Shiprocket (SHIPROCKET) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 35% YoY to Rs. 6,736.47 Mn; adjusted EBITDA was Rs. 142 Mn and PAT was Rs. 5.95 Mn.

• H1 FY27 revenue grew 34% to Rs. 12,657.34 Mn; adjusted EBITDA reached Rs. 231 Mn versus Rs. 53 Mn, and the loss before tax narrowed to Rs. 131.19 Mn from Rs. 383.23 Mn.

Financial highlights

• Q2 revenue from operations was Rs. 6,736.47 Mn, up 35% YoY and 14% QoQ; contribution was Rs. 1,300 Mn, up 43%, at a 19.3% margin.

• Adjusted EBITDA was Rs. 142 Mn versus Rs. 43 Mn in Q2 FY26; margin expanded to 2.1% from 0.9%.

• Consolidated Q2 profit before tax and net profit were Rs. 5.95 Mn, versus a Rs. 202.90 Mn loss in Q2 FY26.

• H1 revenue from operations was Rs. 12,657.34 Mn; contribution was Rs. 2,451 Mn and adjusted EBITDA was Rs. 231 Mn.

• H1 net cash from operating activities was Rs. 551 Mn versus Rs. 238 Mn in H1 FY26.

Segment performance

• Core Q2 revenue rose 25% YoY to Rs. 4,614.60 Mn; adjusted EBITDA increased 29% to Rs. 591.14 Mn, with a 12.8% margin versus 12.4%.

• Emerging Q2 revenue grew 61% YoY to Rs. 2,121.87 Mn; contribution rose 147% to Rs. 327 Mn, while adjusted EBITDA loss was Rs. 449.08 Mn and margin improved to (21.2%) from (31.5%).

• Emerging growth included Martech at 102% YoY, omnichannel at 79% and cross-border at 9%.

• H1 Core revenue was Rs. 8,731.97 Mn with segment results of Rs. 1,118.01 Mn; Emerging revenue was Rs. 3,925.37 Mn with segment results of a Rs. 886.57 Mn loss.