Analysts/Institutional Investor Meet/Con. Call Updates

MEESHO LIMITED (Formerly known as “Meesho Private Limited” and “Fashnear Technologies Private Limited”) CIN: L74900KA2015PLC082263 Registered Office: 3rd Floor, Wing-E, Helios Business Park, Kadubeesanahalli Village, Varthur Hobli, Outer Ring Road, Bengaluru, Karnataka 560103 T: +91 9108021923 | E: cs@meesho.com | W: www.meesho.com July 28, 2026 To, To, Listing Department Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra-Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (East), Mumbai - 400 051 Mumbai - 400 001 Symbol: MEESHO Scrip Code: 544632 Dear Sir / Madam, Subject: Transcript of the Earnings Conference Call for Analysts and Investors held on July 23, 2026 Ref.: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“SEBI Listing Regulations”) Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI Listing Regulations, we hereby submit the transcript of the Earnings Conference Call for Analysts and Investors held on Thursday, July 23, 2026. The transcript has also been uploaded on the website of the Company and can be accessed at: https://investor.meesho.com/financials?tab=quarterly-results You are requested to take the above information on record. Thanking you, For Meesho Limited (Formerly known as Meesho Private Limited and Fashnear Technologies Private Limited) Rahul Bhardwaj Company Secretary and Compliance Officer Membership No.: A41649 Encl: As above “Meesho Limited Q1 FY27 Earnings Conference Call” July 23, 2026 MANAGEMENT: MR. VIDIT AATREY – CHAIRMAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – MEESHO LIMITED MR. SANJEEV KUMAR – WHOLE-TIME DIRECTOR AND CHIEF TECHNOLOGY OFFICER – MEESHO LIMITED MR. DHIRESH BANSAL – CHIEF FINANCIAL OFFICER – MEESHO LIMITED MR. KARTHIK CHANDRASHEKAR – HEAD CORPORATE DEVELOPMENT AND INVESTOR RELATIONS – MEESHO LIMITED MODERATOR: MS. GAURAV MALHOTRA – AXIS CAPITAL Page 1 of 15 Meesho Limited July 23, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Meesho Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gaurav Malhotra from Axis. Thank you and over to you, sir. Gaurav Malhotra: Thanks. On behalf of Axis Capital, I would like to welcome all the participants to the Quarter 1 FY27 Conference Call of Meesho Limited. I would like to inform you that the call is being recorded and the audio call and the transcript will be available on the company's website. Joining us today to discuss earnings for the Quarter 1 FY27 are Vidit Aatrey, Chairman, Managing Director and Chief Executive Officer; Sanjeev Kumar, Whole-time Director and Chief Technology Officer; Dhiresh Bansal, Chief Financial Officer; and Karthik Chandrashekar, Head of Corporate Development and Investor Relations. We encourage investors and analysts to review the shareholder letter available on Meesho's Investor Relations website. Would request participants to limit themselves to three questions for the wider participation. During this call, management will focus on addressing questions beyond the topics already covered in the letter. Before we begin, please note that certain statements made on this call may be forward-looking in nature and should be considered in conjunction with the risk factors disclosed in the company's filings. With that, we can open the floor for questions. Moderator: Thank you very much. We will now begin the question-and-answer session. Your first question comes from the line of Sachin Salgaonkar with Bank of America. Please go ahead. Sachin Salgaonkar: Hi management, congrats on a good set of numbers. I have three questions. First question, I would like to actually understand how to think about change in logistics cost going ahead. At one level, we are seeing a fuel price increase, cost inflation rising, and on the other hand, you guys are taking initiatives like investing in sorters, locker delivery, and even your shareholder's letter did mention about an improvement in RTO. So, any sense how to think about the decline in these costs going ahead? Let me wait here and then I'll ask the next two questions. Vidit Aatrey: Hi, this is Vidit. Thank you, Sachin, for the question. I think you should anticipate that we will continue to reduce our logistics cost at a very good pace, something that we have talked about even during the IPO. Changes in fuel prices as well as minimum wages, I think are going to be small blips in that entire picture, and that's reflected even in this quarter number. We've continued to make progress on efficiency even though there was a big change in fuel prices in this quarter as well as minimum wage, and we were able to basically continue to offer Page 2 of 15 Meesho Limited July 23, 2026 a great proposition to our customer. So going forward, you can anticipate the same thing. I don't think it changes anything in our path. The other thing also is that, again, all channels are impacted by fuel hike as well as wage hikes. So, as we continue to basically become more efficient, we believe online as a channel, Meesho as a channel, should only gain share from all the other channels for our customer. Sachin Salgaonkar: Got it, Vidit. Pretty clear. Second question is on Meesho Mall. Any sense on how much it is currently contributing to NMV and how should we think about its contribution going ahead? And I presume a good amount of ad contribution does come from Meesho Mall, so would love to get a sense how much of your ad revenue is coming from brands on Meesho Mall versus, let's say, the smaller merchants on your core platform. Vidit Aatrey: So, at this point, we do not disclose the share of both Meesho Mall as well as the ad share that comes from there. You are right that the ad revenue that comes from brands on Meesho Mall as a percentage of NMV is higher than the overall platform because brands tend to basically spend higher as compared to a typical seller overall in the economy. But like, we do not like right now disclose that share. I think at the right time, we will come and basically share that with you. Overall, if you see, Meesho Mall continues to grow at much faster pace as compared to the overall platform. It's substantial part of our business, so it's not insignificant, and we anticipate that this should be a large part of our growth story over the next three, five, maybe even longer years. And it should keep contributing to our long-term ad revenue goal as well because we make more ad revenue when brands sell on our platform. So, it's all in the right direction. Now specific numbers at this point in time we do not disclose. Whenever we come, I think we will share at the right time. Sachin Salgaonkar: Got it. And my last question is would love to get a rationale in terms of acquiring Kirana Club and how to think about a contribution to P&L. And also, I saw in your new initiatives there is a low-cost logistics network. Just wanted to understand how different is this from Valmo and what is it used for? Vidit Aatrey: So, on Kirana Club, I think first of all, contribution to P&L will happen over the long term. The business is really, really small. I think I would say like early product-market fit. So, we have to do a lot before it starts to contribute to the P&L of the company. But in terms of rationale, something that we shared publicly, we believe that very similar to Meesho, Kirana Club has been able to create a disruptive value proposition for Kiranas across the country. Before Kirana Club, a very limited number of Kiranas only in the [Showing first 8,000 characters — download PDF for full document]