Shiprocket H1 FY26: Net Loss Down 10% To INR 38 Cr

SUMMARY

Operating revenue for the period expanded by 15% to INR 942.7 Cr from INR 817 Cr in H1 FY25

Shiprocket primarily operates on a consumption-based pricing model where its revenue is linked to merchants’ usage of its tech platform

The logistics' major filed its updated DRHP for an INR 2,342.3 Cr IPO

IPO-bound logistics unicorn shiprocket trimmed its net loss by 10% to INR 38.3 Cr in the first half of FY26 (H1 FY26) from INR 42.3 Cr loss incurred in the same period previous year.

Operating revenue for the period expanded by 15% to INR 942.7 Cr from INR 817 Cr in H1 FY25. Including other income of INR 28.1 Cr, Shiprocket’s overall revenue rose 16% to INR 970.8 Cr in the period under review.

Shiprocket primarily operates on a consumption-based pricing model where its revenue is linked to merchants’ usage of its tech platform. Revenue from merchant solutions contributed 99.4% of the operating revenue, while the remaining INR 5.5 Cr was generated from sale of traded goods.

In the six months period, Shiprocket had 145,269 active merchants, including 8,596 merchants with an average of more than 100 unique transactions per active month.

On the basis of geographical split, INR 940.9 Cr of the operating revenue came from India and INR 1.7 Cr came from the other parts of the globe.

Founded in 2017 by Gautam Kapoor, Saahil Goel, Vishesh Khurana and Akshay Ghulati, Shiprocket operates an end-to-end ecommerce enablement platform that helps online merchants manage logistics, fulfillment and customer experience across India and overseas markets.

The company aggregates multiple courier partners on a single tech stack, enabling sellers to compare rates, automate shipping, track orders and manage returns. Besides, it also offers its customers access to value-added services such as warehousing, cross-border shipping, checkout, marketing and credit.

Its platform primarily targets D2C brands and SMEs, monetising through shipping commissions, SaaS subscriptions and ancillary services. Over the years, Shiprocket has expanded beyond logistics into areas like cross-border shipping, payments, marketing tools, omnichannel commerce and credit for sellers.

The financial disclosures were a part of the company’s updated draft red herring prospectus (UDRHP), which it filed with SEBI for an INR 2,342.3 Cr IPO earlier today. The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 1,100 Cr and an offer-for-sale (OFS) component of up to INR 1,242.3 Cr.

The Delhi NCR-based company has raised about $400 Mn to date. It joined the unicorn club in 2022, after raising $33.5 Mn in a round led by Lightrock India.

Zooming Into Shiprocket’s Expenses

The company’s overall expenditure for the period rose 15% to INR 1,009.1 Cr, compared to INR 879.5 Cr in the previous year. The expenses split is highlighted below:

Employee Benefit Expenses: Spending under this head include salaries, provident fund, gratuity and leave encashment. These spends rose 16% to INR 186 Cr from INR 160.3 Cr from H1 FY25.

Cost of Merchant Solutions: Shiprocket spent 69% of its overall expenditure in merchant solutions. With more than 250 ecosystem partners, the company said it relied on various third party vendors, including logistics and fulfillment centre providers, communication platforms and cloud infrastructure providers. Cost of merchant solutions rose 14% to INR 696.9 Cr, compared to INR 610.4 Cr in the year ago period.

Server and Communication Costs: Expenses under this segment include the cost of hosting data on cloud servers and communication expenses, increasing 28.8% to INR 28.6 Cr in the period under review, compared to INR 22.2 Cr in H1 FY25.