Meesho Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 4,131.58 Cr (+34.42% YoY) and PAT growth of +67.80% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 28, 2026 |
|---|
| Quarter | Q2 FY 2026-2027 |
|---|
| Revenue (Q2) | Rs. 4,131.58 Cr (+34.42% YoY) |
|---|
| PAT (Q2) | Rs. -132.45 Cr (+67.80% YoY) |
|---|
| EBITDA margin | -4.16% (+835 bps YoY) |
|---|
| EPS (Q2) | Rs. -0.28 |
|---|
| Market cap | Rs. 104,928.61 Cr |
|---|
| CMP | Rs. 226.70 |
|---|
Quarter Snapshot
Meesho delivered 34.42% YoY revenue growth with the consolidated Adjusted EBITDA loss narrowing 55.2% YoY to Rs.(172.12) Cr and the Marketplace result margin improving ~890 bps to −3.17%, confirming management's claim that losses peaked in Q3 FY26. Execution against stated targets (New Initiatives within the Rs.200 Cr cap, H1 burn down 67%) supports management credibility, with the festive quarter, Kirana Club close, and Rs.2,071.81 Cr contested tax demands as the dated checkpoints.
Key Investment Insights
Key Positives
- Consolidated revenue grew 34.42% YoY to Rs.4,131.58 Cr (+11.28% QoQ); six-month revenue up 40.64% YoY
- Pre-exceptional loss narrowed 56.82% YoY to Rs.(123.27) Cr; loss for the period narrowed 67.80% YoY to Rs.(132.45) Cr
- Consolidated Adjusted EBITDA loss narrowed to Rs.(172.12) Cr, Rs.212.30 Cr (55.2%) narrower YoY
- Marketplace segment-result margin improved ~890 bps YoY to −3.17% with revenue up 34.14% YoY
- Other expenses fell from 107.11% to 98.75% of revenue YoY, demonstrating operating leverage
- H1 operating cash outflow narrowed to Rs.(279.62) Cr from Rs.(850.64) Cr, a Rs.571.02 Cr improvement
- New Initiatives H1 loss of Rs.(80.93) Cr tracking within the ~Rs.200 Cr annual EBITDA cap; New Initiatives revenue +419.47% YoY
- No exceptional items this quarter; nil exceptional notes for Q2 FY27
Risk Factors
- Contested income-tax demands of Rs.2,071.81 Cr remain unprovided (AY 2023-24 Rs.1,499.74 Cr under appeal; AY 2022-23 Rs.572.07 Cr with interim stay)
- New Initiatives loss widened to Rs.(41.63) Cr from Rs.(13.45) Cr a year ago
- Tax expense of Rs.9.18 Cr charged against a consolidated pre-tax loss (taxable profits at subsidiary level) is a recurring drag
- Standalone figures are not comparable with prior periods due to the FY26 demerger and internal logistics reorganization; H1 standalone profit includes Rs.745.24 Cr of intra-group CCPS interest