Financial Performance Overview

Shiprocket reported consolidated financial results for Q2 FY27 (quarter ended September 30, 2026), showing significant improvement in profitability and revenue growth.

Revenue Performance:

  • Revenue from operations: ₹6,736 Mn, representing 35% year-on-year (YoY) growth

Profitability Metrics:

  • Profit After Tax (PAT): ₹6 Mn (positive), compared to:
  • Loss of ₹203 Mn in Q2 FY26 (year earlier)
  • Loss of ₹137 Mn in Q1 FY27 (previous quarter)
  • This represents a ₹209 Mn positive swing YoY
  • Adjusted EBITDA: ₹142 Mn
  • Contribution: ₹1,300 Mn (19.3% of revenue), representing 43% YoY growth

Segment Performance:

Core Business:

  • Revenue: ₹4,615 Mn (25% YoY growth)
  • Adjusted EBITDA: ₹591 Mn (29% YoY growth)
  • Adjusted EBITDA margin: 12.8% (improved from 12.4%)
  • Transactions grew 37% YoY

Emerging Business:

  • Revenue: ₹2,122 Mn (61% YoY growth)
  • Now contributes 31% of total revenue (up from 26% a year ago)
  • Adjusted EBITDA margin: improved from (31.5%) to (21.2%)
  • Contribution margin: 15.4% (improved from 10.1%)

Emerging Business Sub-segment Performance:

  • Martech (now Fastrr - Ads, Checkout and Engage): 102% growth
  • Omnichannel: 79% growth

Platform Scale and Merchant Metrics

Trailing Twelve Month (TTM) Platform Metrics:

  • GMV: ₹373,987 Mn
  • Unique transactions: 233 Mn
  • Active merchants: 236,100+

Cross-sell Performance:

  • Merchants served via Emerging Business: 62,025 (TTM, 75% growth)
  • 9.3% of Core merchants now use an Emerging product (up 140 bps)
  • 17,281 new merchants joined through Emerging products in Q2 FY27 (3.2x the 5,396 a year ago)

Balance Sheet and Cash Flow

Debt Position:

  • Borrowings of ₹2,420 Mn at March 31, 2026 fully repaid using IPO proceeds
  • Company closed the half year debt-free

Cash Flow:

  • Net cash from operating activities: ₹551 Mn in H1 FY27
  • Compared to: ₹238 Mn in H1 FY26 (more than double)

Technology and Product Development

Shiprocket shipped AI-native products and features across the merchant journey in Q2 FY27:

  • Aitlas: Tracks and improves how brands appear in AI search
  • Hyper-personalised Journeys using AI: Retargeting journeys built from a single prompt
  • Fastrr Checkout enhancements: Payment-link sharing and discount nudges to lift conversion
  • Shipping analytics: Revamped dashboard that uses AI to identify and fix choked shipping lanes

Platform Capacity:

  • Handles 14 Bn+ API hits per month

Management Commentary

Saahil Goel, Managing Director and CEO:

Emphasized that Indian commerce is splitting across more channels every year, creating friction for small sellers. Shiprocket is building infrastructure to remove this friction so MSMEs can sell, ship and grow on the same footing as India's biggest brands. The 35% growth with positive Adjusted EBITDA and operating cash flow demonstrates the company can build this from its own operations.

Tanmay Kumar, CFO:

Attributed the PAT turnaround to three drivers:

1. Scale in Core business: transactions grew 37% and Adjusted EBITDA grew faster than revenue

2. Emerging engine performance: Martech and Omnichannel more than doubled Emerging contribution on 61% revenue growth

3. Stronger balance sheet: IPO proceeds retired all borrowings, cutting finance costs, with surplus now earning interest income

Noted that Emerging business now brings merchants onto the platform independently, not only through cross-sell from Core, with 17,300 merchants joining through Emerging products in the quarter.

Business Context

Shiprocket is India's largest ecommerce enablement platform for MSMEs, helping them sell, ship and grow across channels. The company has expanded from a shipping aggregator into a full-stack commerce platform spanning marketing tech, checkout, omnichannel enablement, cross-border and AI-powered merchant tools.