New Delhi, Oct. 29 -- Meesho Ltd's September quarter (Q2FY27) earnings showed operating leverage at work, even as competition and a potential demand slowdown kept investors cautious. The stock fell 0.5% on Thursday.

Operating revenue grew 34% year-on-year to Rs.4,132 crore, while net loss narrowed to Rs.132 crore from Rs.411 crore. Net merchandise value (NMV) rose 23% year-on-year to Rs.12,911 crore, and growth was even higher at 33% when measured over the 90 days before Dussehra this year and last year. Meesho's mega blockbuster sale, which fell in Q2 last year, has shifted to Q3 this year.







Contribution margin rose to 6% of NMV, from 4.6% in Q1 and 3.3% a year ago. Of Meesho's two primary margin levers, logistics and advertising,...