Shiprocket Q1 FY27 Results (NSE: SHIPROCKET)
Signal: Steady quarter
The read
The key inflection is mix-led growth rather than consolidated profitability: revenue rose 34% YoY to ₹592.09 Cr, Emerging Business grew 70% and its contribution margin expanded to 15.3% from 9.3%, yet consolidated statutory EBITDA was only ₹2.81 Cr and PAT remained a ₹13.71 Cr loss because Shiprocket is still investing behind the newer platform engines.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹592.09 Cr | +34% | N/A |
| EBIT | ₹-7.29 Cr | N/A | |
| Net profit | ₹-13.71 Cr | -24% (loss narrowed) | |
| EPS | ₹-0.21 | N/A | |
| EBIT margin | 0.5% |
P&L walk
Consolidated revenue grew 34% YoY to ₹592.09 Cr and adjusted EBITDA rose to ₹89 Mn from ₹10 Mn, but statutory EBITDA was ₹2.81 Cr and EBIT remained negative at ₹7.29 Cr as investment in Emerging businesses continued.
Segments
Emerging Business is the momentum engine, with revenue of ₹1,804 Mn growing 70% YoY and reaching 30% of revenue versus 24% a year ago, while Core Business revenue grew 22% YoY to ₹4,117 Mn and generated adjusted EBITDA of ₹527 Mn at a 12.8% margin.
Key positives
- Revenue grew 34% YoY to ₹592.09 Cr, led by Emerging Business growth of 70% versus Core Business growth of 22%.
- Emerging Business contribution margin expanded to 15.3% from 9.3%, while its contribution increased to ₹277 Mn from ₹98 Mn.
- Adjusted EBITDA improved to ₹89 Mn from ₹10 Mn, and Core Business generated ₹527 Mn of adjusted EBITDA at a 12.8% margin versus 12.3% a year ago.
- Emerging Business mix rose to 30% of revenue from 24%, increasing the platform's exposure to faster-growing checkout, marketing, cross-border and omnichannel products.
Key concerns
- Consolidated statutory EBITDA was only ₹2.81 Cr, equivalent to a 0.5% margin, despite adjusted EBITDA of ₹89 Mn, indicating a wide gap between reported and adjusted profitability.
- Consolidated EBIT remained negative at ₹7.29 Cr and PAT was a ₹13.71 Cr loss, so the business has not yet converted revenue growth into statutory earnings.
- Emerging Business EBITDA margin remained negative at -24% despite its contribution-margin improvement to 15.3%, showing that investment intensity remains high.
- Standalone PAT of ₹20.16 Cr is not representative of group earnings because consolidated PAT was a ₹13.71 Cr loss and the standalone filing's other income of ₹14.86 Cr represented 73.7% of PBT.
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