Shadowfax Technologies reported record first-quarter results for FY27 on the back of robust momentum in e-commerce and quick-commerce deliveries, improved network efficiency, and accelerating automation. The logistics firm delivered strong year-on-year gains in revenue and profitability, underscoring resilient demand and disciplined cost management across its nationwide operations.
Financial performance in Q1 FY27
For the quarter ended June 2026, consolidated net profit rose to ₹65.40 crore from ₹8.02 crore a year earlier, an almost eightfold increase. Sequentially, profit improved 17.2%.
Revenue from operations grew 64.9% year-on-year to ₹1,358.12 crore. Including other income of ₹21.06 crore, total income stood at ₹1,379.18 crore.
Operating metrics strengthened. Operating EBITDA came in at ₹91.8 crore, with the margin improving to 6.8% from 3.1% in the corresponding quarter last year. Adjusted EBITDA stood at ₹67 crore, indicating profitability gains despite higher fuel and employee costs.
Total expenses rose 60% to ₹1,313.78 crore, driven by network expansion and higher shipment volumes. Employee benefit expenses increased to ₹123.56 crore, while depreciation and amortisation were ₹39.76 crore. Basic EPS for the quarter was ₹1.11.
Delivery volumes surged, with 24.7 crore shipments completed during the quarter, up 83.3% year-on-year.
Business segments and network expansion
The express parcel segment remained the primary growth driver, with revenue rising 87.3% year-on-year to ₹997 crore, supported by sustained e-commerce demand. The hyperlocal business—serving quick commerce and food-delivery platforms—reported 53% growth to ₹272 crore.
In contrast, the SME and personal courier segment declined 22% to ₹89 crore, reflecting a softer demand environment in that category.
Shadowfax continued to expand its reach, adding nearly eight PIN codes per day to cover 16,372 PIN codes nationwide. It now operates 5,095 touchpoints with more than 53 lakh sq ft of operating area, enhancing last-mile capabilities and service coverage across urban and semi-urban markets.
Capital expenditure during the quarter was approximately ₹60 crore, largely allocated to scaling last-mile operations and automating sorting centres.
Technology and efficiency initiatives
The company rolled out Shadowfax 360, onboarding over 1,200 SMEs in the quarter to streamline merchant integration and service delivery. An AI-enabled “Delivery Partner Buddy” tool now manages around 16,000 daily conversations with gig partners, resolving nearly 97% of queries without human intervention.
Shadowfax has also deployed Vision AI to flag incorrect reverse pickup requests at customer locations, reducing process errors and operational costs while speeding up turnarounds—an important lever as reverse logistics scales with online retail.
Corporate updates and shareholder movements
Among leadership changes, Chief Product Officer Nitesh Lohiya resigned for personal reasons, effective 7 August 2026. Earlier in the year, Sachin Dixit was appointed Head of Corporate Development and Investor Relations.
The company acquired the remaining 10.42% stake in Criticalog India Private Limited for ₹7.61 crore, making it a wholly owned subsidiary and consolidating control over strategic capabilities.
Following the expiry of the one-year lock-in for pre-IPO shareholders, secondary market activity picked up. Flipkart pared its holding from 7.29% to 1.52% via open market sales, while Eight Roads Investments offloaded part of its stake through a block deal. Meanwhile, ICICI Prudential Mutual Fund increased its stake to 8.56%, signalling institutional confidence.
Shadowfax estimates its market share in India’s third-party logistics (3PL) segment at 28–30%, with strong positions in quick commerce and reverse logistics. After the Q1 FY27 announcement, shares gained nearly 12% to a new 52-week high of ₹246.80. Since listing earlier this year, the stock has risen over 115%, valuing the company at more than ₹14,000 crore.
