We recommend SUBSCRIBE to the IPO of Shiprocket, driven by its market leadership in India's commerce enablement ecosystem, scalable merchant franchise, improving operating leverage and multiple monetisation opportunities across shipping, fulfillment, cross-border commerce, checkout and merchant solutions. The company has delivered a 24% revenue CAGR over FY24-26. While the core business contributed 73.4% of FY26 revenue and grew at a 17.0% CAGR, emerging businesses expanded at a 52.6% CAGR and accounted for 26.6% of revenue in FY26. Consolidated Adj. EBITDA margin has...