Newly Listed Stock Has 30% Upside Potential! JM Financial Issues Buy Call on Shiprocket

JM Financial has issued a bullish call on newly listed Shiprocket, expecting revenue to rise to Rs 43.4 billion (Rs 4,340 crore) by FY29. I could not find the JM Financial target price, so I cannot verify the 30% upside in the headline. Dalal and Broacha has a Buy with a target of Rs 150, which is about 25% above its Rs 120 reference price. Shiprocket listed on 19 Aug 2026 at Rs 131 on NSE against an issue price of Rs 97 and still reported a net loss of Rs 79.2 crore in FY26.

Updated: 15 Oct 2026 • 5:31 pm

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Newly Listed Stock Has 30% Upside Potential! JM Financial Issues Buy Call on Shiprocket

Quick Answer

JM Financial has turned bullish on Shiprocket, which listed on 19 August 2026 at Rs 131 on NSE, a premium of about 35% over the issue price of Rs 97. The brokerage expects Shiprocket revenue to reach Rs 43.4 billion by FY29, which is about 29% a year from Rs 20.24 billion in FY26 (my calculation). I could not find the JM Financial target price, so the 30% upside in the headline is unverified, while Dalal and Broacha has a Buy with a target of Rs 150 on 30 September 2026. Shiprocket is still loss making on a reported basis, so the call depends on margins improving as revenue grows.

Shiprocket is an e-commerce logistics and checkout platform that listed in August 2026, and brokerages have begun to publish ratings on it. The JM Financial Buy call is the latest, and the headline puts the upside at 30%.

This guide explains what JM Financial expects, what Shiprocket earned in FY26, how other brokerages value it, and what could go wrong. I mark every figure I could not verify, including the JM Financial target price.

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Table of Contents

JM Financial Call on Shiprocket: What Is Verified

Item	Detail	Status
Rating	Buy, per the headline	Reported
Revenue forecast	Rs 43.4 billion (Rs 4,340 crore) by FY29	Reported in the summary line
Target price	Not found	Unverified
Upside of 30%	Headline claim; implies about Rs 165 from Rs 127 (my calculation)	Unverified
Implied revenue growth	About 29% a year from FY26 to FY29 (my calculation)	Derived

The revenue path in the JM Financial note is consistent with other brokerages. Dalal and Broacha expects revenue to grow at about 30% a year over FY26 to FY29, with adjusted EBITDA growing at about 230% a year and profit after tax at about 265% a year from a very low base.

Risk: A growth rate of 29% a year for three years is hard to sustain, and the JM Financial call rests on it.

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Shiprocket FY26 Results: Growth With a Small Loss

Metric	FY24	FY25	FY26
Revenue from operations	Rs 1,316.0 crore	Rs 1,632.0 crore	Rs 2,024.1 crore
Net loss	Rs 595.1 crore	Rs 74.4 crore	Rs 79.2 crore
Adjusted EBITDA	Loss of Rs 128.0 crore	Rs 7.0 crore	Rs 17.65 crore
Unique transactions	132.28 million	164.35 million	202.08 million

Revenue rose 24% in FY26, and the net loss of Rs 79.2 crore was close to the Rs 74.4 crore of FY25, after Rs 595.1 crore in FY24. The adjusted EBITDA margin was only 0.87% in FY26 for the whole group, though the core business margin rose from 6.65% in FY24 to 12.56% in FY26.

It served more than 214,000 active merchants, about 69.6 million consumers and 13 owned fulfilment centres in 10 cities in FY26. Unique gross merchandise value (GMV) was about Rs 32,777 crore, which is a measure of the value of goods that moved through the platform and not Shiprocket revenue.

Risk: Reported EBITDA is negative at about Rs 66.5 crore in FY26, and the adjusted figure removes items such as share based pay, so read both.

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Shiprocket Listing and Share Price

Item	Detail
Issue	Rs 1,617.48 crore: fresh issue Rs 885.5 crore and offer for sale Rs 731.98 crore
Price band	Rs 92 to Rs 97; opened 12 Aug and closed 14 Aug 2026
Listing, 19 Aug 2026	Rs 131 on NSE (up 35.05%) and Rs 129.50 on BSE (up 33.51%)
Implied market cap at the issue price	About Rs 7,058 crore
Latest quote I found (date not stated)	About Rs 127.02, down 5.58%; market cap about Rs 8,844 crore
52-week range	Rs 116.64 to Rs 156.90

At about Rs 127, the stock is about 31% above the issue price of Rs 97 and about 19% below its high of Rs 156.90 (my calculations). The quote page does not give a date, so check the live price before you use any upside figure.

Risk: Newly listed shares can swing sharply, and a single results release can move it by more than 5% in a day.

How Brokerages Value Shiprocket

Brokerage	Rating	Target price	Basis
JM Financial	Buy (reported)	Not found	Revenue of Rs 43.4 billion by FY29
Dalal and Broacha (30 Sep 2026)	Buy	Rs 150	30 times FY29 estimated earnings; stock at 24 times

Dalal and Broacha sets its Rs 150 target at 30 times FY29 earnings and notes that the stock traded at 24 times FY29 estimated EPS when it published. At the Rs 127 quote above, that target is about 18% higher (my calculation), which is lower than the 30% in the headline.

At the IPO, it was priced at about 3.49 times sales against 4.67 times for Unicommerce, but about 409 times adjusted EBITDA against about 24 times for Unicommerce, according to one review. The valuation therefore looks reasonable on sales and very rich on current earnings.

Risk: A target set on FY29 earnings depends on profits that do not exist yet.

Risks for Shiprocket Investors

Risk	Detail
Courier dependence	Merchant solution costs were 69.39% of FY26 expenses and the top 10 vendors were 55.24%; no exclusive courier contracts
Losses	Net losses in each of the last three years, and the company says they may continue
Competition	Marketplaces, aggregators and logistics firms can squeeze margins
Cross-border	A young business with execution risk
Legal	Four criminal cases of Rs 5.39 crore and other tax proceedings disclosed in the offer document
Seasonality	Direct channel demand usually falls in the third quarter, around Diwali
Supply overhang	Shares can come to market as investor lock-ins expire

The shares were sold by early backers as well as the company. Selling shareholders such as Tribe Capital and the founders took part in the offer for sale, which is normal at a listing, but it means part of the issue did not go to the company.

Risk: A buy call from one brokerage is not a guarantee, and the stock can fall even if the call proves right over three years.

What to Watch Next for Shiprocket

The JM Financial report itself, for the target price and the model behind the 30% upside
Shiprocket results for Q2 FY27, for revenue growth and adjusted EBITDA
Courier costs as a share of expenses
Lock-in expiry dates and any block deals
Other brokerage initiations and any change in the Dalal and Broacha target of Rs 150

Conclusion

JM Financial sees strong growth at Shiprocket, and Dalal and Broacha supports it with a Buy at Rs 150. The headline upside of 30% is not verified, and the stock is still loss making, so read the full report before acting.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is the JM Financial view on Shiprocket?

Ans. JM Financial has a bullish call and expects Shiprocket revenue to rise to Rs 43.4 billion by FY29. I could not find its target price, so I cannot verify the 30% upside.