Analysts/Institutional Investor Meet/Con. Call Updates

Date: September 11, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544871 NSE Scrip Symbol: SHIPROCKET Subject: Transcript of Earnings Call with respect to Financial Results for the quarter ended June 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Call held on Tuesday, September 08, 2026. The above information will also be hosted on the Company’s website viz. https://www.shiprocket.in/investor-relations/results/ You are requested to take the above on record. Thank you, For Shiprocket Limited (Previously known as Shiprocket Private Limited Originally known as Bigfoot Retail Solutions Private Limited) Nikhil Kumar Company Secretary Place: Gurugram Shiprocket Limited Q1 FY27 Earnings Conference Call September 08, 2026 MANAGEMENT: MR. SAAHIL GOEL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SHIPROCKET LIMITED MR. TANMAY KUMAR – CHIEF FINANCIAL OFFICER – SHIPROCKET LIMITED MR. SHREYANSE JAIN – ASSOCIATE DIRECTOR, INVESTOR RELATIONS – SHIPROCKET LIMITED Page 1 of 17 Shiprocket Limited September 08, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Shiprocket Limited's Q1 FY27 Earnings Conference Call. From the management of Shiprocket, we have with us Mr. Saahil Goel, MD and CEO; Mr. Tanmay Kumar, CFO; and Mr. Shreyanse Jain, Associate Director, Investor Relations. Kindly note that this call is meant for investors and analysts only. By participating in this event, you consent to such recording, distribution, and publication. All participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation from the management concludes. With this, I hand over to Mr. Saahil Goel for his opening remarks. Over to you, sir. Saahil Goel: Thank you. Good morning, everyone, and thank you for joining Shiprocket's first shareholder earnings call. Excited to be kicking off this milestone call for our company. As an agenda, given it's our first call, I'll quickly go through the business model, spend some time on that for a few minutes, and then hand over to Tanmay for doing the financial highlight section before we move into Q&A. I'd like to quickly explain what Shiprocket is. Shiprocket is an e-commerce enablement platform that allows small businesses, independent retailers, SMEs selling outside of marketplaces directly to end consumers. It's designed for sellers who sell through social media, conversational commerce, through their own websites, powering their own digital marketing. As they do this, they need the infrastructure to be able to power shipping, payments, and marketing effectively. Shiprocket becomes that digital infrastructure for them and is India's largest e-commerce enabler today by revenue. Shiprocket is becoming the one-stop shop for SMBs to be able to run their business end-to-end and be able to digitize. Just to give an idea of our scale as of FY 2026, we powered over 32,000 crores in GMV, over 20 crores in transactions, and we served over 15 crores consumers. This, in a way, is representative of the off-marketplace sales largely through D2C channels, for various lakhs of sellers in the country through Shiprocket. We do this without owning any of the assets because that's the business model. Before getting into how we do this, I think what's important is to look at the way we look at the market. We see that today India has about 8% retail penetration, which is, compared to US and China, fairly low. India is at the beginning of this digitization in Tier 2 and 3 cities, where half of India's e-commerce today already is Tier 2 plus cities. Shiprocket has a majority of their GMV coming from Tier 2 and 3 cities. There is a lot of growth happening in that section. When you look at the entrepreneurs and the MSMEs in India, there is about 6 crores MSMEs. Even if we look at the non-kirana section of this, it's still lots of small businesses that need to digitize. I think Shiprocket is trying to build the model in such a way where we are able to do that for the coming years by creating a platform where it is built like a network of rails. We connect with over 250 partners across payment gateways, courier companies, warehousing partners, ERP and accounting companies, basically everything that the merchant needs to be able to run their business. Page 2 of 17 Shiprocket Limited September 08, 2026 We power everything from discovery all the way through delivery. We work with over 42 courier partners to be able to provide a wide variety of use cases around hyperlocal, and documents, and cross-border, etc. By being a completely asset-light platform, we are able to go deep into owning the data and the consumer behavior, the carrier behavior, the seller behavior. We are able to power checkout and transactions, and able to observe money as well as cash on delivery money, and hence we are sitting in the money flow. Because we are the owner of the transaction, we become the trust maker between our partners and our merchants. That sort of the way the platform is built. This allows us to continuously innovate right, continuously build more offerings as the market evolves and as consumers evolve as well. Just to quickly explain how the platform is built, it's built like a modular system where everything from catalog management to payments management, fraud management, warehouse and inventory management, all of that stuff is built very similar to how India's leading marketplaces build them. The difference is that we don't sell it as software, and we distribute the operating system to our merchants for them to be able to use it easily. Then the platform is built where we charge the merchants on consumption. As and when they send a shipment, or as and when they make a checkout, they pay us. Our incentives are completely aligned with the merchant's incentives as well. Quickly, we'll just explain our business in two segments, the way we economically look at the business. We have our core shipping business where we integrate with over 250 partners and 42 couriers to be able to enable orchestration of shipping across the country. We have various value- added services which make the transaction not only better for the merchant, but also margin- accretive for our business as well. Obviously, this is all powered with intelligence from over 700 million transactions that we have powered so far till date. The core has been profitable, for quite some time now. We saw that it grew an operating leverage from 6% in EBITDA about three years ago to about 12.6% in FY26. The business there is scaling, continues to add merchants, continues to add new transactions. As over the years we started figuring out merchant's problems across the stack, we found that merchants have issues with faster delivery. We built the omnichannel business a few years ago, which is basically allowing merchants to do appointment-based deliveries into quick commerce outfits. It's allowing merchants to be able to do hyperlocal deliveries as well from their retail stores. We also kind of allowed merchants to frictionlessly sell cross-border through integrations into global marketplaces like Etsy, Amazon and eBay, allowing merchants, in a tier 2 city easily to be able to without putting their inventory globally be able to sell into foreign B2C channels. Finally, as we kind of built the data engine, we also built a checkout and MarTech platform where we make shopping possible for tens of thousands of websites, seamlessly by creating a log-in and checkout experience where consumers can use it in a very easy way. This whole stack Page 3 of 17 Shiprocket Limited September 08, 2026 together is our emerging business. [Showing first 8,000 characters — download PDF for full document]