• Event Type: Earnings Conference Call for Q2 FY27 results discussion and investor interaction.
  • Event Date and Time: The call was held on October 29, 2026. The specific time was not disclosed in the transcript.
  • Purpose: Discussion of quarterly financial results (Q2 FY27) and business updates, including strategic initiatives and growth outlook.
  • Management Participants: Mr. Abhishek Bansal (Managing Director and Chief Executive Officer), Mr. Praveen Kumar K.J (Chief Financial Officer), and Mr. Sachin Dixit (Corporate Strategy and Investor Relations).
  • Availability of Materials: The transcript was made available on the company's website at https://www.shadowfax.in/investor-relations and filed with the exchanges on November 03, 2026. No presentation deck or recording was mentioned.
  • UPSI Statement: The document does not contain any explicit statement regarding the sharing of unpublished price sensitive information (UPSI).

Financial and Operational Highlights from the Call

Financial Performance for Q2 FY27:

  • Revenue: INR 1,538 crores, up 57% year-on-year (YoY) and 13% quarter-on-quarter (QoQ).
  • This marks the sixth consecutive quarter of growth above 55%.
  • H1 FY27 Revenue: INR 2,896 crores, 60% ahead of last year.
  • Order Volume: 27.1 crore orders delivered, representing 70% YoY growth.
  • Adjusted EBITDA: INR 77 crores at a 5.0% margin (a first-time achievement for the company).
  • Profit After Tax: INR 67 crores.

Segment-wise Performance:

  • Express Parcel Business: Revenue of INR 1,096 crores, up 55% YoY and 10% QoQ. Volume was 21.7 crore shipments, up 72% YoY. The Prime service (same-day/next-day) scaled fastest with 36% sequential growth.
  • Hyperlocal Business: Revenue of INR 341 crores, up 88% YoY and 26% QoQ. Realization per order rose 13% sequentially to over INR 60.
  • Other Logistics Services: Revenue of INR 100 crores, growing 13% QoQ, driven by CriticaLog and Dark Stores.

Strategic and Operational Updates:

  • Capacity Expansion: The company undertook its largest-ever capacity addition in Q2. Total operating space expanded from 53 lakh sq ft to 69 lakh sq ft. The middle-mile footprint grew from 24 lakh sq ft to over 34 lakh sq ft. Approximately 5% of this is temporary (pop-up) capacity for the festive peak.
  • Delivery Partner Network: Scaled up by 31% from 2.9 lakh partners in Q1 to 3.8 lakh partners in Q2.
  • Automation: Two mega sorters and volume profilers are under completion and will go live in Q4 FY27.
  • Capex Guidance: On track for the year, expected in the range of 3.8% to 4% of revenue.
  • AI Deployment: An in-house AI optimization engine was deployed to plan and optimize freight movement daily, aiming for lower costs and fuller vehicles.

Growth Initiatives and New Business:

  • D2C/SME Focus: The D2C business more than doubled YoY. The company's share of the D2C market rose 2 percentage points QoQ to above 14%. It services twice the number of brands compared to a year ago.
  • Shadowfax 360: The self-serve platform for small sellers scaled to over 6,700 sellers within 200 days of launch, with two-thirds coming without sales effort.
  • Prime Large: The bulky delivery business crossed INR 100 crores annualized run rate, growing 33% sequentially.
  • Dark Stores: 70 Dark Stores have been opened across 9 cities against a target of 100 for the year.
  • New Venture - Micro-fulfillment Centers (MFCs): The company announced plans to enter the micro-fulfillment business, opening small facilities to hold brand inventory and enable 8-12 hour deliveries. The plan is to open MFCs across 50 cities over the next few years. Capex for this is included in the overall guidance.

Customer Concentration:

  • Management noted a "meaningful reduction" in exposure to its main customer, down 3-4 percentage points from the long-term average as a percentage of overall revenue.
  • Amazon has entered its top five customers, with the partnership described as "deeply strategic."

Guidance:

  • The long-term revenue growth guidance of 27% to 30% CAGR was reaffirmed.
  • Management stated they would wait for Q3 performance before considering any further revision to near-term guidance.

Additional Notes Section

  • The document is the enclosed transcript of the earnings conference call, filed as a regulatory disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The filing was signed by Krishnakanth Venkata Gangavarapu, Company Secretary & Compliance Officer.
  • The transcript includes a full Q&A session with analysts from Avendus, Kotak Institutional Equities, JM Financial, Ambit Capital, and ICICI Securities, covering topics such as margin drivers, realization trends, growth segments, and capex.
  • No new financial data beyond what was discussed in the call was disclosed in this specific filing announcement; it serves to provide the transcript.