Shiprocket Q2 FY27: PAT positive, Revenue up 35% YoY to ₹6,736 Mn, Adj. EBITDA ₹142 Mn
Shiprocket reported Q2 FY27 consolidated results, turning PAT positive at ₹6 Mn against a loss of ₹203 Mn YoY. Revenue grew 35% YoY to ₹6,736 Mn, with Adjusted EBITDA at ₹142 Mn. The company repaid all borrowings using IPO proceeds, becoming debt-free with net cash from operations of ₹551 Mn in H1 FY27.
Achieving PAT positivity, substantial revenue growth, and becoming debt-free are significant financial milestones that are likely to have a high impact on investor perception and the company's valuation.
The company reported a significant turnaround to profitability (PAT positive), strong revenue growth, and improved EBITDA, alongside debt repayment, indicating positive financial performance and a strengthened balance sheet.
Shiprocket Limited announced its consolidated financial results for the quarter and half-year ended September 30, 2026 (Q2 FY27). The company achieved a Profit After Tax (PAT) positive at ₹6 Million (Mn), a significant turnaround from a loss of ₹203 Mn in the previous year and ₹137 Mn in Q1 FY27. Revenue from operations surged by 35% year-on-year to ₹6,736 Mn, with Adjusted EBITDA growing to ₹142 Mn. This positive performance was driven by both the Core and Emerging business segments. The Core Business reported ₹591 Mn in Adjusted EBITDA, a 29% increase, alongside a 25% revenue growth. The Emerging Business saw a 61% revenue increase, with its Adjusted EBITDA margin improving from (31.5%) to (21.2%). Following the receipt of IPO proceeds during the quarter, Shiprocket repaid all its borrowings, achieving a debt-free status for the half-year, and recorded net cash from operating activities of ₹551 Mn in H1 FY27.
Key highlights for Q2 FY27 include a Trailing Twelve Month (TTM) GMV of ₹373,987 Mn across 233 Mn unique transactions, serving over 236,100 active merchants. Core Business transactions increased by 31% year-on-year. The Core Business revenue grew 25% YoY to ₹4,615 Mn, while the Emerging Business revenue grew 61% YoY to ₹2,122 Mn, now contributing 31% of total revenue. Contribution margin rose 43% YoY to ₹1,300 Mn (19.3% of revenue). Adjusted EBITDA increased to ₹142 Mn and PAT stood at ₹6 Mn, marking a ₹209 Mn swing year-on-year. The Core Business Adjusted EBITDA margin improved to 12.8%, and the Emerging Business contribution margin rose to 15.4% with an improved Adjusted EBITDA margin. Cross-selling efforts showed success, with Emerging Business serving 62,025 merchants (TTM), and 9.3% of Core merchants now utilizing an Emerging product. The balance sheet reflects strong financial health, with net cash from operating activities of ₹551 Mn in H1 FY27 compared to ₹238 Mn in H1 FY26, and the full repayment of ₹2,420 Mn in borrowings by March 31, 2026.
Management commentary highlighted the strategic importance of Shiprocket's infrastructure in removing friction for MSMEs across multiple sales channels. Saahil Goel, Managing Director and CEO, emphasized the company's ambition to build the next generation of Indian brands on its platform. Tanmay Kumar, CFO, attributed the positive PAT to scale in the Core business, strong performance of the Emerging engine (Martech and Omnichannel), and a healthier balance sheet due to IPO proceeds and debt repayment, leading to reduced finance costs and increased interest income.
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