Shiprocket Posts First Profit as Revenue Climbs 35% to Rs 674 Cr

Shiprocket reported a net profit of Rs 60 lakh in Q2 FY27, reversing a net loss of Rs 20.30 crore in the same quarter a year earlier. The New Delhi-based logistics and e-commerce enablement firm grew operating revenue 34.8% year-on-year, according to its consolidated financial statements sourced from the NSE.

Revenue from operations rose to Rs 674 crore in Q2 FY27 from Rs 500 crore in Q2 FY26. The company added Rs 20 crore in other income, taking total income for the quarter to Rs 694 crore.

How did each business segment perform?

The core business segment remained the largest revenue contributor. It grew 25.3% year-on-year to Rs 461.5 crore in Q2 FY27.

The emerging business segment grew far faster, at more than double the core segment's pace. This unit, which houses cross-border shipping, omnichannel fulfilment, hyperlocal delivery and e-commerce enablement tools such as checkout and marketing technology, surged 60.6% to Rs 212 crore from Rs 132 crore in Q2 FY26.

The split now stands at roughly Rs 461.5 crore from core logistics against Rs 212 crore from the newer lines. In other words, the emerging segment has climbed to nearly half the size of the core business in a single year.

What happened to costs?

Total expenses grew 29.5% to Rs 693 crore in Q2 FY27, up from Rs 535 crore in Q2 FY26. That growth ran below revenue growth of 34.8%, which explains the swing to profit.

The cost lines moved unevenly:

• Cost of materials consumed, the largest expense, rose 29.8% to Rs 474-crore-adjacent territory at Rs 479 crore, from Rs 369 crore a year ago.
• Employee benefit expenses increased 8.3% to Rs 104 crore from Rs 96 crore.
• Depreciation jumped 47% to Rs 11.76 crore from Rs 8 crore.
• Other expenses climbed 58.1% to Rs 98 crore from Rs 62 crore.

The payroll line is the outlier. Staff costs grew 8.3% while revenue grew 34.8%, so the company added income faster than headcount-related spend by a factor of four.

What does the first-half picture show?

The quarterly profit did not come out of nowhere. For the first half of FY27, Shiprocket's operating revenue grew 34.3% to Rs 1,266 crore from Rs 943 crore in H1 FY26. Its net loss narrowed 65.8% to Rs 13.12 crore from Rs 38.32 crore during the same period.

The trajectory is clear: losses shrank sharply through H1, and the second quarter crossed into profit. If the current pace holds, the H1 loss of Rs 13.12 crore implies the June quarter absorbed a loss of roughly Rs 13.7 crore, meaning the September quarter erased it entirely and then some.

How did the market respond?

Shiprocket's shares traded at Rs 131.50 as of 1:07 PM, giving the company a market capitalisation of approximately Rs 9,593 crore.

The market is valuing Shiprocket at about 14 times its annualised H1 FY27 revenue of Rs 1,266 crore. That multiple now rests on a business that has demonstrated it can print a profit while still compounding revenue above 30%.

The test for the next quarter is whether the emerging segment, growing at 60.6%, keeps scaling without reigniting the cost base that took total expenses to Rs 693 crore.