E-commerce logistics platform Shiprocket turned profitable in the second quarter (Q2) of the financial year 2026-27 (FY27). The company reported a consolidated net profit of Rs 0.6 crore, compared with a loss of Rs 20.3 crore a year earlier.

Temasek- and PayPal-backed Shiprocket, which listed on stock exchanges in August this year, had reported a loss of Rs 13.7 crore in Q1 FY27. 

Its revenue from operations surged 35% to Rs 673.6 crore in Q2 FY27, compared to Rs 500.2 crore in the year-ago period, according to regulatory filings. On a quarter-on-quarter (QoQ) basis, operating revenue rose 7% to Rs 592.1 crore.

Including other income of Rs 19.9 crore, total income stood at Rs 693.5 crore, up 35% from Rs 514.5 crore in Q2 FY26.

Where the growth came from

The core domestic shipping business generated revenue of Rs 461.4 crore, 25% more than Rs 368.3 crore it had generated in Q2 FY26. This segment has been profitable for some time now. In Q2 FY27, it raked in a profit of Rs 59.1 crore.

The emerging business, which includes cross-border shipping, marketing tech and omnichannel solutions, generated revenue of Rs 212.2 crore, up 61% from Rs 131.9 crore a year earlier. However, the emerging business’s losses widened 8% to Rs 44.9 crore, compared to Rs 41.6 crore in Q2 FY26.

In its investor presentation, the company said omnichannel grew 79% as brands used Shiprocket to replenish quick commerce dark stores. The company said its appointment-based delivery system uses pre-booked slots and provides real-time visibility into purchase orders from platforms such as Blinkit and Zepto.

Martech, now Fastrr (Ads, Checkout and Engage), grew 102% and powers TTM GMV of Rs 9,140 crore. Fewer than 10% of Shiprocket merchants use a Martech product as of September 2026.

AI adoption accelerates

Shiprocket deployed several AI products and features across the merchant journey in Q2 FY27. 

  • Aitlas: tracks and improves how brands appear in AI search, a discovery channel for D2C brands.
  • Hyper-personalised journeys using AI: retargeting journeys built from a single prompt.
  • Features added in Fastrr Checkout: payment-link sharing and discount nudges to lift conversion.
  • Shipping analytics: a revamped dashboard that uses AI to identify and fix choked shipping lanes.

The e-commerce enablement platform claims to handle over 14 billion API hits a month.

What the management said

“Indian commerce is splitting across more channels every year. A small brand today sells on its own website and on Instagram, replenishes quick commerce dark stores, and is starting to be found through AI search. For a large company, every new channel means a new team. For a small seller, it means friction. 

Shiprocket is building the infrastructure that removes this friction, so that any MSME in India can sell, ship and grow on the same footing as India’s biggest brands, every channel a switch away on one dashboard. Growing 35% with positive Adjusted EBITDA and operating cash flow shows we can build it from our own operations,” said Saahil Goel, managing director and CEO of Shiprocket.

CFO Tanmay Kumar added, “PAT turned positive this quarter on three drivers. First, scale in Core: transactions grew 31%, and Adjusted EBITDA grew faster than revenue. Second, the Emerging engine kept firing: Martech and Omnichannel, our fastest-growing lines, more than doubled Emerging contribution on 61% revenue growth. Third, a stronger balance sheet: IPO proceeds retired all our borrowings, which cut finance costs, and the surplus now earns interest income.

“We generated Rs 55.1 crore from operations in the first half, more than twice last year, and we are debt-free. Emerging now brings merchants onto the platform on its own, not only through cross-sell from Core. Around 17,300 merchants joined Shiprocket through our Emerging products this quarter, more than three times the number a year ago.”

Zooming into expenses

Revenue growth outpaced the rise in expenditure. Shiprocket’s total expenses increased 30% to Rs 692.9 crore in the September quarter of FY27 from Rs 534.8 crore in the same quarter last year. Sequentially, it rose 12% from Rs 619.5 crore.

  • Cost of merchant solutions: Stood at Rs 494.9 crore in Q2 FY27, up 34% from Rs 369.3 crore in the year-ago period.
  • Employee benefits expense: Rose 8% to Rs 103.9 crore from Rs 95.9 crore in Q2 FY26.
  • Other expenses: Went up 29% to Rs 64.3 crore, compared with Rs 49.7 crore a year earlier. The company did not provide a breakdown of these expenses.

Key operational metrics – Q2 FY27

  • Active merchants: Increased to 236,116 from 194,435 in the year-ago quarter.
  • Power merchants: Declined to 10,150 from 10,333 in Q2 FY26. Power merchants are those with an average of more than 100 unique transactions per active month.
  • Power merchants ARPU (average revenue per user): Rose to Rs 19.1 lakh, up from Rs 15.1 lakh a year earlier.
  • End consumers served: 78 million, of which 34 million were new, and 45 million were repeat consumers.
  • Customer acquisition cost: For the core business, the figure stood at Rs 3,604, while for the emerging business, it was Rs 5,399.
  • New merchants who joined Shiprocket’s platform via the emerging business: Rose to 17,281, compared with 5,396 in Q2 FY26.

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