Financial Performance Highlights - Q2 FY27

Shadowfax Technologies reported its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.

Revenue Performance

  • Achieved highest ever quarterly revenue of ₹1,538 Crore
  • Year-over-Year Growth: 56.6% (vs. ₹982 Cr in Q2 FY26)
  • Quarter-over-Quarter Growth: 13.2%
  • Sixth consecutive quarter of 55%+ revenue growth

Order Volume

  • Processed 27.1 Crore orders combined in express parcel and hyperlocal segments
  • Year-over-Year Growth: 69.7% (vs. 16.0 Cr orders in Q2 FY26)
  • Quarter-over-Quarter Growth: 9.8%
  • Crossed annualized run rate of 100 Crore orders

Segment Performance

  • Express Parcel Revenue: 55.2% YoY growth and 9.9% QoQ growth
  • Hyperlocal Revenue: 87.7% YoY growth and 25.7% QoQ growth

Profitability Metrics

Ind AS EBITDA:

  • ₹104 Crore (6.7% margin)
  • 164.8% YoY growth (vs. ₹39 Cr in Q2 FY26)
  • 13.1% QoQ growth
  • Margin improvement of 276 basis points YoY

Adjusted EBITDA:

  • ₹77 Crore (5.0% margin)
  • 177.4% YoY growth (vs. ₹28 Cr in Q2 FY26)
  • 14.8% QoQ growth
  • Margin improvement of 218 basis points YoY
  • Higher cost base absorbed in advance of sale season in Q3

Net Profit (PAT):

  • ₹68 Crore (4.4% margin)
  • 421.9% YoY growth (vs. ₹13 Cr in Q2 FY26)
  • 3.9% QoQ growth
  • Margin improvement of 309 basis points YoY

Operational and Strategic Updates

Service Expansion

  • Only 3PL of national scale offering same-day delivery across 120+ cities
  • Launched micro-fulfillment centers for D2C brands and verticals
  • Enables delivery of wider SKU base in 8 to 12 hours without brands investing in regional warehouses
  • Enabled same-day/next-day delivery for smaller marketplace sellers
  • Shadowfax picks up from seller's own location and delivers

Technology Platform Growth

  • Shadowfax 360 self-serve platform scaled to 6,700+ transacting sellers within 2 quarters of launch
  • Two-thirds of sellers onboard directly without salesperson intervention
  • Franchise-led channel partner network for offline SMEs crossed 500 partners

AI and Network Optimization

  • AI-led network optimization engine built in-house and deployed nationwide
  • Dynamically plans how 3,600+ trucks connect 5,500+ touchpoints
  • Re-plans network daily to improve vehicle utilization, lower costs, and speed up movement
  • Trained on Shadowfax's operating history, improves with volume, coverage and data growth

Management Commentary

Abhishek Bansal, Co-founder and CEO, commented: "We enter the second half with strong momentum - ₹1,500+ Cr in quarterly revenue, a milestone 5% Adjusted EBITDA margin and growth that keeps accelerating. Speed is what drives us. Indian customers want speed across every online commerce channel, and Shadowfax powers it. Our fastest-growing customers, D2C brands and SMEs, pay a premium to reach their buyers faster. As the only 3PL of national scale offering same-day delivery across 120+ cities, we serve them best, and our new micro-fulfilment centers will bring a far wider range of products within hours to the customer.

We head into the festive peak with more capacity than ever, and with an AI-led optimization engine planning our national network every day. Fast, flexible and future-ready, Shadowfax expects to remain India's fastest-growing 3PL while delivering industry-leading returns."

Company Background

Shadowfax is a technology-led third-party logistics company founded in 2015 that facilitates digital commerce in India. The company serves enterprise clients including horizontal and vertical ecommerce, quick commerce, food marketplace, and on-demand mobility companies through services including express forward parcel, reverse pickups, hand-in-hand exchange, quick commerce, and on-demand hyperlocal deliveries.

Additional Information

The financial results information is also available on the company website at https://www.shadowfax.in/investor-relations