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Revenue
₹1,237 Cr
verified against source
Revenue YoY
74%
reported change
EBITDA
₹58 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Shadowfax delivered a record Q4 FY26 with revenue of ₹1,237 crore (+74% YoY) and adjusted EBITDA margin of 4.7% (+40bps QoQ). PAT reached ₹56 crore (4.5% margin). Full-year revenue crossed ₹4,200 crore (+69% YoY) with PAT of ₹112 crore vs ₹6 crore last year. Growth was broad-based across express parcel (75% of revenue), hyperlocal (+50% YoY), and D2C (2.5x YoY). Management guided for 27-30% overall revenue growth in FY27, with hyperlocal growing 45-50%. EBITDA margin is expected to improve 100-120bps annually through FY28, accelerating to 200-250bps post-FY28. Key strategic initiatives include scaling D2C via Shadowfax 360, expanding large shipment capabilities to 10,000 pincodes, and setting up 100 dark stores for vertical quick commerce. Capex for FY27 is guided at ₹180-190 crore, similar to FY26. Risk: Loss/damage shipments remain elevated at 6.1% of revenue, though management expects improvement through technology investments.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated revenue growth of 27-30% for FY27, with hyperlocal growing 45-50% and express parcel contributing the rest.
- Adjusted EBITDA margin to expand by 100-120 basis points each year for the next two years, driven by operating leverage and service mix.
- Absolute capex expected to be similar to FY26, at ₹180-190 crore, with dark stores comprising less than 10% of total.
- Targeting 17,000 pincodes by end of FY27, up from 15,600 currently, with full country coverage by FY28.
Risks flagged
- Loss and damage shipments (including quality check debits) stood at 6.1% of revenue in Q4, above the long-term target of 4-5%. Management is investing in technology to reduce this.
- Rising crude prices could increase logistics costs, though management notes fuel is <10% of costs and contracts have fuel surcharge clauses.
- Amazon's global shipping network expansion could pose competitive pressure, but management believes captive arms deprioritize external customers during peaks and have not gained meaningful traction in India.
- Scaling from 15 to 100 dark stores in FY27 involves significant operational complexity and capital allocation; unit economics at scale are unproven.
Key quotes
- We enter FY27 with a phenomenal tailwind speed, larger than ever scale, and an unprecedented conviction.
- AI is not a side project. It is probably becoming one of the core operating layers of the company.
- The humble delivery person... AI is never going to replace. The supply chain solution, the last mile interaction and the problem solving in the moment will always remain human.
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