Shadowfax Technologies Limited – Investor Presentation Summary

Key Operational Highlights

  • Delivered 27.1 Cr total orders in Q2 FY27, a 69.7% YoY and 9.8% QoQ growth.
  • Express orders reached 21.7 Cr, a 71.5% YoY and 9.5% QoQ growth.
  • Hyperlocal orders reached 5.4 Cr, a 62.7% YoY and 10.9% QoQ growth.
  • Ecosystem comprised 3.8L Active Delivery Partners in Q2 FY27, a 73.6% YoY and 31.4% QoQ growth.

Key drivers of operational performance: Market share gains as customers prioritize speed, scaling of quick commerce dark stores, and expansion of the delivery partner network.

Segment-wise Performance

  • Express Revenue: ₹1,096 Cr, 55.2% YoY and 9.9% QoQ growth.
  • Hyperlocal Revenue: ₹341 Cr, 87.7% YoY and 25.7% QoQ growth.
  • Other Logistics Revenue: ₹100 Cr, 6.6% YoY and 12.6% QoQ growth.

Explanation of significant changes in segment performance: Growth in Express driven by customers choosing faster deliveries. Hyperlocal growth ahead of the industry, powered by last-mile deliveries for 4,200+ quick commerce dark stores.

Financial Highlights

Revenue: ₹1,538 Cr

EBITDA (Ind AS): ₹104 Cr

PAT: ₹68 Cr

EPS: Not Specified

Margins: Ind AS EBITDA Margin 6.7%, Adjusted EBITDA Margin 5.0%, PAT Margin 4.4%

YoY/QoQ comparison: Revenue grew 56.6% YoY and 13.2% QoQ. PAT grew 421.9% YoY and 3.9% QoQ. Adjusted EBITDA grew 177.4% YoY and 14.8% QoQ.

Drivers of financial performance: Higher revenue growth, operating leverage, and market share gains.

Comparison to market estimates: Not Specified

Key Risks: Not Specified

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Not Specified (Borrowings: ₹0 Cr)

Reserves: Not Specified

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Strong cash position with Cash & Bank Balance of ₹1,562 Cr as of Mar 31, 2026. Total Equity stood at ₹1,887 Cr.

Capex & Cash Flow Health

Capital Expenditure: Capex Outflow was ₹146 Cr for H1 FY27.

Free Cash Flow: Not Specified

Operating Cash Flow: Net Cash Flow from Operating Activities was ₹163 Cr for H1 FY27.

Net Debt Movement: Not Specified

Investment Rationale: Focus on capacity expansion ahead of the festive season, including two mega sorters and volume profilers going live in Q4 FY27.

Strategic & R&D Initiatives

Investments in Innovation: AI-Led Routing Optimization deployed nationwide across 5,500+ touchpoints. Women Delivery Partners Platform with safety features like one-tap SOS. Expansion of Micro-fulfillment Centers for D2C Brands.

Expected impact on growth: Micro-fulfillment Centers aim to enable 8-12 hour deliveries. AI routing enhances utilization and network efficiency.

Strategic Rationale: Expanding into high-growth markets like quick commerce and D2C, and improving operational efficiency through technology.

Industry Trends & Business Environment

Macro/Industry Trends: E-commerce majors and traditional retailers scaling quick commerce with high outsourcing to 3PLs. Zero-commission low-value food delivery models expanding the food delivery TAM.

Impact on Company: These trends are driving volume growth in the hyperlocal and express segments, leading to market share gains for Shadowfax.

Management Commentary & Growth Outlook

Strategic Outlook: The company is investing in four growth engines: Quick Commerce and Dark Stores, Prime – D2C, SMEs and Shadowfax 360, and Prime Large.

FY Guidance: Not Specified

Market Share Targets: Company estimates 14%+ market share in the D2C segment.

Risks and Opportunities: Not Specified

Additional Headings

ESG Updates
  • Women Delivery Partners Platform launched to increase women participation, featuring one-tap SOS, trusted emergency contacts, and in-app POSH guidelines.