Shiprocket ends September with ₹381.9 crore of net cash

Shiprocket generated ₹55.1 crore of net operating cash in H1 FY27, up from ₹23.8 crore in H1 FY26, and ended 30 September 2026 with ₹381.9 crore of net cash. The shift from opening net debt of ₹57.3 crore was supported principally by ₹846.3 crore of equity-share proceeds, alongside operating cash generation.

How much operating cash did Shiprocket generate in H1 FY27?

Shiprocket generated ₹55.1 crore of net cash from operating activities in H1 FY27, compared with ₹23.8 crore in H1 FY26. Loss before tax narrowed to ₹13.1 crore from ₹38.3 crore, while adjustments for non-cash and non-operating items were nearly unchanged at ₹57.6 crore, versus ₹57.3 crore a year earlier.

Operating cash flow before working-capital changes increased to ₹44.4 crore in H1 FY27 from ₹19.0 crore in H1 FY26. Working-capital changes contributed ₹3.2 crore, below the ₹10.5 crore contribution in the prior-year period, while an income-tax refund of ₹7.4 crore replaced tax paid of ₹5.8 crore and lifted net operating cash flow.

Capital expenditure, or capex, declined to ₹5.6 crore in H1 FY27 from ₹8.3 crore in H1 FY26. Separately, Shiprocket reported revenue from operations of ₹67.36 crore in Q2 FY27, compared with ₹59.21 crore in Q1 FY27 and ₹50.02 crore in Q2 FY26; the presentation does not allocate cash-flow changes by product or merchant group.

What changed Shiprocket's net cash position?

Shiprocket’s net cash and cash equivalents increased by ₹439.1 crore in H1 FY27 to ₹381.9 crore at 30 September 2026, after opening with net debt of ₹57.3 crore. Operating activities contributed ₹55.1 crore and financing activities contributed ₹822.5 crore, while investing activities used ₹438.5 crore.

The largest financing inflow was ₹846.3 crore of proceeds from issuing equity shares, compared with no such proceeds in H1 FY26. Lease-liability principal and interest payments were ₹17.4 crore and bank-overdraft interest was ₹6.4 crore, producing net financing cash inflow of ₹822.5 crore after an outflow of ₹21.3 crore a year earlier.

Investing cash flow changed to an outflow of ₹438.5 crore in H1 FY27 from an inflow of ₹25.5 crore in H1 FY26. Shiprocket’s combined line for investments made and interest received showed a ₹432.8 crore outflow, after a ₹33.8 crore inflow in the prior-year period, but the presentation does not separate investment purchases from interest receipts.

How did Shiprocket's balance sheet change by 30 September 2026?

Shiprocket reported no borrowings at 30 September 2026, compared with borrowings of ₹242.0 crore at 31 March 2026. Total equity rose to ₹2,410.0 crore from ₹1,524.3 crore, an increase of ₹885.7 crore during the same six-month period in which the company received ₹846.3 crore of equity-share proceeds.

Cash and bank balance increased to ₹420.3 crore at 30 September from ₹188.1 crore at 31 March. Other financial assets rose by ₹502.3 crore to ₹1,318.3 crore, trade receivables increased by ₹39.4 crore to ₹275.9 crore, and total assets expanded to ₹3,221.6 crore from ₹2,504.8 crore.

The ₹381.9 crore cash-flow measure and ₹420.3 crore balance-sheet cash-and-bank figure use different deposit-maturity definitions. Shiprocket says closing net cash and cash equivalents excludes deposits with original maturity above three months, whereas the balance-sheet cash figure excludes deposits with original maturity above 12 months.

What operating trends accompanied the cash-flow improvement?

Shiprocket reported 236,116 active merchants on a trailing-12-month basis in Q2 FY27, up from 224,314 in Q1 FY27 and 194,435 in Q2 FY26. End consumers served rose to 78 million from 73 million sequentially, while new end consumers served increased to 34 million from 30 million.

Adjusted EBITDA, which Shiprocket calculates after adjusting EBITDA for share-based payment expense, specified rent expense and other income, reached ₹14.2 crore in Q2 FY27. That was above ₹8.9 crore in Q1 FY27 and ₹4.3 crore in Q2 FY26, while adjusted EBITDA margin increased to 2.1% from 1.5% and 0.9%, respectively.

Core-business customer-acquisition cost, or CAC, was ₹3,604 in Q2 FY27, compared with ₹3,560 in Q1 FY27 and ₹2,350 in Q2 FY26. Overall-business CAC declined sequentially to ₹5,399 from ₹6,429, while new merchants joining through emerging business increased to 17,281 from 12,091 and power merchants were 10,150.

Conclusion

Shiprocket’s H1 FY27 disclosures show that operating cash generation more than doubled, while the equity issue was the largest contributor to the movement from ₹57.3 crore of opening net debt to ₹381.9 crore of closing net cash. The balance sheet also recorded no borrowings at 30 September 2026, compared with ₹242.0 crore at 31 March 2026.

The next reporting periods should indicate whether positive operating cash generation continues as Q2 FY27 revenue reached ₹67.36 crore and adjusted EBITDA reached ₹14.2 crore. The presentation leaves the ₹432.8 crore investments-made-and-interest-received outflow unresolved, so changes in other financial assets, which stood at ₹1,318.3 crore at 30 September, remain a disclosed item to watch.