Shiprocket FY26: Revenue Hits Rs 2,024.1 Crore

Revenue rose 24% YoY; Net Operating Cash Flow turned positive at Rs 52.6 crore.

Reader Takeaway: Strong core shipping profits support emerging business scaling, though consolidated losses persist due to aggressive new-segment investments.

What just happened

Shiprocket Limited has published its FY 2025-26 Annual Report, its first since its August 2026 IPO. The company reported consolidated revenue from operations of Rs 2,024.1 crore, a 24% increase from the previous year. While the company narrowed losses relative to revenue, it recorded a consolidated net loss of Rs 79.2 crore. A key milestone for the year was achieving a positive net operating cash flow of Rs 52.6 crore, compared to Rs 1.9 crore in FY25.

Why this matters

The results demonstrate the company's ability to maintain high top-line growth while improving fiscal discipline. The core domestic shipping business contributed 73.4% of revenue with a healthy 12.6% adjusted EBITDA margin, serving as the financial anchor for the firm's expansion into cross-border commerce, Martech, and omnichannel services. The growth in active merchants to 214,769 suggests continued platform stickiness.

What changes now

The company is transitioning its auditor to B S R & Co. LLP, pending shareholder approval at the 15th AGM scheduled for September 30, 2026. This change will span a five-year term ending in FY 2030-31.

Risks to watch

Investors should monitor the 'Emerging Business' segment, which reported an adjusted EBITDA loss of Rs 169 crore. Achieving profitability in these new growth areas remains the critical hurdle for reaching consolidated net income positive status.

Context metrics

Active merchants rose 30% to 214,769 during the fiscal year, with a net revenue retention rate of 107.8%.