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Loss/damage shipments elevated at 6.1% of revenue
View Risks →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).
bullish
high
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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।
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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.
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.
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Guidance and risk preview
Management expects consolidated revenue growth of 27-30% for FY27, with hyperlocal growing 45-50% and express parcel contributing the rest.
Loss and damage shipments (including quality check debits) stood at 6.1% of revenue in Q4, above the long-term target of 4-5%.
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