Shiprocket Q1 FY2027: Revenue jumps 34%, EBITDA rises ninefold as digital commerce growth accelerates

Shiprocket Limited, India’s largest e-commerce enabler by revenue, reported strong financial results for Q1 fiscal 2027, ending June 30, 2026. The company’s total revenue from operations surged 34% year-over-year to ₹5,921 million, accelerating from a 24% growth rate in the prior fiscal year. Adjusted EBITDA surged nearly ninefold to ₹89 million, reflecting an 822% increase from ₹10 million in the same quarter of the previous year, while the adjusted EBITDA margin expanded to 1.5% from 0.2%. Loss before tax narrowed to ₹137 million from ₹180 million, marking a 24% improvement. Core business revenue grew 22% year-over-year to ₹4,117 million, while emerging business revenue surged 70% to ₹1,804 million, now accounting for roughly 30% of total revenue—up from 24% the prior year. Contribution margin expanded to ₹1,151 million, a 43% year-over-year increase, reaching 19.4%, a 124-basis-point improvement from the prior quarter. The company processed 216 million transactions over the trailing twelve months, with gross merchandise value (GMV) reaching ₹346,618 million, up 36% year-over-year. Active merchants grew to 224,314, a 14% increase, with merchants using emerging products rising to 48,406, a 57% year-over-year jump. Emerging business revenue drivers included MarTech revenue growth of 193% and omnichannel revenue growth of 92%. The company’s average revenue per user climbed 18% year-over-year, while adjusted EBITDA per transaction improved to ₹1.5 from ₹0.22 in the prior year. Transaction volume and merchant adoption underscore Shiprocket’s expanding scale, with over 730 million transactions processed since inception across 19,000+ PIN codes, serving more than 155 million consumers. The company’s ecosystem includes 250+ partners and 42 courier partners, and less than 3% of revenue comes from its largest merchant, mitigating concentration risk. Shiprocket’s financial performance reflects broader trends in India’s digital commerce sector, where an estimated 60 million retail micro, small, and medium enterprises (MSMEs) are shifting to online platforms, and e-commerce’s share of total retail is projected to grow from 8% to 14–15% by 2030, with 45% of online retail GMV coming from Tier 2+ cities. Shiprocket’s acquisitions of Rocketbox, Glaucus, Pickrr, and Omuni in fiscal years 2022 and 2023 have contributed to its rapid expansion. Following the presentation, Shiprocket’s share price rose 2.38% to $138.43.