Mumbai: Shiprocket, India’s largest ecommerce enablement platform for MSMEs, today reported  consolidated results for the quarter ended September 30, 2026 (“Q2 FY27”). The company turned profit after tax positive at ₹6 Mn, against a loss of ₹203 Mn a year earlier and ₹137 Mn in Q1 FY27. Revenue from operations grew 35% year-on-year to ₹6,736  Mn and Adjusted EBITDA grew to ₹142 Mn.

Both the Core and Emerging engines drove the turn. The Core Business generated ₹591 Mn of Adjusted EBITDA, up 29% on 25%  revenue growth. The company is also serving hyperlocal requirements of its core segment, opening another significant  opportunity. The Emerging Business revenue grew by 61%, narrowing its Adjusted EBITDA margin from (31.5%) to (21.2%). With  IPO proceeds received in the quarter, the company repaid all borrowings and closed the half debt-free, with net cash from  operating activities of ₹551 Mn in H1 FY27.

Q2 FY27 highlights

  • Platform scale: Trailing twelve month (TTM) GMV of ₹373,987 Mn across 233 Mn unique transactions, serving more  than 236,100 active merchants. Core Business transactions grew 31% YoY in the quarter.
  • Segment performance: Core Business revenue grew 25% YoY to ₹4,615 Mn. Emerging Business grew 61% YoY to  ₹2,122 Mn, led by Martech (+102%) and Omnichannel (+79%), and now contributes 31% of revenue, up from 26% a  year ago.
  • Profitability: Contribution up 43% YoY to ₹1,300 Mn (19.3% of revenue), Adjusted EBITDA grew to ₹142 Mn and PAT  of ₹6 Mn against a loss of ₹203 Mn, a ₹209 Mn swing YoY. Core Business Adjusted EBITDA margin rose to 12.8% from  12.4%. Emerging Business contribution margin rose to 15.4% from 10.1%, and its Adjusted EBITDA margin improved  from (31.5%) to (21.2%).
  • Cross-sell: Merchants served via Emerging Business grew 75% to 62,025 (TTM), and 9.3% of Core merchants now use an  Emerging product, up 140 bps. 17,281 new merchants joined through Emerging products in the quarter, 3.2x the 5,396  a year ago.
  • Balance sheet: Net cash from operating activities of ₹551 Mn in H1 FY27, against ₹238 Mn in H1 FY26. Borrowings of  ₹2,420 Mn at March 31, 2026 fully repaid.