According to Meesho's latest financial results for Q4 FY26, the company delivered exceptional performance with Net Merchandising Value (NMV) surging 43% year-over-year to ₹11,371 crore. This growth was driven by order volumes climbing 43% YoY to 717 million during the same period. The platform demonstrated remarkable momentum with contribution margin recovering to 4.0% of NMV, attributed to normalized logistics costs and enhanced operational efficiencies. For the full fiscal year FY26, Meesho's NMV increased by 39% to ₹41,560 crore, while annual transacting users grew by 33% to 264 million. The results, announced May 6, showed contribution margin recovering to 4% of NMV from 2.3% in Q3, marking significant improvement in operational efficiency.
Shares of Meesho Limited opened higher on the NSE Thursday morning, rising over 4% to trade at ₹204.20 as of 10:31 am, a day after the e-commerce company reported its audited Q4 FY26 results. The stock opened at ₹205, touched an intraday high of ₹211.34, and was seeing heavy volume with over 5.16 crore shares traded worth ₹1,063 crore by mid-morning. Sell-side pressure remained elevated, with 61.79% of orders on the sell side against 38.21% on the buy side. The stock, listed on NSE and BSE on December 10, 2025, at an IPO price of ₹111, has outperformed the broader market significantly, being up 37.55% over the past month and 12.15% year-to-date, against the Nifty 500's -2.98% YTD return. Its 52-week high stands at ₹254.40 hit in December 2025, while its 52-week low of ₹125.56 was recorded in March 2026.
The platform's user engagement metrics showed strong improvement with each user transacting 10.1 times annually on average throughout FY26. Meesho's investments in AI technology are yielding significant results, with over 75% of orders now originating from personalized feeds. The company's Vaani AI shopping agent, launched in Q4 FY26, has already attracted 1.5 million users, demonstrating a 22% lift in conversion rates among those who use it. These AI-driven features are enhancing user experience and driving conversion rates, supporting the company's monetisation strategy beyond its core transaction-based business model.
Analyst reaction has been mixed following the strong Q4 results. Choice Institutional Equities maintained an ADD rating with a target price of ₹210, citing logistics recovery and steady user growth as positives, but noted that near-term upside appears largely priced in at current levels. The brokerage expects EBITDA breakeven by H2FY28. However, Swapnil Potdukhe from JM Financial maintained a REDUCE rating with a target of ₹180, arguing that while Q4 results were strong, the stock trades at approximately 46x FY29 estimated adjusted EBITDA — among the highest multiples in internet coverage — leaving little room for execution misses. The analyst also flagged that NMV growth could moderate to around 34% YoY in FY27 due to a tough base.
