Shiprocket Limited posts Q2 FY27 profit as revenue rises 35%

Shiprocket Limited reported a Rs 60 lakh consolidated profit after tax in Q2 FY27, reversing losses of Rs 20.3 crore a year earlier and Rs 13.7 crore in Q1 FY27, as revenue from operations rose 35% year on year to Rs 673.6 crore and adjusted EBITDA reached Rs 14.2 crore.

What did Shiprocket report for Q2 FY27?

Shiprocket reported a profit after tax, or PAT, of Rs 60 lakh for the quarter ended September 30, 2026. That compares with a Rs 20.3 crore loss in Q2 FY26 and a Rs 13.7 crore loss in Q1 FY27, producing a Rs 20.9 crore year-on-year improvement.

Revenue from operations reached Rs 673.6 crore, up 35% from the year-earlier quarter. Adjusted earnings before interest, tax, depreciation and amortisation, or adjusted EBITDA, rose to Rs 14.2 crore, while contribution increased 43% to Rs 130 crore. Contribution represented 19.3% of revenue in Q2 FY27, according to the company.

The reported turnaround combined higher revenue with lower financing pressure after Shiprocket used initial public offering, or IPO, proceeds to repay Rs 242 crore of borrowings. Chief Financial Officer Tanmay Kumar said PAT turned positive through Core scale, growth in Emerging products and lower finance costs, while the cash surplus earned interest income.

Which Shiprocket businesses drove revenue growth?

Shiprocket's Core Business generated Rs 461.5 crore of Q2 FY27 revenue, up 25% year on year, while its Emerging Business generated Rs 212.2 crore, up 61%. Core remained the larger segment by revenue, but Emerging expanded faster and accounted for 31% of total revenue, compared with 26% a year earlier.

The Core Business generated Rs 59.1 crore of adjusted EBITDA, up 29% on the segment's 25% revenue growth. Core transactions rose 37% year on year during the quarter, exceeding the revenue growth rate disclosed for that segment. Its adjusted EBITDA margin increased to 12.8% from 12.4% in the prior-year period.

Within Emerging, Martech grew 102% and Omnichannel grew 79%, making them the fastest-growing lines identified in the release. Martech, now called Fastrr and comprising Ads, Checkout and Engage, supported trailing 12-month, or TTM, gross merchandise value, or GMV, of Rs 9,140 crore. Shiprocket said fewer than 10% of its merchants currently use a Martech product.

How did Shiprocket's margins change in Q2 FY27?

Shiprocket improved profitability in both operating engines, with Core adjusted EBITDA margin rising 40 basis points to 12.8% and Emerging contribution margin rising to 15.4% from 10.1%. A basis point is one-hundredth of a percentage point. The company also reported Rs 130 crore of overall contribution, equal to 19.3% of quarterly revenue.

The Emerging Business remained adjusted EBITDA-negative, but its margin improved to negative 21.2% from negative 31.5% a year earlier. This was a 10.3-percentage-point narrowing in the loss margin alongside 61% segment revenue growth. Shiprocket's overall Rs 14.2 crore adjusted EBITDA was supported by the Rs 59.1 crore generated in Core and an improving, though still loss-making, Emerging operation.

Management attributed the improvement to growth in both engines. Kumar said Core transactions rose 37% and its adjusted EBITDA grew faster than its revenue, while Martech and Omnichannel more than doubled Emerging contribution. The release does not provide absolute contribution or adjusted EBITDA figures separately for Martech, Omnichannel or the full Emerging Business.

How did Shiprocket's balance sheet and cash flow change?

Shiprocket ended the first half of FY27 debt-free after repaying all borrowings with IPO proceeds received during the quarter. Borrowings had stood at Rs 242 crore on March 31, 2026. The company said the repayment reduced finance costs, a factor management identified in the Q2 FY27 PAT turnaround.

Net cash from operating activities was Rs 55.1 crore in H1 FY27, compared with Rs 23.8 crore in H1 FY26. That is an increase of Rs 31.3 crore and more than twice the prior-year first-half amount. Chief Executive Officer Saahil Goel said the 35% growth rate, positive adjusted EBITDA and operating cash flow showed the platform could be built from its own operations.

The release links the balance-sheet change specifically to IPO proceeds and does not give a closing cash balance for September 30, 2026. It does state that Shiprocket closed the half-year debt-free. The disclosed cash-flow measure is for H1 FY27 rather than Q2 FY27 alone, so it is not a quarterly operating cash-flow figure.

How is Shiprocket adding merchants and product usage?

Shiprocket served more than 236,100 active merchants and processed 233 million unique transactions across its platform on a TTM basis. TTM GMV was Rs 37,398.7 crore. Emerging products served 62,025 merchants, up 75%, while 9.3% of Core merchants used an Emerging product, an increase of 140 basis points from the prior-year level.

New merchant acquisition through Emerging products accelerated in the quarter. Shiprocket added 17,281 merchants through Emerging products in Q2 FY27, compared with 5,396 a year earlier, or 3.2 times the prior-year addition. Management said Emerging was bringing merchants onto the platform directly rather than only through cross-selling from Core.

Omnichannel growth was connected to replenishment of quick-commerce dark stores, where appointment-based deliveries operate on booked slots and provide real-time purchase-order visibility from platforms including Blinkit and Zepto. Shiprocket also said its technology platform handled more than 14 billion application programming interface, or API, hits a month, and that Q2 releases included Aitlas, AI-based retargeting journeys, Fastrr Checkout tools and AI-led shipping analytics.

Conclusion

Shiprocket's Q2 FY27 results show a reported move from losses in the preceding and year-earlier quarters to a Rs 60 lakh PAT profit, supported by 35% revenue growth, Rs 14.2 crore of adjusted EBITDA and Rs 130 crore of contribution. Core remained the largest revenue source at Rs 461.5 crore, while Emerging grew faster at 61% and improved its loss margin.

The next measures to watch are whether Emerging continues narrowing its negative adjusted EBITDA margin from 21.2%, whether the 9.3% Core-to-Emerging product adoption rate rises, and how the debt-free position affects finance costs after the Rs 242 crore borrowing repayment. Shiprocket also disclosed that fewer than 10% of merchants use Martech, leaving a stated product-adoption opportunity for Fastrr.