Shiprocket Limited

Technology — Software - Application · NSE

₹129.75+₹2.73 (+2.15%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by the company is currently loss-making, small-cap size, which brings sharper price swings, falling profits.

In simple words: The company is currently losing money, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Shiprocket Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Shiprocket Limited provides e-commerce enablement platform solutions in India.

IndustrySoftware - Application

SectorTechnology

Employees1,470

Annual revenue₹2,024 Cr

How does it make money?

Turns over ₹2,024 Cr a year. Of every ₹100 of sales, about ₹-4 reaches shareholders as profit, with ₹-1 left at the operating level before interest, tax and depreciation. Each of its 1,470 employees supports ₹1.38 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.38 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -3.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE32.0%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 30.5% and earnings to grow about 1555.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+30.5%

Est. earnings growth+1555.8%

Analysts2

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +86% while net margin moved -87% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+86%

Margin effect-87%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking
✗ P/B of 5.35x is a steep premium to book

Quality vs. Valuation

Company Quality

58/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

21/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from -22.5% to -0.8% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -19.8% to -5.2%.
Return on capital is rising
ROCE has improved from -19.5% to -3.3%.
Very low debt
Debt/Equity of 0.23x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

6 items require attention · 3 high · 3 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -2.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹79 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 161% against revenue up 86% — sales are being booked faster than they are collected.
🟡Debt is increasingFinancial
Total debt is up 27% over 3 years.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -2.4x to -2.0x.
🟡Inventory building faster than salesFinancial
Inventory up 115% against revenue up 86% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -22.5% to -0.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹34 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 161% against revenue up 86%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 23.0% CAGR
Latest reported year was 25.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -3%✓ -0.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✗ -2.0x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹34 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ -3.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell

Price history

Quick Metrics

3 good · 2 neutral · 6 weak

Market Cap

₹9,440 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

5.35x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-1.03

Loss-making

Negative earnings per share — the business is losing money

ROE

-5.2%

Weak

Weak capital efficiency

ROCE

-3.3%

Weak

Low return on total capital employed

Debt/Equity

0.23x

Low

Conservative leverage

Revenue Growth (YoY)

25.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-6.4%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹34 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

45.7x

Operating Margin

-3.5%

Weak

Thin margins leave little room for error

Net Margin

-3.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.14

Adequate

Adequate, but no real cushion

52W Range Position

33%

Mid-range

Technical Snapshot

RSI (14)

62.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,089 Cr	₹1,316 Cr	₹1,632 Cr	₹2,024 Cr	+23.0%
EBITDA	-₹245 Cr	-₹431 Cr	-₹17 Cr	-₹15 Cr	—
EBITDA Margin	-22.5%	-32.7%	-1.1%	-0.8%	—
PAT (Net Profit)	-₹337 Cr	-₹592 Cr	-₹74 Cr	-₹79 Cr	—
EPS	₹-4.63	₹-8.14	₹-1.02	₹-1.09	—
ROE	-19.8%	-46.1%	-5.0%	-5.2%	—
ROCE	-19.5%	-41.6%	-3.3%	-3.3%	—
Total Debt	₹271 Cr	₹316 Cr	₹335 Cr	₹345 Cr	+8.3%
Free Cash Flow	-₹169 Cr	-₹241 Cr	-₹5 Cr	₹34 Cr	—

🟢 Revenue has grown at 23.0% a year over 3 years.

🟢 EBITDA Margin has risen from -22.5% to -0.8% over 3 years (+21.8 pts).

🟢 ROE has risen from -19.8% to -5.2% over 3 years (+14.6 pts).

🟢 ROCE has risen from -19.5% to -3.3% over 3 years (+16.2 pts).

🔴 Total Debt has grown at 8.3% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹169 Cr to ₹34 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,505 Cr

Total Liabilities

₹980 Cr

Cash & Equivalents

₹185 Cr

Operating Cash Flow

₹53 Cr

Capex

-₹18 Cr

Shareholding (proxy)

Institutional Holding

23.9%

Insider Holding

48.2%

Analyst Consensus

Recommendations

1 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹155

+19.5% vs CMP

Target Range

₹145 – ₹165

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

3 mixed3 general

SHIPROCKET Share Price falls 5.73%: analysis

Univest, 15 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Shiprocket Limited (SHIPROCKET) Share Price NSE

TechGraph, 07 Oct

Shiprocket Ltd. IPO Review - Shiprocket Ltd. IPO Dates, Issue Price, Subscription and Allotment Status

The Economic Times, 13 Oct

Shiprocket Shares List at 35% Premium on NSE: Investors Gain ₹5,236 Per Lot

India Infoline, 19 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Shiprocket Share Price Live: Shiprocket IPO listing at 10 am; Can it match Dhoot Transmission, Milky Mist debut? GMP signals 34% premium

LinkedIn, 18 Aug

Shiprocket Share Price Jumps 10% After Strong IPO Debut: Buy, Sell or Hold?

APAC Media, 19 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑