Logistics Unicorn Reports 24% Revenue Growth, While Loss Widens Marginally to Rs 79 Crore Amid Higher Investments
Zomato-backed logistics and e-commerce enablement platform Shiprocket crossed the Rs 2,000 crore revenue milestone in FY26, reporting healthy growth across its core and emerging businesses. While the company continued to scale ahead of its planned public listing, its net loss widened marginally due to increased investments in operations, employee costs, and technology.
According to its financial statements disclosed in the Red Herring Prospectus (RHP), Shiprocket’s operating revenue grew 24% year-on-year to Rs 2,024 crore in FY26, compared to Rs 1,632 crore in FY25.
Core Business Remains Revenue Driver
Shiprocket continued to generate the majority of its revenue from its core logistics platform, which includes domestic shipping services and value-added technology solutions.
Revenue from this segment increased 13.7% year-on-year to Rs 1,485 crore, accounting for 73.4% of the company’s total operating revenue.
Meanwhile, its emerging businesses delivered stronger momentum. These include the company’s cross-border shipping platform, omnichannel commerce solutions, and marketing services, which collectively generated Rs 539 crore, registering an impressive 65% year-on-year growth.
Apart from operating income, Shiprocket earned Rs 53 crore from non-operating sources, primarily interest on fixed deposits, taking its total income to Rs 2,077 crore during FY26.
Employee Costs, Logistics and Marketing Expenses Rise
On the expenditure side, materials consumed remained Shiprocket’s largest cost component, increasing 24.1% to Rs 1,515 crore, broadly in line with business growth.
The company spent Rs 380 crore on employee benefits, which included Rs 112 crore towards employee stock option (ESOP) expenses.
Technology infrastructure also remained a significant investment area, with server and communication expenses reaching Rs 58 crore.
To strengthen brand visibility and customer acquisition, advertising and promotional expenditure jumped 71% year-on-year to Rs 36 crore.
Additional spending on warehouse management, finance costs, depreciation and amortisation, along with other operational overheads, pushed total expenditure up 23% to Rs 2,153 crore, compared to Rs 1,749 crore in FY25.
Loss Widens Marginally Despite Higher Revenue
Although Shiprocket delivered robust revenue growth, the pace of expense growth remained similar during the fiscal year.
As a result, the company’s net loss increased 7% to Rs 79 crore in FY26, compared to Rs 74 crore in the previous financial year.
Notably, the reported loss includes Rs 112 crore of ESOP expenses, reflecting continued investments in talent and employee incentives ahead of its IPO.
Despite the higher loss, Shiprocket’s operating efficiency showed a slight improvement.
The company spent Rs 1.06 to earn every rupee of operating revenue, improving from Rs 1.07 in FY25.
Its EBITDA margin stood at -3.31%, while Return on Capital Employed (ROCE) came in at -6.39% during FY26.
Strong Balance Sheet Ahead of Public Listing
As of March 2026, Shiprocket reported current assets worth Rs 1,017 crore, including cash and bank balances of Rs 188 crore, providing a healthy liquidity position as it prepares for its stock market debut.
IPO Size Reduced by 31%
Ahead of its listing, Shiprocket has revised the size of its proposed public issue.
The company has reduced its IPO size by nearly 31%, bringing it down to Rs 1,617.48 crore from the Rs 2,342.35 crore proposed in its earlier Updated Draft Red Herring Prospectus (UDRHP).
The fresh issue has been trimmed to Rs 885.5 crore from Rs 1,100 crore, while the Offer for Sale (OFS) has been reduced to Rs 731.98 crore from Rs 1,242.35 crore.
Despite the smaller issue size, Shiprocket enters the public market with a significantly larger revenue base, improving operational efficiency, and continued expansion across logistics, cross-border commerce, and technology-driven e-commerce solutions.
