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Latest filing: 2026-09-03 09:49
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18 announcements match the current filters (relevance ≥ 5).
Shadowfax targets 1,000 channel partners over 3 years to expand SME distribution
Shadowfax Technologies has launched its Channel Partner Program under Shadowfax 360, aiming to onboard 1,000 channel partners over the next three years. The initiative focuses on Tier 2 cities and manufacturing clusters, enabling local partners to provide assisted onboarding and working capital credit to offline SMEs. The company is also opening branded walk-in stores starting in Chandigarh and Lucknow across its delivery network of 16,372 pin codes. In the release, Shadowfax highlighted delivering 24.7 crore orders in Q1 FY27 with revenue rising 65% YoY to Rs 1,358 crore.
Confidence: HIGH
What changedShadowfax expanded its digital self-serve platform into an on-ground assisted distribution network with channel partners and physical walk-in stores.
Why it mattersEnables Shadowfax to capture offline-first SME logistics demand and diversify revenue beyond digital native e-commerce clients.
Target channel partners: 1,000Program timeline: 3 yearsNetwork coverage: 16,372 pin codesQ1 FY27 revenue: Rs 1,358 croreQ1 FY27 YoY revenue growth: 65%Q1 FY27 orders delivered: 24.7 crore
📅 Short termSignals ongoing strong top-line momentum following Q1 FY27 growth figures and the launch of new retail touchpoints in North India.
📈 Long termStrengthens network density and client stickiness in Tier 2 manufacturing hubs, aiding long-term operating leverage.
⚠ Risk flags
- Execution and partner management risks across distributed Tier 2 geographies
- Credit and counterparty risks from assisted credit models at the partner level
Key Highlights
Targeting onboarding of 1,000 Channel Partners over the next 3 years
Extends delivery and pickup services across 16,372 pin codes nationwide
Rolling out first branded walk-in stores, starting with Chandigarh and Lucknow
Reported Q1 FY27 revenue of Rs 1,358 crore (up 65% YoY) on 24.7 crore delivered orders
👀 What to Watch
Track the pace of partner additions and monitor upcoming quarterly filings to see if SME and Tier 2 volume growth drives margin expansion.
Shadowfax raises FY27 revenue growth guidance to 38%-40% from 30%
Shadowfax has significantly upgraded its FY27 revenue growth guidance to 38%-40%, up from the previous 27%-30%, citing strong momentum in Express Parcel and Quick Commerce. The company expanded its reach to 16,372 pin codes, adding 716 in the last quarter alone. Its Prime D2C segment grew 2.7x YoY, while the 'Prime Large' heavy delivery business reached its full-year target of 10,000 pin codes ahead of schedule. Amazon has notably entered the company's top 10 customer list, driven by the 'Amazon Now' partnership.
Confidence: HIGH
What changedManagement significantly increased growth expectations for the fiscal year and reported faster-than-expected expansion in heavy delivery (Prime Large) pin code coverage.
Why it mattersThe guidance upgrade suggests strong market share gains in the 3PL space and successful diversification into D2C and Quick Commerce, which are higher-growth segments than traditional e-commerce logistics.
FY27 Revenue Growth Guidance: 38% to 40%Pin codes added (90 days): 716Prime Large ARR: ₹75 crHyperlocal YoY Growth: 53%Dark stores operational: 47
📅 Short termPositive sentiment is expected due to the guidance upgrade and strong operational metrics across new business lines like Prime and Hyperlocal.
📈 Long termStructural shift towards D2C and Quick Commerce could re-rate the company if it maintains margins while growing at 40% annually.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Fuel price volatility (diesel)
- Low promoter holding (16.5%)
- High dependence on e-commerce/quick commerce cycles
Key Highlights
FY27 revenue growth guidance raised to 38%-40% from the earlier 27%-30% range
Pin code coverage reached 16,372, with 716 new pin codes added in the last 90 days
Prime Large business revenue grew 170% YoY to an Annual Recurring Revenue (ARR) of ₹75 crore
Hyperlocal segment grew 53% YoY and 17% sequentially in Q1 FY27
Shadowfax 360 platform onboarded 1,200+ transacting sellers within one quarter of launch
👀 What to Watch
Monitor the execution of the revised growth guidance and the impact of the Amazon partnership on overall margins. Watch for the scaling of the dark store experiment, which currently has 47 stores contributing 10-12% of other logistics revenue.
Chief Product Officer Nitesh Lohiya Resigns, Effective August 07, 2026
Shadowfax Technologies has announced the resignation of Mr. Nitesh Lohiya from his position as Chief Product Officer (CPO), a key Senior Management Personnel role. The resignation, effective from August 07, 2026, is attributed to personal reasons and professional aspirations. This leadership change follows a strong financial quarter where the company reported a revenue of ₹1,237.09 cr and a PAT of ₹55.83 cr for March 2026. Investors should note the relatively short transition period of seven days between the announcement and the official exit.
Confidence: HIGH
What changedThe Chief Product Officer is exiting the company to pursue other professional aspirations.
Why it mattersIn a tech-integrated logistics firm, the CPO is critical for maintaining the platform's competitive edge and operational efficiency; a leadership transition in this department is a key monitorable for execution risk.
Effective Date of Resignation: August 07, 2026Notice Period Provided: 7 daysLatest Quarterly Revenue (Mar 2026): ₹1237.09 crLatest Quarterly PAT (Mar 2026): ₹55.83 cr
📅 Short termThe stock may see neutral to slightly cautious sentiment as the market processes the exit of a key tech leader, though the impact is likely limited given the stated personal reasons.
📈 Long termThe long-term impact depends on the company's ability to hire a competent successor who can maintain the momentum of Shadowfax's logistics technology platform.
⚠ Risk flags
- Short transition period for a C-suite executive
- Potential disruption in product strategy during the leadership gap
Key Highlights
Mr. Nitesh Lohiya to step down as Chief Product Officer effective August 07, 2026
The resignation was officially intimated on July 31, 2026, providing a 7-day transition window
Company reported a significant quarterly revenue of ₹1,237.09 cr in March 2026
Net profit for the most recent reported quarter (Mar 2026) stood at ₹55.83 cr
Promoter holding remains stable at 16.51% as of June 2026
👀 What to Watch
Monitor the company's announcement regarding a successor for the CPO role to ensure there is no disruption in the product development roadmap or technological scaling.
65% YoY Revenue Growth to ₹1,358 Cr in Q1 FY27; PAT Surges 716% to ₹65 Cr
Shadowfax reported a robust Q1 FY27 with revenue growing 64.9% YoY to ₹1,358 Cr, driven by an 83.3% increase in total orders to 24.7 Cr. The Express segment was the primary growth engine, with revenue rising 87.3% YoY to ₹997 Cr and market share reaching 28-30%. Profitability improved significantly as PAT jumped 716% YoY to ₹65 Cr, while Adjusted EBITDA margins expanded by 200 bps to 4.9%. The company maintains a strong liquidity position with ₹1,537 Cr in cash and bank balances as of June 30, 2026.
Confidence: HIGH
What changedShadowfax has demonstrated a significant shift toward profitability, delivering its fifth consecutive quarter of 60%+ YoY revenue growth while sharply increasing PAT margins from 1.0% to 4.8%.
Why it mattersThe results validate the company's asset-right logistics model and its ability to gain market share in the competitive 3PL Express and Quick Commerce segments while achieving operating leverage.
Revenue (Q1 FY27): ₹1,358 CrPAT Growth (YoY): 715.9%Express Market Share: 28%-30%Cash & Bank Balance: ₹1,537 CrTotal Orders: 24.7 CrAdjusted EBITDA Margin: 4.9%
📅 Short termThe stock is likely to react positively to the strong triple-digit growth in PAT and continued market share gains in the Express delivery segment.
📈 Long termStructural growth in Indian digital commerce and the company's technology-led cost advantages (e.g., AI-driven pickup correction) position it well for long-term scale in the integrated logistics industry.
⚠ Risk flags
- High sensitivity to transportation costs (18.8% of revenue)
- Dependence on e-commerce and food delivery volume cycles
- Competitive intensity in the 3PL and Quick Commerce sectors
Key Highlights
Total orders delivered reached 24.7 Cr in Q1 FY27, representing an 83.3% YoY and 9.2% QoQ growth.
Express segment revenue grew 87.3% YoY to ₹997 Cr, capturing approximately 28-30% of the 3PL market.
Net Profit (PAT) surged to ₹65 Cr in Q1 FY27 from ₹8 Cr in Q1 FY26, a 715.9% increase.
Adjusted EBITDA grew 181.1% YoY to ₹67 Cr, with margins improving from 2.9% to 4.9%.
Network reach expanded to 16,372 pin codes with 5,095 touchpoints and 2.9L+ unique transacting delivery partners.
👀 What to Watch
Investors should monitor the company's execution during the upcoming October 2026 festive season and track if the 200 bps margin expansion is sustainable as the company scales its Hyperlocal and Dark Store operations.
₹1,358 Cr Revenue: Shadowfax Q1 FY27 PAT Surges 716% YoY to Record ₹65 Cr
Shadowfax reported a robust Q1 FY27 with revenue growing 64.9% YoY to ₹1,358 Cr, marking its fifth consecutive quarter of 60%+ growth. Net profit reached an all-time high of ₹65 Cr, a significant jump from ₹8 Cr in the prior year's quarter. Adjusted EBITDA margins expanded by 200 bps YoY to 4.9%, demonstrating strong operating leverage despite fuel and wage inflation. The company also invested ₹60 Cr in capex to expand its infrastructure to 53 lakh sq. ft. of operating space.
Confidence: HIGH
What changedShadowfax has shifted from high-growth/low-margin to a phase where growth and profitability are compounding, achieving record PAT and its highest-ever quarterly revenue.
Why it mattersThe results prove the scalability of the 3PL model in India, showing that aggressive geographic expansion (16,372 pin codes) can coexist with significant margin expansion (Adj. EBITDA up 181% YoY).
Revenue (Q1 FY27): ₹1,358 CrNet Profit (PAT): ₹65 CrAdj. EBITDA Margin: 4.9%Order Volume: 24.7 CrQuarterly Capex: ₹60 CrOperating Space: 53 lakh sq ft
📅 Short termThe stock is likely to react positively to the sharp turnaround in profitability and the 65% YoY revenue growth which exceeds recent quarterly trends.
📈 Long termThe company is building a deep-tech logistics moat with AI-led operations and a massive 'Bharat' footprint, positioning it as a primary beneficiary of e-commerce penetration in Tier 2+ cities.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Sensitivity to fuel price volatility
- Wage inflation in the delivery partner ecosystem
- Intense competition in the hyperlocal delivery segment
Key Highlights
Revenue grew 64.9% YoY to ₹1,358 Cr, with sequential growth accelerating to 9.8% QoQ.
PAT reached an all-time high of ₹65 Cr, representing a 715.9% increase over Q1 FY26.
Order volumes surged 83.3% YoY to 24.7 Cr shipments across express and hyperlocal segments.
Invested ₹60 Cr in capex during the quarter for last-mile network and sort-centre automation.
Network reach expanded to 16,372 pin codes, adding approximately 8 new pin codes per day.
👀 What to Watch
Watch for the company's ability to maintain these margins during the upcoming festive peak season and the utilization levels of the newly added 53 lakh sq. ft. capacity.
Shadowfax Q1 Net Profit Jumps 17% QoQ to ₹65.4 Cr; Revenue Up 65% YoY
Shadowfax Technologies reported a strong Q1 FY27 with consolidated revenue from operations reaching ₹1,358.12 cr, a 9.8% sequential growth from ₹1,237.09 cr in Q4 FY26. Net profit increased to ₹65.40 cr, up 17% QoQ and significantly higher than the ₹8.02 cr reported in the same quarter last year. The company also finalized the 100% acquisition of Criticalog India for ₹7.61 cr. However, the Chief Product Officer, Nitesh Lohiya, has resigned effective August 7, 2026.
Confidence: HIGH
What changedShadowfax reported its Q1 FY27 financial results showing strong growth and announced the resignation of its Chief Product Officer.
Why it mattersThe results demonstrate strong post-IPO growth momentum and improving profitability margins in the competitive integrated logistics sector.
Revenue (Q1 FY27): ₹1,358.12 crNet Profit (Q1 FY27): ₹65.40 crYoY Revenue Growth: 64.9%Criticalog Final Stake Cost: ₹7.61 crBasic EPS: ₹1.11
📅 Short termThe stock is likely to react positively to the strong sequential and year-on-year growth in both revenue and profitability.
📈 Long termThe company is demonstrating operating leverage and scaling its logistics network effectively post-listing, though management stability remains key.
⚠ Risk flags
- Resignation of Chief Product Officer (Senior Management)
- High concentration of 'Other expenses' at 84% of revenue
Key Highlights
Consolidated revenue from operations grew 64.9% YoY to ₹1,358.12 cr
Net profit for the quarter stood at ₹65.40 cr compared to ₹55.83 cr in the previous quarter
Acquired the remaining 10.42% stake in subsidiary Criticalog India for ₹7.61 cr
Total expenses rose to ₹1,313.78 cr, driven largely by 'Other expenses' of ₹1,142.79 cr
Basic Earnings Per Share (EPS) improved to ₹1.11 from ₹0.95 in the preceding quarter
👀 What to Watch
Investors should monitor the impact of the Chief Product Officer's resignation on the company's tech-led logistics platform and track the integration of Criticalog as a wholly-owned subsidiary.
Shadowfax Reports Record FY26 PAT of ₹112 Cr; Revenue Surges 69% to ₹4,200 Cr
Shadowfax Technologies delivered a strong performance in FY26, with annual revenue growing 69% YoY to over ₹4,200 crores. The company achieved a significant milestone by recording its first ₹100+ crore PAT year, reaching ₹112 crores compared to just ₹6 crores in FY25. Q4 FY26 was particularly robust, with revenue hitting ₹1,237 crores and a record PAT margin of 4.5%. Management is aggressively expanding, targeting 17,000 pin codes by FY27 and setting up 100 dark stores to capitalize on the vertical quick commerce trend.
Key Highlights
Full-year FY26 revenue grew 69% YoY to ₹4,200+ crores, driven by 72 crore+ customer orders.
Adjusted EBITDA tripled to ₹159 crores, while PAT surged from ₹6 crores in FY25 to ₹112 crores in FY26.
Q4 FY26 revenue of ₹1,237 crores beat festive quarter (Q3) trends, growing 74% YoY.
Hyperlocal segment grew 50% YoY, bolstered by a new partnership with Amazon Now for quick commerce.
Company plans to establish 100 dark stores in FY27 to support the emerging vertical quick commerce category.
👀 What to Watch
Investors should monitor the company's ability to maintain margins while scaling its new dark store initiative and large shipment business. The stock remains attractive due to its high growth rate and successful transition to significant profitability.
Shadowfax FY26 Revenue Surges 69% to ₹4,202 Cr; PAT Crosses ₹100 Cr Milestone
Shadowfax reported a stellar FY26 with revenue growing 69% YoY to ₹4,202 Cr and net profit jumping to ₹112 Cr from just ₹6 Cr in the previous year. The company achieved a significant milestone in Q4 FY26, where quarterly PAT reached ₹56 Cr, matching the total profit of the preceding nine months combined. Operational efficiency improved significantly, with Adjusted EBITDA margins expanding to 4.7% in Q4 FY26. The company also launched 'Shadowfax 360' to target the SME and D2C segments, diversifying its revenue base beyond large enterprises.
Key Highlights
FY26 Revenue reached ₹4,202 Cr, a 69.1% YoY growth, driven by 72.6 Cr total orders.
Annual PAT crossed the ₹100 Cr milestone, ending at ₹112 Cr compared to ₹6 Cr in FY25.
Q4 FY26 revenue surged 73.6% YoY to ₹1,237 Cr with a record quarterly PAT of ₹56 Cr.
Adjusted EBITDA for FY26 more than doubled to ₹159 Cr, with margins expanding by 180 bps YoY.
Invested ₹185 Cr in capex for automation and network expansion, including the OneNCR sortation center.
👀 What to Watch
Investors should view this as a strong growth signal, as the company demonstrates significant operating leverage and a successful transition to high-margin profitability. Monitor the scale-up of the new Shadowfax 360 platform and the sustainability of high double-digit revenue growth in the competitive 3PL space.
Shadowfax FY26 Revenue Jumps 69% to ₹4,202 Cr; PAT Surges to ₹112 Cr
Shadowfax Technologies delivered a strong performance in FY26, with annual revenue growing 69% YoY to ₹4,202 Cr. The company achieved significant profitability milestones, reporting a PAT of ₹112 Cr for the full year, up from ₹6 Cr in FY25. Market share in the Express 3PL segment has expanded aggressively to 27-29% as of Q4 FY26. With a robust cash balance of ₹1,574 Cr and plans to scale dark stores from 15 to 100 in FY27, the company is demonstrating high growth and operating leverage.
Key Highlights
Q4 FY26 revenue grew 73.6% YoY to ₹1,237 Cr with a PAT of ₹56 Cr.
Express segment market share rose to 27-29% in Q4 FY26, up from 8% in FY22.
Adjusted EBITDA margin improved by 400 bps YoY to 4.7% in Q4 FY26.
Total order volume doubled YoY to 22.6 Cr orders in the final quarter.
Company holds a strong liquidity position with ₹1,574 Cr in cash and bank balances.
👀 What to Watch
Investors should note the company's successful transition to profitability and its dominant position in the 3PL Quick Commerce space. The projected moderation in capex intensity for FY27 suggests further potential for margin expansion.
Shadowfax FY26 Net Profit Surges to ₹115.18 Cr; Revenue Grows 65% YoY
Shadowfax Technologies reported a robust financial performance for the fiscal year ended March 31, 2026, with annual revenue reaching ₹4,080.35 crore, a 65% increase from the previous year. The company achieved a significant turnaround in profitability, posting a net profit of ₹115.18 crore for FY26 compared to just ₹6.21 crore in FY25. For the final quarter (Q4 FY26), the company recorded a profit of ₹55.27 crore, reversing a loss of ₹10.08 crore in the corresponding quarter of the previous year. This performance highlights strong operational scaling and improved margins following the company's recent listing.
Key Highlights
Annual Revenue from operations increased by 65.4% YoY to ₹4,080.35 crore in FY26.
Full-year Net Profit jumped nearly 18.5x to ₹115.18 crore from ₹6.21 crore in FY25.
Q4 FY26 Revenue stood at ₹1,205.81 crore, up 73.6% compared to ₹694.50 crore in Q4 FY25.
Company reported a Q4 FY26 Profit of ₹55.27 crore against a loss of ₹10.08 crore in Q4 FY25.
Basic Earnings Per Share (EPS) rose to ₹2.29 for FY26 from ₹0.13 in the previous fiscal year.
👀 What to Watch
The significant jump in both revenue and net profit indicates strong growth momentum and successful cost optimization. Investors should maintain a positive outlook but monitor the sustainability of these margins in the competitive third-party logistics sector.
Shadowfax Launches 'Shadowfax 360' Platform for SMEs; Covers 15,000+ Pincodes
Shadowfax Technologies has launched 'Shadowfax 360', a unified digital shipping portal specifically designed for the SME and D2C segments. The platform provides immediate access to a logistics network covering over 15,000 pincodes across 2,500 cities with no minimum order requirements. By offering flat-rate billing and AI-driven RTO (Return to Origin) predictors, the company aims to diversify its merchant base and reduce its reliance on large enterprise accounts. This strategic move is expected to drive volume growth and improve revenue diversification in the long term.
Key Highlights
Provides access to an enterprise-grade network covering 15,000+ pincodes and 2,500 cities.
Introduces a transparent flat-rate billing model to eliminate weight-based disputes.
Features AI-driven RTO Predictor and industry-leading fast Cash on Delivery (COD) remittance cycles.
Zero minimum order requirements allow SMEs and D2C brands to start shipping in minutes.
Strategic shift to diversify revenue streams beyond large marketplaces and enterprise clients.
👀 What to Watch
Investors should monitor the platform's adoption rate and its contribution to total shipment volumes in future quarterly updates. Success in the SME segment could lead to higher margins and a more resilient, diversified revenue profile.
Shadowfax Launches 'Shadowfax 360' for SMEs; Covers 15,000+ Pincodes
Shadowfax Technologies has launched Shadowfax 360, a proprietary digital shipping portal designed specifically for SMEs and D2C brands. The platform provides immediate access to a logistics network covering over 15,000 pincodes across 2,500 cities with no minimum order requirements. Key features include a flat-rate billing model to eliminate weight disputes and an AI-driven RTO Predictor to minimize return risks. This initiative aims to diversify the company's merchant base beyond large enterprise accounts and is expected to be a significant driver of volume growth.
Key Highlights
Access to an enterprise-grade network covering 15,000+ pincodes across 2,500 cities.
Transparent flat-rate billing model and AI-driven RTO Predictor to reduce return risks.
No minimum order requirements and one-click integration with Shopify and WooCommerce.
Industry-leading fast Cash on Delivery (COD) remittance cycles to support SME liquidity.
👀 What to Watch
Investors should monitor the adoption rate of Shadowfax 360 as it represents a strategic shift toward the high-growth D2C and SME segments. Success in this area could lead to improved revenue diversification and higher logistics volumes.
Shadowfax to Acquire Remaining Stake in Criticalog; CIPL to Become Wholly Owned Subsidiary
Shadowfax Technologies is acquiring the final 10.41% stake in Criticalog India Private Limited (CIPL) for approximately ₹76.11 million, making it a wholly owned subsidiary. This follows a previous acquisition of an 89.59% stake for ₹481.55 million. CIPL is a specialized logistics player with a turnover of ₹1,080.53 million in FY25, showing steady growth from ₹919.94 million in FY24. The acquisition is strategically aimed at enhancing Shadowfax's capabilities in handling high-value and critical shipments.
Key Highlights
Acquisition of final 2,572 equity shares at ₹29,592 per share to achieve 100% ownership of CIPL.
CIPL reported a turnover of ₹1,080.53 million for FY25, reflecting a 17.4% growth over FY24.
Total consideration for the initial 89.59% stake was ₹481.55 million.
Strategic focus on strengthening capacity for high-value, critical shipments and supply chain management.
CIPL's service portfolio includes freight management, warehousing, and trade compliance.
👀 What to Watch
Investors should monitor the integration of CIPL's high-value logistics services, which could improve Shadowfax's margin profile. The full ownership allows for better operational synergies and consolidated financial strength.
Shadowfax Launches OneNCR Mega-Hub with INR 50 Cr Investment and 1M Daily Shipment Capacity
Shadowfax has operationalized 'OneNCR', its largest automated sortation facility spanning 2.1 lakh sq. ft. in the NCR region. Built with an investment of INR 50 Crore, the hub features a state-of-the-art sorter capable of processing 48,000 shipments per hour and up to 1 million shipments daily at peak capacity. This facility is designed to power 'Shadowfax Prime,' the company's same-day and next-day delivery vertical, by utilizing a 'single-touch' logistics model to reduce transit times. The expansion significantly enhances the company's operational leverage and speed across its pan-India network.
Key Highlights
Invested INR 50 Crore in a 2.1 lakh sq. ft. automated mega-hub in the NCR region
Automated sorter capacity of 48,000 shipments per hour with a peak daily capacity of 10 lakh shipments
Implements a 'single-touch' logistics model allowing 80% of shipments to be directly manifested for last-mile delivery
Supports 80 direct linehaul routes and over 3,000 unique origin-level sorts to bypass intermediate hubs
Primary engine for Shadowfax Prime, focusing on the high-growth same-day and next-day delivery segments
👀 What to Watch
Investors should monitor the impact of this facility on the company's operating margins and its ability to capture larger market share in the D2C and e-commerce sectors. The increased automation and capacity suggest improved long-term operating leverage for the express business.
Shadowfax Q3 FY26: Revenue Jumps 65% to ₹1,160 Cr; PAT at ₹35 Cr in First Post-Listing Call
Shadowfax Technologies reported a strong Q3 FY26 with revenue growing 65% YoY to ₹1,160 crores, driven by a 72% surge in the Express Parcel segment. The company maintained its 11-quarter streak of adjusted EBITDA positivity, reporting ₹49 crores (4.3% margin) and a PAT of ₹35 crores. Following its ₹1,000 crore IPO in January 2026, the firm is aggressively expanding its network by adding 80-100 last-mile facilities monthly. Management also confirmed the onboarding of a previously restricted large marketplace client, which is expected to boost volumes in coming quarters.
Key Highlights
Revenue grew 65% YoY to ₹1,160 crores in Q3 FY26, delivering 20.6 crore orders.
Express Parcel segment revenue increased by 72% YoY, now accounting for 75% of total business.
Adjusted EBITDA rose to ₹49 crores (4.3% margin) compared to ₹18 crores in the same period last year.
Reported a Net Profit (PAT) of ₹35 crores, representing a 3% PAT margin for the quarter.
Company is expanding rapidly, currently operating 4.5 million square feet of real estate across India.
👀 What to Watch
Investors should view the strong revenue growth and consistent profitability as a positive sign of market share gains in the 3PL space. Monitor the integration of the new large marketplace client as a key catalyst for volume growth in FY27.
Shadowfax Q3 FY26 Revenue Surges 66% YoY to ₹1,160 Cr; Net Profit Jumps 441%
Shadowfax Technologies reported a robust Q3 FY26 with revenue from operations growing 65.5% YoY to ₹1,160 Cr, driven by strong momentum in Express parcel and Quick Commerce. Net profit (PAT) witnessed a massive 440.6% YoY increase to ₹35 Cr, reflecting significant operating leverage and efficiency. The company's market share in the 3PL express logistics market has expanded to over 23% as of 6M FY26, up from 8% in FY22. Despite a ₹140 Cr capex investment in 9M FY26, the company maintained a positive free cash flow of ₹61 Cr.
Key Highlights
Revenue from operations grew 65.5% YoY to ₹1,160 Cr in Q3 FY26, with 9M FY26 revenue reaching ₹2,965 Cr.
Adjusted EBITDA margin expanded by 170 bps YoY to 4.3%, with absolute Adjusted EBITDA at ₹49 Cr.
Express parcel orders surged 68% YoY to 17 Cr, contributing to a total of 20.6 Cr orders in Q3 FY26.
Market share in the 3PL Express market increased to +23% in 6M FY26 compared to 8% in FY22.
Free Cash Flow (FCFF) for 9M FY26 stood at ₹61 Cr after accounting for ₹133 Cr in capex outflows.
👀 What to Watch
Investors should note the company's rapid market share gains and its ability to scale profitably in the competitive logistics sector. The strong growth in the Express and Quick Commerce segments, coupled with positive free cash flow, makes it a key player to watch in the digital commerce ecosystem.
Shadowfax Q3 FY26 Revenue Surges 65.5% to ₹1,160 Cr; PAT Jumps 441% YoY
Shadowfax reported a stellar Q3 FY26, its first as a public company, with revenue growing 65.5% YoY to ₹1,160 Cr. Profitability saw a massive boost as PAT surged 441% YoY to ₹35 Cr, driven by strong volume growth in express parcel (72% YoY) and hyperlocal (43% YoY) segments. The company achieved an adjusted EBITDA margin of 4.3%, reflecting significant operating leverage and its 11th consecutive quarter of EBITDA profitability. With 9-month free cash flow at ₹61 Cr despite ₹140 Cr in capex, the company demonstrates a healthy balance between aggressive growth and financial discipline.
Key Highlights
Quarterly revenue reached ₹1,160 Cr, up 65.5% YoY and 18.1% QoQ.
Net Profit (PAT) skyrocketed 441% YoY to ₹35 Cr with a 3.0% margin.
Adjusted EBITDA expanded 175% YoY to ₹49.4 Cr, representing a 4.3% margin.
Delivered 20.6 Cr orders in Q3, reflecting a 61% YoY growth in shipment volume.
Invested ₹140 Cr in 9M FY26 for network expansion and automation across 15,166 pin codes.
👀 What to Watch
Investors should view these results as a strong validation of Shadowfax's scalable business model and market share gains post-listing. The combination of high revenue growth and significant margin expansion makes it a key stock to watch in the logistics tech space.
Shadowfax Q3 FY26 Results: Revenue Jumps 61% YoY to ₹1,128 Cr, PAT Surges to ₹36.5 Cr
Shadowfax Technologies reported a robust performance for the quarter ended December 31, 2025, with revenue from operations growing 61% year-on-year to ₹1,128.14 crore. Net profit saw a significant jump to ₹36.53 crore compared to ₹6.46 crore in the same quarter last year, reflecting strong operational leverage. This marks the company's first financial disclosure following its successful listing on January 28, 2026. Additionally, the company strengthened its logistics portfolio by acquiring an additional 10.41% stake in its subsidiary, Criticalog India, for ₹5.69 crore.
Key Highlights
Revenue from operations grew 61% YoY to ₹1,128.14 crore in Q3 FY26 vs ₹700.63 crore in Q3 FY25.
Net profit surged to ₹36.53 crore, a nearly 6x increase from ₹6.46 crore in the corresponding previous year quarter.
9M FY26 revenue reached ₹2,874.54 crore, already exceeding the full FY25 revenue of ₹2,467.20 crore.
Successfully completed an IPO of ₹1,907.27 crore and listed on stock exchanges on January 28, 2026.
Acquired an additional 10.41% stake in subsidiary Criticalog India Private Limited for ₹5.69 crore post-quarter.
👀 What to Watch
The company demonstrates strong growth momentum and significant margin improvement post-IPO. Investors should maintain a positive outlook but monitor the integration of the Criticalog acquisition and the utilization of fresh IPO capital for expansion.
