Shiprocket: 34% growth, still ₹14 crore in the red

Shiprocket Limited (NSE: SHIPROCKET) grew Q1 FY27 revenue 33.8% to ₹592.1 crore. It still lost ₹13.7 crore, against a loss of ₹18 crore a year ago. What happened This was the first set of results since the 19 August listing. EBITDA loss narrowed to ₹21 crore from ₹26 crore. On an adjusted basis, EBITDA was positive at ₹8.9 crore, against ₹1 crore last year. Gross merchandise value was ₹3,278 crore for the quarter, with about 2.15 lakh active merchants. Core business revenue grew 22%. Why it matters Shiprocket does not own trucks. It is a software layer that lets small online sellers pick between courier partners, print labels and track parcels. That model scales without heavy capital, so extra revenue can carry high margins once fixed costs are covered. My view Read the two EBITDA numbers carefully. Reported EBITDA is still negative at ₹21 crore. The positive ₹8.9 crore is after adjustments. So it is at breakeven only on a cleaned up basis, not in the actual accounts. The second detail matters more. Total revenue grew 33.8%, but core business revenue grew only 22%. The gap means faster growth is coming from newer lines, not the main platform. The stock listed at ₹129.50, a 34% premium to the ₹97 issue price, and now trades near ₹126, around 20% below its high of ₹156.90. At more than five times book value with no profit yet, the price already assumes the turn happens. What I am watching Q2 FY27 results, due in November, reported EBITDA turning positive, and core revenue growth closing the gap. On the chart, ₹120 is the 52-week low and the line that has to hold. My stance: Wait for one clean profitable quarter. No position until reported EBITDA turns. Disclosure: I do not hold a position in Shiprocket Limited at the time of writing. This is not investment advice.