Meesho Q1 FY27: NMV Rises 34% To ₹11,614 Cr As Margins Improve
Meesho’s latest quarterly results point to a shift in the way the e-commerce company is approaching growth. The platform continues to expand users, orders, and sellers, but the focus is increasingly moving towards what it costs to run at that scale.
For the quarter ended June 30, 2026, Meesho’s Net Merchandise Value (NMV) grew 34% year-on-year (YoY) to ₹11,614 crore. Marketplace revenue from operations rose 48% YoY to ₹3,707 crore, while its contribution margin expanded to 4.6% of NMV.
The company’s marketplace adjusted EBITDA also improved to negative 1.2% of NMV. Its Last Twelve Months (LTM) free cash flow improved by approximately 15% to negative ₹537 crore from negative ₹633 crore in the previous quarter.
The numbers suggest that Meesho is trying to improve the economics of its marketplace even as it continues to invest in technology, new users, sellers, and newer commerce segments.
Scale Is Growing But Efficiency Is...
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