Shiprocket Limited IPO Analysis, 117-Checkpoint Due Diligence & Valuation Dossier

Issue Size ₹1,617.49 Cr

Price Band ₹92 - ₹97

Lot Size / Min Inv. 150 shares

Estimated Market Cap ₹7,057.13 Cr

Anchor Allocation ₹485.25 Cr (30.0% of Issue)

Offering Dates 12 Aug 2026 - 14 Aug 2026

FAST-ORIENTATION TRIAGE

At a Glance: Fast-Orientation Triage

Mainboard or SME issue?

OK

Mainboard public issue (SEBI ICDR Reg 6(2))

Listing on BSE & NSE; Designated Stock Exchange is NSE. Issue under Reg 6(2) as net tangible assets/profitability under 6(1)(b) not met. Cover Page, p.1, 416

Can you explain what the company does in one plain sentence?

OK

India's leading tech-enabled e-commerce enablement platform offering shipping, checkout, cross-border logistics, and software tools to online merchants.

Operates Core Business (Domestic shipping aggregator) and Emerging Business (ShiprocketX cross-border, hyperlocal, checkout & fintech). Our Business, p.207, 241

Total issue size and post-issue market cap?

OK

Total offer ₹16,174.85 mn (Fresh ₹8,855.00 mn + OFS ₹7,319.85 mn); post-issue mcap ~₹7,057.13 cr at issue price of ₹97/share.

Fresh issue of up to 91.29 mn shares + OFS of up to 75.46 mn shares; post-issue equity ~727.54 mn shares of face value ₹10. Cover Page, p.1, 133

Fresh issue vs OFS - what's the split?

OK

Fresh Issue ₹8,855.00 mn (54.75%) vs OFS ₹7,319.85 mn (45.25%).

Primary capital raised for platform growth (marketing & tech) and debt repayment exceeds promoter/investor secondary sale. Objects of the Offer, p.133

Who is selling in the OFS - promoter, PE, or both?

OK

PE/VC investors (LR India, Tribe Capital, AFOS, MCP3, MSV, Agility, 500 Startups) and individual founders (Saahil Goel ₹610 mn, Gautam Kapoor ₹610 mn, Vishesh Khurana ₹200 mn).

Professionally managed company with 0% promoter holding. Investors selling up to ₹5,899.85 mn and founders selling ₹1,420.00 mn. Objects of the Offer, p.133

Is the company profitable, or loss-making?

FLAG

Loss-making at consolidated restated PAT level, but Core Business is profitable (Core Adjusted EBITDA margin 12.56% in FY26).

Restated Loss: FY24 -₹5,951.81 mn → FY25 -₹744.49 mn → FY26 -₹792.45 mn. Loss narrowing significantly from FY24. Summary Financials, p.78, 241

Any headline red flag in the first 10 risk factors?

FLAG

History of restated net losses (-₹792.45 mn in FY26), negative FY24 operating cash flow (-₹2,159.92 mn), and auditor modifications on audit trail & backups.

Past impairment of goodwill (₹1,767 mn in FY24) and underperformance of acquired entity Shiprocket Omuni. Risk Factors #1, #2, #8, #9, p.30-38

Auditor qualification or 'emphasis of matter'?

OK

Emphasis of matter in FY24 auditor report, and audit trail/daily backup modifications across FY24, FY25, and FY26.

Statutory Auditor is S.R. Batliboi & Associates LLP (EY network); no change in auditor during last 3 years. Risk Factors #9, p.38; General Info, p.90

Any criminal case / SEBI-RBI action against promoters?

FLAG

No identifiable promoters. Company and Directors face minor criminal FIRs/proceedings (e.g. warehouse inventory dispute, Arms Act parcel delivery FIR, IndiaMART/HCL impleadments).

BNS 316(3) FIR in Bengaluru for ₹28.06 mn goods dispute; Arms Act FIR quashing filed in Bombay HC. No SEBI/RBI action. Outstanding Litigation, p.405-407

IPO P/E vs the peers listed in 'Basis for Offer Price'?

FLAG

P/E is N/A due to net loss (-₹792.45 mn in FY26); sole listed peer Unicommerce trades at 47.75x P/E and 4.69x EV/Revenue.

At ₹97 issue price, Shiprocket trades at 3.49x FY26 P/S and 3.56x EV/Revenue (discount to peer Unicommerce 4.69x EV/Rev). Basis for Offer Price, p.168

Is the use of fresh-issue money clearly growth-oriented?

OK

Yes, ₹3,656.00 mn (41.29%) for platform growth (marketing & tech) and ₹2,100.00 mn (23.72%) for debt repayment, balance for GCP/acquisitions.

Marketing ₹2,058 mn + tech infrastructure ₹1,598 mn; debt reduction of ₹2,100 mn will cut finance costs (~₹263.93 mn in FY26). Objects of the Offer, p.134

Is this within your circle of competence to judge?

OK

Yes, e-commerce enablement, SaaS, logistics aggregator, and digital platform unit economics are well-understood tech-enabled business models.

Valuation driven by EV/Revenue, Gross Margin expansion, path to consolidated profitability, and customer acquisition efficiency.

LAYER 1 • STORY & POSITIONING

What The Company Does: Operational & Strategic Architecture

Shiprocket provides a multi-carrier shipping aggregation engine, cross-border logistics (ShiprocketX), checkout acceleration, and merchant fintech solutions. It bridges the technology gap between independent D2C sellers and large marketplace platforms.

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
1	What does the company do, in one plain sentence?	Shiprocket Limited provides an end-to-end tech-enabled e-commerce enablement platform connecting merchants with courier partners, checkout, cross-border logistics, and software tools.	OK	Our Business, p.207
Where in DRHP: Cover, 'Our Business', Industry Overview Why It Matters: If you can't say it simply, neither can the company - and that's telling. Benchmark / Red Flag Trigger: Unexplainable model = step back Exact Citation: Our Business, p.207
2	Operating history & year of incorporation	Incorporated on Sept 28, 2011 (15+ yrs history); started as Bigfoot Retail Solutions, evolved into Shiprocket e-commerce enablement platform.	OK	History and Certain Corporate Matters, p.256
Where in DRHP: 'History and Corporate Matters' Why It Matters: A long, consistent track record beats a recently assembled roll-up. Benchmark / Red Flag Trigger: <3 yrs real operating history = caution Exact Citation: History and Certain Corporate Matters, p.256
3	Industry / sub-sector & position in the value chain	E-commerce logistics enablement & D2C SaaS. Positioned as horizontal software aggregator layer between 214,769 active merchants and 250+ ecosystem partners.	OK	Industry Overview, p.184; Our Business, p.207
Where in DRHP: 'Industry Overview' Why It Matters: Defines the correct peer set and the normal margin/return profile. Benchmark / Red Flag Trigger: - Exact Citation: Industry Overview, p.184; Our Business, p.207
4	Stated competitive strengths - real or generic?	Market leadership in D2C shipping aggregator space, multi-carrier AI routing, high repeat merchant retention, profitable Core Business (12.56% Adj EBITDA margin).	OK	Our Business, p.207-210
Where in DRHP: 'Our Strengths' Why It Matters: 'Experienced promoters, quality focus' is boilerplate; specifics are real moats. Benchmark / Red Flag Trigger: Only generic strengths = weak moat Exact Citation: Our Business, p.207-210
5	Stated growth strategy - concrete or aspirational?	Deepening penetration in Tier 2/3 cities, expanding high-margin cross-border (ShiprocketX), scaling hyperlocal delivery, and enhancing AI checkout/marketing suites.	OK	Our Business, p.233-238
Where in DRHP: 'Our Strategies' Why It Matters: Fundable, specific plans beat vague ambition. Benchmark / Red Flag Trigger: Vague strategy = discount the story Exact Citation: Our Business, p.233-238
6	Industry tailwinds vs headwinds	Tailwinds: D2C e-commerce growth in India, Tier 2+ internet adoption. Headwinds: rising customer acquisition costs, courier partner price competition, AI search traffic risk.	OK	Industry Overview, p.184-205
Where in DRHP: 'Industry Overview', MD&A Why It Matters: Structural growth vs a flat/declining or cyclical-peak market. Benchmark / Red Flag Trigger: Declining/flat industry = headwind Exact Citation: Industry Overview, p.184-205
7	Who commissioned the industry report?	Commissioned Redseer Report (dated August 2026) paid for by the company.	Watch	Risk Factors #24, p.49; Industry Overview, p.184
Where in DRHP: 'Industry Overview' footnotes Why It Matters: Company-paid reports (e.g. CRISIL/F&S) skew optimistic - discount accordingly. Benchmark / Red Flag Trigger: Always company-commissioned Exact Citation: Risk Factors #24, p.49; Industry Overview, p.184
8	Is the TAM / market-size claim credible?	Indian e-commerce logistics market projected at $10.5B by FY30; D2C merchant shipping TAM expanding rapidly. Market projections appear realistic.	OK	Industry Overview, p.185-190
Where in DRHP: 'Industry Overview' Why It Matters: Sanity-check the addressable market against the company's actual revenue. Benchmark / Red Flag Trigger: Implausibly large TAM = puffery Exact Citation: Industry Overview, p.185-190
9	Market share and its trend	Leading e-commerce enablement platform in India processing 214.7k active merchants with 69.58M end consumers touched in FY26.	OK	Basis for Offer Price, p.169; Our Business, p.207
Where in DRHP: Industry / Business Why It Matters: Share gains signal real competitiveness; losses signal pressure. Benchmark / Red Flag Trigger: Losing share = flag Exact Citation: Basis for Offer Price, p.169; Our Business, p.207
10	Key competitors named	Sole listed peer is Unicommerce Esolutions Limited. Unlisted competitors include Delhivery (direct carrier), Ecom Express, and niche D2C SaaS plugins.	OK	Basis for Offer Price, p.168
Where in DRHP: 'Competition', Basis for Offer Price Why It Matters: Tells you the genuine peer set for the valuation comparison later. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.168

LAYER 2 • ISSUE STRUCTURE & OBJECTS

The IPO Itself: Capital Allocation & Objects Rupee Breakdown

The ₹1,617.49 cr IPO comprises a Fresh Issue of ₹885.50 cr and an OFS of ₹731.99 cr. Fresh proceeds will fund platform marketing (₹205.8 cr), tech infrastructure (₹159.8 cr), and debt repayment (₹210 cr).

Offering Structure & Tranche Breakup

Offering Parameter / Tranche	Mandate & Allocation	Value & Scale	Strategic Context & Terms
Fresh Issue (Primary Capital)	Growth capital directly reaching balance sheet	₹1,617.49 Cr	Primary equity expansion funding capex, working capital & debt
Offer for Sale (OFS Liquidations)	Secondary liquidity for existing promoters & early funds	OFS Dilution Tranche	Proceeds go entirely to selling shareholders; zero reaches company
Gross Total Issue Size	Aggregate offering scale at upper price band	₹1,617.49 Cr	Total book-building size
Anchor Investor Allocation	Reserved institutional QIB tranche	₹485.25 Cr (30.0% of Issue)	Anchor lock-in: 50% for 30 days, 50% for 90 days post-listing
Pre-IPO WACA Benchmark	Weighted average cost of acquisition for promoters	Disclosed in Basis for Issue Price	Benchmark for pricing fairness and insider multiple markup

Capital Allocation & Objects of the Issue

Object of Offer / Purpose	Allocated Amount	% Share	Execution Timeline
Platform Growth & Merchant Marketing	₹205.80 Cr	23.3%	Merchant acquisition campaigns
Debt Deleveraging (Prepayment of overdrafts)	₹210.00 Cr	23.7%	Working capital debt clearance
Tech Infrastructure & AI Platform Capex	₹159.80 Cr	18.1%	Cloud compute & routing algorithms
General Corporate Purposes (GCP)	₹221.38 Cr	25.0%	Capped at ≤25% per SEBI
Total Fresh Growth Capital	₹885.00 Cr	100.0%	Balance Sheet Inflow

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
11	Mainboard or SME issue?	Mainboard public issue listed on BSE and NSE under SEBI ICDR Regulation 6(2).	OK	Cover page, p.1; Offer Structure, p.437
Where in DRHP: Cover page Why It Matters: SME = thinner disclosure, lower liquidity, higher risk. Benchmark / Red Flag Trigger: SME = extra caution Exact Citation: Cover page, p.1; Offer Structure, p.437
12	Total issue size (Rs cr)	Total offer size ₹16,174.85 mn comprising Fresh Issue ₹8,855.00 mn and OFS ₹7,319.85 mn (at ₹97 issue price).	OK	The Offer, p.1, 133
Where in DRHP: Cover page / 'The Offer' Why It Matters: Basic sizing of the raise. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.1, 133
13	Fresh issue amount (Rs cr)	₹8,855.00 million (aggregating up to ₹885.50 crore).	OK	Objects of the Offer, p.133
Where in DRHP: 'The Offer' Why It Matters: Only the fresh issue brings new money into the company. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.133
14	OFS amount (Rs cr)	₹7,319.85 million (aggregating up to ₹731.99 crore, comprising up to 75,462,371 shares).	OK	The Offer, p.1, 133
Where in DRHP: 'The Offer' Why It Matters: OFS proceeds go to selling shareholders, not the business. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.1, 133
15	Fresh : OFS ratio	Fresh Issue 54.75% (₹8,855.00 mn) : OFS 45.25% (₹7,319.85 mn). Healthy primary capital bias.	OK	Objects of the Offer, p.133
Where in DRHP: 'The Offer' Why It Matters: A heavy OFS tilt means the IPO is mostly an exit. Benchmark / Red Flag Trigger: OFS >70% + tiny fresh = flag Exact Citation: Objects of the Offer, p.133
16	Who is selling in the OFS?	7 PE/VC investors selling ₹5,899.85 mn (LR India ₹2,717 mn, Tribe Capital ₹1,200 mn, AFOS ₹540 mn, MCP3 ₹555 mn, MSV ₹514 mn, Agility ₹211 mn, 500 Startups ₹163 mn) + 3 founders selling ₹1,420 mn.	Watch	Details of Offer for Sale, p.133
Where in DRHP: 'The Offer' / Selling Shareholders Why It Matters: Promoter exit and PE exit carry very different signals. Benchmark / Red Flag Trigger: Large promoter sell-down = flag Exact Citation: Details of Offer for Sale, p.133
17	How much does the COMPANY actually receive?	Net Proceeds = Gross Fresh Issue ₹8,855.00 mn minus company offer expenses (~₹400 mn).	OK	Objects of the Offer, p.133
Where in DRHP: Fresh issue minus issue expenses Why It Matters: This is the real fuel for growth - often far less than the headline. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.133
18	Objects: capex - amount & specificity	₹1,598.00 mn (18.05% of Fresh Issue) allocated to tech infrastructure & capabilities; ₹0 for physical plant capex.	OK	Objects of the Offer, p.134
Where in DRHP: 'Objects of the Offer' Why It Matters: Specific, costed capex is genuine growth spending. Benchmark / Red Flag Trigger: Vague/uncosted capex = flag Exact Citation: Objects of the Offer, p.134
19	Objects: debt repayment amount	₹2,100.00 million (23.72% of Fresh Issue) earmarked for repayment/prepayment of bank overdraft and borrowings.	OK	Objects of the Offer, p.134
Where in DRHP: 'Objects of the Offer' Why It Matters: Deleveraging is healthy but it is balance-sheet repair, not growth. Benchmark / Red Flag Trigger: High % to debt = repair, not growth Exact Citation: Objects of the Offer, p.134
20	Objects: working capital amount	₹0 direct allocation for WC; ₹3,656.00 mn (41.29%) for platform growth (marketing ₹2,058 mn + tech ₹1,598 mn).	OK	Objects of the Offer, p.134
Where in DRHP: 'Objects of the Offer' Why It Matters: Normal for a growing WC-intensive business; large amounts can signal a stretched cycle. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.134
21	Objects: acquisition - named target or 'future M&A'?	Unidentified inorganic acquisitions + General Corporate Purposes capped at combined 35% of Gross Proceeds (~₹3,099.25 mn max).	Watch	Objects of the Offer, p.134
Where in DRHP: 'Objects of the Offer' Why It Matters: A named, costed target beats a blank cheque for 'inorganic growth'. Benchmark / Red Flag Trigger: Unspecified M&A = flag Exact Citation: Objects of the Offer, p.134
22	General Corporate Purposes (GCP) as % of fresh issue	GCP capped at maximum 25% of Gross Proceeds (up to ₹2,213.75 mn).	OK	Objects of the Offer, p.134
Where in DRHP: 'Objects of the Offer' Why It Matters: SEBI caps GCP (and unidentified objects). High GCP = undefined use of your money. Benchmark / Red Flag Trigger: Maxed-out / high GCP = flag Exact Citation: Objects of the Offer, p.134
23	Issue expenses as % of the issue	Standard merchant banking, legal, RTA, and marketing expenses shared proportionately between Company and Selling Shareholders.	OK	Objects of the Offer, p.163
Where in DRHP: 'Objects of the Offer' Why It Matters: Fees eat into the proceeds that reach the company. Benchmark / Red Flag Trigger: Unusually high = flag Exact Citation: Objects of the Offer, p.163
24	Overall read: growth / debt-repair / exit / mixed?	Growth & deleveraging oriented: 41.3% allocated to platform marketing & tech expansion, 23.7% to debt repayment, balance to GCP/acquisitions.	OK	Objects of the Offer, p.134
Where in DRHP: Synthesise the objects Why It Matters: The single most important interpretation of the whole issue. Benchmark / Red Flag Trigger: Pure exit or repair = low enthusiasm Exact Citation: Objects of the Offer, p.134
25	Pre-IPO placement done - at what price vs the IPO band?	No Pre-IPO placement undertaken in the 18 months preceding RHP.	N/A	Capital Structure, p.97-113
Where in DRHP: 'Capital Structure' Why It Matters: A recent placement far below the IPO price signals aggressive pricing. Benchmark / Red Flag Trigger: Big gap below IPO price = flag Exact Citation: Capital Structure, p.97-113
26	WACA - weighted avg cost of acquisition of promoter/investor shares vs IPO price	Secondary WACA (past 3 yrs) is ₹116.38/share; Primary WACA is ₹163.14/share. Issue price ₹97 is below historical WACA due to bonus adjustment (265:1 ratio).	Watch	Basis for Offer Price, p.175
Where in DRHP: 'Basis for Offer Price' Why It Matters: SEBI-mandated. Shows the markup at which insiders are selling to you. Benchmark / Red Flag Trigger: IPO price >> WACA = priced for insiders Exact Citation: Basis for Offer Price, p.175

LAYER 3 • BUSINESS QUALITY

Business Quality: Concentration, Retention & Durability

Business durability is anchored by customer stickiness, recurring volume growth, and disciplined operational execution.

Revenue Breakdown & Product Segment Mix

Product / Operating Segment	% Share	Revenue Value
Core Domestic Shipping & SaaS Apps	73.4%	₹1,485.41 Cr
Emerging Tech (Cross-Border, Fulfilment, Fintech)	26.6%	₹538.73 Cr

Customer & Geographic Concentration Matrix

Counterparty / Customer Tier	Revenue Share (%)	Rupee Amount	Strategic Exposure Note
Core Domestic Shipping & Automated SaaS Apps	73.4%	₹1,485.41 Cr	214,000+ active SME merchants
Emerging Cross-Border, Fulfilment & Fintech	26.6%	₹538.73 Cr	ShiprocketX in 169 countries
Top 1 Merchant Concentration	<5.0%	₹101.20 Cr	Diversified long-tail D2C sellers
Top 5 Merchants Concentration	<10.0%	₹202.40 Cr	Zero merchant dependency

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
27	Revenue breakdown by segment / product	FY26 Revenue from Operations ₹20,241.41 mn: Core Business (Domestic Shipping & Apps) ₹14,854.12 mn (73.38%); Emerging Business (Cross-border, Hyperlocal, Fulfilment, Fintech) ₹5,387.29 mn (26.62%).	OK	Our Business, p.241
Where in DRHP: 'Our Business', financials Why It Matters: Reveals mix and hidden concentration. Benchmark / Red Flag Trigger: - Exact Citation: Our Business, p.241
28	Top customer as % of revenue	No single merchant contributes >5% of revenue. Diversified base of 214,769 active merchants minimizes concentration risk.	OK	Risk Factors #4, p.35; Our Business, p.229
Where in DRHP: 'Our Business', Risk Factors Why It Matters: Single-customer dependency is a major fragility. Benchmark / Red Flag Trigger: Top-1 >25-30% = flag Exact Citation: Risk Factors #4, p.35; Our Business, p.229
29	Top 5 customers as % of revenue	Top 5 merchants contribute <10% of revenue. Very low customer concentration.	OK	Our Business, p.229
Where in DRHP: 'Our Business', Risk Factors Why It Matters: Customer concentration risk. Benchmark / Red Flag Trigger: Top-5 >50% = flag Exact Citation: Our Business, p.229
30	Are customer relationships recurring/contracted or order-by-order?	Consumption-based model where merchants pay per shipment or app usage, supported by master platform terms.	OK	Our Business, p.229
Where in DRHP: 'Our Business' Why It Matters: Recurring revenue is higher quality and more predictable. Benchmark / Red Flag Trigger: Purely transactional = lower quality Exact Citation: Our Business, p.229
31	Recurring / repeat revenue %	High transaction retention with strong cohort repeat volume across Fiscals 2023 - 2026.	OK	Our Business, p.233
Where in DRHP: 'Our Business', MD&A Why It Matters: Predictability of the top line. Benchmark / Red Flag Trigger: - Exact Citation: Our Business, p.233
32	Supplier concentration (top / top-5)	Logistics courier partners (Delhivery, Xpressbees, Shadowfax, Ecom Express, etc.) provide delivery capacity. Non-exclusive independent contracts.	Watch	Risk Factors #6, p.36; Our Business, p.245
Where in DRHP: 'Our Business', Risk Factors Why It Matters: Input dependency and weak bargaining power. Benchmark / Red Flag Trigger: High concentration = flag Exact Citation: Risk Factors #6, p.36; Our Business, p.245
33	Single-source or single raw-material dependency?	Digital platform / asset-light software business. No physical raw material dependency.	OK	Our Business, p.207
Where in DRHP: Risk Factors Why It Matters: Exposure to a supply or price shock. Benchmark / Red Flag Trigger: Single source = flag Exact Citation: Our Business, p.207
34	Manufacturing footprint - single-plant dependency?	No manufacturing plants. Operates 13 leased fulfilment centres across 10 cities for merchant warehousing.	Watch	Risk Factors #10, p.38; Our Business, p.245
Where in DRHP: 'Our Business', Properties Why It Matters: One plant concentrates operational and disaster risk. Benchmark / Red Flag Trigger: Single critical plant = flag Exact Citation: Risk Factors #10, p.38; Our Business, p.245
35	Current capacity utilisation	Asset-light software aggregator. Tech infrastructure scales elastically with cloud servers (AWS/GCP).	OK	Our Business, p.207
Where in DRHP: 'Our Business' Why It Matters: Capex objects only make sense if existing capacity is already running hot. Benchmark / Red Flag Trigger: Low utilisation + big capex = question Exact Citation: Our Business, p.207
36	Geographic concentration of revenue	Domestic shipping covers ~19,000+ pin codes in India. Cross-border (ShiprocketX) serves 169 countries.	OK	Our Business, p.207, 236
Where in DRHP: 'Our Business' Why It Matters: Dependence on one region or country. Benchmark / Red Flag Trigger: One geography dominant = flag Exact Citation: Our Business, p.207, 236
37	Asset-heavy or asset-light?	Highly asset-light model: Property, plant & equipment is ₹245.04 mn against revenue of ₹20,241.41 mn. High asset turnover.	OK	Balance Sheet, p.76
Where in DRHP: Balance sheet, fixed assets Why It Matters: Shapes return on capital and future funding needs. Benchmark / Red Flag Trigger: - Exact Citation: Balance Sheet, p.76
38	Working-capital intensity	Negative cash conversion cycle (-23.4 days). Trade Payables ₹2,721.62 mn exceed Trade Receivables ₹2,364.95 mn.	OK	Restated Financial Statements, p.76, 78
Where in DRHP: Balance sheet Why It Matters: High intensity traps cash as the business grows. Benchmark / Red Flag Trigger: Rising WC/sales = flag Exact Citation: Restated Financial Statements, p.76, 78
39	Distribution model (direct / dealer / online)	Direct-to-merchant self-serve online onboarding, supported by field sales, digital marketing, and partner app stores (Shopify, WooCommerce).	OK	Our Business, p.234, 246
Where in DRHP: 'Our Business' Why It Matters: Trade-off between control, margin and reach. Benchmark / Red Flag Trigger: - Exact Citation: Our Business, p.234, 246
40	Order book / backlog (if relevant)	Real-time transactional processing rather than long-term contract backlog.	OK	Our Business, p.207
Where in DRHP: 'Our Business', MD&A Why It Matters: Forward revenue visibility. Benchmark / Red Flag Trigger: Shrinking backlog = flag Exact Citation: Our Business, p.207
41	Cyclicality of the business	Tied to overall Indian D2C e-commerce transaction volumes, with seasonal Q3 festive spikes (Diwali/Cyber Week).	OK	MD&A, p.375
Where in DRHP: Industry, MD&A Why It Matters: How durable are earnings through a downturn? Benchmark / Red Flag Trigger: Highly cyclical at a peak = flag Exact Citation: MD&A, p.375
42	Entry barriers / moat - real or weak?	Strong network effects: 214k+ merchants, 250+ API integrations, multi-carrier rate optimization, proprietary checkout/RTO AI algorithms.	OK	Our Strengths, p.207-210
Where in DRHP: Strengths, Competition Why It Matters: Whether good returns can be sustained. Benchmark / Red Flag Trigger: Low barriers = flag Exact Citation: Our Strengths, p.207-210
43	Key licences / regulatory approvals the business depends on	Post & Telegraph courier registrations, RBI digital lending guidelines compliance for fintech partners, DGFT cross-border norms.	OK	Government Approvals, p.411
Where in DRHP: Risk Factors, Govt approvals Why It Matters: Licence loss can be existential. Benchmark / Red Flag Trigger: Critical pending approvals = flag Exact Citation: Government Approvals, p.411
44	Technology / obsolescence risk	Emergence of AI search overview traffic disintermediation, potential carrier direct D2C apps, and cybersecurity/data breach risks.	Watch	Risk Factors #4, #12, p.35, 40
Where in DRHP: Risk Factors Why It Matters: Exposure to disruption. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #4, #12, p.35, 40

LAYER 4 • FINANCIAL QUALITY

Are The Numbers Real? Multi-Year Forensic Quality Audit

Cash generation is real: FY26 CFO reached +₹526.37 cr and FCF reached +₹344.71 cr. Accounting losses are heavily influenced by ₹1,123.43 cr of non-cash ESOP charges.

Revenue from Operations

+24.0%

₹2,024.14 Cr

₹1,315.98 Cr

FY24

₹1,632.01 Cr

FY25

₹2,024.14 Cr

FY26

EBITDA & Operating Profit

Turnaround

+₹99.09 Cr (+4.9%)

-₹120.40 Cr (-9.1%)

FY24

-₹25.10 Cr (-1.5%)

FY25

+₹99.09 Cr (+4.9%)

FY26

Cash Flow from Operations (CFO)

Positive CFO

+₹52.64 Cr

-₹215.99 Cr

FY24

+₹1.90 Cr

FY25

+₹52.64 Cr

FY26

3-Year Audited Financial Performance Summary

Financial Parameter / Metric	FY24	FY25	FY26	3-Yr CAGR
Revenue from Operations	₹1,315.98 Cr	₹1,632.01 Cr	₹2,024.14 Cr	+24.0%
EBITDA (Adjusted ex-ESOP)	-₹120.40 Cr (-9.1%)	-₹25.10 Cr (-1.5%)	+₹99.09 Cr (+4.9%)	Turnaround
Restated Net Profit / (Loss)	-₹595.18 Cr	-₹74.45 Cr	-₹79.25 Cr	Loss Reduced
Operating Cash Flow (CFO)	-₹215.99 Cr	+₹1.90 Cr	+₹52.64 Cr	Positive CFO
ROCE (Return on Capital)	-14.50%	-3.20%	-2.65%	Improving
Debt-to-Equity (D/E)	0.18x	0.20x	0.16x	Low Debt

#

Checkpoint

Your Finding (Prospectus Data)

Status

Page Ref

45

Revenue (3 yrs) and CAGR

Revenue from Operations: FY24 ₹13,159.76 mn → FY25 ₹16,320.12 mn → FY26 ₹20,241.41 mn. 3-year CAGR = 24.03%.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹13,159	₹16,320	₹20,241

OK

Restated Financial Statements, p.78

46

Is growth organic or acquisition-driven?

Mix of organic merchant expansion and past acquisitions (Pickrr in FY23, Omuni in FY23, Wigzo). Pickrr now fully integrated.

Watch

MD&A, p.375; Risk Factors #2, p.31

47

Gross margin trend (3 yrs)

Gross Margin: FY24 23.07% (₹3,036.31 mn) → FY25 25.20% (₹4,113.42 mn) → FY26 25.15% (₹5,091.46 mn). Expanding gross margins.

Multi-Period Trend Breakdown

FY24	FY25	FY26
23	25	25

OK

Restated Financial Statements, p.78

48

EBITDA and EBITDA-margin trend

Core Business Adj EBITDA Margin = 12.56% in FY26. Consolidated Adjusted EBITDA (ex-ESOP) turned positive in FY26 (+₹990.90 mn, 4.90% margin).

OK

Our Business, p.241; MD&A, p.375

49

Sudden margin spike right before the IPO?

No artificial spike; steady gross margin expansion from 23.07% to 25.15% driven by operational leverage in Core Business.

OK

Restated Financial Statements, p.78

50

PAT and PAT-margin trend

Restated Loss: FY24 -₹5,951.81 mn (-45.23%) → FY25 -₹744.49 mn (-4.56%) → FY26 -₹792.45 mn (-3.91%). Losses narrowing significantly.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹5,951	₹744	₹792

Watch

Restated Financial Statements, p.78

51

Other income as % of PAT

Other Income: FY24 ₹418.57 mn → FY25 ₹428.09 mn → FY26 ₹532.80 mn (interest on bank deposits/treasury). Net PAT is negative.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹418	₹428	₹532

Watch

Restated Financial Statements, p.78

52

CFO (operating cash flow) trend

Operating Cash Flow (CFO): FY24 -₹2,159.92 mn → FY25 +₹18.97 mn → FY26 +₹526.37 mn. Strong turnaround to positive cash generation.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹2,159	+₹18	+₹526

OK

Summary Cash Flow, p.80

53

CFO / PAT (cash conversion), multi-year

CFO/PAT ratio N/A due to net loss; however, FY26 CFO of +₹526.37 mn demonstrates positive operating cash generation despite accounting loss (driven by non-cash ESOP ₹1,123 mn).

OK

Summary Cash Flow, p.80

54

Was CFO negative in any year?

Yes, CFO was negative in FY24 (-₹2,159.92 mn) post Pickrr integration, but turned positive in FY25 (+₹18.97 mn) and FY26 (+₹526.37 mn).

Multi-Period Trend Breakdown

FY24	FY25	FY26
(-₹2,159	(+₹18	(+₹526

Watch

Summary Cash Flow, p.80

55

Free cash flow (CFO minus capex)

FCF (CFO - Capex): FY24 -₹2,405.08 mn → FY25 -₹46.81 mn → FY26 +₹344.71 mn. FCF turned positive in FY26.

Multi-Period Trend Breakdown

FY24	FY25	FY26	FY26
₹2,405	₹46	+₹344	.

OK

Summary Cash Flow, p.80

56

Total debt and net debt

As of March 31, 2026: Total Borrowings ₹2,420.12 mn (bank overdraft) + Lease Liabilities ₹1,027.73 mn = Total Debt ₹3,447.85 mn. Cash & Bank ₹1,881.45 mn; Net Debt = ₹1,566.40 mn.

OK

Balance Sheet, p.76

57

Debt / Equity

Borrowings / Equity = 0.16x (₹2,420.12 mn / ₹15,243.11 mn). Total Debt (incl leases) / Equity = 0.23x. Low leverage.

OK

Balance Sheet, p.76

58

Interest coverage (EBIT / interest)

EBIT is negative due to accounting losses; finance cost of ₹263.93 mn in FY26 will be largely eliminated post ₹2,100 mn IPO debt repayment.

Watch

Restated Financial Statements, p.78; Objects, p.134

59

ROE and trend

Return on Net Worth (RoNW): FY24 (46.13%) → FY25 (4.99%) → FY26 (5.20%). Weighted average = (11.95%). Negative due to net losses.

Multi-Period Trend Breakdown

FY24	FY25	FY26
(46	(4	(5

Watch

Basis for Offer Price, p.167

60

ROCE and trend

ROCE: FY26 (2.65%). Negative due to operating accounting losses.

Watch

Basis for Offer Price, p.168

61

ROCE vs cost of capital

ROCE (-2.65%) is below cost of capital (~11-12%), as platform is still in cash-flow transition phase.

Watch

Basis for Offer Price, p.168

62

Debtor (receivable) days and trend

Trade Receivables: FY24 ₹1,170.59 mn (32.5 days) → FY25 ₹1,470.26 mn (32.9 days) → FY26 ₹2,364.95 mn (42.6 days). Debtor days increased slightly.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹1,170	₹1,470	₹2,364

Watch

Restated Financial Statements, p.76

63

Inventory days and trend

Inventories: FY24 ₹14.72 mn → FY25 ₹17.00 mn → FY26 ₹26.03 mn. Inventory days = 0.5 days (negligible).

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹14	₹17	₹26

OK

Restated Financial Statements, p.76

64

Payable days and trend

Trade Payables: FY24 ₹2,020.24 mn → FY25 ₹2,293.95 mn → FY26 ₹2,721.62 mn. Payable days = 66.5 days against merchant solutions cost.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹2,020	₹2,293	₹2,721

OK

Restated Financial Statements, p.76

65

Cash conversion cycle

CCC = Debtor days (42.6) + Inventory days (0.5) - Payable days (66.5) = -23.4 days. Negative CCC provides working capital float.

OK

Restated Financial Statements, p.76

66

Contingent liabilities vs net worth

Contingent Liabilities = ₹0.00 as of March 31, 2026 (TDS dispute ₹1.84 mn settled under Vivaad se Vishwas). Clean balance sheet.

OK

Summary of Contingent Liabilities, p.88

67

Capex history vs proposed capex

Historical Capex: FY24 ₹245.16 mn → FY25 ₹65.78 mn → FY26 ₹181.66 mn. Proposed IPO tech capex of ₹1,598.00 mn over FY27-29 is a significant step-up.

Multi-Period Trend Breakdown

FY24	FY25	FY26	FY27
₹245	₹65	₹181	29 is a significant step-up

OK

Summary Cash Flow, p.80; Objects, p.134

68

Dividend history

No dividends declared or paid in Fiscals 2024, 2025, or 2026 due to net losses.

OK

Dividend Policy, p.402

69

Standalone vs consolidated divergence

Company presents Restated Consolidated Financial Information; operations conducted across parent and 6 direct subsidiaries.

OK

Restated Financial Statements, p.291

70

Material restatement adjustments?

Restatement adjustments made for Ind AS compliance, ESOP fair valuation, and deferred tax alignment. Standard.

OK

Restated Financial Statements, p.291

71

Auditor qualifications / emphasis of matter

Statutory Auditors (S.R. Batliboi & Associates LLP) reported emphasis of matter in FY24 and modifications on audit trail & daily backup rules for FY24-26.

Watch

Risk Factors #9, p.38

72

Aggressive revenue-recognition policy?

Revenue recognized on delivery / performance of merchant solutions and SaaS subscription periods under Ind AS 115. Standard policies.

OK

Material Accounting Policies, p.318

LAYERS 5 & 6 • GOVERNANCE & RPT

Governance Architecture & Related Party Transactions

Professionally managed company with 0% promoter holding and 57% independent directors. Statutory auditor S.R. Batliboi & Associates LLP has 3+ year tenure. RPTs are routine intra-subsidiary services.

Pre & Post-Issue Shareholding Structure

Shareholder Category / Promoter	Pre-IPO %	Post-IPO %	Pledge Status	Statutory Lock-in
-	-	-	Nil	Standard
-	-	-	Nil	Standard
-	-	-	Nil	Standard

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
73	Promoter background and track record	Professionally managed company with no identifiable promoter. Key executive founders Saahil Goel (MD & CEO) and Gautam Kapoor (ED & COO) have led company since 2011.	OK	Our Management, p.271
Where in DRHP: 'Our Promoters', 'Management' Why It Matters: The quality and integrity of stewardship. Benchmark / Red Flag Trigger: Prior failure/fraud = flag Exact Citation: Our Management, p.271
74	Promoter holding pre-IPO	0.00% (Professionally managed company under SEBI ICDR Regulations).	OK	Capital Structure, p.119
Where in DRHP: 'Capital Structure' Why It Matters: Skin in the game today. Benchmark / Red Flag Trigger: - Exact Citation: Capital Structure, p.119
75	Promoter holding post-IPO	0.00% (Professionally managed company).	OK	Capital Structure, p.119
Where in DRHP: 'Capital Structure' Why It Matters: Alignment going forward. Benchmark / Red Flag Trigger: Very low post-IPO = misalignment Exact Citation: Capital Structure, p.119
76	Promoter share pledge	0.00% shares pledged.	OK	Capital Structure, p.119
Where in DRHP: 'Capital Structure', Risk Factors Why It Matters: Pledging signals financial stress. Benchmark / Red Flag Trigger: Any meaningful pledge = flag Exact Citation: Capital Structure, p.119
77	Promoter / KMP remuneration vs PAT and peers	MD & CEO Saahil Goel paid ₹18.78 mn in FY26; ED & COO Gautam Kapoor paid ₹18.77 mn in FY26. Reasonable for scale.	OK	Our Management, p.274
Where in DRHP: 'Management' Why It Matters: Cash extraction relative to profits. Benchmark / Red Flag Trigger: High pay vs PAT = flag Exact Citation: Our Management, p.274
78	Group structure - complex / circular / many entities?	Clean group structure: Parent company + 6 direct subsidiaries (Pickrr, Omuni, Merchant App, Shiprocket Pte, Inc, DMCC) + 1 step-down subsidiary.	OK	Our Business, p.240; Group Companies, p.414
Where in DRHP: 'Our Group Companies' Why It Matters: Complexity is where value and leakage hide. Benchmark / Red Flag Trigger: Complex web = flag Exact Citation: Our Business, p.240; Group Companies, p.414
79	Auditor - reputable? Recent change or resignation?	Statutory Auditor is S.R. Batliboi & Associates LLP (EY network). No auditor resignation or change in last 3 years.	OK	General Information, p.90
Where in DRHP: 'Auditors', history Why It Matters: Audit credibility and any pre-IPO churn. Benchmark / Red Flag Trigger: Resignation before IPO = flag Exact Citation: General Information, p.90
80	CFO / KMP churn before the IPO	Stable leadership. CFO Kumar Tanmay and CS Nikhil Kumar in place.	OK	Our Management, p.271
Where in DRHP: 'Management', history Why It Matters: Instability in key finance roles before listing. Benchmark / Red Flag Trigger: CFO exit pre-IPO = flag Exact Citation: Our Management, p.271
81	Board: proportion of independent directors	4 Independent Directors out of 7 Board members (57.14% independent), exceeding SEBI 50% mandate. Includes 1 female Independent Director (Vani Gupta Dandia).	OK	General Information, p.89; Management, p.271
Where in DRHP: 'Management' Why It Matters: Strength of independent oversight. Benchmark / Red Flag Trigger: Below norms = flag Exact Citation: General Information, p.89; Management, p.271
82	Independent-director credentials - real or token?	High-profile independent directors: Kaushik Dutta (ex-PwC, Thought Arbitrage), Chetan Mathur (ex-Pepsico/Yum), Vani Gupta Dandia (ex-PepsiCo/Unilever), Brijesh Agrawal (co-founder IndiaMART).	OK	Our Management, p.271
Where in DRHP: Director bios Why It Matters: Whether oversight is actually effective. Benchmark / Red Flag Trigger: Token / related IDs = flag Exact Citation: Our Management, p.271
83	ESOP / outstanding options - dilution overhang	ESOP pool size up to 38.00 mn equity shares (ESOP 2016 & 2024). ESOP expense was ₹1,123.43 mn in FY26 (non-cash charge).	Watch	Capital Structure, p.126; Financials, p.78
Where in DRHP: 'Capital Structure' Why It Matters: Future dilution of your stake. Benchmark / Red Flag Trigger: Large unvested pool = caution Exact Citation: Capital Structure, p.126; Financials, p.78
84	Lock-in: promoter and anchor / pre-IPO investors	Pre-IPO capital locked in for 6 months post-allotment per Reg 6(2). Anchor Investors: 50% for 30 days, 50% for 90 days.	OK	Capital Structure, p.119
Where in DRHP: 'Capital Structure' Why It Matters: Share supply that hits the market post-listing. Benchmark / Red Flag Trigger: Big near-term unlocks = caution Exact Citation: Capital Structure, p.119
85	Past corporate-governance issues / regulatory strictures	No SEBI/RBI/MCA strictures or governance violations reported against company or directors.	OK	Outstanding Litigation, p.405
Where in DRHP: Risk Factors, Litigation Why It Matters: A pattern of past behaviour. Benchmark / Red Flag Trigger: Any history = flag Exact Citation: Outstanding Litigation, p.405

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
86	Sales to related parties (% of revenue)	<1.5% of revenue on consolidated basis (sales to Omuni/Merchant App eliminated in restated consolidated statement).	OK	Summary of RPTs, p.85-87
Where in DRHP: RPT note Why It Matters: Revenue propped up by group entities? Benchmark / Red Flag Trigger: High % = flag Exact Citation: Summary of RPTs, p.85-87
87	Purchases from related parties (% of costs)	Consolidated RPT purchases minimal (<1.0%). Intra-group subsidiary costs eliminated on consolidation.	OK	Summary of RPTs, p.85-87
Where in DRHP: RPT note Why It Matters: A channel to manipulate margins. Benchmark / Red Flag Trigger: High % = flag Exact Citation: Summary of RPTs, p.85-87
88	Loans / advances to promoter or related entities	Loans extended only to wholly-owned subsidiaries (Omuni, Merchant App, Logitrust). No loans to promoters or directors.	OK	Summary of RPTs, p.85
Where in DRHP: RPT note Why It Matters: Company cash diverted to insiders. Benchmark / Red Flag Trigger: Any sizeable loan out = flag Exact Citation: Summary of RPTs, p.85
89	Rent / royalty / brand fees paid to related parties	Nil brand fee or royalty paid to promoters or related entities.	OK	Summary of RPTs, p.85-87
Where in DRHP: RPT note Why It Matters: Recurring cash extraction from the company. Benchmark / Red Flag Trigger: Royalty to promoter = flag Exact Citation: Summary of RPTs, p.85-87
90	Outstanding RPT balances (receivable / payable)	Outstanding inter-company subsidiary balances are standard operational/loan balances.	OK	Summary of RPTs, p.85-87
Where in DRHP: RPT note Why It Matters: Money stuck with related parties. Benchmark / Red Flag Trigger: Large outstanding = flag Exact Citation: Summary of RPTs, p.85-87
91	RPT trend over 3 years	Stable and routine intra-group service transactions; no inflation of third-party related revenues.	OK	Summary of RPTs, p.85-87
Where in DRHP: RPT note Why It Matters: Rising reliance on related-party dealings. Benchmark / Red Flag Trigger: Increasing trend = flag Exact Citation: Summary of RPTs, p.85-87
92	Disclosed at arm's length? Pricing basis?	All related party transactions disclosed at arm's length in normal course of business.	OK	Summary of RPTs, p.82
Where in DRHP: RPT note Why It Matters: Whether terms are fair to minority shareholders. Benchmark / Red Flag Trigger: 'At cost'/unclear basis = scrutinise Exact Citation: Summary of RPTs, p.82
93	Overall RPT concern level (Low / Medium / High)	Low concern level. Intra-group transactions are routine subsidiary operations.	OK	Summary of RPTs, p.82-87
Where in DRHP: Synthesise this layer Why It Matters: Your single judgment on related-party risk. Benchmark / Red Flag Trigger: - Exact Citation: Summary of RPTs, p.82-87

LAYER 7 • LITIGATION & REGULATORY

Litigation, Tax Disputes & Materiality Sizing

Outstanding legal proceedings represent standard commercial and tax disputes with low aggregate materiality relative to net worth.

Outstanding Legal & Tax Dispute Summary

Litigation / Regulatory Category	Case Count	Quantifiable Exposure	Materiality & Balance Sheet Risk
Warehouse Inventory Disputes / FIR Matters	1	₹2.81 Cr	Evaluated
Tax & GST Adjudications	1	₹1.20 Cr	Evaluated

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
94	Criminal cases against promoters / directors	No criminal cases against Company for financial fraud. Minor FIRs include Bengaluru warehouse inventory dispute (BNS 316(3), ₹28.06 mn) and Arms Act parcel delivery FIR impleadment.	Watch	Outstanding Litigation, p.405-407
Where in DRHP: 'Outstanding Litigation' Why It Matters: An integrity red flag that can override the numbers. Benchmark / Red Flag Trigger: Any = serious flag Exact Citation: Outstanding Litigation, p.405-407
95	Material civil / commercial cases - company	Nil material civil litigation against the Company.	OK	Outstanding Litigation, p.405
Where in DRHP: 'Outstanding Litigation' Why It Matters: Direct business and financial risk. Benchmark / Red Flag Trigger: - Exact Citation: Outstanding Litigation, p.405
96	Direct + indirect tax disputes and amounts	Nil material direct or indirect tax litigation outstanding.	OK	Outstanding Litigation, p.405; Contingent Liabilities, p.88
Where in DRHP: 'Outstanding Litigation' Why It Matters: Contingent cash outflows. Benchmark / Red Flag Trigger: Large vs PAT = flag Exact Citation: Outstanding Litigation, p.405; Contingent Liabilities, p.88
97	Regulatory / statutory actions (SEBI, RBI, environmental, labour)	Nil regulatory or statutory enforcement actions by SEBI, RBI, or tax authorities.	OK	Outstanding Litigation, p.405
Where in DRHP: 'Outstanding Litigation' Why It Matters: Signals compliance culture. Benchmark / Red Flag Trigger: Active actions = flag Exact Citation: Outstanding Litigation, p.405
98	Total quantifiable amount involved	Quantifiable litigation against company ~₹28.06 mn (warehouse inventory FIR).	OK	Outstanding Litigation, p.405
Where in DRHP: Litigation summary Why It Matters: Sizing the aggregate exposure. Benchmark / Red Flag Trigger: - Exact Citation: Outstanding Litigation, p.405
99	Materiality vs PAT and net worth	Litigation amount (₹28.06 mn) is negligible relative to Net Worth (₹15,243.11 mn, 0.18%).	OK	Outstanding Litigation, p.405; Balance Sheet, p.76
Where in DRHP: Compare Why It Matters: Whether the exposure is survivable. Benchmark / Red Flag Trigger: Multiple of PAT / net worth = flag Exact Citation: Outstanding Litigation, p.405; Balance Sheet, p.76
100	Any case threatening a key licence or the business model?	No litigation threatens any key software licence, courier partner agreement, or core platform operations.	OK	Outstanding Litigation, p.405
Where in DRHP: Litigation, Risk Factors Why It Matters: Existential risk to operations. Benchmark / Red Flag Trigger: Yes = serious flag Exact Citation: Outstanding Litigation, p.405

LAYER 8 • VALUATION & PEER BENCHMARK

Valuation: Peer Comparison & Multiples Benchmark

Valuation benchmark indicates competitive pricing relative to listed industry peers and forward earnings power.

Listed Industry Peer Valuation Benchmark

Company Name / Peer Benchmark	P/E (x)	EV/EBITDA	P/S (x)	ROE (%)	ROCE (%)	YoY Growth	PAT Margin
Shiprocket Limited	3.49x (P/S)	3.56x (EV/Rev)	-	-	Turnaround	-	-
Unicommerce eSolutions Limited	18.5x (P/S)	17.8x (EV/Rev)	-	-	16.5%	-	-
Delhivery Limited	3.40x (P/S)	45.0x (EV/EBITDA)	-	-	-2.8%	-	-
Zomato Limited	16.2x (P/S)	85.0x (EV/EBITDA)	-	-	12.4%	-	-
E-Commerce Tech Composite	12.7x (P/S)	36.4x (EV/Rev)	-	-	8.7%	-	-

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
101	IPO P/E (post-issue, upper band)	N/A due to Restated Net Loss of -₹792.45 mn in FY26.	Watch	Basis for Offer Price, p.168
Where in DRHP: Basis for Offer Price / compute Why It Matters: The headline earnings multiple you're paying. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.168
102	Peer P/E - and is the peer set fair or cherry-picked?	Sole listed peer Unicommerce Esolutions trades at 47.75x P/E and 4.69x EV/Revenue. Peer set is relevant but limited.	OK	Basis for Offer Price, p.168
Where in DRHP: 'Basis for Offer Price' Why It Matters: Companies pick flattering peers; rebuild the set yourself. Benchmark / Red Flag Trigger: Cherry-picked rich peers = flag Exact Citation: Basis for Offer Price, p.168
103	EV / EBITDA vs peers	Shiprocket EV/EBITDA is N/A on negative GAAP EBITDA (-₹132.53 mn), but 72.80x on Adjusted EBITDA (+₹990.90 mn). Peer Unicommerce EV/EBITDA is 24.25x.	Watch	Basis for Offer Price, p.168
Where in DRHP: Compute / peers Why It Matters: A capital-structure-neutral comparison. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.168
104	Price / Sales (especially if loss-making)	At issue price of ₹97, implied Market Cap is ₹70,571.25 mn (~₹7,057 cr). Price / Sales (FY26 Revenue ₹20,241.41 mn) = 3.49x.	OK	Basis for Offer Price, p.168
Where in DRHP: Compute Why It Matters: The relevant lens for unprofitable companies. Benchmark / Red Flag Trigger: Aggressive P/S on losses = flag Exact Citation: Basis for Offer Price, p.168
105	Price / Book	At ₹97, Price / Pre-IPO NAV (₹23.96) = 4.05x; Price / Post-IPO NAV (~₹32.57) = 2.98x.	OK	Basis for Offer Price, p.167-168
Where in DRHP: Compute Why It Matters: Relevant for asset-heavy and financial businesses. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.167-168
106	Implied market cap at IPO	₹70,571.25 million (~₹7,057.13 crore) at ₹97 issue price (727.54 mn post-issue shares).	OK	Basis for Offer Price, p.168
Where in DRHP: Compute Why It Matters: The absolute size of what you're buying. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.168
107	ROE vs peers	Shiprocket RoNW is (5.20%) in FY26 vs Peer Unicommerce RoNW of +10.60%.	Watch	Basis for Offer Price, p.167-168
Where in DRHP: Compare Why It Matters: Does quality justify any premium? Benchmark / Red Flag Trigger: Premium + lower ROE = flag Exact Citation: Basis for Offer Price, p.167-168
108	ROCE vs peers	Shiprocket ROCE is (2.65%) in FY26 vs Peer Unicommerce ROCE of +14.60%.	Watch	Basis for Offer Price, p.168
Where in DRHP: Compare Why It Matters: Capital efficiency relative to price. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.168
109	Growth vs peers	Shiprocket revenue CAGR is 24.03% (FY24-26), higher absolute scale (₹2,024 cr vs Unicommerce ₹204 cr).	OK	Basis for Offer Price, p.168
Where in DRHP: Compare Why It Matters: Does faster growth justify the premium? Benchmark / Red Flag Trigger: Premium + slower growth = flag Exact Citation: Basis for Offer Price, p.168
110	Margins vs peers	Shiprocket Gross Margin is 25.15%; Core Business Adj EBITDA margin is 12.56%. Peer Unicommerce operating margins higher.	OK	Basis for Offer Price, p.168
Where in DRHP: Compare Why It Matters: Quality of earnings relative to price. Benchmark / Red Flag Trigger: - Exact Citation: Basis for Offer Price, p.168
111	IPO price vs WACA / pre-IPO placement (the markup)	Issue Price ₹97 is at a DISCOUNT to primary WACA (₹163.14) and secondary WACA (₹116.38) due to 265:1 bonus issue adjustment.	OK	Basis for Offer Price, p.175, 180
Where in DRHP: Basis for Offer Price Why It Matters: What insiders paid versus what you're paying. Benchmark / Red Flag Trigger: Large multiple over WACA = flag Exact Citation: Basis for Offer Price, p.175, 180
112	Is the premium justified by ROCE / ROE / growth / margins?	3.49x P/S valuation is reasonable relative to peer Unicommerce (4.69x EV/Revenue) given Shiprocket's 10x larger revenue scale and positive operating cash flows.	OK	Basis for Offer Price, p.168
Where in DRHP: Synthesise Why It Matters: The core valuation verdict. Benchmark / Red Flag Trigger: Premium unsupported by quality = flag Exact Citation: Basis for Offer Price, p.168
113	What growth does the price implicitly assume?	Price of ₹97 assumes 20%+ revenue CAGR over FY26-29 with operational leverage expanding consolidated EBITDA margin toward 10-12%.	OK	Analyst Synthesis
Where in DRHP: Reverse the multiple / judgment Why It Matters: Are the embedded expectations realistic? Benchmark / Red Flag Trigger: Heroic assumptions = flag Exact Citation: Analyst Synthesis

LAYER 9 • STATED RISK ADMISSIONS

In The Company's Own Words: Stated Risk Admissions

Management highlights key operational sensitivities including raw material pricing, client concentration, and execution timelines.

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
114	Top 5 risk factors the company itself lists	1. History of restated net losses (-₹792.45 mn in FY26). 2. Risks in integrating past & future acquisitions (Pickrr, Omuni). 3. Non-appraised objects of the offer. 4. Operations dependent on merchant traffic & search/AI algorithms. 5. Challenges in scaling cross-border business.	Watch	Risk Factors #1-#5, p.30-35
Where in DRHP: 'Risk Factors' Why It Matters: Management's own stated worries - read them first. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #1-#5, p.30-35
115	Any genuine dealbreaker buried in boilerplate?	Auditor modifications on audit trail and daily data backups for FY24-26; underperformance of acquired unit Shiprocket Omuni.	Watch	Risk Factors #2, #9, p.31, 38
Where in DRHP: 'Risk Factors' Why It Matters: The serious risks hide among generic ones; find them. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #2, #9, p.31, 38
116	Quantified risks (e.g. 'X would cut revenue by Y%')	Goodwill impairment of ₹1,767.42 mn & intangible impairment of ₹753.15 mn incurred in FY24; ₹200 mn FLDG credit guarantee exposure.	Watch	Risk Factors #2, p.31; Our Business, p.246
Where in DRHP: 'Risk Factors' Why It Matters: The risks management bothered to quantify are usually the real ones. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #2, p.31; Our Business, p.246
117	Going-concern or liquidity language anywhere?	No going concern qualification by Statutory Auditors S.R. Batliboi & Associates LLP. Positive cash flow from operations in FY26 (+₹526.37 mn).	OK	Auditor Report, p.291; Summary Cash Flow, p.80
Where in DRHP: Risk Factors / Auditor Why It Matters: A direct signal of survival risk. Benchmark / Red Flag Trigger: Any going-concern language = serious flag Exact Citation: Auditor Report, p.291; Summary Cash Flow, p.80

AUDIT TALLY • 117-CHECKPOINT RISK MATRIX

Red-Flag Dashboard: 117-Checkpoint Audit Tally

90

Checkpoints Clean (OK)

26

Watchlist Monitor Rows

0

High-Severity Red Flags

117

Total Forensic Checkpoints

L1 Story & Positioning

9 1 0

L2 Issue Structure & Objects

12 3 0

L3 Business Quality

15 3 0

L4 Financial Quality

18 10 0

L5 Governance

12 1 0

L6 Related Party Transactions

8 0 0

L7 Litigation & Regulatory

6 1 0

L8 Valuation

9 4 0

L9 The Company's Own Risk Factors

1 3 0

Layer 1: Story & Positioning

9 OK 1 Watch 0 Flag

Layer 2: Issue Structure & Objects

12 OK 3 Watch 0 Flag

Layer 3: Business Quality

15 OK 3 Watch 0 Flag

Layer 4: Financial Quality

18 OK 10 Watch 0 Flag

Layer 5: Governance

12 OK 1 Watch 0 Flag

Layer 6: Related Party Transactions

8 OK 0 Watch 0 Flag

Layer 7: Litigation & Regulatory

6 OK 1 Watch 0 Flag

Layer 8: Valuation

9 OK 4 Watch 0 Flag

Layer 9: The Company's Own Risk Factors

1 OK 3 Watch 0 Flag

How To Read This Risk Matrix

These tallies reflect the 117 checkpoints evaluated across the 9 analytical layers. In institutional forensic analysis, clusters matter far more than isolated totals: an amber or red flag in Layer 4 (Financial Quality) or Layer 5 (Governance) carries exponentially higher structural weight than narrative observations in Layer 1. Always evaluate flags against company peers and industry context.

Statutory Educational Compliance & Analyst Disclaimer

This research report is prepared strictly for educational and informational purposes only and does not constitute financial, investment, legal, tax, or underwriting advice. Neither IPrOspecta nor the author (Tanish Vijayvargiya) is a SEBI-registered Research Analyst or SEBI-registered Investment Adviser under the SEBI (Research Analysts) Regulations, 2014 or SEBI (Investment Advisers) Regulations, 2013.

Nothing in this publication should be construed as an explicit or implicit recommendation, solicitation, endorsement, or offer to buy, sell, subscribe to, or hold any security, IPO application, or financial product. Prospective investors must conduct their own independent due diligence, carefully review the complete Red Herring Prospectus (RHP) / Draft Red Herring Prospectus (DRHP) filed with SEBI and the stock exchanges, and consult a qualified, SEBI-registered financial adviser before committing capital.

Position Disclosure: The author and IPrOspecta maintain zero commercial affiliation with the issuer company, book running lead managers, selling shareholders, or syndicate underwriters. All opinions expressed represent personal analytical frameworks.