Shiprocket Swings to Profit in Q2 FY27 as Revenue Rises 35% to ₹674 Crore

Shiprocket Limited, the e-commerce logistics and enablement company, reported its first quarterly net profit in the September quarter of FY27, marking a turnaround from the losses recorded in the previous year. Consolidated revenue from operations increased 35% year over year to ₹673.6 crore, supported by growth in its core shipping business and newer services such as omnichannel fulfilment and marketing technology.

The company reported a profit after tax (PAT) of ₹60 lakh, compared with a net loss of ₹20.3 crore in Q2 FY26 and a loss of ₹13.7 crore in Q1 FY27. Adjusted EBITDA reached ₹14.2 crore, while the company said it had repaid all its borrowings using proceeds received from its IPO and closed the first half of FY27 debt-free.

Shiprocket Q2 FY27 Results: Key Financial Numbers

Shiprocket’s latest results show that revenue grew faster than expenses, helping the company move into a small quarterly profit. Total income, including other income, reached approximately ₹693.5 crore.

Financial metric	Q2 FY27	Q2 FY26
Revenue from operations	₹673.6 crore	₹500.2 crore
Total income	₹693.5 crore	₹514.5 crore
Net profit/loss	₹0.6 crore profit	₹20.3 crore loss
Adjusted EBITDA	₹14.2 crore	Not stated in the same comparison
Total expenses	₹692.9 crore	₹534.8 crore

Revenue from operations grew approximately 34.7% year over year. Total expenses increased around 29.5% to ₹692.9 crore, slower than the growth in operating revenue.

One important distinction is that Shiprocket’s adjusted EBITDA was positive at ₹14.2 crore, while its reported statutory EBITDA remained slightly negative, according to the results coverage. Adjusted EBITDA excludes certain adjustments and should not be treated as interchangeable with statutory operating profit.

The PAT turnaround was also relatively narrow: the company earned ₹60 lakh on total income of about ₹693.5 crore. Sustaining profitability over subsequent quarters will therefore be an important test.

Core Shipping Business Remains the Main Revenue Contributor

Shiprocket’s business is divided into Core and Emerging segments. The Core Business includes domestic shipping and related software tools and continues to account for the largest share of revenue.

Core Business revenue increased 25% year over year to ₹461.5 crore in Q2 FY27. Its adjusted EBITDA rose 29% to ₹59.1 crore, with an adjusted EBITDA margin of 12.8%, compared with 12.4% a year earlier.

Core transactions grew 31% during the quarter, reflecting increased activity among merchants using Shiprocket’s logistics and shipping services.

The company also highlighted growing demand for hyperlocal deliveries, including services that help brands replenish quick-commerce dark stores. Appointment-based deliveries allow sellers to book delivery slots and track purchase orders, helping stores receive inventory ahead of expected demand.

Emerging Business Revenue Jumps 61%

Shiprocket’s Emerging Business segment delivered faster growth than its core operations. Revenue increased 61% year over year to ₹212.2 crore, compared with approximately ₹132 crore in Q2 FY26.

The segment includes omnichannel fulfilment, cross-border shipping, hyperlocal services and marketing technology products. Its contribution to total revenue increased to 31%, from 26% a year earlier.

Two areas stood out:

• Martech: Revenue increased 102%. The business, now branded Fastrr, includes advertising, checkout and customer-engagement products.
• Omnichannel: Revenue increased 79%, supported by brands using Shiprocket to manage inventory and replenish quick-commerce dark stores.

Despite rapid growth, the Emerging Business segment remains loss-making. Its adjusted EBITDA margin improved to negative 21.2% from negative 31.5% a year earlier. Its adjusted EBITDA loss was ₹44.9 crore during the quarter.

This means the segment is growing quickly but still requires investment. Its ability to narrow losses while expanding revenue will be important for Shiprocket’s overall profitability.

Shiprocket Expands Its Merchant and Technology Platform

Shiprocket reported a trailing 12-month gross merchandise value (GMV) of approximately ₹37,399 crore across 233 million unique transactions. It served more than 236,100 active merchants.

The company also reported that merchants using its Emerging Business products increased 75% to 62,025 on a trailing 12-month basis. Around 9.3% of Core merchants now use at least one Emerging product, showing progress in cross-selling services to existing customers.

Shiprocket is also investing in artificial intelligence tools designed to support online sellers. During the quarter, it introduced or expanded products including:

• Aitlas: A tool designed to help brands monitor and improve their visibility in AI-powered search.
• AI-powered customer journeys: Tools that help merchants create personalised retargeting campaigns through prompts.
• Fastrr Checkout: Additional features such as payment-link sharing and discount prompts.
• Shipping analytics: An upgraded dashboard that uses AI to identify shipping bottlenecks and improve logistics decisions.

The platform now handles more than 14 billion API calls each month, according to the company’s investor presentation.

IPO Proceeds Help Shiprocket Repay Its Borrowings

Another important development was the improvement in Shiprocket’s balance sheet.

The company said it used proceeds received from its IPO during the quarter to repay its outstanding borrowings of ₹242 crore, which had been recorded as of March 31, 2026. It therefore closed the first half of FY27 without borrowings.

Net cash generated from operating activities reached ₹55.1 crore in H1 FY27, compared with ₹23.8 crore in the corresponding period last year.

For the first six months of FY27, revenue from operations increased approximately 34% to ₹1,266 crore. The company nevertheless reported a net loss of ₹13.12 crore for the half year, although this was substantially lower than the ₹38.32 crore loss recorded in H1 FY26.

The IPO-funded debt repayment should reduce finance costs, but the longer-term improvement in financial performance will depend on operating cash generation and the company’s ability to make its newer businesses profitable.

Shiprocket Shares Rise After Q2 Results

Shiprocket shares gained after the company announced its Q2 FY27 performance on November 5. Moneycontrol reported that the stock climbed as much as 7.09% to an intraday high of ₹142.38 on the NSE.

The market reaction followed the company’s return to quarterly profitability, 35% revenue growth and improved adjusted EBITDA. However, the small size of the reported net profit means investors will likely look for further evidence that the turnaround is sustainable.

Shiprocket competes in India’s e-commerce logistics market with companies such as Delhivery and Blue Dart, while also expanding into software and services that help merchants manage sales across multiple channels.

The Bigger Picture

Shiprocket’s results reflect the changing needs of India’s online retail market. Sellers increasingly operate across their own websites, social media platforms, marketplaces and quick-commerce channels. Managing shipping, inventory, customer engagement and payments across these channels creates demand for integrated commerce infrastructure.

Shiprocket is attempting to move beyond being a shipping aggregator by offering a wider set of services to online merchants. The 61% growth in Emerging Business revenue shows demand for these additional products, but the segment’s continuing losses also highlight the cost of building a broader platform.

Looking Ahead

The next challenge for Shiprocket will be maintaining growth while turning its expanding service portfolio into consistent profits. Investors will watch whether Core Business margins remain strong, whether Emerging Business losses continue to narrow and whether the company can generate positive cash flow without relying on one-time IPO proceeds.

Q2 FY27 marks an important financial milestone, with revenue approaching ₹674 crore and PAT turning positive. But the result is an early sign of a possible turnaround rather than proof of sustained profitability. The next several quarters will show whether Shiprocket can convert its growing merchant network and broader product offering into durable earnings.