Shiprocket (SHIPROCKET) Q4 25/26 earnings summary

Executive summary

• Asset-light, AI-led commerce platform expanded to 214,769 active merchants (+30% YoY), 202.08 million transactions (+23%) and ₹327,772 million unique GMV (+31%).

• FY 2025-26 combined 24% revenue growth with positive operating cash flow and a profitable Core Business; Emerging Business grew rapidly while remaining loss-making.

• Shares listed on NSE and BSE on August 19, 2026, following an IPO completed after year-end.

Financial highlights

• Consolidated revenue from operations rose 24.0% to ₹20,241 million; total income was ₹20,774 million, up from ₹16,748 million in FY 2024-25.

• Adjusted EBITDA more than doubled to ₹176 million from ₹70 million; adjusted margin expanded to 0.87% from 0.43%.

• Reported consolidated loss was ₹792 million versus ₹744 million; net profit margin improved to (3.92)% from (4.56)%.

• Contribution margin increased to ₹3,712 million from ₹3,063 million; margin was 18.3% versus 18.8%, reflecting a higher Emerging Business mix.

• Net cash from operating activities reached ₹526 million versus ₹19 million; consolidated net worth was ₹15,243 million at March 31, 2026.

Outlook and guidance

• Priorities include deeper adoption across existing merchants, cross-selling, higher revenue per merchant and continued improvement in unit economics, retention and operating efficiency.

• Emerging Business investment is expected to continue, with a stated focus on sustainable scale, improving economics and a clear path toward profitability; no numeric financial guidance was stated.

• Product roadmap includes BNPL, dynamic pricing, payment failovers, loyalty tools, personalized checkout, AI ad optimization, premium logistics and expanded cross-border, hyperlocal and same-day capabilities.

• India’s online retail penetration is projected to rise from ~8% in CY 2025 to 14–15% by CY 2030; online retail GMV is forecast to grow at 20–25% CAGR.