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Meesho’s FY26 growth drives free cash flow to a ₹633 crore outflow
Meesho grew FY26 users, orders, NMV and revenue but free cash flow turned negative as user-acquisition spending and logistics headwinds rose. Net loss narrowed, cash increased following IPO proceeds, and its Vaani AI voice-shopping agent showed early conversion gains.
Newer report , , Business Today : Meesho falls 6.9% after Nomura starts coverage with ‘reduce’ call
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Reported figures
From the report. Source details below
| Free cash flow: | negative ₹633 crore in FY26 versus positive ₹591 crore in FY25 |
|---|---|
| Annual transacting users: | 264 million, up 33% |
| Placed orders: | 2.67 billion, up 45.5% |
| Marketplace NMV: | ₹41,560 crore, up 38.6% |
| Marketplace adjusted EBITDA margin: | negative 2.8% of NMV versus negative 0.4% |
| Contribution margin: | 3.5% versus 4.9% |
| Revenue from operations: | ₹12,626 crore, up 34.5% |
| Net loss: | ₹1,358 crore, narrowed 65.6% |
| Cash balance: | ₹6,750 crore versus ₹6,593 crore |
| IPO proceeds: | ₹4,125 crore |
| Restructuring costs and taxes: | ₹3,344 crore |
| Vaani users: | 1.5 million in first month |
| Vaani conversion lift: | 22% |
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