NSE: SHADOWFAX · BSE: 544685
SHADOWFAX TECHNOLOGIES L
Picks up, sorts and delivers parcels across India for e-commerce platforms, quick-commerce players, D2C brands and SMEs, using self-owned hubs and sortation centres plus 100% crowdsourced last-mile riders. Revenue comes mainly from third-party logistics (3PL) express parcel delivery, hyperlocal and quick commerce (including Amazon Now), D2C/SME shipping, and large shipments, with the recently acquired CriticaLog adding critical-parts logistics on top. In FY26 the business earned over ₹4,200 crore in revenue (up 69% year-on-year) and posted ₹112 crore in profit, its first year crossing ₹100 crore of PAT. 3PL express parcel market share moved from roughly 17-18% to roughly 28-29% over the year as weaker operators lost share in a consolidating market. By Q1 FY27 the network covered 16,372 pin codes, with 100 dark stores planned for FY27 vertical quick commerce. The single biggest cost line is other operating expenses at 85.6% of revenue, largely crowdsourced delivery partner and transport costs, followed by employees (9.3%), depreciation (2.8%), and capex of about 4.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Express parcel (3PL), Hyperlocal and quick commerce, D2C and SME shipping, Large shipments, CriticaLog. Hybrid logistics network — asset-heavy owned hubs and sortation, asset-light 100% crowdsourced last mile; consolidating share in a fragmented 3PL express market.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 4,202 |
| EBITDA (ex other income) | 212 |
| margin % | 5.0 |
| Owners' profit | 112 |
| EPS, as reported (₹) | 2.22 |
| ROE % · ROCE % | 6.4 · 6.7 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 350 |
| Capex | (185) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 1,160 | 1,237 | 1,358 |
| Profit before tax | 35 | 55 | 65 |
| Net profit | 35 | 56 | 65 |
| EPS (₹) | 0.69 | 0.95 | 1.11 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 32,380 | 26.0 | 2.48 | 13.7 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,606 | 305.6 | 2.95 | 29.2 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L ◆ | 17,061 | 106.0 | 9.78 | 67.7 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,021 | 34.9 | 5.64 | 10.5 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,519 | 14.2 | 2.50 | 11.8 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,874 | 75.6 | 2.36 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,688 | 17.6 | 4.10 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,309 | 116.4 | 3.59 | 11.0 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 106.0 | 15.6 | 45 of 51 | 12% |
| P/B | 9.8 | 1.5 | 39 of 40 | 3% |
| ROCE | 5.7 | 7.7 | 30 of 55 | 46% |
| ROE | 6.4 | 6.0 | 20 of 40 | 51% |
| Debt / Equity | 0.0 | 0.3 | 3 of 40 | 95% |
| EBITDA margin | 8.3 | 8.7 | 23 of 43 | 48% |
| Market cap | 17061 | 119 | 3 of 56 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Shadowfax schedules Q2 FY27 results and earnings call for October 29 | results | low | — | — |
| 23 Oct 2026 · Board to approve Q2 and H1 FY27 results on October 29, 2026 | results | low | — | — |
| 16 Oct 2026 · Board approves ESOP allotment and new wholly owned subsidiary | strategic transactions | medium | — | — |
| 16 Oct 2026 · Shadowfax sets up new wholly owned subsidiary, allots ESOP shares | strategic transactions | medium | — | — |
| 14 Oct 2026 · Shadowfax Technologies updates CIN to reflect listed company status | general | low | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for demat activities filed | compliance | minimal | — | — |
| 5 Oct 2026 · NewQuest Asia Fund IV cuts stake in Shadowfax Technologies via open market sale | ownership changes | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Allotment of 55,110 equity shares under ESOP 2016 | capital market events | low | — | — |
| 23 Sept 2026 · Shadowfax Technologies to attend Emerging India CEO Forum on Sep 28 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.