New Delhi, July 24 -- Meesho's latest quarterly results point to a shift in the way the e-commerce company is approaching growth. The platform continues to expand users, orders, and sellers, but the focus is increasingly moving towards what it costs to run at that scale.

For the quarter ended June 30, 2026, Meesho's Net Merchandise Value (NMV) grew 34% year-on-year (YoY) to Rs.11,614 crore. Marketplace revenue from operations rose 48% YoY to Rs.3,707 crore, while its contribution margin expanded to 4.6% of NMV.

The company's marketplace adjusted EBITDA also improved to negative 1.2% of NMV. Its Last Twelve Months (LTM) free cash flow improved by approximately 15% to negative Rs.537 crore from negative Rs.633 crore in the previous quarte...