Altman Z″
Needs current assets and current liabilities.
SHIPROCKET · Logistics · INE0FOO01011
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2011, Shiprocket Limited has scaled to become India's largest new-age end-to-end horizontal e-commerce enablement platform by revenue from operations in Fiscal 2026, generating ₹20,241.41 million. The company operates an asset-light, technology-driven business model without owning a delivery fleet, utilizing an ecosystem of over 250 partners, including 42 active courier partners in FY26. Shiprocket operates across two main segments: its profitable Core Business (Domestic Shipping and Shipping Apps) and its fast-growing Emerging Business (cargo and fulfilment, cross-border shipping via ShiprocketX, ads and marketing solutions, hyperlocal delivery via Shiprocket Quick, Fastrr Checkout, and capital solutions). In Fiscal 2026, the company served a highly diversified merchant base of 214,769 Active Merchants—spanning Brand.com platforms like Mamaearth and boAt, mid-sized websites, and social sellers—with its top merchant contributing only 2.83% of revenue. Shiprocket leverages a digital-first, self-serve onboarding strategy, completing 96.73% of merchant onboarding in FY26 without support team intervention, resulting in low customer acquisition costs. The platform is anchored by a massive data engine analyzing over 155 million end consumers and 730 million unique transactions, utilizing proprietary AI/ML models to drive strong network effects and merchant stickiness.
Shiprocket's moat is built on powerful platform network effects powered by its massive proprietary data engine. The company has processed over 730 million unique transactions and served more than 155 million end consumers, translating this volume into proprietary machine learning models for courier recommendation, RTO prediction, and address validation. These data-driven efficiencies enhance merchant outcomes, driving platform stickiness (58.32% of Power Merchants used more than three products in FY26) and lowering client acquisition costs (CAC for Core Business decreased from ₹4,101.24 in FY24 to ₹2,829.31 in FY26). Combined with its highly scalable, asset-light, and digital-first self-serve architecture (96.73% onboarding without support in FY26), it enjoys substantial operating leverage.
Shiprocket Limited is an end-to-end, new-age, merchant-first, and API-led technology platform designed to enable e-commerce transactions for micro, small, and medium enterprises (MSMEs) and large retailers in India. The company primarily earns revenue on a consumption-based pricing model, linked to merchants' transaction volumes and usage of solutions across its shipping, checkout, payments, and marketing segments.
Source: RHP p. 207, 219
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Core Business Segment | 73.38 | RHP p. 135, 218, 375 |
| Emerging Business - Cargo and fulfilment | 14.97 | RHP p. 218, 378 |
| Emerging Business - Cross-border platform | 6.89 | RHP p. 218, 378 |
| Emerging Business - Ads and marketing solutions | 4.14 | RHP p. 218, 378 |
| Emerging Business - Others | 0.62 | RHP p. 218, 378 |
According to the Redseer Report, India’s e-commerce enablement space is expanding rapidly, driven by the structural shift of merchants toward direct-to-consumer (Direct Commerce) channels and the formalization of retail. New-age horizontal enablement platforms offer a critical suite of order fulfilment and supporting services (checkout, payments, CRM, analytics) that simplify transaction lifecycles for MSMEs and large brands, capturing take rates of up to 20% of enabled GMV. Online domestic retail is projected to rise to 14-15% of total retail GMV by CY2030, driven by the expansion of tier 2+ cities (which contributed 45% of online domestic retail GMV in CY2025) and emerging business models. Direct commerce represents a massive opportunity, expected to reach a GMV of USD 9-11 billion in CY2025 with an estimated growth CAGR of 20-25% through CY2030P.
Growth rate: 31-32% CAGR (CY 2025 - CY 2030P)
Market size: ₹10-11 trillion (USD 116-126 billion) (E-commerce Enablement Platform TAM in CY 2025)
Sector slug: e-commerce-enablement
Source: RHP p. 184, 200
The comparable set the company chose, which is itself a disclosure.
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | -79.245 | -16.555 | -3.91% | 2024.141 | yes | -44.856 | |
| FY25 | -74.449 | -17.16 | -4.56% | 1632.012 | yes | 152.825 | |
| FY24 | -595.181 | -495.889 | -45.23% | 1315.976 | yes | -2.448 |
Written before listing, answered from the document itself.
Where is the money going?
The Net Proceeds from the Fresh Issue (up to ₹8,855.00 million) are earmarked for: (i) ₹2,100.00 million for repayment or prepayment of outstanding borrowings (such as Overdraft facilities); (ii) ₹49.26 million for hiring key technology personnel (engineers and product managers) for the Core Business; (iii) ₹41.76 million for hiring technology personnel for the Emerging Business; and (iv) the remaining balance for funding unidentified inorganic acquisitions and general corporate purposes.
RHP p. 133, 157-158, 207, 217, 218
How concentrated is the customer base?
The customer base is highly diversified. The company served 214,769 Active Merchants in FY26, and its top 10 Active Merchants collectively contributed ₹2,466.99 million, representing only 12.19% of total Revenue from Operations in FY26 (compared to 14.54% in FY25 and 16.23% in FY24). No single customer represents 10% or more of the Group's total revenue from operations.
RHP p. 45, 130, 308, 484
Is it profitable and growing?
The company is growing rapidly but remains unprofitable on a consolidated basis. Revenue from operations increased from ₹13,159.76 million in FY24 to ₹16,320.12 million in FY25, and reached ₹20,241.41 million in FY26. However, it recorded restated consolidated losses of ₹5,951.81 million in FY24, ₹744.49 million in FY25, and ₹792.45 million in FY26. On a positive note, the Core Business is profitable, achieving an Adjusted EBITDA of ₹1,866.37 million (12.56% margin) in FY26.
RHP p. 30, 96, 219, 239
What sits in the footnotes / contingent liabilities?
Contingent liabilities as of March 31, 2026 include an income tax TDS dispute of ₹2.50 million. Footnote risks also include: (i) recurring statutory auditor qualifications regarding database-level audit trail gaps and daily local backup failures from FY24 to FY26; and (ii) pending criminal litigation before the Metropolitan Magistrate in Mumbai registered against the Company, its directors (Saahil Goel, Gautam Kapoor, Arjun Sethi), and CFO (Kumar Tanmay).
RHP p. 37, 118, 175, 390, 394, 580
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2021-12-16 | MacRitchie Investments Pte. Ltd. | 100 | 34028.48 | financial investor | RHP p. 99, 122 |
| 2022-10-20 | Arvind Limited | 37044 | 34028.48 | financial investor | RHP p. 99, 118 |
| 2026-02-17 | AFOS, LLC | 5562858 | 163.14 | financial investor | RHP p. 120 |
| 2026-02-17 | Moore Strategic Ventures LLC | 5294198 | 143.82 | financial investor | RHP p. 120 |
| 2025-02-15 | Tribe Capital FirstLook SHP-04 L.P | 381710 | 163.14 | financial investor | RHP p. 174 |
Ceo: Saahil Goel
Outstanding criminal litigation against the Company totals 2 cases involving an aggregate of ₹51.81 million. Tax disputes against the Company and its subsidiaries total ₹47.11 million, comprising ₹0.05 million in direct tax and ₹23.66 million in indirect tax against the Company, and ₹23.40 million in indirect tax against subsidiaries. Additionally, a criminal proceeding has been initiated against the Company, its directors (Saahil Goel, Gautam Kapoor, Arjun Sethi), and CFO (Kumar Tanmay) by Blue Line Logistics.
The company is professionally managed with no identifiable promoter. Co-founders Saahil Goel and Gautam Kapoor hold 4.84% each of the pre-Offer equity share capital on a fully diluted basis (totaling 9.68%). Bertelsmann Nederland B.V. holds 21.32% of the company.
Statutory auditors S.R. Batliboi & Associates LLP reported modifications regarding internal controls over three consecutive years: (i) the audit trail (edit log) feature was not enabled at the database level of the Company and its subsidiaries to log direct changes to database or when using privileged access; and (ii) daily backups of electronic books of account were not maintained on servers physically located in India for certain periods. In FY24, an Emphasis of Matter was reported for restatements of FY23 financials due to correct accrual of share-based payments of ₹254.90 million.
Source: RHP p. 30, 31, 37, 45, 119, 122, 130, 290, 332, 407, 409, 437
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is only -67% of profit, and operating cash has been negative in 3 of the last 6 years — this is a pattern, not a one-off timing gap.
Why this reading: Flagged because the shortfall is persistent (3 weak years), material, and unexplained by a single year of working-capital movement.
Latest operating cash ₹53 cr vs trailing profit ₹-79 cr. A repeated gap between profit and cash points to structural earnings quality issues rather than benign timing.
Net margin improved from -4.5% to -2.4% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin -2.4% vs -4.5% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹35 cr, negative in 4 of 6 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -5.5% of assets. Free cash flow negative in 4 of 6 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹-307 cr ÷ ₹-1,159 cr, over 6 years
0.26×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹-79 − ₹53) cr ÷ average assets
-5.5%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
-3.9% × 0.81 × 1.64
-5.2%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹-53 cr ÷ ₹26 cr
-2.04×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹345 cr ÷ ₹1,524 cr
0.23×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +-22% vs revenue +86%, FY2023 to FY2026
-108pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
FII held steady from 4.65% to 4.65% across these quarters.
MF held steady from 7.71% to 7.71% across these quarters.
Other held steady from 87.64% to 87.64% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 14 | 28 | 30 | 32 | 33 | 43 |
| Inventory days
How long stock sits before it sells | 0 | 1 | — | — | — | — |
| Payable days
How long the company takes to pay suppliers | 66 | 69 | — | — | — | — |
| Cash conversion cycle
Debtor + inventory − payable days | -52 | -40 | 30 | 32 | 33 | 43 |
| Working capital days | -61 | 108 | 99 | -67 | -2 | -12 |
| ROCE %
Return on capital employed | — | -8.0% | -17.0% | -18.0% | -3.0% | -3.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 358 | 611 | 1,089 | 1,316 | 1,632 | 2,024 |
| Other income | 7 | 24 | -25 | -203 | 43 | 50 |
| Depreciation | 1 | 7 | 41 | 76 | 35 | 36 |
| Finance cost | 2 | 1 | 10 | 23 | 22 | 26 |
| Profit before tax | 14 | -64 | -359 | -595 | -74 | -79 |
| Net profit (owners) | 12 | -64 | -359 | -595 | -74 | -79 |
| EPS (₹) | 292.20 | -1,454.17 | -6,317.95 | -10,044.25 | -1,065.40 | -1.25 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 442 | 554 | 592 |
| Other Income | 14 | 15 | 14 |
| Expenses | 460 | 567 | 603 |
| Depreciation | 8 | 11 | 10 |
| Finance cost | 6 | 7 | 6 |
| Profit before tax | -18 | -16 | -14 |
| Net Profit | -18 | -16 | -14 |
| EPS | -258.01 | -0.26 | -0.22 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 1 | 1 | 636 |
| Reserves | 91 | 1,332 | 1,643 | 1,228 | 1,431 | 888 |
| Borrowings | 44 | 78 | 330 | 374 | 394 | 345 |
| Net block | 2 | 188 | 1,318 | 1,042 | 1,014 | 1,029 |
| CWIP | 0 | 0 | 5 | 0 | 0 | 0 |
| Investments | 0 | 9 | 26 | 15 | 28 | 16 |
| Total Assets | 238 | 1,618 | 2,387 | 2,051 | 2,309 | 2,505 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 35 | -43 | -138 | -216 | 2 | 53 |
| Cash from investing | 3 | -1,210 | -92 | 176 | -144 | 53 |
| Cash from financing | 43 | 1,281 | 110 | -2 | 153 | -45 |
| Free cash flow | 33 | -55 | -169 | -240 | -5 | 35 |
| Net change in cash | 81 | 28 | -121 | -43 | 11 | 61 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.