Annual General Meeting & Corporate Governance
Shadowfax Technologies announced its 11th Annual General Meeting scheduled for September 18, 2026, to be conducted via video conferencing. Key agenda items include adoption of FY26 financial statements, re-appointment of director Mr. Gaurav Jaithlia, appointment of new statutory auditors M/s S.R. Batliboi & Associates LLP for a 5-year term, and approval of remuneration increases for four executive directors (Abhishek Bansal, Vaibhav Khandelwal, Gaurav Jaithlia, and Praharsh Chandra) effective FY27. The remuneration structure comprises salary, allowances, perquisites, commission, and performance-linked incentives within statutory limits.
Financial Performance Highlights (FY 2025-26)
The company delivered exceptional FY26 performance with consolidated revenue of ₹4,202.44 crore, representing 69.1% year-on-year growth. Profit After Tax surged to ₹111.71 crore from ₹6.43 crore in FY25, while Adjusted EBITDA reached ₹159.22 crore with a 3.8% margin (+180 bps YoY). Standalone performance was equally strong with revenue of ₹4,080.35 crore (65.38% growth) and PAT of ₹115.18 crore.
Business segment performance showed Express Services contributing ₹3,041.01 crore (77.2% growth, 72.4% of revenue), Hyperlocal Services at ₹791.99 crore (54.3% growth, 18.8%), and Other Logistics Services at ₹369.44 crore (44.4% growth, 8.8%). The company processed 72.6 crore orders delivered, representing 66.4% growth.
Capital Structure Changes & Ownership
Shadowfax underwent significant capital restructuring during FY26, converting all Compulsory Convertible Cumulative Preference Shares (CCCPS) into 324,925,649 equity shares on December 29, 2025. This conversion, along with a fresh issue of 105,556,884 shares, increased paid-up capital from ₹151.79 crore to ₹582.27 crore.
Promoter holdings saw substantial dilution with Abhishek Bansal's stake reducing from 31.77% to 9.33% and Vaibhav Khandelwal's from 24.81% to 7.26%. Major shareholders now include Newquest Asia Fund IV (11.59%), Eight Roads Investments (9.54%), and Flipkart Internet (7.32%).
Balance Sheet & Financial Position
The company's total assets expanded to ₹2,833.90 crore from ₹1,259.25 crore in FY25. Financial assets grew significantly to ₹1,472 crore, including ₹353.72 crore in mutual funds, ₹542.05 crore in long-term bank deposits, and ₹284.22 crore in cash. Property, plant & equipment stood at ₹248.97 crore net, with right-of-use assets at ₹239.65 crore.
Total equity increased to ₹1,744.84 crore from ₹660.41 crore, while securities premium reached ₹1,659.90 crore. Retained earnings improved to negative ₹545.70 crore from negative ₹657.03 crore.
Subsidiary Acquisition & Operational Highlights
Shadowfax acquired additional 10.41% stake in Criticalog India Private Limited during FY26, raising its holding to 89.58% with a forward liability of ₹8.99 crore for the remaining 10.42% stake. The acquisition generated goodwill of ₹40.06 crore.
Operationally, the company expanded to 15,656 pin codes nationwide with 2.6 lakh+ quarterly active delivery partners and 47+ lakh square feet of operational space. Market share in the express 3PL segment reached 27-29%, up from approximately 8% in FY22.
Key Dates & Compliance
The e-voting period is scheduled for September 15-17, 2026, with the AGM cut-off date set for September 11, 2026. The company completed its IPO in January 2026, raising ₹1,000 crore primary capital. All filings were made pursuant to SEBI Listing Regulations 30 and 34, with documents available on the company website and stock exchange platforms.