Shadowfax Technologies Ltd(SHADOWFAX)

NSE: SHADOWFAXBSE: 544685

₹ 274.3-0.81%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 16,100 crWebsite: www.shadowfax.inUpdated: 24 Oct 2026

About

Shadowfax Technologies is an Indian third-party logistics provider operating express parcel delivery, hyperlocal quick-commerce fulfilment, and critical high-value logistics across 16,372 pin codes as of Q1 FY27. It has grown its 3PL express market share from approximately 8% in FY22 to an estimated 28 - 30% by Q1 FY27, making it one of India's largest independent parcel networks.^[1][2][3]

Business segments

Express: forward parcel delivery, reverse logistics, hand-in-hand exchange, and Prime same-day/next-day delivery for e-commerce clients. Express orders reached 19.8 Cr in Q1 FY27 (+94.9% YoY).^[3][2]
Hyperlocal: quick-commerce fulfilment, food and on-demand delivery, and mobility services in high-density cities. Hyperlocal revenue reached ₹272 Cr in Q1 FY27 (+53% YoY, +17% QoQ); FY26 full-year hyperlocal revenue was ₹792 Cr (+54% YoY).^[2][4]
Other Logistics Services: CriticaLog high-value logistics, dark-store operations, and strategic insourcing of unbundled services. This segment was deliberately reshaped in FY26, with lower-value experiments wound down by Q4 FY26.^[3][4]

Services and platforms

Prime Large handles heavy and volumetric LCV shipments; reached 10,000 serviceable pin codes in Q1 FY27 (original FY27 full-year target), with FY27 target raised to 12,000. Revenue run-rate ~₹75 Cr ARR (+170% YoY) as of Q1 FY27.^[2]
Shadowfax 360 is a zero-touch self-onboarding platform for SMEs and D2C brands at flat-rate pricing, targeting India's 15 - 16 lakh online sellers. Launched ~90 days before end of Q1 FY27, it acquired 1,200+ transacting sellers within one quarter.^[3][2]
CriticaLog (100% acquired, closed Q4 FY26) serves 500+ customers monthly in high-value segments - jewellery, luxury apparel, electronics - with an ARR of ₹126 Cr as of Q3 FY26.^[4][5]
D2C & SME revenue grew 2.7x YoY in Q1 FY27 with 400+ D2C customers on the Prime platform; D2C market share reached 10%+ in Q4 FY26, up from low single digits a year prior.^[2][3]

Network and operations

Pin code reach: 16,372 as of Q1 FY27 (+14% YoY), expanding at ~200 - 250 new pin codes per month; 716 new pin codes opened in Q1 FY27 alone.^[2]
Network touchpoints: 5,095 as of Q1 FY27 (+37% YoY), up from 4,778 at end of FY26 and 4,200 at September 2025.^[2][4]
Mid-mile footprint: 24 lakh SFT as of Q1 FY27 (+29% YoY); 60 middle-mile sortation centres and over 47 lakh SFT total operational space as of FY26 year-end.^[2][3]
Fleet and workforce: 3,500+ trucks operated daily (all leased; Shadowfax owns none), 2.9 lakh active delivery partners in Q1 FY27 (+56.9% YoY), and 5,400+ permanent employees as of 31 March 2026.^[3][2]
Dark stores: 47 live across 6 metro cities as of 30 June 2026, up from 15 at end of Q4 FY26; serving fashion, beauty, grocery, pet-care and other vertical quick-commerce brands.^[2]
Approximately 70% of total costs are variable (partner expenses and trucking), providing operating flexibility.^[3]

Key operating metrics

Total orders: 24.7 Cr in Q1 FY27 (+83.3% YoY); 22.6 Cr in Q4 FY26 (+100.8% YoY); 20.6 Cr in Q3 FY26 (+61.0% YoY).^[2][4][5]
3PL express market share estimated at 28 - 30% in Q1 FY27, up from ~27 - 29% in Q4 FY26 and ~17 - 18% in Q4 FY25; expanded from approximately 8% in FY22.^[2][4][3]
Adjusted EBITDA margin: 4.9% in Q1 FY27 (+204 bps YoY); 4.7% in Q4 FY26 (+400 bps YoY); 3.8% for full FY26 (+180 bps vs FY25).^[2][4]
Lost shipment & quality-check cost: 5.5% of revenue in Q1 FY27, down from 7.9% a year ago and 6.3% in Q3 FY26; long-term target is 3.5 - 4% of revenue.^[2][5]
Quick commerce segment recorded 80% YoY revenue growth in FY26.^[3]

Customers and distribution

Amazon Now entered Shadowfax's top-10 customer list in Q1 FY27, contributing to hyperlocal growth alongside existing quick-commerce platform customers.^[2]
D2C pricing is typically 15 - 20% higher than enterprise customer rates; D2C & SME mix improvement drives both realisation and margin expansion.^[4]
Prime delivery service (same-day/next-day) operates across 120+ cities as of FY26.^[3]
Company claims greater than 50% market share in quick-commerce 3PL outsourcing as of Q1 FY27.^[2]

Technology

AI-based Vision QC at pickup catches ~40% of bad pickups at the doorstep, contributing to the decline in lost-shipment costs.^[2]
In FY26, AI became the primary operating layer, writing a super-majority of code and reshaping routing, rider acquisition and network simulation; Shadowfax ranks in the top 1% of Indian companies on AI adoption.^[3]
Proprietary platforms cover supply-demand allocation, address intelligence and geo-coding, fraud detection and prevention, and shipment security and traceability.^[3]

Expansion and capex

FY27 capex guided at ₹180 - 190 Cr (2.5 - 3.5% of revenue), flat in absolute terms vs FY26; primary focus on sortation centre automation and last-mile hub infrastructure.^[4]
Dark store rollout target: 100 stores by end of FY27; 47 live and 20 in pipeline as of Q1 FY27. Top stores run at 20%+ gross margins; average revenue per dark store ₹8 - 15 lakh/month.^[2][4]
Prime Large pin code target raised from 10,000 to 12,000 for FY27 after the original target was met in Q1; white goods category to go live via Prime Large in Q2 FY27.^[2]
Full national pin code coverage targeted by FY28; currently at 16,372 pin codes with ~200 - 250 new pin codes added per month.^[2]

Recent developments

Shadowfax listed on BSE (scrip: 544685) and NSE (symbol: SHADOWFAX) with effect from 28 January 2026.^[3]
100% acquisition of CriticaLog closed in Q4 FY26; brand and technology integration into the Shadowfax umbrella is planned for completion in FY27.^[4]
FY27 revenue growth guidance raised to 38 - 40% YoY in Q1 FY27, up from the prior 27 - 30% guidance issued at Q4 FY26 results.^[2][4]
Q1 FY27 was described as the most profitable quarter in company history: PAT of ₹65 Cr at 4.8% margin (+380 bps YoY); fifth consecutive quarter of 65%+ revenue growth.^[2]

Market Cap

₹16,100 Cr

High / Low

₹301 / 99

Stock P/E

147.8

Price / Book

9.5

Book Value

₹30

EPS

₹1.9

No. of Shares

58.23 Cr

ROCE

6.8%

ROE

6.4%

OPM

3.1%

Debt / Equity

0.00

Sales

₹4,202 Cr

Net Profit

₹112 Cr

Promoter holding

16.5%

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