The recent decline followed a sharp widening of consolidated net loss to Rs 490.68 crore in Q3 FY26 from Rs 37.43 crore in Q3 FY25, even as net sales rose 31.32% YoY to Rs 3,517.60 crore.
Adjusted EBITDA marketplace margin for Q3FY26 was at -4.2% (Rs -460 crore) due to lower contribution margin and accelerated user growth and engineering investments. Adjusted EBITDA for New Initiatives was at Rs 19 crore, up 44% QoQ and 30% YoY with continuous improvement in user adoption for financial services platform.
Founder and CEO Vidit Aatrey said the company stepped up advertising and sales promotion spend to 2.4% of NMV in Q3 FY26 from 1.3% a year ago. The firm expects a significant improvement in adjusted EBITDA margins over the next two quarters on logistics cost recovery and operating leverage.
Meesho is India's largest e-commerce platform by annual transacting users and placed orders.
Meesho made its stock market debut on 10 December 2025. The stock is up 37.79% over its IPO price of Rs 111, but down 5.12% from its listing price of Rs 161.20 and about 40% from its record high of Rs 254.65 hit on 18 December 2025.
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