Shadowfax Technologies (SHADOWFAX) Q4 25/26 earnings summary

Executive summary

• Achieved record growth and profitability in FY26, with consolidated revenue of ₹4,202.44 crore, up 69.1% year-over-year, and PAT of ₹112 crore, a significant increase from ₹6 crore last year.

• Q4 FY26 delivered 22.6 crore orders and ₹1,237 crore in revenue, marking 100.8% YoY order growth and 73.6% YoY revenue growth, with express orders up 129% YoY.

• Strategic investments in real estate, automation, and technology, including a 35% increase in leased space, expansion of last-mile facilities, and launch of the Shadowfax 360 platform.

• Five key growth strategies: D2C/SME focus, large shipment expansion, PIN code coverage, vertical quick commerce (100 new dark stores), and CriticaLog integration.

• AI adoption is central, driving operational efficiency and future demand, with most code now AI-generated and significant improvements in routing, marketing, and loss reduction.

Financial highlights

• Consolidated revenue for FY26 was ₹4,202.44 crore, up from ₹2,485.13 crore in FY25; adjusted EBITDA at ₹159 crore (3.8% margin), nearly triple FY25.

• Q4 adjusted EBITDA was ₹58 crore (4.7% margin), up from 0.7% last year; Q4 PAT at ₹56 crore (4.5% margin), the highest ever.

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

• Market share in 3PL/express estimated at 28%-29% for Q4 FY26, up from 17%-18% a year ago.

• Standalone net profit for FY26 was ₹115.18 crore, consolidated net profit was ₹111.71 crore.

Outlook and guidance

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

• 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; large shipment business to expand PIN code coverage from 6,000 to 10,000.

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

• Integration of CriticaLog to enhance premium and time-sensitive logistics offerings.