Express parcel market share (3PL)
28-29%
+11-12pp YoY
Internal estimate of market share in 3PL express parcel segment, up from ~17-18% a year ago.
SHADOWFAXTECHNOLOGIES
Information Technology
15 May 2026
Shadowfax Technologies Ltd — Q4 FY26
Shadowfax delivered a record Q4 FY26 with revenue of ₹1,237 crore (+74% YoY) and adjusted EBITDA margin of 4.7% (+40bps QoQ).
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
शैडोफैक्स ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹1,237 करोड़ रही, जो पिछले साल से 74% ज्यादा है। मुनाफा (PAT) ₹56 करोड़ हुआ। पूरे साल की कमाई ₹4,200 करोड़ से ज्यादा रही, जो पिछले साल से 69% ज्यादा है। मुनाफा ₹6 करोड़ से बढ़कर ₹112 करोड़ हो गया। कंपनी का कारोबार एक्सप्रेस पार्सल, हाइपरलोकल और D2C में फैला है। अगले साल कमाई 27-30% बढ़ने का अनुमान है। कंपनी नए गोदाम और डार्क स्टोर खोलने की योजना बना रही है। हालांकि, सामान के खराब होने या खोने का खतरा 6.1% पर बना हुआ है, जिसे तकनीक से सुधारने की कोशिश होगी।
Key Numbers
Pincode coverage
15,600
+500 QoQ
Pincodes served increased from 15,100 in Q3 to 15,600; targeting 17,000 by FY27 end.
Touch points (last-mile facilities)
4,700
+500 in 6 months
Last-mile facilities grew from 4,200 in September to 4,700 by March, reflecting rapid geographic expansion.
Dark stores (vertical QC)
100
+85 from current 15
Plans to set up 100 dark stores in FY27 for vertical quick commerce; current 15 stores show 20%+ gross margins.
Management Guidance
Overall revenue growth 27-30% in FY27
Management expects consolidated revenue growth of 27-30% for FY27, with hyperlocal growing 45-50% and express parcel contributing the rest.
Management guidance revenueEBITDA margin improvement of 100-120bps annually through FY28
Adjusted EBITDA margin to expand by 100-120 basis points each year for the next two years, driven by operating leverage and service mix.
Management guidance marginsCapex of ₹180-190 crore in FY27
Absolute capex expected to be similar to FY26, at ₹180-190 crore, with dark stores comprising less than 10% of total.
Management guidance capexPincode coverage to reach 17,000 by FY27 end
Targeting 17,000 pincodes by end of FY27, up from 15,600 currently, with full country coverage by FY28.
Management guidance expansionKey Risks
Loss/damage shipments elevated at 6.1% of revenue
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.
medium · analyst_questionGeopolitical volatility and fuel cost impact
Rising crude prices could increase logistics costs, though management notes fuel is <10% of costs and contracts have fuel surcharge clauses.
low · analyst_questionCompetition from captive logistics arms (e.g., Amazon Shipping)
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.
low · analyst_questionExecution risk in dark store expansion
Scaling from 15 to 100 dark stores in FY27 involves significant operational complexity and capital allocation; unit economics at scale are unproven.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Shadowfax Technologies's revenue in Q4 FY26?
Shadowfax Technologies reported revenue of ₹1,237 Cr in Q4 FY26, representing a +74% change compared to the same quarter last year.
What guidance did Shadowfax Technologies management give for FY27?
Overall revenue growth 27-30% in FY27: Management expects consolidated revenue growth of 27-30% for FY27, with hyperlocal growing 45-50% and express parcel contributing the rest. EBITDA margin improvement of 100-120bps annually through FY28: Adjusted EBITDA margin to expand by 100-120 basis points each year for the next two years, driven by operating leverage and service mix. Capex of ₹180-190 crore in FY27: Absolute capex expected to be similar to FY26, at ₹180-190 crore, with dark stores comprising less than 10% of total. Pincode coverage to reach 17,000 by FY27 end: Targeting 17,000 pincodes by end of FY27, up from 15,600 currently, with full country coverage by FY28.
What are the key risks for Shadowfax Technologies in FY27?
Key risks include Loss/damage shipments elevated at 6.1% of revenue — 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.; Geopolitical volatility and fuel cost impact — Rising crude prices could increase logistics costs, though management notes fuel is <10% of costs and contracts have fuel surcharge clauses.; Competition from captive logistics arms (e.g., Amazon Shipping) — 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.; Execution risk in dark store expansion — Scaling from 15 to 100 dark stores in FY27 involves significant operational complexity and capital allocation; unit economics at scale are unproven..
Did Shadowfax Technologies meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Shadowfax Technologies Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.