Altman Z″
Needs current assets and current liabilities.
This 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.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
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% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Volume | 233 | — | — |
| GMV (TTM) (₹ crore) | 37,399 | — | — |
| Active Merchants Count (merchants) | 236,116 | 224,314 | 194,435 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Logistics, 3PL and warehousing framework (named in the filing read). Primary valuation lens: EV/EBITDA.
Read more closely in this sector: Volume against realisation · Asset-light against owned share.
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.
Shiprocket reported revenue of ₹674 cr for July to September 2026, +34.7% on the year and +13.8% on the quarter.
Operating profit (EBITDA) was −₹2.6 cr, a margin of −0.4%, +359 bps on the year and +145 bps on the quarter.
The company swung to a net profit of ₹0.6 cr from a loss of ₹20.3 cr a year earlier, with earnings per share of ₹0.01.
Logistics revenue tracks volumes and freight rates; margins depend on utilisation of the network the company has built.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Results filing
Turned profitable from a loss a year ago.
Source: Results filing
Could not run on this quarter: Headline vs core profit, Tax rate lifting profit, Exceptional items that recur, Finance cost rising, Borrowing while holding cash, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹276 cr | ₹237 cr | ▲ 16.7% |
| Inventory | ₹4.8 cr | ₹2.6 cr | ▲ 85.4% |
| Cash | ₹382 cr | ₹185 cr | ▲ 106.7% |
| Bank balances | ₹38.4 cr | ₹3.4 cr | ▲ 1,030.0% |
| Trade payables | ₹332 cr | ₹272 cr | ▲ 22.0% |
| Net block | ₹23.5 cr | ₹24.5 cr | ▼ 4.2% |
| Equity | ₹2,410 cr | ₹1,524 cr | ▲ 58.1% |
| Total assets | ₹3,222 cr | ₹2,505 cr | ▲ 28.6% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹55.1 cr | ₹23.8 cr |
| Capital expenditure | −₹6.8 cr | −₹8.4 cr |
| Investing cash flow | −₹438 cr | ₹25.5 cr |
| Financing cash flow | ₹822 cr | −₹21.3 cr |
Receivables at 40 days of sales (−3 days against the last year end). Inventory at 1 days of sales (+0 days).
Other matter 1: “”6. The consolidated financial results of the Group and its associate for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 10 June 2026 had expressed an unmodified opinion. The consolidated financial results of… Read in full
6. The consolidated financial results of the Group and its associate for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 10 June 2026 had expressed an unmodified opinion. The consolidated financial results of the Group and its associate for the corresponding period from 01 April 2025 to 30 September 2025 were audited by the predecessor auditor whose report dated 21 November 2025 had expressed an unmodified opinion.
Other matter 2: “”7. The consolidated financial results of the Group and its associate for the three months ended 30 June 2026 were reviewed by the predecessor auditor whose report dated 07 September 2026 had expressed an unmodified conclusion. The figures for the… Read in full
7. The consolidated financial results of the Group and its associate for the three months ended 30 June 2026 were reviewed by the predecessor auditor whose report dated 07 September 2026 had expressed an unmodified conclusion. The figures for the corresponding quarter ended 30 September 2025, as reported in the Statement have not been subjected to audit / review.
Other matter 3: “”8. We did not review the interim financial information of four subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 883.89 million as at 30 September 2026 and total revenues (before consolidation… Read in full
8. We did not review the interim financial information of four subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 883.89 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 195.63 million and Rs. 380.98 million, total net (loss) / profit after tax (before consolidation adjustments) of Rs. (2.82) million and Rs. 5.22 million and total comprehensive (loss) / income (before consolidation adjustments) of Rs. (0.80) million and Rs. 7.87 million, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 17.39 million for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter.
Other matter 4: “”9. The Statement includes the interim financial information of one subsidiary which has not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 6.06 million as at 30 September 2026 and total revenues (before consolidation… Read in full
9. The Statement includes the interim financial information of one subsidiary which has not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 6.06 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. Nil and Rs. Nil, total net loss after tax (before consolidation adjustments) of Rs. 0.42 million and Rs. 0.90 million and total comprehensive loss (before consolidation adjustments) of Rs. 0.35 million and Rs. 0.67 million, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 2.32 million for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net loss after tax of Rs. Nil and Rs. Nil and total comprehensive loss of Rs. Nil and Rs. Nil, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of one associate, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter.
Other matter 5: “”5. The standalone financial results of the Company for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 10 June 2026 had expressed an unmodified opinion. The standalone financial results of the Company for… Read in full
5. The standalone financial results of the Company for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 10 June 2026 had expressed an unmodified opinion. The standalone financial results of the Company for the corresponding period from 01 April 2025 to 30 September 2025 were audited by the predecessor auditor whose report dated 29 September 2026 had expressed an unmodified opinion.
Other matter 6: “”6. The standalone financial results of the Company for the three months ended 30 June 2026 were reviewed by the predecessor auditor whose report dated 07 September 2026 had expressed an unmodified conclusion. The figures for the corresponding quarter ended… Read in full
6. The standalone financial results of the Company for the three months ended 30 June 2026 were reviewed by the predecessor auditor whose report dated 07 September 2026 had expressed an unmodified conclusion. The figures for the corresponding quarter ended 30 September 2025, as reported in the Statement have not been subjected to audit / review.
Filing p. 3-5, p.11-12
₹554 cr still unused. “Out of net fresh issue proceeds of ₹824.995 crore (Rs 8,249.95 million), ₹270.64 crore was utilised up to September 30, 2026 (₹210.00 crore for debt repayment and ₹60.64 crore for general corporate purposes). Unutilised IPO proceeds… Read in full
₹554 cr still unused. “Out of net fresh issue proceeds of ₹824.995 crore (Rs 8,249.95 million), ₹270.64 crore was utilised up to September 30, 2026 (₹210.00 crore for debt repayment and ₹60.64 crore for general corporate purposes). Unutilised IPO proceeds of ₹554.35 crore (Rs 5,543.52 million) held in bank accounts.”
Resignation tendered by Mr. Nikhil Kumar as Company Secretary and Compliance Officer w.e.f. close of business hours on November 05, 2026, and appointment of Mr. Anil Kumar w.e.f. November 06, 2026. (p. outcome letter p.1, consolidated note 9)
Tax: No tax expense was recognized for Q2 FY27 on Profit before tax of ₹0.60 crore (Rs 5.95 million)
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Volume | 233 | — | — |
| GMV (TTM) (₹ crore) | 37,399 | — | — |
| Active Merchants Count (merchants) | 236,116 | 224,314 | 194,435 |
Worked out from filed numbers. GMV (TTM): Trailing twelve month GMV of ₹373,987 million converted to ₹ crore
Core Business transactions grew 31% YoY in Q2 FY27 with operational revenue up 35% YoY to ₹673.65 crore (Rs 6,736.47 million), demonstrating volume-led revenue growth.
Strong volume growth (+31% YoY in Core transactions) driving scale and revenue expansion.
Shiprocket operates an asset-light, multi-courier aggregation and e-commerce enablement platform model with minimal net block (₹23.48 crore) relative to operational revenue scale (₹673.65 crore in Q2 FY27).
Asset-light aggregator framework keeps capital intensity low and operating leverage high.
Read using the Logistics, 3PL and warehousing framework (named in the filing read). Primary valuation lens: EV/EBITDA.
Read more closely in this sector: Volume against realisation · Asset-light against owned share.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Unutilised Net IPO Proceeds to be Deployed | 554.35 | Future quarters | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Core Business Segment | ₹461 cr | ▲ 25.3% | ₹59.1 cr | ▲ 28.9% |
| Emerging Business Segment | ₹212 cr | ▲ 60.9% | −₹44.9 cr | — |
FinMinutes scored the offer document 72/100 before listing. 1 quarter of numbers since. Promise against delivery
| Q1 FY26 | Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|
| Revenue | ₹442 cr | ₹500 cr | ₹554 cr | ₹592 cr | ₹674 cr |
| YoY | — | — | — | +34% | +35% |
| EBITDA margin | −4.1% | −4.0% | −2.3% | −1.8% | −0.4% |
| Other income, % of PBT | — | — | — | — | 3,310% |
| Exceptional items | — | — | — | — | — |
| Tax rate | — | — | — | — | — |
| Net profit | −₹18.0 cr | −₹20.3 cr | −₹16.0 cr | −₹13.7 cr | ₹0.6 cr |
| YoY | — | — | — | — | — |
| Core profit YoY | — | — | — | — | — |
| EPS | −₹258.01 | −₹0.31 | −₹0.26 | −₹0.21 | ₹0.01 |
| Flags | · | · | · | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.