Shiprocket Q2 FY27 Results (NSE: SHIPROCKET)
Signal: Steady quarter
The read
The key inflection is the move to ₹6 million positive PAT from a ₹203 million loss, supported by 35% revenue growth, a 43% rise in contribution to ₹1,300 million and debt repayment that reduced finance costs. Core is already scaling profitably, but Emerging still carries a negative 21.2% adjusted EBITDA margin, so sustained group profitability depends on its continued margin recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹673.6 Cr | +35% | N/A |
| Net profit | ₹0.6 Cr | N/A: ₹209 million swing from a ₹203 million loss |
P&L walk
Consolidated revenue rose 35% YoY to ₹6,736 million, contribution increased 43% to ₹1,300 million and adjusted EBITDA reached ₹142 million, allowing PAT to turn positive at ₹6 million from a ₹203 million loss; the filing does not disclose statutory EBIT, EPS or a comparable QoQ margin.
Segments
Emerging Business was the growth engine, with revenue up 61% YoY to ₹2,122 million and 31% of group revenue versus 26% a year earlier, led by Martech growth of 102% and Omnichannel growth of 79%; Core grew 25% to ₹4,615 million and remained profitable on a 12.8% adjusted EBITDA margin.
Key positives
- Revenue grew 35% YoY to ₹6,736 million, accelerating the platform's scale while Core transactions grew 37% YoY.
- Contribution increased 43% YoY to ₹1,300 million, reaching 19.3% of revenue.
- Core Business adjusted EBITDA margin improved to 12.8% from 12.4% on 25% revenue growth, showing improving monetisation and operating efficiency in the mature engine.
- Emerging Business revenue grew 61% YoY to ₹2,122 million, with Martech up 102% and Omnichannel up 79%.
- PAT turned positive at ₹6 million from a ₹203 million loss, while H1 operating cash flow rose to ₹551 million from ₹238 million.
- Borrowings of ₹2,420 million were fully repaid, leaving the company debt-free and reducing finance-cost drag.
Key concerns
- Emerging Business adjusted EBITDA margin remained negative at 21.2%, despite improving from negative 31.5%, leaving a material profitability gap before that engine can contribute positively.
- PAT of ₹6 million remains thin relative to ₹6,736 million revenue, so modest changes in finance income, finance costs or Emerging investment could materially affect reported profitability.
- The filing reports adjusted EBITDA rather than statutory EBITDA and does not disclose statutory EBIT, EPS or detailed standalone P&L lines, limiting assessment of recurring operating profitability.
Research and educational content only. Not investment advice.