The Shiprocket maiden profit has arrived. The New Delhi-based logistics and e-commerce enablement company posted a net profit of ₹60 lakh for the second quarter of FY27, reversing a net loss of ₹20.30 crore in the same period last year. The profit is tiny, but after years of losses the direction of travel matters more than the size. For a platform that sells itself on helping online sellers ship faster and cheaper, showing it can also run at a profit is an important proof point for investors watching its first full year as a listed company.
The headline numbers
Operating revenue rose 34.8% year-on-year to ₹674 crore, up from ₹500 crore in Q2 FY26. Other income of ₹20 crore took total income to ₹694 crore. On the cost side, total expenses climbed 29.5% to ₹693 crore from ₹535 crore. Revenue grew faster than costs, and that gap produced the Shiprocket maiden profit.
Core business keeps carrying the load
The core segment grew 25.3% year-on-year to ₹461.5 crore, making it the biggest revenue contributor. This segment covers the domestic shipping platform that connects merchants with logistics partners, along with its shipping apps. It was already cash-generative in the previous quarter, when it reported adjusted EBITDA of ₹52.7 crore at a 12.8% margin.
Emerging businesses accelerate
The faster growth came from newer lines. Emerging businesses, which include cross-border shipping, omnichannel fulfilment and hyperlocal delivery, grew 60.6%, from ₹132 crore to ₹212 crore. Together the two segments account for almost all of the ₹674 crore in operating revenue. Another good quarter from the newer segments would show the Shiprocket maiden profit is more than a one-off.
Q1 versus Q2: the trend
The earlier quarter gives useful context. In April to June, revenue from operations came in at ₹592.1 crore, up 33.8% from a year before, while adjusted EBITDA improved to ₹8.9 crore from ₹1 crore. Core business revenue grew 22% to ₹411.7 crore in that quarter. Set against the Q2 figures, the Shiprocket maiden profit looks like the next step in a steady improvement rather than a sudden jump: the core grew faster in Q2 (25.3% against 22%), and the emerging segments are adding more each quarter.
Where costs rose
The cost of materials consumed, the biggest expense, rose 29.8% to ₹479 crore. Employee benefits grew 8.3%, depreciation 47% and other expenses 58.1%. Staff costs grew much more slowly than revenue, which helped. The jump in other expenses is worth watching.
The road to the Shiprocket maiden profit
The turnaround follows a short run as a listed company. The June quarter was its first earnings report since its stock market debut on August 19. In that quarter, the net loss narrowed 24% to ₹13.7 crore from ₹18 crore a year earlier, and the shares jumped nearly 7% after the results. Within one quarter the loss became a small profit, which is quick progress for a company that has been public for only a few months.
What to watch next
The cushion is very thin. By simple arithmetic from the reported figures, operating revenue of ₹674 crore against expenses of ₹693 crore means the business would have shown a loss without the ₹20 crore of other income. So the Shiprocket maiden profit depends partly on non-operating income. Three things will show whether it lasts:
- Whether operating revenue alone starts covering expenses
- Whether the emerging segments keep growing at this pace without costs rising just as fast
- Whether the core business holds its margins as it scales
Taken at face value, the Shiprocket maiden profit is a milestone for the company. Whether it becomes a trend will show in the next few quarterly reports.