ShiprocketIPO Review — Financials, Valuation & Peers
A data-only look at the Shiprocket IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,357.83 | -595.18 | -495.89 | 1,284.16 | 2,051.22 | 213.28 | — |
| FY 2025 | 1,674.82 | -74.45 | -17.16 | 1,491.23 | 2,308.62 | 244.67 | — |
| FY 2026 | 2,077.42 | -79.25 | -16.56 | 1,524.29 | 2,504.77 | 242.01 | -1.25 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- -77.6x
- P/E (post-issue)
- -88.99x
- RoNW
- -5.2%
- RoCE
- -2.65%
- EPS (pre-issue)
- ₹-1.25
- EPS (post-issue)
- ₹-1.09
- P/BV
- 4.05x
- NAV / share
- ₹23.96
- Market Cap
- ₹7,057.5 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Shiprocket | -1.24 | 23.96 | — | -5.2% | — | — |
| Unicommerce Esolutions Ltd | 1.79 | 17.17 | 47.75x | 10.6% | 5x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: No Identifiable Promoter
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Shiprocket IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
50 anchor investors participated in the Shiprocket IPO ahead of the public offer, together allocated ₹727.42 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NIPPON INDIA SMALL CAP FUND (₹50 crore), INDIA ACORN ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND (₹45 crore) and 360 ONE ALTERNATIVES VCC-360 ONE INDIA EQUITY FUND (₹45 crore). Investor categories represented include Other and Insurance. The lock-in on half the anchor shares ends on 15 Sept 2026, with the remainder locked until 14 Nov 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Shiprocket IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Capital efficiency reads at a return on capital employed (RoCE) of -2.65%. At the upper band, the post-issue market capitalisation works out to about ₹7,057.5 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in the growth of shiprockets platforms-investment in marketing initiatives primarily for emerging business and for core business (₹365.6 crore), alongside funding inorganic growth through unidentified acquisitions and general corporate purposes (₹249.4 crore). In all, 6 objects are disclosed.
Financials
In FY2026, Shiprocket reported revenue of ₹2,077.42 crore and a net loss of ₹79.25 crore. Revenue grew from ₹1,357.83 crore in FY2024 to ₹2,077.42 crore in FY2026 (+53.0%). Net worth stood at ₹1,524.29 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at -88.99× post-issue earnings and 4.05× book value, against a return on net worth of -5.2%. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are No Identifiable Promoter.
Frequently asked questions
- What is the reservation split in the Shiprocket IPO?
- Of the total shares offered, retail investors get 9.99%, QIBs 29.98% (plus 44.97% anchor), non-institutional investors 14.99%.
- Who are the promoters of Shiprocket and what is their holding?
- The promoters are No Identifiable Promoter.
- What is the P/E ratio of the Shiprocket IPO?
- At the upper price band, the Shiprocket IPO is valued at -77.6× pre-issue earnings and -88.99× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shiprocket IPO?
- The net proceeds go primarily toward investment in the growth of shiprockets platforms-investment in marketing initiatives primarily for emerging business and for core business, among 6 disclosed objects.