Shadowfax Technologies (SHADOWFAX) Q3 25/26 earnings summary

Executive summary

• Achieved record revenue growth of 65%-66% year-on-year 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 focuses on 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, with a margin of 4.3%, up 170 bps year-on-year; 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 in Q3 FY25; nine-month revenue was ₹2,965.35 crore, up from ₹1,772.70 crore YoY.

• Free cash flow for 9M FY26 was ₹61 crore; closing cash and bank balance stood at ₹537 crore as of Dec 31, 2025.

• CapEx intensity for the year is expected at 4%-4.7% of revenues, higher than historical levels due to rapid growth and expansion.

• Basic EPS (consolidated) for Q3 FY26 was ₹0.69, up from ₹0.14 in Q3 FY25.

Outlook and guidance

• Expects continued market share gains in Express Parcel, D2C, and Quick Commerce segments over the next 6-8 quarters.

• CapEx intensity expected to normalize to 2.8%-3% over the next two years, then 2%-2.5% long-term.

• Anticipates 25%-30% annual revenue growth for the next few years, with steady margin expansion and EBITDA margin expected to rise by about 1.2% annually.

• Focus on strengthening network infrastructure and automation to support long-term growth.

• Will evaluate the impact of new labour codes once rules are notified.