Shiprocket Achieves Rs 2,000 Crore Revenue Milestone in FY26

Shiprocket, a logistics and e-commerce enablement platform, reached a remarkable milestone of over Rs 2,000 crore in revenue for the fiscal year 2026. The company experienced a 24% year-on-year increase in operating revenue, although its losses expanded by 7% to Rs 79 crore as it prepares for its upcoming public listing.

Financial Overview

The financial results revealed that Shiprocket’s operating revenue rose to Rs 2,024 crore in FY26, compared to Rs 1,632 crore in the previous fiscal year, as per the financial statements shared in the Red Herring Prospectus. The growth in Shiprocket’s core business, which includes its domestic shipping platform and a range of technological services, was recorded at 13.7% year-on-year, yielding Rs 1,485 crore. This segment represented 73.4% of the total operating revenue.

Emerging Business Growth

Shiprocket’s emerging business areas, covering its cross-border platform, marketing initiatives, and omnichannel solutions, generated an additional Rs 539 crore, showing a significant 65% growth year-on-year. Furthermore, the firm garnered Rs 53 crore from various non-operating sources, such as interest earnings on fixed deposits, bringing its total income for the year to Rs 2,077 crore.

Cost and Expenditure Analysis

Shiprocket’s most substantial expenditure involved materials consumed, which surged 24.1% year-on-year to Rs 1,515 crore in FY26. Employee benefit expenses were reported at Rs 380 crore, which included Rs 112 crore allocated for Employee Stock Option Plans (ESOPs). The company also incurred server and communication costs amounting to Rs 58 crore, while advertising and promotional expenses spiked by 71% year-on-year, reaching Rs 36 crore.

Overall Financial Performance

With revenue and expenses rising at comparable rates, Shiprocket’s net loss increased slightly by 7% to Rs 79 crore in FY26, compared to Rs 74 crore the previous year. Notably, the loss accounted for Rs 112 crore in ESOP-related expenses. The business model showed that Shiprocket spent Rs 1.06 to generate every rupee of operating revenue, a slight improvement from Rs 1.07 the prior year. The company’s EBITDA margin was reported alongside a Return on Capital Employed (ROCE) of -6.39% for FY26.

IPO Size Reduction

As of March 2026, Shiprocket reported current assets amounting to Rs 1,017 crore, which included cash and bank balances of Rs 188 crore. Furthermore, the company has scaled down the size of its Initial Public Offering (IPO) by 31%, reducing it to Rs 1,617.48 crore from the initial proposal of Rs 2,342.35 crore in the Draft Red Herring Prospectus. This adjustment involved a decrease in the fresh issue to Rs 885.5 crore from Rs 1,100 crore, alongside a reduction of the Offer For Sale (OFS) component to Rs 731.98 crore from Rs 1,242.35 crore.