Financial Performance Overview

Shiprocket reported consolidated results for Q2 FY27 (quarter ended September 30, 2026) showing significant improvement across key metrics:

  • Revenue from operations: ₹6,736 Mn, up 35% year-on-year
  • Profit After Tax (PAT): ₹6 Mn (positive), compared to loss of ₹203 Mn in Q2 FY26 and loss of ₹137 Mn in Q1 FY27
  • Adjusted EBITDA: ₹142 Mn, showing substantial improvement
  • Contribution: ₹1,300 Mn, up 43% YoY, representing 19.3% of revenue

Segment Performance

Core Business

  • Revenue: ₹4,615 Mn, up 25% year-on-year
  • Adjusted EBITDA: ₹591 Mn, up 29% year-on-year
  • Adjusted EBITDA margin: 12.8%, improved from 12.4%
  • Transactions grew 31% YoY in the quarter

Emerging Business

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

Business Unit Performance

Omnichannel: Grew 79% as brands used Shiprocket to replenish quick commerce dark stores through appointment-based deliveries with real-time purchase order visibility from platforms such as Blinkit and Zepto.

Martech (now Fastrr - Ads, Checkout and Engage): Grew 102% and powers TTM GMV of ₹91,400 Mn. Fewer than 10% of Shiprocket merchants use a Martech product today.

Platform Scale Metrics

  • TTM GMV: ₹373,987 Mn
  • Unique transactions: 233 Mn (trailing twelve months)
  • Active merchants: 236,100+
  • API hits: 14 Bn+ per month

Cross-Sell Performance

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

Balance Sheet and Cash Flow

  • Net cash from operating activities in H1 FY27: ₹551 Mn (compared to ₹238 Mn in H1 FY26)
  • Borrowings: Fully repaid all borrowings of ₹2,420 Mn that existed at March 31, 2026 using IPO proceeds received in the quarter
  • Company closed the half year debt-free

Technology and Product Development

Shiprocket launched several AI-native products and features in Q2:

  • 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

Management Commentary

Saahil Goel, Managing Director and CEO: Emphasized that Indian commerce is splitting across more channels every year, and Shiprocket is building infrastructure to remove friction for MSMEs. Stated that growing 35% with positive Adjusted EBITDA and operating cash flow shows the company can build from its own operations.

Tanmay Kumar, CFO: Attributed PAT turning positive to three drivers: scale in Core business (transactions grew 31% and Adjusted EBITDA grew faster than revenue), strong performance in Emerging engine (Martech and Omnichannel more than doubled Emerging contribution), and stronger balance sheet (IPO proceeds retired all borrowings, cutting finance costs while surplus earns interest income). Noted that Emerging business now brings merchants onto the platform on its own, not only through cross-sell from Core.

Corporate Background

Shiprocket is India's largest ecommerce enablement platform helping MSMEs 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.