Shiprocket turned profitable in Q2 FY27, posting a consolidated net profit of ₹0.6 Cr against a ₹20.3 Cr loss a year ago, while operating revenue rose 34.7%.
Growth in its core business, improving margins in emerging businesses, and lower finance costs following repayment of borrowings supported the company’s turnaround.
Emerging business revenue grew 61% to ₹212.2 Cr, led by martech and omnichannel offerings, while consolidated adjusted EBITDA rose to ₹14.2 Cr from ₹4.3 Cr.
Ecommerce enablement platform shiprocket turned profitable in the September quarter, reporting a consolidated net profit of ₹0.6 Cr against a net loss of ₹20.3 Cr in Q2 FY26.
Operating revenue rose 34.7% to ₹673.6 Cr during the quarter under review from ₹500.2 Cr a year ago.
Shiprocket, which listed on the NSE and BSE in Augusthad posted a net loss of ₹13.7 Cr in Q1 FY27. Sequentially, operating revenue increased 13.8% from ₹592.1 Cr.
Revenue grew faster than expenditure during the quarter, with total expenses increasing 29.6% to ₹692.9 Cr from ₹534.8 Cr.
Other income increased to ₹19.9 Cr from ₹14.3 Cr, taking total income to ₹693.5 Cr, marginally above total expenses. The company reported no tax expense for the quarter.
Shiprocket’s adjusted EBITDA rose to ₹14.2 Cr from ₹4.3 Cr a year ago, while its adjusted EBITDA margin expanded to 2.1% from 0.9%.
Emerging Business Drives Growth
Shiprocket reports its operations under two segments: core business and emerging business. The latter includes marketing technology, checkout, cross-border, and omnichannel solutions.
Core business revenue grew 25.3% to ₹461.5 Cr from ₹368.3 Cr a year ago, while adjusted EBITDA increased 28.9% to ₹59.1 Cr. The segment’s adjusted EBITDA margin improved to 12.8% from 12.4%, with transactions growing 31% during the quarter.
Emerging business revenue rose 60.9% to ₹212.2 Cr from ₹131.9 Cr, increasing its share of overall revenue to 31% from 26%.
However, the segment’s adjusted EBITDA loss widened to ₹44.9 Cr from ₹41.6 Cr. Its adjusted EBITDA loss margin narrowed to 21.2% from 31.5%, reflecting faster revenue growth.
Within emerging businesses, martech revenue jumped 102%, while omnichannel revenue rose 79%.
Shiprocket attributed omnichannel growth to brands using its services to replenish quick commerce dark stores, including appointment-based deliveries with visibility into purchase orders from platforms such as Blinkit and Zepto.
Its martech offerings, grouped under Fastrr, span advertising, checkout, and customer engagement tools.
Transactions And Merchants Grow
Shiprocket processed 233 Mn unique transactions involving goods worth ₹37,398.7 Cr in gross merchandise value (GMV) during the trailing 12 months ended September 30. It served 2.36 Lakh active merchants over the same period.
For Q2 FY27, the company reported 33% growth in GMV, 34% growth in transactions, an 8% increase in merchants, and a 25% rise in average revenue per user.
The number of merchants using its emerging business offerings increased 75% to 62,025 on a trailing 12-month basis. Meanwhile, 9.3% of core business merchants used an emerging product, up from 7.9% a year ago.
Around 17,300 new merchants joined Shiprocket through its emerging products during the quarter, compared with about 5,400 a year earlier.
Borrowing Repayment Supports Profit
CFO Tanmay Kumar attributed the turnaround to growth in core business transactions, improving contribution from emerging businesses, and the repayment of borrowings using IPO proceeds.
“… IPO proceeds retired all our borrowings, which cut finance costs, and the surplus now earns interest income,” Kumar said.
Finance costs declined to ₹4.9 Cr from ₹6.7 Cr a year ago. The company had no outstanding borrowings at September-end as against ₹242 Cr at March 31, although lease liabilities remained on its books.
Net cash generated from operating activities stood at ₹55.1 Cr in H1 FY27 compared with ₹23.8 Cr a year ago.
Founded in 2017 by Saahil Goel, Gautam Kapoor, Vishesh Khurana, and Akshay Ghulati, Shiprocket started as a logistics aggregator for online sellers, partnering with third-party delivery providers. It has since expanded into a broader ecommerce enablement platform. Important to highlight that Khurana left operational role at Shiprocket in 2025 to join Tribe Capital, Shiprocket’s backer, as a managing partner.
Shares of Shiprocket ended today’s trading session 0.80% lower at ₹130.80 on the BSE.