SHIPROCKET · Logistics · filed 5 Nov 2026
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.
Shiprocket reported revenue of ₹674 cr (+34.7% on the year) and net profit of ₹0.6 cr (— on the year) for July to September 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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