Indian logistics-tech platform Shiprocket reported a full-year loss of approximately Rs 74 crore for the financial year ended March 2025 (FY25). At the same time, its operating revenue rose by about 24% year-on-year to reach Rs 1,632 crore, up from Rs 1,316 crore a year earlier.
Key Financial Highlights
- Revenue for FY25: Rs 1,632 crore, marking a 24% increase over FY24.
- Net loss for FY25: approximately Rs 74 crore, significantly lower than the previous year’s net loss of about Rs 595 crore.
- Adjusted (cash) EBITDA turned positive at around Rs 7 crore, compared to a cash burn of Rs 128 crore in FY24.
- Core business (domestic shipping + merchant-tech offerings) grew over 20% to Rs 1,306 crore and delivered a cash EBITDA of around Rs 157 crore, with margins of ~12%.
- Emerging businesses (cross-border, marketing, omnichannel) grew 41% year-on-year to Rs 326 crore, now forming ~20% of total revenue (up from ~11% two years ago).
Why It Matters
- For Shiprocket, the result signals a turning point: the company is inching closer to sustainable profitability while scaling.
- The narrowing of losses shows that the business model is improving — revenue growth + cost control = better margins.
- As the company is reportedly gearing up for an IPO, the improved financials strengthen its case with investors and markets.
- For the Indian logistics-tech/start-up ecosystem, Shiprocket’s performance reflects that growth + path to profits is achievable in back-end infrastructure and enablement businesses.
Challenges & Considerations
- Despite the improvements, the company is still not yet profitable in net terms; the Rs 74 crore loss means there’s more work ahead.
- The emerging business unit, while high growth, likely carries lower margins and perhaps higher risk — scaling that profitably will remain a challenge.
- The competitive environment in e-commerce logistics is intense; margins may face pressure from scale, cost of operations, and investment in new services.
- As an IPO bound company, market expectations will escalate; maintaining growth momentum and showing consistent margin expansion will be critical.
Outlook
- Shiprocket will likely continue investing profits from its core business into its emerging growth verticals (cross-border, omnichannel, marketing) to capture larger addressable market — as management has noted.
- Tracking metrics to watch: revenue growth in emerging verticals, margin improvement in newer business lines, profitability conversion (net profit positive), and how the IPO process unfolds.
- For potential investors and market watchers: this year’s result improves confidence, but the proof will be sustained growth and profitability over the next 1-2 years.
In summary, Shiprocket posting a net loss of Rs 74 crore in FY25 — while growing revenue by 24% to Rs 1,632 crore and turning positive on cash EBITDA — is a strong signal of improvement for the company. The business is moving from pure scale-up mode toward profitability-focused growth, which bodes well as it moves toward an IPO.
