Shiprocket narrows operating loss as revenue grows 13.77% QoQ
Slower expense growth improved margins, but the small profit depended heavily on other income as active merchants reached 236,116.
Filed 05 Nov 2026, 11:39 IST · Shiprocket Ltd (SHIPROCKET)
Key takeaways
- Shiprocket's consolidated revenue rose +13.77% QoQ to Rs 673.65 cr, while expenses grew +12.16%.
- Operating margin improved 1.45 percentage points QoQ to -0.39%, but operating profit remained negative at Rs -2.62 cr.
- Net profit of Rs 0.59 cr was supported by other income equal to 3366.10% of pre-tax profit, with a 0.00% tax rate.
Price around the results
Revenue growth narrowed Shiprocket's operating loss
In consolidated Q2FY27, revenue grew +13.77% QoQ while expenses increased +12.16%, reducing the operating loss to Rs 2.62 cr from Rs 10.87 cr in Q1FY27. Net profit moved to Rs 0.59 cr from a Rs 13.71 cr loss, while EPS improved to Rs 0.01 from Rs -0.21.
Margin improved, but profit quality remains weak
Because expenses grew more slowly than revenue, operating margin improved by 1.45 percentage points to -0.39%; operating profit was still negative. Interest expense fell -24.11% QoQ, partly offset by depreciation growth of +16.55%. Other income was 3366.10% of pre-tax profit, and the 0.00% tax rate also supported reported net profit.
Shiprocket remained well below the sector margin
The operating margin improved from -1.84% in Q1FY27 to -0.39% in Q2FY27, the first sequential direction available in the reported trend. Shiprocket's margin was 12.14 percentage points below the 11.75% median for the 231 Consumer Discretionary peers that had reported the quarter, ranking 21st from the bottom.
Management highlighted carrier-neutral AI tools and merchant growth
Management said the platform is carrier-neutral and uses AI to select the best carrier for each order. The company said active merchants reached 236,116 in Q2FY27, extending the operating scale alongside the quarter's revenue growth.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹674 cr | ₹592 cr | +13.77% |
| Other income | ₹20 cr | ₹14 cr | +45.18% |
| Expenses | ₹676 cr | ₹603 cr | +12.16% |
| Operating profit | ₹-3 cr | ₹-11 cr | +75.90% |
| Operating margin (%) | -0.39% | -1.84% | — |
| Interest | ₹5 cr | ₹6 cr | -24.11% |
| Depreciation | ₹12 cr | ₹10 cr | +16.55% |
| Profit before tax | ₹1 cr | ₹-14 cr | — |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹1 cr | ₹-14 cr | — |
| EPS (₹) | ₹0.01 | ₹-0.21 | — |
Operating margin of -0.39% compares with a Consumer Discretionary sector median of 11.75% across 231 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Active merchants reached 236,116 in Q2 FY27.
New initiatives
- The platform uses AI to select the best carrier for each order.
Competition
- The platform is carrier-neutral.
What to watch
- Whether operating margin moves above the Q2FY27 level of -0.39%.
- Active merchants relative to the Q2FY27 count of 236,116.
- Whether reported profit remains supported by other income equal to 3366.10% of Q2FY27 pre-tax profit.