Shadowfax Technologies (SHADOWFAX) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations reached ₹1,537.70 crore, up 56.6% YoY; adjusted EBITDA margin reached 5.0%, a new milestone.

• Growth broadened across Express, Hyperlocal, D2C, SMEs and seller-led services, supported by market-share gains and demand for faster delivery.

• Total orders rose 69.7% YoY to 27.1 crore; revenue growth exceeded 55% for six consecutive quarters.

Financial highlights

• Q2 revenue from operations was ₹1,537.70 crore, up 56.6% YoY and 13.2% QoQ; H1 revenue was ₹2,895.82 crore, up 60.4% YoY.

• Adjusted EBITDA was ₹77 crore, up 177.4% YoY, at a 5.0% margin; Ind AS EBITDA was ₹104 crore, or 6.7% of revenue.

• Q2 consolidated profit was ₹67.95 crore versus ₹13.02 crore YoY; H1 profit was ₹133.35 crore versus ₹21.03 crore.

• H1 adjusted EBITDA was ₹144 crore at a 5.0% margin.

Outlook and guidance

• Long-term cumulative growth guidance remains 27%-30%; management plans to review it after assessing Q3 sales-season performance.

• Express Parcel is expected to grow at 27%-28% CAGR; Quick Commerce is expected to compound at the industry’s 30%+ pace, with upside if the market accelerates.

• Full-year CapEx is expected at 3.8%-4.0% of revenue; MFC build-out is planned over 6-12 months, with limited revenue expected this year.

• Amazon e-commerce integrations are ramping, with meaningful Express Parcel contribution expected next financial year, not the current one.