Shadowfax Technologies (SHADOWFAX) Q3 25/26 earnings summary

Executive summary

• Achieved record revenue growth of 65%-66% YoY in Q3 FY26, delivering 20.6 crore orders and generating ₹1,160 crore in revenue, with a peak of 36 lakh daily orders during the festive season.

• Successfully completed IPO and public listing, raising ₹1,907.23 crore, including a fresh issue and offer for sale.

• Business model is technology-led, category-agnostic logistics, with innovation and value-added services as key differentiators.

• Operates as a single segment focused on logistics and delivery services.

Financial highlights

• Adjusted EBITDA reached ₹49 crore in Q3 FY26, margin expanded to 4.3% (up 170 bps YoY); PAT for Q3 was ₹35 crore, up 441% YoY, with a 3% PAT margin.

• Q3 FY26 consolidated revenue from operations was ₹1,159.71 crore, up from ₹700.63 crore YoY; 9M FY26 revenue was ₹2,965.35 crore, up from ₹1,772.70 crore YoY.

• Free cash flow for 9M FY26 was ₹61 crore; CapEx intensity for the first nine months was 4.5%-4.7% of revenue.

• Basic EPS (consolidated) for Q3 FY26 was ₹0.69, up from ₹0.14 YoY.

Outlook and guidance

• Market share expansion in express parcel expected to continue for 6-8 quarters, driven by pin code expansion, new customer acquisition, and new service lines.

• Revenue growth guidance of 25%-30% YoY for the next couple of years, with ongoing margin expansion and margin improvement of 1.2% per year expected for the next two years.

• Focus on strengthening network infrastructure and automation, with new category launches planned for FY27.

• The company will evaluate the impact of new labour codes once rules are notified.