Shiprocket posts Rs 59.5 lakh profit as revenue rises 35%

Shiprocket Limited reported consolidated profit of Rs 59.5 lakh for the quarter ended September 30, 2026, compared with a Rs 20.29 crore loss a year earlier, as revenue from operations rose 34.7% to Rs 673.647 crore. The result followed Shiprocket’s listing on the National Stock Exchange of India and BSE on August 19, 2026.

How did Shiprocket return to quarterly consolidated profit?

Shiprocket returned to profit because September-quarter revenue and total segment results increased faster than reported operating costs. Profit before tax and profit for the period were both Rs 59.5 lakh, against losses of Rs 20.29 crore in the September 2025 quarter and Rs 13.714 crore in the June 2026 quarter; the results recorded no current or deferred tax expense in these periods.

Revenue from operations increased to Rs 673.647 crore in the September 2026 quarter from Rs 500.177 crore a year earlier and Rs 592.087 crore in June 2026. Total income, which includes other income, rose to Rs 693.508 crore from Rs 514.517 crore a year earlier, while total expenses rose to Rs 692.913 crore from Rs 534.807 crore. Other income was Rs 19.861 crore, compared with Rs 14.340 crore in the year-earlier quarter.

The quarter-on-quarter movement reflects a Rs 81.560 crore rise in revenue from operations against a Rs 73.437 crore increase in total expenses. Cost of merchant solutions, Shiprocket’s largest expense line, rose to Rs 494.931 crore from Rs 432.662 crore in June 2026, while employee benefits expense declined to Rs 103.863 crore from Rs 106.531 crore.

Which Shiprocket business segments drove revenue growth?

Shiprocket’s Core Business remained its larger segment and generated Rs 461.460 crore of September-quarter revenue, up 25.3% from Rs 368.304 crore a year earlier. Its segment result rose to Rs 59.114 crore from Rs 45.852 crore, and revenue also increased from Rs 411.737 crore in the June 2026 quarter.

Emerging Business delivered faster revenue growth but remained loss-making. Revenue in the segment increased 60.9% year on year to Rs 212.187 crore from Rs 131.873 crore, but its segment loss widened to Rs 44.908 crore from Rs 41.562 crore. The September loss was also higher than the Rs 43.749 crore loss recorded in the June 2026 quarter.

Combined segment results were Rs 14.206 crore, compared with Rs 4.290 crore a year earlier and Rs 8.938 crore in June 2026. From that figure, the reported reconciliation included Rs 25.497 crore of share-based payment expense, Rs 4.881 crore of finance cost and Rs 11.764 crore of depreciation and amortisation, partly offset by a Rs 8.670 crore rent-expense adjustment under Indian Accounting Standard 116 on leases.

What did Shiprocket report for the first six months?

Shiprocket reported a consolidated loss of Rs 13.119 crore for the six months ended September 30, 2026, narrowing from a Rs 38.323 crore loss in the corresponding 2025 period. Revenue from operations increased 34.3% to Rs 1,265.734 crore from Rs 942.674 crore, but the June-quarter loss exceeded the September-quarter profit.

The first-half improvement included total segment results of Rs 23.144 crore, versus Rs 5.259 crore a year earlier. Share-based payment expense was Rs 54.041 crore, depreciation and amortisation was Rs 21.858 crore, and finance cost was Rs 11.308 crore, resulting in the pre-tax loss of Rs 13.119 crore.

Core Business generated Rs 873.197 crore of first-half revenue and a Rs 111.801 crore segment result. Emerging Business generated Rs 392.537 crore of revenue but posted an Rs 88.657 crore segment loss; in the prior-year six months, it had Rs 237.761 crore of revenue and an Rs 81.890 crore loss. This means Emerging Business revenue expanded while its reported loss increased by Rs 6.767 crore.

Net cash from operating activities rose to Rs 55.095 crore for the six months ended September 30, 2026 from Rs 23.761 crore a year earlier. Operating cash flow before working-capital changes was Rs 44.444 crore, while trade receivables increased by Rs 43.535 crore and trade payables increased by Rs 59.771 crore during the period.

How has Shiprocket allocated its IPO proceeds?

Shiprocket completed an initial public offering of 166,761,566 equity shares during the September 2026 quarter, comprising 91,299,203 fresh shares and 75,462,363 shares offered for sale. The full offer aggregated Rs 1,617.485 crore, while gross proceeds from the fresh issue were Rs 885.500 crore.

Net proceeds from the fresh issue were Rs 824.995 crore after Rs 60.505 crore of offer-related expenses. By September 30, 2026, Shiprocket had used Rs 270.643 crore, comprising Rs 210 crore for repayment or prepayment of borrowings and Rs 60.643 crore for working-capital requirements. Unutilised net proceeds were Rs 554.352 crore.

The disclosed allocation includes Rs 205.800 crore for marketing initiatives and Rs 159.800 crore for technology infrastructure and capabilities, primarily for Emerging Business and Core Business. Shiprocket reported no utilisation against either allocation as of September 30, leaving Rs 365.600 crore unspent across those two purposes.

Cash and cash equivalents stood at Rs 381.921 crore at September 30, 2026, compared with Rs 184.743 crore at March 31, 2026. Total equity increased to Rs 2,410.036 crore from Rs 1,524.311 crore, while total liabilities declined to Rs 811.596 crore from Rs 980.457 crore over the same period.

What issues did Shiprocket disclose alongside the results?

Shiprocket disclosed an alleged unauthorised-access incident after receiving an unsolicited email from an external sender on September 16, 2026 claiming possession of company-specific information. Shiprocket said it reported the matter to the Indian Computer Emergency Response Team, filed a law-enforcement complaint, and engaged external forensic and cybersecurity specialists.

Shiprocket said its internal review found no payment-card or bank-account information, and its assessments did not indicate an impact on core systems, financial systems, operations, or financial results for the quarter and six months ended September 30, 2026. The company said it had initiated full-scope data validation and an independent security assessment, with remedial measures being put in place.

The September 2026 consolidated results received a limited review from B S R & Co. LLP, rather than a full audit. The auditor stated that nothing had come to its attention suggesting required disclosures were absent or that the results contained a material misstatement; it also noted that four subsidiaries were reviewed by other auditors, while one subsidiary and one associate were not reviewed and were considered not material to the group.

Conclusion

Shiprocket’s September 2026 quarter moved to a Rs 59.5 lakh consolidated profit as revenue rose 34.7% and Core Business segment results reached Rs 59.114 crore. The six-month result nevertheless remained a Rs 13.119 crore loss, because Emerging Business reported an Rs 88.657 crore segment loss despite its revenue increasing to Rs 392.537 crore.

The next disclosures to watch are Shiprocket’s deployment of Rs 554.352 crore of unutilised IPO proceeds, including Rs 205.800 crore planned for marketing and Rs 159.800 crore for technology. Shiprocket also has an unresolved September 16, 2026 cybersecurity matter, with full-scope data validation and an independent security assessment still under way.