- Shiprocket's IPO opens for subscription, with a review indicating that the valuation is costly due to emerging business losses.
- Three late-stage investors — LR India Fund I, Moore Strategic Ventures and AFOS LLC — are exiting completely at the IPO cap price of ₹97, incurring losses of about 28-41% relative to their acquisition costs.
- Shiprocket's core shipping business is profitable, but its faster-growing newer businesses are incurring large losses, leading to weak consolidated profitability.
- At the upper end, Shiprocket's market capitalisation is about ₹7,058 crore and enterprise value about ₹6,329 crore, with the valuation assuming substantial earnings improvement.
- Consolidated revenue grew from ₹1,316 crore in FY24 to ₹2,024 crore in FY26, with a 24% CAGR.
- Emerging Business revenue jumped 65.2% to ₹538.7 crore in FY26 but had an adjusted EBITDA loss of ₹169 crore.
- Core metrics improved, with unique transactions growing ~23% in FY26 and the repeat rate rising from 51.1% to 57.8%.
Shiprocket's IPO opens for subscription with a target of ₹1,617 crore, priced at ₹92-97 per share, closing on August 14. The offering includes a fresh issue of ₹885.5 crore and an offer for sale of ₹732 crore, with no identifiable promoter.1
The company reported a consolidated revenue increase from ₹1,316 crore in FY24 to ₹2,024 crore in FY26, reflecting a two-year CAGR of about 24%. Its core shipping business generated ₹1,485 crore, or 73.4% of FY26 revenue, with an adjusted EBITDA of ₹186.6 crore, yielding a healthy margin of 12.6%. However, emerging business losses are significant, with an adjusted EBITDA loss of ₹169 crore, leading to a statutory net loss of ₹79.2 crore.5
Despite a profitable core, the high valuation raises concerns. At an enterprise value of ₹6,329 crore, Shiprocket trades at 359 times FY26 adjusted EBITDA. Even with a projected six-fold increase in adjusted EBITDA to ₹100 crore in FY27, the multiple would still be around 63 times. Comparatively, its peer Unicommerce trades at about 25 times EV/EBITDA.
Investors are advised to consider the IPO cautiously, as the stock price reflects anticipated improvements in earnings. The emerging business losses must decrease significantly, and core growth and margins need to remain stable for the valuation to be justified.
“Three late-stage investors, including LR India Fund I and Moore Strategic Ventures, are exiting at the ₹97 cap price, incurring losses of 28-41% versus their acquisition costs. Shiprocket's consolidated adjusted EBITDA margin is under 1%, with a statutory net loss of ₹79.2 crore in FY26.”
/indianstartupnews/media/media_files/2026/08/12/astrotalk-founder-puneet-gupta-2026-08-12-19-37-28.jpg)
/indianstartupnews/media/agency_attachments/ura2gdmHFSrOsjLBAi1Z.png){kind=small}
