Shadowfax Technologies LimitedQ2 FY27 Results & Financial Update
Shadowfax Technologies Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,537.70 Cr, PAT ₹67.95 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Shadowfax Technologies Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Shadowfax reported its strongest quarterly performance to date in Q2 FY27, with revenue from operations crossing the Rs 1,500 crore milestone for the first time to reach Rs 1,537.70 crore, representing a 56.57% year-on-year increase and a 13.22% sequential expansion.
This marked the sixth consecutive quarter of 55%+ year-on-year revenue growth, achieved despite the traditional festival sale season being pushed into the subsequent third quarter.
Total combined order volumes in express parcel and hyperlocal delivery grew by 69.7% year-on-year to reach 27.1 crore orders for the quarter, crossing an annualized run rate of 100 crore orders.
Profitability expanded significantly, with Profit After Tax (PAT) surging 421.89% year-on-year to Rs 67.95 crore, delivering a PAT margin of 4.42% compared to 1.33% in the corresponding period of the previous year.
Management highlighted that speed remains a core competitive differentiator, supported by the nationwide deployment of an in-house AI-led routing optimization engine and the expansion of micro-fulfillment centers.
01 · Business model
What does Shadowfax Technologies do?
Shadowfax Technologies Limited operates as a technology-led third-party logistics (3PL) enterprise facilitating digital commerce across India, serving enterprise clients across horizontal and vertical e-commerce, quick commerce, food marketplaces, and on-demand mobility.
The company provides a comprehensive suite of logistics services, including express forward parcel delivery, reverse pickups, hand-in-hand exchanges, quick commerce, and on-demand hyperlocal deliveries.
Shadowfax underpins its operating model with an extensive proprietary mesh network, connecting thousands of touchpoints and pin codes supported by an asset-right delivery partner ecosystem and advanced in-house routing algorithms.
02 · Historical context
What shaped the business before this quarter
Since FY22, Shadowfax has expanded its express market share from approximately 8% to between 29% and 31% in Q2 FY27.
The company launched Shadowfax 360, its self-serve platform for small sellers, which scaled to over 6,700 transacting sellers within two quarters.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,537.70 Cr | ₹982.11 Cr | ₹1,358.12 Cr |
| Total income | ₹1,558.14 Cr | ₹988.06 Cr | ₹1,379.18 Cr |
| EBITDA | ₹104.00 Cr | ₹39.00 Cr | — |
| Profit before tax | ₹67.95 Cr | ₹13.02 Cr | ₹65.40 Cr |
| Profit after tax | ₹67.95 Cr | ₹13.02 Cr | ₹65.40 Cr |
| EPS | ₹1.16 | ₹0.26 | ₹1.11 |
| EBITDA margin | 6.70% | 4.00% | — |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Express parcel revenue grew by 55.2% year-on-year and 9.9% sequentially to Rs 1,096 crore, driven by 21.7 crore express orders fulfilling rising consumer demand for speed.
Hyperlocal revenue expanded by 87.7% year-on-year and 25.7% quarter-on-quarter to Rs 341 crore, supported by a 63% increase in hyperlocal orders to 5.4 crore.
Other logistics revenue, which includes critical logistics and dark store operations, increased by 6.6% year-on-year and 12.6% sequentially to Rs 100 crore.
What drove margins
Adjusted EBITDA rose 177.4% year-on-year to Rs 77 crore, with the adjusted EBITDA margin improving by 218 basis points year-on-year to 5.0% due to operating leverage from scale.
Lost shipments and quality check costs declined as a percentage of revenue from 8.6% in Q2 FY26 to 5.0% in Q2 FY27, supporting profitability.
Partner expenses accounted for 53.4% of revenue compared to 52.4% a year ago, while employee benefit expenses (excluding ESOP costs) stood at 8.6% of revenue.
05 · Demand, customers & order book
Where demand is coming from
Average quarterly unique transacting delivery partners reached 3.8 lakh, representing a 74% increase year-on-year.
Shadowfax 360 onboarded over 6,700 transacting sellers within two quarters, with 67% of customers acquired organically.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
D2C revenue grew 2.1x year-on-year, with the company serving twice as many brands while wallet share from top 50 brands doubled.
Prime Large achieved a Rs 100 crore annualized run rate, growing 33% quarter-on-quarter with a 6% market share in heavy and volumetric shipments.
Geography and market mix
Pin code reach expanded to 16,681 distinct pin codes, while total network touchpoints increased to 5,566 facilities across India.
Shadowfax maintained same-day delivery coverage across more than 120 cities.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total operations space across the network expanded to 69 lakh+ SFT by the end of September 2026, up from 47 lakh SFT in March 2026.
Mid-mile space grew 1.4x sequentially from 24 lakh+ SFT in Q1 FY27 to 34 lakh+ SFT in Q2 FY27, backed by three large-format sort center launches in NCR, Bengaluru, and Surat.
Projects, capex and execution
Total capex for H1 FY27 was approximately Rs 108 crore (excluding Rs 38 crore invested in capital advances), directed primarily toward network automation and geographic expansion.
Two mega sorters and volume profilers were slated to go live in Q4 to deepen network automation ahead of peak seasonal demand.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Shadowfax launched micro-fulfillment centers for D2C brands and verticals, enabling SKUs to be delivered within 8 to 12 hours without regional warehouse investments.
An in-house AI routing optimization engine was deployed nationwide ahead of the festive season to dynamically plan connections across 3,600+ trucks and 5,500+ touchpoints daily.
09 · Reported developments
What changed operationally
Launched a safety-focused rider app featuring one-tap SOS integration with local authorities and emergency contacts, driving a ~20% increase in active women riders.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow from operating activities for the half year ended September 30, 2026, stood at Rs 163 crore.
Total cash and bank balances stood at Rs 1,562 crore as of September 30, 2026.
Capital allocation & funding
The company maintained zero external borrowings on its balance sheet as of September 30, 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Quick commerce dark stores
Shadowfax powered last-mile deliveries across 4,200+ quick commerce dark stores nationally and expanded its dedicated dark store network from 47 to over 70 stores.
12 · Previous-quarter changes
What changed since the previous quarter
Sequential revenue growth accelerated for the third consecutive quarter, rising 13.2% compared to Q1 FY27.
13 · Key Q&A
The quarter, answered directly
What does Shadowfax Technologies do?
Shadowfax Technologies Limited operates as a technology-led third-party logistics (3PL) enterprise facilitating digital commerce across India, serving enterprise clients across horizontal and vertical e-commerce, quick commerce, food marketplaces, and on-demand mobility.
What is the clearest takeaway from Q2 FY27?
Shadowfax reported its strongest quarterly performance to date in Q2 FY27, with revenue from operations crossing the Rs 1,500 crore milestone for the first time to reach Rs 1,537.70 crore, representing a 56.57% year-on-year increase and a 13.22% sequential expansion.
What drove revenue or demand?
Express parcel revenue grew by 55.2% year-on-year and 9.9% sequentially to Rs 1,096 crore, driven by 21.7 crore express orders fulfilling rising consumer demand for speed.
What mattered most for margins or profitability?
Adjusted EBITDA rose 177.4% year-on-year to Rs 77 crore, with the adjusted EBITDA margin improving by 218 basis points year-on-year to 5.0% due to operating leverage from scale.
What changed operationally beyond the headline numbers?
Total operations space across the network expanded to 69 lakh+ SFT by the end of September 2026, up from 47 lakh SFT in March 2026.
What should the next disclosure help confirm?
Monitor operational performance and volume handling following the shift of festive sale volume into Q3 FY27.
14 · Scenario calculator
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Festive season execution: Monitor operational performance and volume handling following the shift of festive sale volume into Q3 FY27.
- 02
Automation deployment: Track the commissioning of scheduled mega sorters and volume profilers in Q4 FY27.
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