Meesho held its Q4 FY26 earnings call, discussing strong growth with a 33% YoY increase in annual transacting users and a 170 bps QoQ improvement in contribution margin.
Management addressed a one-time 145 bps logistics headwind from Q2/Q3 FY26, confirming it is resolved with a Q4 exit contribution margin of 4%.
Key initiatives highlighted include scaling Meesho Mall for value brands, rural user acquisition via AI agent Vaani, and continued optimization of the Valmo logistics network.
The company emphasized its investment philosophy of spending on marketing and new ventures as long as returns meet hurdle rates, without providing specific EBITDA or FCF guidance.