Shadowfax Technologies (SHADOWFAX) Q4 25/26 earnings summary

Executive summary

• Achieved record growth and profitability in Q4 FY26, with consolidated revenue of ₹4,202.44 crore for the year, up 69.1% year-over-year, and consolidated PAT of ₹111.71 crore versus ₹6.43 crore last year.

• Q4 revenue reached ₹1,237 crore, a 74% year-over-year increase and 6.7% sequential growth, with 22.6 crore customer orders delivered, up 100.8% YoY.

• Aggressive investments in real estate, automation, and network expansion, including 500 new touch points and 100 new dark stores for quick commerce.

• Five key growth strategies: D2C/SME focus, large shipment expansion, PIN code coverage, vertical quick commerce, and CriticaLog integration.

• AI adoption and the launch of Shadowfax 360 platform are central to driving operational efficiency and scalable growth.

Financial highlights

• Full-year adjusted EBITDA reached ₹159 crore (3.8% margin), nearly triple FY25, with Q4 adjusted EBITDA at ₹58 crore (4.7% margin).

• Q4 PAT was ₹56 crore (4.5% margin), marking the most profitable quarter to date.

• CapEx for FY26 was ₹185 crore (4.4% of revenue), focused on automation and infrastructure.

• Market share in 3PL/express segment estimated at 28%-29% for Q4, up from 17%-18% a year ago.

• Standalone and consolidated EPS (basic) for FY26 were ₹2.29 and ₹2.22, respectively.

Outlook and guidance

• FY27 guidance: overall business growth of 27%-30%, with hyperlocal expected to grow 45%-50% year-over-year.

• EBITDA margin improvement of 100-120 basis points annually through FY28, targeting early double-digit steady-state EBITDA margins.

• PIN code coverage to reach 17,000 by end of FY27 and full national coverage by FY28.

• CapEx for FY27 expected to remain flat at ₹180-190 crore, with intensity moderating to 2.5–3.5% of revenue.

• Prime Large segment to expand pin code coverage from 6,000 to 10,000 by FY27, adding new categories.