Shiprocket LimitedLogistics & TransportationSHIPROCKET
Q1 FY27 concall · earnings callShiprocket Limited
Q1 FY27 revenue grew nearly 34% to INR592 crores on 36% transaction growth, with core up 22% and emerging up 70%, while contribution margin outgrew revenue and adjusted EBITDA rose to INR8.9 Crore.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹592 Cr | +34% YoY | |
| Core revenue | ₹412 Cr | +22% YoY | |
| Emerging revenue | ₹180 Cr | +70% YoY | |
| Adjusted EBITDA | ₹8.9 Cr | +9x YoY | |
| TTM transactions processed | 216 million | — |
TL;DR
- Transactions grew 36% and GMV grew 31%, with revenue up nearly 34% versus 24% growth in FY26.
- Merchants were up 14% and ARPU was up 18%, with cross-sell of emerging into core base rising from 7.3% to 8.8%.
- Core revenue was INR412 crores up 22% with adjusted EBITDA of INR52.7 crores at 12.8% margin; emerging revenue was INR180 crores up 70% with adjusted EBITDA improving from negative 38% to negative 24%.
- Contribution margin grew 43% YoY and 10% sequentially, and adjusted EBITDA per transaction improved from INR0.22 to INR1.45.
- Loss before tax narrowed from INR18 crores negative to INR13.7 crores negative.
Said on the call
“every order is incremental to the bottom line”
From the Q&A
| Topic | What management said |
|---|---|
| Core growth and margin sustainability | Management said contribution reflects mix of enterprise versus long-tail, shipment modes and zones plus operating leverage, and expects it to maintain around current range with leverage accruing over time as every incremental core transaction is margin-accretive after overheads. |
| Emerging mix and path to breakeven | Management said MarTech is higher margin and growing fastest off a small base, emerging contribution margin improved from 9.3% to 15.3% and adjusted EBITDA from negative 38% to negative 24%, driven by mix shift and operating leverage, but declined to give a breakeven timeframe. |
| Core CAC increase | Management said CAC moves with experiments across digital, content and inside-sales onboarding, is not seasonal, breaks even in a short span, and is not expected to trend ever higher. |
| Power merchant count versus ARPU | Management said larger D2C merchants grew faster this quarter while overall TTM merchant base expanded to 2,24,000 plus, with the broader base acting as a funnel for future power merchants. |
| Seasonality | Management said Q3 is typically not the best quarter because direct-channel merchants pull back marketing and redirect inventory to marketplaces during peak e-commerce season; otherwise no major seasonality. |
| Disintermediation and realization by cohort | Management said pricing is volume-based and routing across 42 courier partners using data from over 700 million transactions retains value for large brands, while enablement and single-platform access retains smaller merchants. |
Source
Summary written from the transcript filed by Shiprocket Limited for the call held on 8 Sept 2026; published 11 Sept 2026, 22:34 IST.
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