Meesho Ltd

Financial performance & user metrics

• Consolidated revenue from operations ₹126,263.48m for FY26.
• Consolidated total income ₹130,990.61m for FY26.
• Total comprehensive loss ₹13,607.01m in FY26.
• Marketplace NMV ₹41,560 Cr; +38.6% YoY.
• ATU 264 Mn; +33% YoY.
• LTM Free Cash Flow -₹633 Cr.

Market momentum & product updates

• Meesho Mall expansion; AI-enabled tools for sellers and creators.
• Discovery features boosted marketplace frequency; deep engagement.

IPO, capital structure & demerger

• IPO size: 488,396,721 shares; ₹54,212.04m; listed on NSE & BSE on 10 Dec 2025.
• Bonus issue: 4,114,359,925 equity shares; CCPS converted to equity: 2,182,749,485.

Overview & Reporting Basis

• First BRSR for FY2025-26; standalone basis after Dec 2025 listing.
• BDO India provided reasonable assurance on BRSR Core indicators.
• FY2025-26 is the inaugural report; prior year data not reported.

Environmental Metrics

• Total energy: 6,846.34 GJ; all from non-renewable sources.
• Scope 1: 0 MTCO2e; Scope 2: 1,330.72 MTCO2e; total 1,330.72.
• Water withdrawal 10,731.26 KL; waste 136.64 t; ZLD 7,703.1 KL.

Governance & Structure

• Board: 8 members; 1 female director (12.5%).
• Subsidiaries: 5 entities; Meesho Grocery 100%, Meesho Payments 99.99%.

CSR & Stakeholders

• CSR not mandatory for FY25-26; CSR Committee in place; turnover 63,809.23 million; net worth 15,165.53 million.
• Stakeholders engaged: customers, sellers, logistics partners; public policy advocacy with IBHA/CCPA.

Capital / ESOP Update

• Nomination and Remuneration Committee approved ESOP 2024 allotment on August 23, 2026.
• 12,98,744 equity shares allotted on exercise of vested options; capital increased to Rs 4,62,48,68,382.

Meeting Details

• Aug 17, 2026: One-on-one/Group meetings, in-person.
• Aug 18, 2026: One-on-one/Group meetings, in-person.
• Event: Meeting with Institutional Investors.
• Organizer: Meesho Limited.

Participants

• Key company participant: Company Secretary and Compliance Officer.

Purpose

• Discussions based on publicly available information.

Additional Notes

• Schedule subject to change; updates on the investor site.
• No unpublished price sensitive information will be shared.

Financial Performance

• Long-term growth guidance reiterated: 25% CAGR over the next five years.
• Q1 logistics cost per delivered order declined by about Rs 1.
• AOV declined about 2% YoY in the last quarter; baseline decline ~5%.
• New Horizon 2 initiatives incurred about INR 39 crores in Q1.
• Annual budget cap for new initiatives is approximately INR 200 crores EBITDA.
• Valmo share in the last quarter was about 50%.
• VTPL now houses middle-mile and last-mile operations.
• GTA license: VTPL houses Valmo operations; intra-group movements clarified.
• Kirana Club: early product-market fit; long-run value and nationwide potential.
• Diwali sale timing shifted; Oct Meesho Blockbuster starts; Q2/Q3 growth variability.

Operating Update

• Meesho Mall continues to grow faster than the overall platform.
• Ad revenue share from Meesho Mall undisclosed; Mall contributes meaningfully.
• Kirana Club acquisition: long-run potential; early-stage, cross-sell to Kiranas.
• Low-cost local logistics targets local perishable goods; in early experiments.
• VTPL is a Goods and Transport Agency; intra-group movements clarified.
• AI adoption improves seller onboarding, cataloging, and trust checks across SDLC.

Guidance and Outlook

• Long-term growth guidance unchanged: 25% CAGR over five years.
• Q2/Q3 growth will differ due to Diwali timing; Eid/Holi seasonality.
• S&M spend guided by CAC/LTV/IRR guardrails; invest if criteria met.
• Karnataka gig-worker act remains under stay; provisions made; no material impact expected.
• Blockbuster sale timing: Oct; seasonality may affect Q2 growth.

Q&A Highlights

• Logistics-costs expected to continue improving; fuel/wage blips are small.
• Mall growth continues; ad revenue contribution undisclosed.
• Valmo share about 50%; VTPL handles middle/last mile.
• Kirana Club: early-stage; long-run expansion into broader B2B use cases.
• AI drives faster seller onboarding and cataloging; vision-based checks.
• GTA/VTPL license changes: no regulatory inquiries; no material risk.

ESOP grant details

• NRC approved grant of 20,562 stock options under ESOP 2024 Plan on July 27, 2026.
• Each option convertible into 49 fully paid equity shares of Re 1 each.
• Total shares covered: 1,007,538 equity shares under ESOP 2024 Plan.
• Exercise price fixed at Re 1 per stock option.
• Options exercisable after vesting period only while employed.
• In cessation, vested options may be exercised within six months.
• NRC approved via circular resolution dated July 27, 2026.
• Plan complies with SEBI SBEB Regulations 2021.
• No options exercised or lapsed to date.
• Diluted EPS impact not disclosed; no immediate earnings effect noted.