 251 million
- Annual Transacting Sellers
- 846 thousand
- Placed Orders
- 1.95 billion (9 months ended Dec FY26)
- Purchase frequency
- 9.78 orders per user annually (LTM)
- Market position
- Most downloaded shopping app in India (Sensor Tower, Q3 FY26)
- Market position
- Largest e-commerce platform in India by Annual Transacting Users and Placed Orders
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 0 delivered 3 missed 7 open- Contribution Margin went quiet said Q3 FY26 Promised: converge to Q1 FY26 levels Q1 FY27: The deadline for this promise passed this quarter. While the company reported significant efficiency gains, reducing cost per delivered order by ~₹1, it did not explicitly confirm that the margin had converged to Q1 FY26 levels.
- Ad Monetization as % of GMV on track said Q3 FY26 Promised: 5.5-6% Q1 FY27: Adoption remains strong with ~two-thirds of GMV-contributing sellers using ads. Management is focused on increasing this further. Ad revenue from Meesho Mall brands is higher than the platform average, supporting monetization growth.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 16.4%, net profit up 222.5% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,678 | 2,399 | 2,504 | 1,391 | 1,579 −41% | 1,379 −43% | 2,093 −16% |
| EBITDA | -123 | -226 | -264 | -30 | -42 +66% | -27 +88% | -92 +65% |
| Net profit | -30 | -1,384 | -289 | 22 | 734 +2547% | 320 +123% | 354 +222% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +19.6% YTD
YTD: ₹181.58 on 1 Jan 2026 → ₹217.08. High ₹217.91 (10 Sept 2026), low ₹134.77 (16 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.5%
- 23 Jul
- Q4 FY26
- −3.7%
- 6 May
- Q3 FY26
- +3.5%
- 30 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹6.9k Cr |
| Operating profit | ₹-363 Cr |
| Operating margin | -5.3% |
| Interest | ₹8 Cr |
| Depreciation | ₹44 Cr |
| Net profit | ₹787 Cr |
| Net margin | 11.5% |
| ROCE | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹6 Cr | ₹8 Cr | ₹0 Cr | ₹0 Cr | ₹456 Cr |
| Reserves | ₹150 Cr | ₹466 Cr | ₹2.2k Cr | ₹2.2k Cr | ₹1.5k Cr | ₹32.7k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹72 Cr | ₹58 Cr | ₹63 Cr |
| Other liabilities | ₹586 Cr | ₹2.1k Cr | ₹1.4k Cr | ₹1.9k Cr | ₹5.7k Cr | ₹1.2k Cr |
| Total liabilities | ₹739 Cr | ₹2.6k Cr | ₹3.6k Cr | ₹4.2k Cr | ₹7.3k Cr | ₹34.4k Cr |
| Fixed assets | ₹8 Cr | ₹35 Cr | ₹56 Cr | ₹112 Cr | ₹96 Cr | ₹190 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹358 Cr | ₹1.2k Cr | ₹2.1k Cr | ₹754 Cr | ₹5.0k Cr | ₹30.7k Cr |
| Other assets | ₹374 Cr | ₹1.4k Cr | ₹1.4k Cr | ₹3.3k Cr | ₹2.2k Cr | ₹3.6k Cr |
| Total assets | ₹739 Cr | ₹2.6k Cr | ₹3.6k Cr | ₹4.2k Cr | ₹7.3k Cr | ₹34.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, the public trimmed −4.40 pp while DIIs added +3.86 pp. The shareholder count grew 15% to 2,46,157.
- Promoters
- 16.4%
- FIIs
- 5.2%
- DIIs
- 9.1%
- Public
- 69.3%
Since Dec 2025
- Public −4.40 pp
- DIIs +3.86 pp
- FIIs +0.88 pp
How it drifted, 3 quarters
Over this window the public fell from 73.7% to 69.3% — −4.4 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 16.8%, FIIs 4.3%, DIIs 5.3%, Public 73.7%.Mar '26: Promoters 16.6%, FIIs 4.2%, DIIs 5.6%, Public 73.7%.Jun '26: Promoters 16.4%, FIIs 5.2%, DIIs 9.1%, Public 69.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Equity Hybrid Fund Mutual fund newly disclosed 3.01% held
- Invesco India Focused Fund Mutual fund newly disclosed 1.59% held
- Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund +0.19 pp 1.62% held
The same filing shows 7 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Meesho Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Elevation Capital V Limited VC / PE | 12.04% | −0.12 pp |
| Naspers Ventures Bv VC / PE | 11.27% | −0.11 pp |
| Peak XV Partners Investments V VC / PE | 10.06% | −0.10 pp |
| Vidit Aatrey | 9.91% | −0.09 pp |
| Svf Ii Meerkat (De) Llc | 8.60% | −0.08 pp |
| Sanjeev Kumar | 6.50% | −0.07 pp |
| Westbridge Crossover Fund, Llc | 3.62% | unchanged |
| SBI Equity Hybrid Fund Mutual fund | 3.01% | newly disclosed |
| Astrend India Investment Limited | 1.88% | −0.25 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund | 1.62% | +0.19 pp |
| Invesco India Focused Fund Mutual fund | 1.59% | newly disclosed |
| Peak Xv Partners Growth Investments Iv VC / PE | 1.39% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MEESHO
Filings to Aug 2026
1 new, 6 added, 1 trimmed, 1 sold out — net +136.11 L shares (+9.2%).
- Held by funds
- ₹3.3k Cr
- 16 schemes
- Biggest holder
- SBI Focused Fund
- ₹1.2k Cr · 2.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Focused Fund SBI Mutual Fund | ₹1.2k Cr | held | Dec '25 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹727 Cr | held | Dec '25 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹445 Cr | +91.61 L | Jun '26 |
| SBI Smallcap Fund SBI Mutual Fund | ₹290 Cr | held | Mar '26 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹253 Cr | new | Aug '26 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹245 Cr | held | Dec '25 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹44 Cr | held | Jun '26 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹37 Cr | +9.94 L | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net +1.36 cr shares (+9.2%)
- Funds are sitting on
- +5%
- vs est. average cost
- Held by funds
- ₹3.3k Cr
- 16 schemes · ≈ 3.6% of the company
- Biggest holder
- SBI Focused Fund
- ₹1.2k Cr · 2.3% of that fund
Shares held by these funds +20%
Dec '25 14.83 cr shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Meesho Limited
Guides on how to read this kind of business and the numbers that matter.