Shadowfax posts 69% FY revenue growth

Shadowfax Technologies reported audited FY26 revenue of ₹4,202 crore on May 14, up 69% from a year earlier, and said profit after tax rose to ₹112 crore from ₹6 crore in FY25. The Bengaluru-based logistics company also posted its highest quarterly revenue in Q4 FY26 at ₹1,237 crore, up 73.6% year over year, and reported quarterly profit after tax of ₹56 crore versus a loss in the year-earlier period. (bseindia.com) The figures were disclosed in a press release filed with the BSE and NSE. Shadowfax said it fulfilled more than 72 crore customer orders in FY26 and 22.6 crore orders in the March quarter. (inc42.com) The results put a set of operating numbers behind a business that has been pitching itself as a scaled third-party logistics provider to India’s e-commerce, quick-commerce and hyperlocal delivery markets. In the March quarter, adjusted EBITDA margin expanded to 4.7% from 0.7% a year earlier, while Ind AS EBITDA margin rose to 6.6% from 1.7%, according to the filing. Shadowfax said the quarter marked its 12th consecutive period of EBITDA profitability. ### Which part of Shadowfax’s business drove the quarter? (bseindia.com) Q4 FY26 express parcel revenue grew 121% year over year, while hyperlocal revenue rose 32%, the company said in its May 14 filing. Total orders in express parcel and hyperlocal combined doubled to 22.6 crore from 11.3 crore a year earlier. The clearest volume spike came from express shipments. Shadowfax’s investor presentation said it delivered 18.4 crore express orders in Q4 FY26, up 129% from a year earlier. That compares with 4.2 crore hyperlocal orders in the quarter, up 29.6%, according to the same presentation. (bseindia.com) ### What does the company say about market share? Shadowfax’s Q4 FY26 earnings presentation said its share of India’s 3PL express market had risen from about 8% in FY22 to 27%-29% in Q4 FY26. The presentation said market-share data through Q2 FY26 was based on Redseer research and that the Q4 FY26 figure was a company estimate. (bseindia.com) The same presentation showed express orders per day rebased to 100 in FY22 rising to 776 for Shadowfax by Q4 FY26, against 190 for the broader 3PL express market. (medianama.com) The company used that comparison to show faster growth than the market over the past four years. ### Why are dark stores showing up in this earnings cycle? Shadowfax management said on its Q4 FY26 earnings call that it plans to set up 100 dark stores in FY27 for vertical quick commerce. Media reports on the call said the company currently operates 15 dark stores and plans to expand that network as it pushes deeper into categories beyond horizontal quick-commerce delivery. (medianama.com) Shadowfax has already been marketing dark stores and micro-fulfillment centers to direct-to-consumer brands. (medianama.com) A post on the company’s website describes those sites as local inventory nodes intended to support delivery windows ranging from 30 minutes to same day in cities including Delhi, Bengaluru and Kolkata. ### How large is the network behind those numbers? Shadowfax’s investor presentation said its operating network includes 4,778 touch points, reach across 15,656 pin codes, more than 47 lakh square feet of operations space and 3,500-plus trucks on the mid-mile network. (medianama.com) The company also said it had more than 2.6 lakh average quarterly unique transacting delivery partners. The company has also been adding infrastructure ahead of that expansion. In a February 26 press release, Chief Executive Abhishek Bansal said “network ownership is the bedrock of long-term operating leverage in the express business” as Shadowfax announced a sort-center investment project. (shadowfax.in) ### Where can investors track what comes next? Shadowfax’s investor-relations page lists Q4 FY26 financial results, the May 14 press release, the earnings presentation, an audio recording of the earnings call and a transcript section for quarterly calls. (medianama.com) The same page groups disclosures by quarter for FY 2025-26 and FY 2024-25. FY27 milestones to watch now include the planned expansion of dark stores to 100 locations and any updates on quick-commerce, express volumes and margin progression in future quarterly filings and conference-call materials published on that investor-relations page. (shadowfax.in) (inc42.com) (shadowfax.in)