Shiprocket Ltd(SHIPROCKET)

NSE: SHIPROCKETBSE: 544871

₹ 119.6-1.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,702 crWebsite: www.shiprocket.inUpdated: 24 Oct 2026

About

Shiprocket is India's largest new-age, end-to-end horizontal e-commerce enablement platform by revenue from operations in FY 2025-26, offering shipping, checkout, payments, marketing, financing, fulfillment, returns and cross-border trade as modules under one merchant relationship. The platform served 224,314 active merchants on a TTM basis as of Q1 FY27, processed 216 million transactions (TTM), and generated GMV of ₹346,618 million (TTM Q1 FY27). It listed on BSE and NSE with effect from August 19, 2026.^[1][2]

Business segments

Core business (shipping and related logistics) accounted for 70% of total revenue in Q1 FY27, with emerging business making up the remaining 30%, up from 24% one year earlier.^[2]
Emerging business comprises three sub-segments: Omnichannel (cargo and fulfillment), MarTech (ads and marketing solutions), and Cross-border (ShiprocketX). Omnichannel was the largest at 56.2% of emerging segment revenue in FY26.^[1]
Omnichannel grew 76.0% to ₹3,030 million in FY26; MarTech grew 212.5% to ₹838 million in FY26; Cross-border grew 13.8% to ₹1,394 million in FY26.^[1]

Key operating numbers

GMV grew 31% YoY in Q1 FY27 to a TTM base of ₹346,618 million; transactions grew 36% YoY in Q1 FY27 to a TTM base of 216 million.^[2]
Active merchants (TTM) reached 224,314 in Q1 FY27, up 14% YoY; ARPU grew 18% YoY in Q1 FY27.^[2]
Power merchants (TTM) stood at 10,170 in Q1 FY27 (from 10,282 a year prior); Power Merchant ARPU was ₹1.87 million, up 25% YoY.^[2]
Adjusted EBITDA per transaction improved from ₹0.22 to ₹1.45 YoY in Q1 FY27, reflecting operating leverage as overhead grows slower than revenue.^[2]
Contribution margin was 19.4% in Q1 FY27, up 124 bps YoY; Net Revenue Retention was 107.81% in FY26.^[2][1]
The platform generated approximately 12 billion monthly API hits as of FY26 and has processed 730 million+ cumulative unique transactions from October 2016 to March 2026.^[1]

Products and services

The platform is API and AI-led, with shipping, checkout, payments, marketing, financing, fulfillment, returns, and cross-border trade operating as modules under one merchant relationship.^[1]
MarTech powered ₹65,998 million of GMV through Fastrr Checkout in FY26. Cross-border (ShiprocketX) enabled ₹5,082 million of GMV for 5,884 merchants across 5 lanes and 146 countries in FY26.^[1]
Four new MarTech products launched in Q1 FY27: Quikpay (checkout conversion), Steal Deal (basket size), AI Assist (pre/post-order support automation), and AI Ads (ad creative generation).^[2]
AI capabilities include 83% return prediction accuracy, 93% checkout address pre-fill accuracy, and 78.51% delivery date accuracy as of FY26.^[1]

Network and operations

Shiprocket operates 13 warehouses and 9 offices (corporate, registered, and regional) nationally as of FY26, with no international locations.^[1]
The platform enables merchants to serve customers across 19,000+ pincodes in India and international shipping across 146 countries via ShiprocketX.^[1]
The platform has cumulatively served 155 million+ end consumers from October 2016 to March 2026.^[1]

Customers and distribution

96.73% of merchants self-onboarded onto the platform in FY26. The largest merchant accounts for less than 3% of total revenue, indicating low customer concentration.^[1]
Cross-sell penetration: 8.8% of core merchants were also buying emerging products in Q1 FY27, up 150 bps from 7.3% a year prior; merchants served via emerging grew 57% YoY to ~48,400 on a TTM basis.^[2]
Shiprocket's product catalogue is the 4th largest in India as of FY26.^[1]

Workforce

The company had 1,470 permanent employees as at March 31, 2026, up from 1,270 as at March 31, 2025, plus 2,578 contractual employees in March 2026.^[1]
Product and technology is the largest function at 353 employees (24.0%), followed by key account management at 344 (23.4%) as of FY26.^[1]

Recent developments

Shiprocket listed on BSE (stock code 544871) and NSE (stock code SHIPROCKET) with effect from August 19, 2026.^[1]
Emerging business revenue grew 70% YoY to ₹180 crores in Q1 FY27, lifting its share of total revenue from 24% to 30%; Omnichannel within emerging grew 92% YoY in Q1 FY27.^[2]
Cross-border revenue was down marginally in Q1 FY27 due to global macro volatility; management is focusing on higher-margin, profitable customers in that sub-segment.^[2]
Emerging segment contribution margin improved from 9.3% to 15.3% (+600 bps YoY) in Q1 FY27, while adjusted EBITDA margin for the segment improved 1,380 bps from -38.1% to -24.3%.^[2]

Market Cap

₹8,702 Cr

High / Low

₹157 / 117

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