What the company does
The core business aggregates third-party logistics capacity and provides shipping, order management, returns and related software to online merchants. The platform is asset-light relative to an owned delivery network, but service quality and unit economics remain dependent on courier partners.
Emerging businesses include fulfilment and warehousing, cross-border shipping, cargo, checkout and marketing tools, hyperlocal delivery and connections to merchant-capital providers. These widen the merchant proposition but several remain subscale or loss-making.
Core business generated 73.38% of FY26 revenue and emerging businesses 26.62%. The core segment's adjusted EBITDA was ₹186.64 crore, while emerging businesses lost ₹168.99 crore on the same adjusted basis.
The platform supported 214,769 active merchants and 202.08 million unique transactions in FY26. Only 10,090 were power merchants, but their average revenue rose to ₹17.8 lakh from ₹12.8 lakh in FY24.
The core platform served 69.58 million end consumers in FY26, including 40.20 million repeat consumers. The repeat rate increased to 57.78% from 46.79% in FY24, an issuer-defined engagement signal that still needs to translate into merchant retention and reported profitability.
Merchant revenue is diversified: the largest merchant generated 2.83% of FY26 revenue and the top 20 generated 17.65%. Operational supply is more concentrated, with the top five of 42 active couriers handling 84.50% of shipments.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹1,315.98 Cr | ₹-495.89 Cr | ₹-595.18 Cr | ₹1,284.16 Cr | ₹213.27 Cr | ₹2,051.22 Cr |
| FY25 | ₹1,632.01 Cr | ₹-17.16 Cr | ₹-74.45 Cr | ₹1,491.23 Cr | ₹244.67 Cr | ₹2,308.62 Cr |
| FY26 | ₹2,024.14 Cr | ₹-16.56 Cr | ₹-79.25 Cr | ₹1,524.29 Cr | ₹242.01 Cr | ₹2,504.77 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY24–FY26 revenue CAGR
24.0%
Derived from restated revenue from operations of ₹1,315.98 crore and ₹2,024.14 crore.
FY26 statutory EBITDA margin
−0.82%
Statutory EBITDA remained negative at ₹16.56 crore; company-defined adjusted EBITDA was positive ₹17.65 crore.
FY26 PAT margin
-3.92%
The loss narrowed sharply versus FY24 but increased from ₹74.45 crore in FY25 to ₹79.25 crore in FY26.
FY26 debt/equity
0.16×
Borrowings were ₹242.01 crore; ₹210 crore of fresh proceeds is earmarked for repayment or prepayment including interest.
FY26 operating cash flow
₹52.64 crore
Improved from ₹1.90 crore in FY25 and negative ₹215.99 crore in FY24, but receivables increased ₹94.86 crore in FY26.
FY26 gross receivables / ECL
₹287.88 / ₹51.38 crore
The loss allowance was 17.9% of gross trade receivables; ₹9.31 crore was written off during FY26.
Cash held for customers
₹111.96 crore
60.6% of FY26 cash and cash equivalents was in current accounts for amounts payable that had been collected on behalf of customers.
FY26 repeat-consumer rate
57.78%
40.20 million of 69.58 million core end consumers were repeat users, up from 46.79% in FY24.
FY26 unique transactions
202.08 million
Up 23.0% from 164.35 million in FY25; active merchants numbered 214,769.
FY26 power-merchant ARPU
₹17.8 lakh
Up from ₹14.4 lakh in FY25 and ₹12.8 lakh in FY24 across 10,090 power merchants.
Top-five courier share
84.50%
149.13 million shipments were handled by the five largest of 42 active courier partners.
Top-20 merchant share
17.65%
Merchant revenue is much less concentrated than logistics supply; the largest merchant contributed 2.83%.
FY26 cash-conversion cycle
−10.34 days
Issuer-defined DSO less DPO; the measure improved cash timing but deteriorated from −29.22 days in FY25.
Merchant compensation paid
₹53.11 crore
For lost, damaged or stolen shipments and proof-of-delivery disputes; the issuer says it recovers these amounts from partners in full.
Fresh-share dilution
12.55% of post capital
9,12,99,203 new shares within BSE's confirmed 72,75,77,587-share post-offer capital.
OFS / post-offer capital
10.37%
The 7,54,62,363-share secondary sale is distinct from the 12.55% fresh-share dilution; the full offer is 22.92% of post-offer capital.
Full investor exits
5 of 10 sellers
LR India, Moore Strategic Ventures, Agility International, 500 Startups and AFOS sell all 4,27,27,314 shares they held, equal to 56.62% of the OFS.
Individual sellers retained
7.33% combined
After the OFS, Saahil Goel retains 2,45,31,697 shares, Gautam Kapoor 2,45,31,431 and Vishesh Khurana 42,39,395.
Seller WACA range
₹0.27–₹163.14
At the ₹97 issue price, LR India (₹133.94), Moore (₹143.82) and AFOS (₹163.14) sell below disclosed WACA before transaction costs.
NSE / BSE first-day outcome
₹143.45 / ₹143.50
NSE close and BSE 4:00 p.m. end-of-session value, equal to +47.89% and +47.94% versus ₹97. Official exchange values are preserved separately.
What stands out
- Revenue from operations increased 24% in both FY25 and FY26, while contribution margin improved to 18.34% from 15.00% in FY24.
- The core platform combines shipping, fulfilment, returns and merchant software, creating opportunities for cross-sell and higher merchant retention.
- An asset-light aggregation model can scale without owning a nationwide vehicle fleet, provided carrier pricing and service levels remain favourable.
- The ₹210 crore debt-repayment allocation can reduce finance costs, while ₹365.60 crore for platform growth supports technology and go-to-market investment.
Key concerns
- The company remains loss-making. Statutory EBITDA was negative in all three disclosed years—₹495.89 crore in FY24, ₹17.16 crore in FY25 and ₹16.56 crore in FY26—even though adjusted EBITDA turned positive.
- Adjusted EBITDA excludes share-based payments and rent adjustments. FY26 share-based payment expense alone was ₹112.34 crore, so adjusted EBITDA should not be treated as equivalent to statutory profitability or cash flow.
- The top five courier partners handled 84.50% of FY26 shipments, up from 83.33% in FY25. The arrangements are non-exclusive, creating pricing, capacity, service-quality and counterparty concentration.
- Courier partners and marketplaces may compete directly with parts of Shiprocket's merchant proposition. The company does not fully control last-mile execution, lost or damaged shipments, weight disputes or delivery experience.
- Emerging businesses broaden the addressable market but remain smaller and, in aggregate, are not yet profitable. Expansion can dilute consolidated margins and absorb cash.
- Acquisitions have added goodwill, intangible assets and integration complexity. Goodwill was ₹915.32 crore, or 36.54% of FY26 assets, after FY24 impairment charges.
- Shiprocket Omuni and Swiftly/Wigzo generated FY24 goodwill impairments of ₹124.64 crore and ₹52.10 crore respectively after performance fell below acquisition plans. No further impairment was recorded in FY25 or FY26, but the ₹915.32 crore goodwill balance remains dependent on future cash-flow assumptions.
- The FY26 audit report says audit-trail logging was not enabled for certain deleted or changed transactions and at database level across the company and subsidiaries. Management committed to system configuration and control enhancements, which should be verified after listing.
- Merchant compensation for lost, damaged, stolen or disputed shipments reached ₹53.11 crore in FY26 from ₹28.03 crore in FY24. The issuer says partner recoveries make this economically neutral, but timing differences, disputes and counterparty failure can still affect working capital and service quality.
- Gross trade receivables were ₹287.88 crore against a ₹51.38 crore expected-credit-loss allowance at FY26, and ₹9.31 crore was written off during the year. The 17.9% allowance ratio makes collection quality a material part of the cash-conversion analysis.
- ₹111.96 crore of the ₹184.74 crore cash balance was collected on behalf of customers and remained payable. That portion should not be treated as unrestricted operating liquidity when assessing the balance sheet.
- Goodwill impairment testing uses five-year management forecasts, a 5% terminal growth rate and pre-tax discount rates of 16.41%–18.25%. The assumptions are consequential because goodwill was ₹915.32 crore and earlier acquisition plans already required large write-downs.
- The OFS represents about 45% of the total issue, while approximately 35% of the fresh issue is allocated to general corporate purposes.
- Shiprocket has no identifiable promoter. Five institutional sellers fully exit and the three individual sellers reduce their combined holding from 10.68% of pre-offer capital to 7.33% of post-offer capital; the dispersed ownership and continuing ESOP overhang increase the importance of board independence and capital-allocation discipline.
What to monitor after listing
- Reported EBITDA and operating cash flow, separately from company-defined adjusted EBITDA.
- Core-business contribution margin, merchant retention and shipment growth versus revenue per shipment.
- Active merchants, power-merchant count and ARPU, transactions per merchant and adoption of more than three products.
- Revenue and losses from emerging businesses, including cross-border, fulfilment, checkout and hyperlocal services.
- Share of logistics handled by the top five vendors and changes in carrier pricing or service levels.
- Receivable days, merchant balances, COD settlement exposure and cash conversion as the platform scales.
- Gross receivables, expected-credit-loss allowance, write-offs and recovery by ageing bucket.
- Cash collected on behalf of customers versus unrestricted cash and the related settlement liability.
- Actual repayment of borrowings, finance-cost savings and deployment of the platform-growth budget.
- Goodwill, intangible assets, impairment charges, share-based compensation and post-issue dilution.
- Closure of FY26 audit-trail control gaps and any auditor observations on database-level logging after listing.
- Merchant compensation, logistics-partner recoveries, proof-of-delivery disputes and courier concentration by volume.
- Post-listing delivery, liquidity and price convergence after the ₹143.45 NSE close and ₹143.50 BSE end-of-session value on 19 August.
- Post-listing ownership of MCP3, Tribe, Saahil Goel, Gautam Kapoor and Vishesh Khurana; employee-option exercises, further institutional exits and board accountability in a no-identifiable-promoter structure.
Valuation context
A P/E multiple is not meaningful because FY26 PAT and EPS were negative. EV/EBITDA is also not meaningful on reported FY26 EBITDA.
The final prospectus shows 72,75,77,587 post-offer shares. At ₹97 this implies market capitalisation of ₹7,057.69 crore and the issuer-disclosed FY26 market-cap-to-revenue multiple of 3.49×. The ₹143.45 NSE close implies approximately ₹10,437.10 crore and 5.16× FY26 revenue, while BSE's ₹143.50 4:00 p.m. value implies ₹10,440.74 crore and 5.16× revenue.
Offer price is about 2.93× the post-offer NAV of ₹33.12; the 19 August exchange end-of-session values are approximately 4.33× that NAV. P/E and EV/EBITDA are not meaningful because FY26 EPS and statutory EBITDA were negative.
Relevant operating references include Delhivery and other logistics or commerce-enablement platforms, but Shiprocket's aggregation model, merchant mix, acquired products and current loss profile limit direct comparability.
The valuation debate rests on sustainable core contribution margin, the path from adjusted to reported profitability, emerging-business losses and cash conversion rather than a headline earnings multiple.
The goodwill balance also embeds management forecasts with a 5% terminal growth assumption and 16.41%–18.25% pre-tax discount rates. Valuation support therefore depends partly on acquired businesses meeting cash-flow plans that were not achieved in earlier impairment tests.
Shiprocket IPO FAQs
What is the Shiprocket IPO price band?
The stated price band is ₹92–₹97; issue price ₹97. Offer terms should be checked against the final prospectus and exchange notices.
When does the Shiprocket IPO open and close?
The IPO is scheduled to open on 12 August 2026 and close on 14 August 2026. The stated listing date is 19 August 2026 on BSE and NSE.
What is the Shiprocket IPO issue size?
The stated total issue size is ₹1,617.48 Cr, comprising ₹885.5 Cr of fresh issue and ₹731.98 Cr of offer for sale.
What is the minimum lot for the Shiprocket IPO?
The stated minimum lot is 154 shares.
What do the latest Shiprocket financials show?
For FY26, the offer documents report revenue of ₹2,024.14 Cr, EBITDA of ₹-16.56 Cr and PAT of ₹-79.25 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the Shiprocket IPO analysis?
The company remains loss-making. Statutory EBITDA was negative in all three disclosed years—₹495.89 crore in FY24, ₹17.16 crore in FY25 and ₹16.56 crore in FY26—even though adjusted EBITDA turned positive.
How is the Shiprocket IPO valued?
A P/E multiple is not meaningful because FY26 PAT and EPS were negative. EV/EBITDA is also not meaningful on reported FY26 EBITDA.