Meesho Limited reported revenue from operations of ₹4,131.58 crore in the second quarter of fiscal year 2027, marking 34.4% year-on-year growth as the e-commerce marketplace continued expanding its business. The company’s consolidated net loss narrowed to ₹132.45 crore from ₹411.36 crore in Q2 FY26, representing an improvement of approximately 67.8%.
The results, announced on October 28, 2026, indicate that Meesho is making progress toward improving its financial performance. Revenue growth outpaced the increase in major operating expenses, helping reduce losses substantially. However, the company remains unprofitable, and its latest quarterly loss was slightly higher than the ₹120 crore loss estimate cited in market reporting. The next challenge will be converting its expanding business into sustainable operating profitability.
Key Takeaways
- Revenue increased 34.4%: Meesho generated ₹4,131.58 crore in Q2 FY27, compared with ₹3,073.67 crore a year earlier.
- Net loss narrowed nearly 68%: The consolidated loss fell to ₹132.45 crore from ₹411.36 crore in Q2 FY26.
- Quarterly revenue grew 11.3%: Revenue increased from ₹3,712.81 crore in Q1 FY27.
- Operating performance improved: Major other expenses grew more slowly than revenue, indicating improving operating leverage.
- Profitability remains a challenge: The company continued to report losses, and its quarterly net loss was broadly unchanged compared with Q1 FY27.
- Half-year performance strengthened: Revenue for the first six months of FY27 rose 40.6% year on year to ₹7,844.39 crore.
Meesho Q2 FY27 Results: Revenue and Net Loss
Meesho’s September-quarter results show strong revenue growth alongside a significant reduction in its reported net loss. The following table compares the company’s consolidated financial performance with the corresponding quarter last year.
| Financial metric | Q2 FY27 | Q2 FY26 | Year-on-year change |
|---|---|---|---|
| Revenue from operations | ₹4,131.58 crore | ₹3,073.67 crore | +34.4% |
| Other income | ₹127.42 crore | ₹181.24 crore | -29.7% |
| Loss before exceptional items and tax | ₹123.27 crore | ₹285.53 crore | Loss narrowed 56.8% |
| Exceptional items | Nil | ₹44.98 crore expense | — |
| Tax expense | ₹9.18 crore | ₹80.86 crore | -88.6% |
| Consolidated net loss | ₹132.45 crore | ₹411.36 crore | Loss narrowed 67.8% |
| Loss per share | ₹0.28 | ₹0.97 | Improved |
Source: Meesho’s reported financial results as summarized by Business Upturn. Figures are consolidated; losses are shown as positive amounts for readability.
Revenue from operations increased by approximately ₹1,057.91 crore over the year-ago quarter. Meanwhile, the net loss declined by ₹278.91 crore.
The improvement in net loss reflects several factors, including stronger revenue, better operating leverage and differences in other income, exceptional items and tax expenses between the two periods. Therefore, the reduction in net loss should not be interpreted as a direct measure of improvement in operating profit alone.
Revenue Growth Shows Continued Business Expansion
Meesho’s 34.4% year-on-year revenue growth suggests that the company continued to expand its e-commerce business during the quarter. The platform’s value-focused positioning and reach among shoppers beyond India’s largest metropolitan markets remain important elements of its business model.
The company reported ₹4,131.58 crore in revenue from operations, up from ₹3,073.67 crore in Q2 FY26. On a sequential basis, revenue also increased from ₹3,712.81 crore in Q1 FY27, representing growth of approximately 11.3%.
| Revenue comparison | Revenue | Growth |
|---|---|---|
| Q2 FY26 | ₹3,073.67 crore | — |
| Q1 FY27 | ₹3,712.81 crore | — |
| Q2 FY27 | ₹4,131.58 crore | +34.4% YoY; +11.3% QoQ |
The sequential increase indicates that revenue momentum continued into the September quarter. However, revenue growth alone does not establish whether a marketplace is becoming more profitable. Logistics expenses, marketing expenditure, customer acquisition costs and the economics of each order also influence the financial outcome.
For Meesho, the central question is whether its expanding revenue base can support increasingly efficient operations over time.
Why Meesho’s Loss Narrowed by 68%
The reduction in Meesho’s net loss was one of the quarter’s most notable financial developments. Its consolidated net loss fell from ₹411.36 crore in Q2 FY26 to ₹132.45 crore in Q2 FY27.
A key contributor was the relationship between revenue and expenses. Other expenses, which include substantial operating costs, increased 23.9% year on year to ₹4,079.86 crore, according to the reported results. This was slower than the 34.4% increase in revenue from operations.
That difference suggests improving operating leverage: the company generated additional revenue without its major expense category growing at the same rate.
However, not every cost moved in the same direction. Employee expenses increased 18.1% to ₹280.88 crore, while depreciation and amortization rose to ₹20.15 crore from ₹9.29 crore in the year-ago quarter.
Other income also declined 29.7% to ₹127.42 crore. Because other income can influence the bottom line without representing revenue generated by the core marketplace, it is important to distinguish operating performance from consolidated net loss.
The figures indicate that Meesho’s financial performance improved substantially, but continued cost control will be important as the company scales.
Q2 FY27 Versus Q1 FY27: Is Meesho Improving Sequentially?
The quarter-on-quarter comparison provides a more recent view of Meesho’s performance.
| Financial metric | Q1 FY27 | Q2 FY27 | Sequential change |
|---|---|---|---|
| Revenue from operations | ₹3,712.81 crore | ₹4,131.58 crore | +11.3% |
| Other income | ₹113.59 crore | ₹127.42 crore | +12.2% |
| Loss before exceptional items and tax | ₹132.84 crore | ₹123.27 crore | Loss narrowed 7.2% |
| Consolidated net loss | ₹132.84 crore | ₹132.45 crore | Nearly unchanged |
Revenue rose by more than ₹418 crore compared with the previous quarter. The loss before exceptional items and tax also narrowed, suggesting an improvement in the underlying financial performance.
Nevertheless, the net loss remained nearly flat because the relationship between operating results, other income and tax expenses also affects the final figure.
The sequential numbers highlight an important distinction: strong revenue growth does not necessarily produce an equally large improvement in net profit or loss during the same quarter.
First-Half FY27 Performance: Revenue Rises 41%
Meesho’s performance across the first six months of FY27 provides additional context for its growth trajectory.
| Financial metric | H1 FY27 | H1 FY26 | Year-on-year change |
|---|---|---|---|
| Revenue from operations | ₹7,844.39 crore | ₹5,577.54 crore | +40.6% |
| Loss before exceptional items and tax | ₹256.10 crore | ₹433.21 crore | Loss narrowed 40.9% |
| Consolidated net loss | ₹265.28 crore | ₹700.72 crore | Loss narrowed 62.1% |
Source: Reported half-year financial figures summarized by Business Upturn.
Revenue increased by approximately ₹2,266.85 crore during the first half compared with the same period last year. At the same time, the consolidated net loss declined by approximately ₹435.44 crore.
The combination of faster revenue growth and a narrower loss is encouraging, although Meesho has not yet reached profitability. The sustainability of this trend will depend on whether the company can maintain growth while controlling operating expenses and improving the economics of its marketplace.
Meesho’s Q2 Results Compared With Market Expectations
Meesho’s reported revenue was broadly in line with the estimates discussed ahead of the results. Before the announcement, brokerages had expected quarterly revenue of around ₹4,100 crore, with forecasts for net loss ranging from approximately ₹127 crore to ₹155 crore.
The actual revenue of ₹4,131.58 crore was close to those expectations. The reported net loss of ₹132.45 crore was also within the broader forecast range, although it exceeded the ₹120 crore estimate cited in Business Upturn’s post-results coverage.
The comparison shows why earnings reports should be evaluated across multiple metrics rather than headline revenue alone. Investors may also examine operating expenses, cash flow, growth in transaction activity, customer retention and the path toward profitability.
Market expectations can differ between analysts, so one estimate should not be treated as a universal consensus forecast.
The Bigger Picture
Meesho’s Q2 FY27 results show a company that is growing rapidly while working to reduce its losses. Revenue growth of 34.4% and a nearly 68% reduction in year-on-year net loss point to meaningful financial progress. Its first-half results also suggest that the improvement extends beyond a single quarter.
The next stage will be more demanding. Meesho must demonstrate that the improvement in its cost structure can continue as its business expands, while maintaining customer demand and service quality. The key question is no longer simply whether revenue can grow, but whether that growth can produce consistent operating profitability and stronger cash generation.
FAQs
1. What was Meesho’s revenue in Q2 FY27?
Meesho reported consolidated revenue from operations of ₹4,131.58 crore for the quarter ended September 30, 2026, up 34.4% from ₹3,073.67 crore in Q2 FY26.
2. How much did Meesho’s net loss narrow?
Meesho’s consolidated net loss declined to ₹132.45 crore from ₹411.36 crore a year earlier, a reduction of approximately 67.8%, or nearly 68%.
3. Is Meesho profitable in Q2 FY27?
No. Meesho continued to report a consolidated net loss of ₹132.45 crore. The improvement in its financial performance does not yet mean the company has achieved profitability.
4. What drove the reduction in Meesho’s losses?
Revenue grew faster than major other expenses, indicating improved operating leverage. Changes in other income, exceptional items and tax expenses also influenced the difference in net loss between the two periods.
5. What were Meesho’s first-half FY27 results?
For the six months ended September 30, 2026, Meesho reported revenue from operations of ₹7,844.39 crore, up 40.6% year on year. Its consolidated net loss narrowed to ₹265.28 crore from ₹700.72 crore in the corresponding period last year.
Looking Ahead
Meesho’s next priority will be sustaining revenue growth while reducing the cost associated with fulfilling orders, acquiring customers and operating its marketplace. Investors will likely watch subsequent quarterly results for evidence that the improvement in operating leverage is continuing and that the company is moving closer to a sustainable break-even point.
For now, Q2 FY27 represents a substantial year-on-year improvement in Meesho’s financial performance, but not the end of its profitability challenge. The company’s ability to turn scale into consistent earnings will remain central to assessing the long-term strength of its business model.
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