E-commerce enablement platform Shiprocket, which debuted on Indian stock exchanges in August, has received a bullish outlook from JM Financial. According to reports from Live Mint, the brokerage expects the company's revenue to rise to ₹43.4 billion by FY29, driven by its diversified approach to capitalizing on India's expanding commerce enablement opportunity. JM Financial initiated coverage with a 'buy' rating and target price of ₹165, valuing the company at 32x Sep '28E adjusted EBITDA. The target price indicates an upside potential of 30% from the stock's recent closing price of ₹127.
JM Financial expects Shiprocket's core shipping business to grow at a compound annual growth rate (CAGR) of around 18% between FY26 and FY29. As reported by Live Mint, the brokerage expects the adjusted EBITDA margin to expand from 12.6% to around 15.3% during this period. The core 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. The brokerage forecasts consolidated revenue to increase from ₹20.2 billion in FY26 to ₹43.4 billion by FY29E.
JM Financial highlighted the growth potential of Shiprocket's emerging businesses, which include fulfillment, omnichannel solutions, checkout, marketing, and cross-border services. According to the report, revenue from these businesses is estimated to rise from ₹5.4 billion in FY26 to ₹18.8 billion by FY29, increasing their contribution to total revenue from around 27% to 43%. However, the segment is expected to remain loss-making through FY28 before turning profitable in FY29, with adjusted EBITDA of around ₹0.7 billion.
The shares made a strong debut on Dalal Street in August, listing at ₹131, a 35% premium to the issue price of ₹97. As reported by Live Mint, the rally extended through the session, with the stock closing its first trading day at ₹143.40. However, broader market volatility dragged the stock lower in the following weeks, taking it to an all-time low of ₹116 before it staged a modest recovery. At current levels, the stock is trading around 30% above its issue price.
