Meesho reports Rs 538.89 cr operating loss in Q3FY26
Other income of Rs 75.11 cr did not prevent a Rs 490.68 cr net loss, while operating margin was 30.67 percentage points below the sector median.
Filed 01 May 2026, 19:02 IST · after market close · Meesho Ltd (MEESHO)
Key takeaways
- Meesho reported a consolidated operating loss of Rs 538.89 cr in Q3FY26, leaving operating margin at -15.32%.
- Other income of Rs 75.11 cr reduced the pre-tax loss, but consolidated net loss still stood at Rs 490.68 cr.
Price around the results
Expenses pushed Meesho into a large operating loss
Meesho’s consolidated expenses of Rs 4,056.49 cr exceeded revenue of Rs 3,517.6 cr, resulting in an operating loss of Rs 538.89 cr. Other income of Rs 75.11 cr narrowed the loss before tax, but the company still reported a pre-tax loss of Rs 478.59 cr. Interest of Rs 3.89 cr and depreciation of Rs 10.92 cr added to the loss below the operating line.
Margin was far below the Consumer Discretionary peer median
Operating margin was -15.32%, which was 30.67 percentage points below the 15.35% median for the 92 Consumer Discretionary peers that had reported. The company ranked fourth from the bottom on this measure. A tax charge of Rs 12.08 cr was reported despite the pre-tax loss, producing a tax rate of -2.52% and further reducing net profit.
The stock’s reaction was sharply negative
The stock fell 9.74% on the reaction day and was down 14.25% after one session. The stock underperformed the market by 8.83% on the reaction day and by 12.05% after five sessions.
Q3FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q3FY26 |
|---|---|
| Revenue | ₹3,518 cr |
| Other income | ₹75 cr |
| Expenses | ₹4,056 cr |
| Operating profit | ₹-539 cr |
| Operating margin (%) | -15.32% |
| Interest | ₹4 cr |
| Depreciation | ₹11 cr |
| Profit before tax | ₹-479 cr |
| Tax | ₹12 cr |
| Net profit | ₹-491 cr |
| EPS (₹) | ₹-1.14 |
Operating margin of -15.32% compares with a Consumer Discretionary sector median of 15.35% across 92 peers that have reported Q3FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -9.74% | -8.83% |
| Next session | -14.25% | — |
| 5 sessions | -9.89% | -12.05% |
| 15 sessions | -9.27% | — |
| 30 sessions | -16.32% | — |
Volume on the results session was 0.03× its 20-day average.
What to watch
- Whether operating margin improves from -15.32%.
- Whether expenses move below revenue of Rs 3,517.6 cr.
- Whether net loss narrows from Rs 490.68 cr without relying on Rs 75.11 cr of other income.