E-commerce enablement platform Shiprocket, which debuted on Indian stock exchanges in August, has received a bullish outlook from domestic brokerage firm JM Financial.
In its latest report, the brokerage highlighted the company's diversified approach to capitalizing on India's expanding commerce enablement opportunity, its growing merchant base, and opportunities in its emerging businesses. JM Financial expects these factors to push revenue to ₹43.4 billion by FY29E.
JM Financial said Shiprocket’s core shipping business serves as an entry point for merchant relationships, allowing the company to benefit from rising online sales and higher transaction volumes without owning logistics infrastructure.
It expects the core business to grow at a compound annual growth rate (CAGR) of around 18% between FY26 and FY29, with its adjusted EBITDA margin expanding from 12.6% to around 15.3%.
The brokerage also highlighted the growth potential of Shiprocket’s emerging businesses, which include fulfillment, omnichannel solutions, checkout, marketing, and cross-border services. It estimates that revenue from these businesses will rise from ₹5.4 billion in FY26 to ₹18.8 billion by FY29, increasing their contribution to total revenue from around 27% to 43%.