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Section 04

Financial Analysis

Data as on FY25 / H1 FY26 Revenue, Profitability, Unit Economics, Zomato Acquisition

₹158B

GMV (H1 FY26)

Platform processed value

97.2M

Transactions

H1 FY26

1.45L

Active Merchants

Paying customers

Zomato
Acquirer
Strategic acquisition

Financial Overview

Shiprocket operates a platform business model with revenue derived from shipping margins (difference between carrier rates and merchant pricing), fulfillment fees, checkout transaction fees, and capital interest income. The company was acquired by Zomato in 2024, providing strategic synergies with Blinkit's logistics network and Zomato's delivery infrastructure. Detailed financial statements are available in the DRHP filing.

Revenue from Operations (FY23-H1 FY26)

ANALYST VIEW

FY25 Revenue: ₹16.32B (+24% YoY).

H1 FY26: ₹9.43B (+15.4% vs H1 FY25).

CAGR (FY23-25): 22.4%.

Core Business 75% of H1 FY26 revenue.

Emerging Business fastest growing at 52% H1 YoY.

Source: Shiprocket DRHP Get the data

Contribution Margin % Trend

Source: Shiprocket DRHP Get the data

Revenue Mix - Core vs Emerging (%)

Source: Shiprocket DRHP Get the data

Path to Profitability

Adjusted EBITDA turned positive in FY25 (₹70.28M) and continued in H1 FY26 (₹52.59M), driven by improving Core Business margins (21.07% CM) while Emerging Business CM improved from (3.61%) in FY23 to 9.71% in H1 FY26. Loss narrowed significantly from ₹5,952M in FY24 to ₹383M in H1 FY26.

Revenue from Operations – Core Business

16.17%

CAGR

FY23 - FY25

ANALYST VIEW

Core Business CM improved from 15.95% (FY23) to 21.07% (H1 FY26). Adj. EBITDA margin scaled from 0.08% to 12.36%.

Adj. EBITDA (₹M)

7.67

0.08%

Adj. EBITDA (₹M)

721.73

6.65%

Adj. EBITDA (₹M)

1,569.33

12.02%

Adj. EBITDA (₹M)

763.05

11.55%

Adj. EBITDA (₹M)

871.49

12.36%

Source: Shiprocket DRHP Get the data

Revenue from Operations – Emerging Business

64.03%

CAGR

FY23 - FY25

KEY INSIGHT

Emerging Business grew 51.99% H1 YoY. Cargo & Fulfillment is the largest segment at ₹1,272M (H1 FY26).

Source: Shiprocket DRHP Get the data

Emerging Business Segment Breakdown (₹ Million)

Segment	FY23	FY24	FY25	H1 FY25	H1 FY26	H1 YoY
Cargo & Fulfillment	₹944.23	₹1,411.64	₹1,721.33	₹835.50	₹1,272.37	+52.3%
Cross-Border	₹132.02	₹702.42	₹1,224.80	₹612.32	₹720.73	+17.7%
Ads & Marketing Solutions	₹134.17	₹194.97	₹268.24	₹108.76	₹323.55	+197.5%
Others	₹1.59	₹4.15	₹46.48	₹7.74	₹60.96	+687.6%
Total Emerging	₹1,212.01	₹2,313.18	₹3,260.85	₹1,564.32	₹2,377.61	+51.99%

Source: Shiprocket DRHP Get the data

Segment Revenue Dynamics

Core Business shows steady 16.17% CAGR with improving EBITDA margins (0.08% → 12.36%), demonstrating operating leverage. Emerging Business is scaling rapidly at 64.03% CAGR, with Cargo & Fulfillment as the anchor segment and Ads & Marketing showing explosive 197.5% H1 YoY growth. The diversification strategy is de-risking the business while maintaining Core profitability.

Profitability Trajectory

ANALYST VIEW

FY25: First profitable year (₹64.3M PAT).

EBITDA margin: -7.18% → +2.86% (FY23 to H1 FY26).

H1 FY26: ₹210.4M profit (+114% vs FY25 full year).

Operating leverage driving margin expansion.

Source: Shiprocket DRHP Get the data

Adjusted EBITDA by Segment (₹M)

Source: Shiprocket DRHP Get the data

Net Loss Reduction Trend (₹M)

Source: Shiprocket DRHP Get the data

Profitability Drivers

Core Business Adjusted EBITDA grew from ₹7.67M (FY23) to ₹871.49M (H1 FY26), while Emerging Business losses narrowed from ₹2,091.75M to ₹818.90M. The path to consolidated profitability depends on Emerging Business reaching breakeven while Core continues scaling profitably.

Unit Economics Analysis

Unit economics in shipping aggregation depend on scale (carrier rate negotiation), merchant mix (SMB vs enterprise), and product adoption (single vs multi-product merchants). Shiprocket's diversified merchant base (top merchant <5%) provides stable unit economics.

Key Unit Metrics (Estimated)

₹1,627

Avg. Order Value

GMV/Transactions

669

Txns/Merchant

H1 FY26 avg.

₹10.9L

GMV/Merchant

H1 FY26 avg.

<5%

Top Merchant %

Concentration

Unit Economics Drivers

Driver	Impact	Shiprocket Position
Carrier Rate Negotiation	Higher volume = better rates	Strong — largest aggregator by merchant count
Merchant Mix	SMBs have higher margins but churn	Primarily SMB/D2C — diversified base
Multi-Product Adoption	Cross-sell increases LTV	Building — Checkout, Fulfillment, Capital
Automation	Reduces cost per transaction	API-led, self-serve platform

Source: Analysis based on DRHP data Get the data

Operating Expenses – Ecosystem Partners

ANALYST VIEW

Merchant Solutions: ₹6,968.64M (H1 FY26)

Cost as % of Total: 69.06% — down from 69.34%

Employee Benefits: 18.43% — down from 24.16%

Total Expenses H1 FY26: ₹10,091.10M

Source: Shiprocket DRHP Get the data

Operating Expenses Breakdown (₹ Million)

Particulars	FY23	FY24	FY25	H1 FY25	H1 FY26
Cost of Merchant Solutions (A)	₹8,344.77	₹10,070.37	₹12,129.31	₹6,103.76	₹6,968.64
As % of Total Expenses (B=A/G)	58.65%	58.94%	69.34%	69.40%	69.06%
Payment Gateway Charges (C)	₹56.79	₹48.17	₹49.27	₹22.93	₹25.13
As % of Total Expenses (D=C/G)	0.40%	0.28%	0.28%	0.26%	0.25%
Warehousing Management Expenses (E)	₹350.99	₹241.89	₹227.74	₹96.72	₹128.76
As % of Total Expenses (F=E/G)	2.47%	1.42%	1.30%	1.10%	1.28%
Employee Benefits Expense (G)	₹3,437.65	₹4,307.91	₹3,149.16	₹1,603.40	₹1,859.88
As % of Total Expenses (H=G/K)	24.16%	25.21%	18.00%	18.23%	18.43%
Marketing Expenses (I)	₹235.90	₹188.63	₹211.72	₹100.01	₹167.54
As % of Total Expenses (J=I/K)	1.66%	1.10%	1.21%	1.14%	1.66%
Total Expenses (K)	₹14,227.57	₹17,086.35	₹17,492.70	₹8,795.05	₹10,091.10

Source: Shiprocket DRHP Get the data

Cost Structure as % of Total Expenses

Source: Shiprocket DRHP Get the data

Total Expenses Trend (₹M)

Source: Shiprocket DRHP Get the data

Cost Efficiency Analysis

Cost of Merchant Solutions dominates operating expenses at ~69%, reflecting the asset-light model where Shiprocket pays carrier partners for shipping services. Employee Benefits expense has declined significantly from 24.16% (FY23) to 18.43% (H1 FY26) of total expenses, demonstrating strong operating leverage as the platform scales. Warehousing costs remain modest at 1.28%, showing efficient fulfillment operations.

Select Financial Metrics

The following table sets forth select financial metrics for the period/Fiscals indicated.

Particulars	Units	H1 FY26	H1 FY25	FY25	FY24	FY23
Revenue - Core Business	₹ million	7,049.13	6,605.76	13,059.27	10,846.58	9,676.26
Revenue - Emerging Business	₹ million	2,377.61	1,564.32	3,260.85	2,313.18	1,212.01
Revenue from Operations	₹ million	9,426.74	8,170.08	16,320.12	13,159.76	10,888.27
Total Income	₹ million	9,707.87	8,371.98	16,748.21	13,578.33	11,268.98
CM % - Core Business ⁽¹⁾	%	21.07%	20.82%	21.09%	17.89%	15.95%
CM % - Emerging Business ⁽²⁾	%	9.71%	9.24%	9.47%	1.47%	(3.61%)
Total Expenses	₹ million	10,091.10	8,795.05	17,492.70	17,086.35	14,227.57
Restated Loss for period/year	₹ million	(383.23)	(423.07)	(744.49)	(5,951.81)	(3,593.08)
EBITDA Before Exceptional ⁽³⁾	₹ million	(93.86)	(105.91)	(171.60)	(2,515.10)	(2,446.45)
Adjusted EBITDA - Core ⁽⁴⁾	₹ million	871.49	763.05	1,569.33	721.73	7.67
Adjusted EBITDA - Emerging ⁽⁵⁾	₹ million	(818.90)	(749.16)	(1,499.05)	(2,001.29)	(2,091.75)
Adjusted EBITDA ⁽⁶⁾	₹ million	52.59	13.89	70.28	(1,279.56)	(2,084.08)

Notes:

(1) CM % - Core Business: Revenue from Operations - Core Business less cost of merchant solutions, communication cost, payment gateway charges, promotional cashback and incentive expenses, performance marketing costs and salary costs for Key Account Managers and Performance Marketing team pertaining to Core Business, divided by Revenue from Operations - Core Business.

(2) CM % - Emerging Business: Revenue from Operations - Emerging Business less Cost of Merchant Solutions, communication cost, promotional cashback & incentives expenses, performance marketing costs, fulfillment centre related cost and salary cost for Key Account Management team, warehouse management team and performance marketing team pertaining to Emerging Business, divided by Revenue from Operations - Emerging Business.

(3) EBITDA Before Exceptional Items: Restated loss for the period/year adjusted for tax expense, exceptional items, finance cost and depreciation and amortisation expense.

(4) Adjusted EBITDA - Core Business: Adjusted earnings before interest, taxes, depreciation and amortisation of Core business arrived at by reducing Cost of Merchant Solutions, Employee benefits expense (excluding Share Based Payment Expense), Other expenses, Rent expenses not included in Other expenses in accordance with Ind AS 116 – Leases of Core business from Revenue from Operations of Core business for the relevant period/Fiscal.

(5) Adjusted EBITDA - Emerging Business: Adjusted earnings before interest, taxes, depreciation and amortisation of Emerging business arrived at by reducing Cost of Merchant Solutions, Purchase of traded goods, Changes in inventories of traded goods, Employee benefits expense (excluding Share Based Payment Expense), Other expenses, Rent expenses not included in Other expenses in accordance with Ind AS 116 – Leases of Emerging business from Revenue from Operations of Emerging business for the relevant period/Fiscal.

(6) Adjusted EBITDA: Adjusted earnings before interest, taxes, depreciation and amortisation expense arrived at by reducing Cost of Merchant Solutions, Purchase of traded goods, Changes in inventories of traded goods, Employee benefits expense (excluding Share Based Payment Expense), Other expenses, Rent expenses not included in Other expenses in accordance with Ind AS 116 - Leases from Revenue from Operations for the relevant period/Fiscal.

Source: Shiprocket DRHP Get the data

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