Monitoring Agency Report for the quarter ended March 31, 2026
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Shadowfax Technologies filed its Q4 FY26 Monitoring Agency Report (CARE Ratings) for the ₹1,000 crore IPO completed in January 2026. The company deployed ₹80.81 crore in the quarter — ₹29.94 crore towards capital expenditure for network infrastructure (cross belt sorters, conveyor belts, trolleys, office interiors) and ₹50.87 crore towards issue expenses. ₹919.19 crore remains unutilized, mostly parked in fixed deposits with ICICI, HDFC, Yes Bank, IDFC First Bank, and Axis Bank. Capital expenditure utilization was significantly below prospectus projections: only ₹29.94 crore of the ₹138.62 crore planned for FY26 was used, citing delay in vendor finalization, with purchase orders partially placed but payments pending. Administrative errors were noted — the company inadvertently claimed ₹0.05 crore excess reimbursement from the monitoring account, to be adjusted in subsequent quarters.
The large unutilized IPO corpus (~92% still deployed in FDs) is not unusual for a recently listed company in a capital-intensive logistics business. The capex delay is flagged but not classified as material deviation, and management expects utilization to accelerate. Shareholders should monitor Q1 FY27 capex progress given the underspending against prospectus targets.