Within Emerging, Ads and Marketing Solutions scaled around 193% YoY. The segment’s contribution margin increased from 9.3% to 15.3%, while its absolute contribution grew from ₹98 Mn to ₹277 Mn.
Shiprocket’s Emerging Business continued to outpace its core operations in the first quarter of FY27, with revenue growing 70% year-on-year to ₹180.4 crore, while Ads and Marketing Solutions, one of its newer offerings, grew around 193% YoY. The performance lifted the Emerging Business’ contribution to 30% of the company’s revenue in Q1, from 24% a year earlier.
The Gurugram-based ecommerce enablement platform reported consolidated revenue from operations of ₹592.1 crore for the quarter ended June 30, 2026, up 34% YoY. Contribution margin increased 124 basis points to 19.4%, while adjusted EBITDA rose to ₹8.9 crore from ₹1 crore in Q1 FY26. Net loss narrowed 24% YoY to ₹13.7 crore.
The Emerging Business comprises Checkout and marketing solutions, Cross-border and Omnichannel solutions. Its 70% growth was 3.2 times the 22% growth recorded by the Core Business, which generated revenue of ₹411.7 crore during the quarter.
Within Emerging, Ads and Marketing Solutions scaled around 193% YoY. The segment’s contribution margin increased from 9.3% to 15.3%, while its absolute contribution grew from ₹9.8 crore to ₹27.7 crore. Its EBITDA margin also improved from negative 38% to negative 24%.
Shiprocket’s Core Business continued to provide the larger earnings base, generating ₹52.7 crore in Adjusted EBITDA at a 12.8% margin, compared with a 12.3% margin a year earlier. Its contribution margin stood at 21.2%.
At the consolidated level, contribution increased 43% YoY to ₹115.1 crore, representing 19.4% of revenue. The company’s trailing twelve-month GMV stood at ₹34,661.8 crore, with 216 Mn unique transactions and 224,314 active merchants.
The quarter also marked Shiprocket’s first as a listed company and came as it continued expanding beyond its traditional logistics-led offering into commerce, payments and merchant growth solutions. During the period, it introduced an upgraded RADAR product, an AI-powered courier intelligence system designed to identify SLA breaches and return-to-origin risk at the pincode level before dispatch.
It also expanded its AI-led advertising stack, including tools for static, editable, short-form and 360-degree creatives, alongside AI Assist and AI Calling for order confirmation. On the delivery side, Shiprocket introduced appointment-based cargo deliveries to quick-commerce dark stores, with integrations including Blinkit and Zepto for delivery orchestration and automation.
Saahil Goel, Managing Director and CEO of Shiprocket, said the company is building for an ecommerce market that is expected to more than double to $180–200 billion by 2030. He said merchants driving that growth are unlikely to build their own logistics, payments and growth infrastructure, pointing to the opportunity for platforms that can provide these capabilities as an integrated stack.
Goel also highlighted the size of India’s MSME base, which stands at roughly 60 million, and said the company’s newer businesses are being developed to serve merchants beyond logistics. Shiprocket’s Q1 performance, he noted, reflected revenue growth of 34%, adjusted EBITDA of ₹8.9 crore versus ₹1 crore a year earlier, and the increase in the newer businesses’ revenue contribution to 30% from 24%.
The company’s two-segment structure remains central to its financial model, with the Core Business generating cash while the Emerging Business continues to receive investment and grow at a faster rate. In Q1, the Emerging Business improved its contribution margin alongside its higher revenue growth, while the Core Business maintained a positive EBITDA contribution.
Shiprocket’s latest results come against the backdrop of India’s expanding ecommerce market and the growing digitisation of the country’s MSME base. The company is positioning its platform across logistics, checkout, cross-border commerce, omnichannel operations and marketing, broadening its role from order fulfilment to a wider ecommerce enablement stack.
With Emerging Business revenue now accounting for 30% of consolidated revenue and Ads and Marketing Solutions recording around 193% YoY growth, Q1 FY27 marks the company’s first reported quarter as a listed entity with its newer businesses becoming an increasingly significant part of its revenue mix.
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First Published on September 8, 2026, 12:45:15 IST
