Monitoring Agency report for the quarter ended March 31, 2026
SHADOWFAX · price
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Shadowfax Technologies filed its Q4 FY26 monitoring agency report for its Rs. 1,000 crore IPO (January 2026). The company utilized Rs. 80.81 crore during the quarter: Rs. 29.94 crore towards capital expenditure for network infrastructure (procurement of cross belt sorters, conveyor belts, trolleys) and Rs. 50.87 crore towards issue expenses. Capital expenditure utilization was significantly lower than the Rs. 138.62 crore planned for FY26, with the company citing delays due to vendor finalization. The remaining Rs. 919.19 crore of unutilized proceeds is parked in fixed deposits with various banks. CARE Ratings noted a minor accounting error where Rs. 0.09 crore was inadvertently double-claimed as reimbursement.
The slower-than-planned capex utilization and large cash reserves parked in FDs suggest the company is in early deployment phases. Shareholders should monitor Q1 FY27 progress as vendor delays are resolved and capital spending accelerates.