Shiprocket Core adjusted EBITDA reaches Rs 59.1 crore in Q2

Shiprocket’s Core business generated adjusted EBITDA of Rs 59.1 crore in Q2 FY27, up 29% year on year, as revenue from operations rose 25% to Rs 461.5 crore and the adjusted EBITDA margin increased to 12.8% from 12.4% in Q2 FY26.

What did Shiprocket Core report in Q2 FY27?

Shiprocket Core reported revenue from operations of Rs 461.5 crore in Q2 FY27, compared with Rs 368.3 crore in Q2 FY26 and Rs 411.7 crore in Q1 FY27. That represented 25% year-on-year growth and 12% quarter-on-quarter growth. Shiprocket also reported that Core transactions increased 31% year on year in Q2 FY27.

Shiprocket Core contribution margin was Rs 97.2 crore in Q2 FY27, versus Rs 77.8 crore a year earlier and Rs 87.4 crore in Q1 FY27. The contribution margin percentage was 21.1%, unchanged from Q2 FY26 and slightly below 21.2% in Q1 FY27. Shiprocket defines contribution margin as revenue after specified merchant-solution, communication, payment-gateway, incentive, marketing, fulfilment-centre and certain employee costs.

How did Shiprocket Core profitability change from last year?

Shiprocket Core adjusted EBITDA rose to Rs 59.1 crore in Q2 FY27 from Rs 45.9 crore in Q2 FY26, an increase of 29% that was higher than the segment’s 25% revenue growth. Adjusted EBITDA margin consequently increased by 40 basis points, or 0.4 percentage points, to 12.8% from 12.4%.

Shiprocket Core’s adjusted EBITDA margin was unchanged from Q1 FY27, when adjusted EBITDA was Rs 52.7 crore and the margin was also 12.8%. The stable sequential margin accompanied a 12% rise in quarterly revenue from Rs 411.7 crore. Contribution margin rose by Rs 9.8 crore sequentially, while its percentage moved down by 0.1 percentage point to 21.1%.

Shiprocket defines adjusted EBITDA, a non-GAAP measure, as revenue from operations less attributable merchant-solution costs, traded-goods costs and inventory changes, employee benefits excluding share-based payment expense, other expenses and certain lease-related rent. Adjusted EBITDA margin is adjusted EBITDA divided by revenue from operations. Shiprocket says the Core and Emerging business measures apply the same basis to each segment’s revenue and attributable expenses.

Which offerings does Shiprocket include in its Core business?

Shiprocket includes shipping, checkout and martech in its Core business, which the presentation labels the profit engine. The listed shipping offerings are Shiprocket, Delivery Boost, Early COD, Secure, Brand Boost and Engage+. The stated shipping model combines multi-courier aggregation, a control tower, dispute management, technology and related services.

Shiprocket also includes Shiprocket Checkout and Shiprocket Ads in Core under checkout and martech. Shiprocket describes Checkout as a one-click checkout engine with single sign-on, fraud checks and address filling. These offerings are distinct from the presentation’s Emerging business categories of cross-border and omnichannel operations.

Shiprocket says its cross-border offering ships across 146 countries, while the Emerging omnichannel category includes fulfilment, Omuni and cargo across more than 25 locations. The presentation calls Emerging the growth engine but does not disclose an Emerging revenue, contribution margin or adjusted EBITDA table on the supplied pages. Core’s disclosed Rs 59.1 crore adjusted EBITDA therefore provides the direct segment profitability measure available for Q2 FY27.

What mechanisms support Shiprocket Core transaction growth?

Shiprocket said Core transactions rose 31% year on year in Q2 FY27 and describes the business as asset-light, carrier-neutral and AI-first. Its allocation engine uses data from millions of deliveries to select the courier for each order based on cost, speed and pickup performance. Shiprocket also says the model avoids dependence on a single delivery network.

Shiprocket’s Radar dashboard is designed to measure current courier stress at the delivery-pincode level and can auto-block highly stressed couriers from future shipment assignment. In the displayed Chandigarh example, 30 of 79 pincodes were marked stressed, producing a 37.97% stress rate, while 3.84% of volume was in stress. The tool also provides courier-level pincode ratings and operational indicators including service-level agreement adherence.

Shiprocket also presents an analytics agent that can answer merchant questions on orders, couriers, zones, costs and performance. In one illustrated 30-day view dated August 25, 2026 to September 28, 2026, Zone B had 1,582 stressed shipments and Zone A had 1,004. Shiprocket cautions in the interface that artificial intelligence responses can make mistakes and should be double-checked.

How does Shiprocket Core compare with company-wide results?

Shiprocket Core had Rs 461.5 crore of revenue and Rs 59.1 crore of adjusted EBITDA in Q2 FY27, compared with company-wide revenue of Rs 673.6 crore and adjusted EBITDA of Rs 14.2 crore. Core’s 12.8% adjusted EBITDA margin was above the company-wide 2.1% margin, while its 21.1% contribution margin was above the company-wide 19.3% figure. Shiprocket’s presentation separately identifies Core as the profit engine and Emerging as the growth engine.

At the company-wide level, revenue from operations increased 35% year on year from Rs 500.2 crore and 14% sequentially from Rs 592.1 crore. Company-wide contribution margin increased 43% year on year to Rs 130 crore, and adjusted EBITDA increased 231% to Rs 14.2 crore. The faster company-wide revenue growth than Core’s 25% rate is consistent with the presentation’s two-segment structure, although the supplied pages do not give a separate Emerging financial table.

Shiprocket reported profit after tax of Rs 60 lakh in Q2 FY27, compared with a loss of Rs 20.3 crore in Q2 FY26 and a loss of Rs 13.7 crore in Q1 FY27. Its bridge attributes the Rs 20.9 crore year-on-year movement to a Rs 9.9 crore increase in adjusted EBITDA, a Rs 5 crore reduction in share-based payment expense, Rs 5.5 crore of higher other income and Rs 40 lakh of other movements. Those other movements include finance cost, depreciation and amortisation, Ind AS 116 lease-rent reversal and rounding.

Conclusion

Shiprocket’s Q2 FY27 presentation shows that Core was the directly disclosed segment profitability driver, with Rs 461.5 crore of revenue, Rs 97.2 crore of contribution margin and Rs 59.1 crore of adjusted EBITDA. Revenue and adjusted EBITDA both increased year on year, while the 12.8% adjusted EBITDA margin was 0.4 percentage points higher than a year earlier and flat sequentially.

The next disclosures will show whether Shiprocket can maintain the Core margin as transaction growth continues and whether the Emerging growth engine changes company-wide profitability. The supplied presentation identifies expansion in hyperlocal operations and ongoing development of courier allocation, pincode stress monitoring and automated blocking, but it gives no financial target or timetable for these initiatives.