Shiprocket IPO

Strengths · 7

• 01As per the Redseer Report, it was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.
• 02Losses have come down sharply. Loss after tax was Rs 595.18 crore in FY2024, Rs 74.45 crore in FY2025 and Rs 79.25 crore in FY2026.
• 03The operating loss is now almost nil. EBITDA improved from a loss of Rs 495.89 crore in FY2024 to a loss of just Rs 16.56 crore in FY2026.
• 04Sales keep growing. Total income went up from Rs 1,357.83 crore in FY2024 to Rs 2,077.42 crore in FY2026.
• 05The business is no longer only shipping. It now covers fulfilment centres, cargo, omnichannel through Shiprocket Omuni, international shipping, marketing tools, payments, business loans and hyperlocal delivery.
• 06The pricing model is usage based. Merchants pay as per the number of shipments, transactions or order value, so income grows as the merchant grows.
• 07The balance sheet is comfortable. Net worth was Rs 1,524.29 crore against total borrowing of Rs 242.01 crore as on 31 March 2026.

Risks · 9

• 01The company is still making losses. It reported a loss of Rs 79.25 crore in FY2026, so there is no P/E to compare with. The loss was slightly higher than the Rs 74.45 crore loss of FY2025.
• 02Return ratios are negative. RoCE was -2.65% and RoNW was -5.20% in FY2026.
• 03There is no identifiable promoter. The company is professionally managed and public shareholding is shown as 100%, so there is no promoter group holding a lock-in stake after listing.
• 04A large part of the issue is an offer for sale. Out of Rs 1,617.48 crore, about Rs 732 crore is OFS through which existing investors are selling.
• 05The company depends on outside courier and logistics partners for actual delivery. It does not control the delivery fleet, so service quality and cost are partly in other hands.
• 06Customer acquisition needs heavy spending. Rs 205.80 crore of the fresh issue is kept only for marketing, and another Rs 365.60 crore for platform growth.
• 07Competition is strong. It faces Delhivery, Ecom Express and other logistics players, and large marketplaces are also building their own in-house shipping.
• 08Business is linked to online shopping volumes. Any slowdown in e-commerce, or a change in how big platforms treat third-party sellers, will affect shipment numbers.
• 09Part of the money is set aside for buying companies that have not been named yet.

Shiprocket was started in 2011. It is an Indian e-commerce enablement company. It gives technology-based solutions that help small and medium businesses, direct-to-consumer brands and large retailers run and grow their online and offline business.

As per the Redseer Report, Shiprocket was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.

The company began as a shipping platform. Its main services are domestic shipping and shipping software, with features such as instant pickup, order tracking, safe delivery, weight check and faster cash-on-delivery settlement.

Over the years it has added many more services. These include fulfilment centres, cargo and heavy logistics, omnichannel commerce through Shiprocket Omuni, international shipping with customs help, advertising and marketing tools, checkout and payment solutions, business loans and hyperlocal delivery.

For international orders it runs five major shipping lanes linking India with the United States, the United Kingdom, Canada, Europe and Singapore. Through these routes it served customers in 146 countries in FY2026.

The company mostly earns through usage-based pricing. Merchants pay according to how much they use the platform, such as the number of shipments, the number of transactions or the value of orders processed.

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