Shiprocket Limited · NSE:SHIPROCKET
Shiprocket — Q2 FY2027 Earnings Presentation
29 slides from Shiprocket's earnings presentation, Nov 5, 2026
Slide 1: Cover letter to stock exchanges on investor presentation
Date: 05th November 2026 To, BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544871 NSE Scrip Symbol: SHIPROCKET Subject: Investor Presentatio
Slide 2: Simplifying Commerce: Earnings Presentation Q2 FY2027
Simplifying Commerce Earnings Presentation Q2 FY2027
Slide 3: Safe Harbour and Disclaimer
Safe Harbour and Disclaimer This presentation contains statements that are, or may be deemed to be, forward-looking statements, including statements relating to the Company's business objectives, strategy, growth prospects, product and service expansion, estimates of revenue and margin, future finan
Slide 4: Structural shift of India's retail MSMEs from offline to digital
The structural shift of India’s ~60 Mn retail MSMEs moving from offline to digital 300-320 Mn ~8% → ~15% Online shoppers today Share of online commerce Today → 2030 OUR VIEW We continue to be bullish on D2C and QCom in India ~60 Mn ~45% Retail MSMEs in India Of India’s online retail GMV comes from T
Slide 5: One platform running the full commerce stack
ONE PLATFORM Shiprocket runs the full commerce stack for Indian direct commerce Discovery Data Payments . Fulfilment CX, Returns ud 3 Shipping Money Trust 250+ partners powering the ecosystem for commerce 42 courier partners, one platform
Slide 6: Q2 FY27 key financial numbers continue to improve
Q2 FY27 | Key financial numbers continue to improve Overall Business Core Business Emerging Business ₹ 6,736 Mn ₹ 4,615 Mn ₹ 2,122 Mn Revenue Revenue Revenue +35% YoY +25% YoY +61% YoY ₹ 142 Mn ₹ 591 Mn ₹ (449) Mn Overall Adj EBITDA Adj. EBITDA Adj. EBITDA 2.1% margin 12.8% margin (21.2%) margin Net
Slide 7: Q2 FY2027 revenue up 35% YoY, PAT turns positive
Q2 FY2027 | Revenue up 35% YoY, PAT turns positive Quarterly Growth Metrics Broad-Based Volume Growth Platform growing steadily TTM Metrics 33% GMV 35% Revenue Q2 FY2027 233 Mn Transactions processed 34% Transactions 8% 25% Merchants ARPU 373,987 Mn GMV Operating leverage on account of platform scal
Slide 8: Revenue up 35% YoY, with contribution margin at 19.3%
Revenue up 35% YoY, with contribution margin 108 bps higher at 19.3% Revenue from Operations (₹ Mn) Contribution Margin (₹ Mn) YoY: +35% YoY: +43% QoQ: +14% QoQ: +13% 6,736 1,300 5,921 1,151 5,002 911 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 M ARG IN % 18.2% 19.4% 19.3% All figures are in ₹ M
Slide 9: Adjusted EBITDA up ~3.3x YoY to ₹142 Mn; PAT positive
Adjusted EBITDA up ~3.3x YoY to ₹142 Mn; PAT turns positive at ₹6 Mn Adjusted EBITDA (₹ Mn) PAT (₹ Mn) YoY: +₹209 Mn YoY: +231% QoQ: +₹143 Mn QoQ: +59% 6 142 89 43 (137) (203) Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 M ARG IN % 0.9% 1.5% 2.1% M ARG IN % (3.9%) (2.3%) 0.1% All figures are in ₹
Slide 10: PAT turned positive at ₹6 Mn in Q2 FY27
PAT turned positive at ₹6 Mn in Q2 FY27 PAT movement, Q2 FY26 to Q2 FY27 (₹ Mn) +55 +4 6 +50 +99 (203) PAT Q2 FY26 Increase in Adj. Lower share-based Higher other income Other movements PAT Q2 FY27 EBITDA payment expense All figures are in ₹ Mn unless stated otherwise. Non-GAAP measures are reconcil
Slide 11: Profit Engine and Growth Engine product suite
CHECKOUT & SHIPPING CROSS BORDER OMNICHANNEL MARTECH Shiprocket Shiprocket Shiprocket Shiprocket Shiprocket Delivery Boost Early COD Checkout Cross Border Fulfilment Shiprocket Shiprocket Shiprocket Shiprocket Secure Brand Boost Ads Omuni Shiprocket Shiprocket Engage+ Cargo Multi-courier aggregation
Slide 12: Core: revenue up 25% YoY, Adjusted EBITDA margin 12.8%
Core | Revenue up 25% YoY at an Adjusted EBITDA margin that widened to 12.8% Revenue from Operations (₹ Mn) Contribution Margin (₹ Mn) Adjusted EBITDA (₹ Mn) Growth (YoY) YoY: +25% YoY: +25% YoY: +29% QoQ: +12% QoQ: +11% QoQ: +12% 4,615 4,117 591 972 3,683 874 527 778 459 +31% Transactions Q2 FY26 Q
Slide 13: The intelligence layer powering our Core Business
The intelligence layer powering our Core Business CORE BUSINESS 31% Transactions Growth Multiple carriers, one platform We route each order to the courier best placed to deliver it AI picks the partner, per order Allocation engine learns from millions of deliveries: cost, speed and performance at ev
Slide 14: Domestic Shipping: logistics intelligence powered dashboard
Domestic Shipping | Logistics intelligence powered dashboard 37.97% Pincode-level stress score Proactive shipment alerts Merchant can now use the AI powered tool to measure the current stress at delivery pin Merchant now get proactive alerts on shipments which are under code for each courier stresse
Slide 15: Domestic Shipping: Agentic
Domestic Shipping | Agentic W H AT I T D O E S Merchants can work with the Analytics Agent in parallel to their dashboard to get insights 14
Slide 16: Appointment based deliveries for Qcom powering Omnichannel
Appointment Based Deliveries for Qcom powering Omnichannel +79% Q 2 F Y 2 7 Y o Y G r o w t h HO W I T W O R K S : S L O T T E D R E P L E NI SH ME N T O F Q UI CK - C O MME R C E DA R K ST O R E S S HIP R O CK E T PL A Y Booked slot · 11:00 AM Merchant warehouse Appointment-based delivery Blinkit w
Slide 17: Martech, rebranded as Fastrr, powering TTM GMV of ₹91,400 Mn
Martech, now rebranded as Fastrr, powering TTM GMV of ₹91,400 Mn +102% Q 2 F Y 2 7 Y o Y G r o w t h WHAT WE D O RIG HT TO WIN P O T E NT I A L We help merchants advertise and We build on data and merchants Most Shiprocket merchants are yet convert shoppers already on Shiprocket to adopt Martech Dat
Slide 18: Emerging: revenue up 61% YoY, Adjusted EBITDA margin better
Emerging | Revenue up 61% YoY, Adjusted EBITDA margin better by ~1,000 bps Revenue from Operations (₹ Mn) Contribution Margin (₹ Mn) Adjusted EBITDA (₹ Mn) Revenue Growth (YoY) YoY: +61% YoY: +147% YoY: +8% +102% QoQ: +18% QoQ: +18% QoQ: +3% Martech 327 2,122 +79% 277 1,804 1,319 Omnichannel 133 +9%
Slide 19: A wider base buying more of the stack: cross-sell up
A wider base buying more of the stack: cross-sell up 140 bps YoY % of Core Business Merchants using Emerging Products Merchants served via Emerging Business YoY: +140 bps YoY: +75% QoQ: 50 bps QoQ: +28% 9.3% 62,025 8.8% 48,406 35,454 7.9% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Merchants ser
Slide 20: Aitlas: GEO analysis tool for merchants
Aitlas| GEO analysis tool for merchants W H AT I T D O E S Tracks how your brand appears across ChatGPT, Gemini, AI Overviews, and AI Mode then helps you improve that position automatically. 19
Slide 21: Martech: Prompt driven retargeting journeys
Martech | Prompt driven retargeting journeys W H AT I T D O E S Merchant can build or change a journey on various platform just by describing what 20
Slide 22: Martech: New payments and discount nudges
Martech | New payments and discount nudges W H AT I T D O E S Customers can Share Payment Link to friends or family from checkout | Best offers now show up right on the product page 21
Slide 23: Segment Performance: Q2 FY26 vs Q2 FY27
Segment Performance: Q2 FY26 vs Q2 FY27 CORE E M E RG IN G TOTAL Pa rt icu la r s Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Revenue from Operations 3,683 4,615 1,319 2,122 5,002 6,736 Contribution Margin 778 972 133 327 911 1,300 Contribution Margin % 21.1% 21.1% 10.1% 15.4% 18.2% 19.3% Cost b
Slide 24: H1 FY2027: revenue up 34% YoY, Adj. EBITDA up 4.4x
H1 FY2027 | Revenue up 34% YoY, Adj. EBITDA up 4.4x, loss narrowed by ₹252 Mn CORE E M E RG IN G TOTAL Pa rt icu la r s (₹ Mn) H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 Revenue from Operations 7,049 8,732 2,378 3,925 9,427 12,657 Contribution Margin 1,485 1,846 231 604 1,716 2,451 Contribution
Slide 25: For any queries, please write to us
For any queries, please write to us at investors@shiprocket.com 24
Slide 26: Key Performance Indicators
Key Performance Indicators Metrics Unit Q2 FY26 Q1 FY27 Q2 FY27 Active Merchants* Count 194,435 224,314 236,116 Power Merchants* Count 10,333 10,170 10,150 Power Merchant ARPU* ₹ Mn 1.51 1.87 1.91 End consumers served* Mn 64 73 78 New end consumers served* Mn 29 30 34 Repeat end consumers served* Mn
Slide 27: Reconciliation: Adjusted EBITDA Bridge
Reconciliation | Adjusted EBITDA Bridge (in ₹ Mn, except as indicated otherwise) Particulars Q2 FY26 Q1 FY27 Q2 FY27 Revenue from Operations (A) 5,002 5,921 6,736 Add: Other income (B) 143 137 199 Less: Employee benefit expenses (C) 959 1,065 1,039 Less: Other expenses (D) 4,241 4,964 5,724 EBITDA b
Slide 28: Financials: Cash Flow Summary
Financials | Cash Flow Summary Particulars (₹ Mn) H1 FY26 H1 FY27 Profit / (Loss) Before Tax (383) (131) Adjustments for Non-cash and Non-operating Items 573 576 Operating Cash Flow Before Working Capital Changes 190 444 Working Capital Changes 105 32 Cash Flow from Operating Activities (Before Taxe
Slide 29: Financials: Balance Sheet Summary
Financials | Balance Sheet Summary Particulars (₹ Mn) 31 Mar 2026 30 Sep 2026 ASSETS Property, Plant & Equipment 245 235 Right-of-Use Assets 886 887 Goodwill & Intangible Assets 9,158 9,157 Cash & Bank Balance* 1,881 4,203 Other Financial Assets 8,160 13,183 Trade Receivables 2,365 2,759 Investments