Shadowfax Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shadowfax Technologies Ltd filed with BSE on 05 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shadowfax reported Q1 FY27 revenue growth of 65% year-on-year to Rs 1,358 crores, with adjusted EBITDA margin expanding to 4.9% and profit after tax at a record Rs 65 crores. Management raised its FY27 revenue growth guidance from the earlier 27%-30% range to 38%-40%, while stating the margin trajectory remains unchanged. The quarter included expansion of pin code coverage, growth in the Prime, Prime Large and dark store initiatives, and cost efficiency measures management said offset diesel price and labor cost increases.
Numbers mentioned
Revenue: INR1,358 crores (Q1 FY27)
p. 6
“Our revenues grew 65% year-on-year to INR1,358 crores.”
Praveen Kumar KJ, page 6 of the filed PDF · View the filing
Adjusted EBITDA: INR67 crores (Q1 FY27)
p. 6
“Adjusted EBITDA rose to INR67 crores, with margins expanding to 4.9%, which was 4.7% last quarter.”
Praveen Kumar KJ, page 6 of the filed PDF · View the filing
Profit after tax: INR65 crores (Q1 FY27)
p. 6
“And profit after taxes reached a record INR65 crores.”
Praveen Kumar KJ, page 6 of the filed PDF · View the filing
Order volumes: nearly 25 crores, up 83% year-on-year (Q1 FY27)
p. 6
“Order volumes reached nearly 25 crores, growing 83% year-on-year.”
Praveen Kumar KJ, page 6 of the filed PDF · View the filing
Pin codes covered: 16,372 pin codes (as of end of Q1 FY27)
p. 4
“We ended the quarter at about 16,372 pin codes, where we opened about 716 pin codes over the last 90 days, almost 8 pin codes every single day.”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Dark stores live: 47 live, 20 more on the way (as of June 30, 2026)
p. 5
“We are super proud to communicate that out of those 100 dark stores, 47 are already live as on 30th June, and another 20 are on the way to go live.”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Prime Large revenue: roughly INR75 crores ARR (FY27)
p. 5
“Revenue has grown close to 170% year-on-year to roughly about INR75 crores ARR in this business line.”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Hyper-local growth: 53% year-on-year, 17% quarter-on-quarter (Q1 FY27)
p. 5
“Hyper-local has grown about 53% year-on-year, and 17% over the last quarter itself.”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Lost shipment debit cost: 5.5% of revenue (Q1 FY27)
p. 7
“our lost shipment debit cost, came down to 5.5% of revenue, which was 7.9% a year ago and 6.1% in the last quarter, Q4.”
Praveen Kumar KJ, page 7 of the filed PDF · View the filing
Minimum wage hike impact: INR2 crores to INR2.5 crores per month (Q1 FY27)
p. 12
“Yes, we have roughly taken about between INR2 crores to INR2.5 crores a month impact because of minimum wage impact coming from various states.”
Praveen Kumar KJ, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 revenue growth — 38% to 40% · FY27
stated firmly by Abhishek Bansal
p. 3
“We are now revising our FY27 revenue growth guidance from 27% to 30% that we had given earlier to 38% to 40%.”
Abhishek Bansal, page 3 of the filed PDF · View the filing
Margin trajectory — FY27
stated firmly by Abhishek Bansal
p. 3
“Having said that, our margin trajectory remains unchanged, suggesting faster growth with the same disciplined path into profitability.”
Abhishek Bansal, page 3 of the filed PDF · View the filing
Prime Large pin code coverage — 12,000 pin codes · FY27
stated firmly by Abhishek Bansal
p. 5
“We are now raising our FY27 target for Prime Large to 12,000 pin codes.”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Lost shipment debit cost — 3.5% to 4% · long run
stated as an aspiration by Praveen Kumar KJ
p. 14
“and then our target was to bring it down to about 3.5% to 4% in the long run. That target still remains.”
Praveen Kumar KJ, page 14 of the filed PDF · View the filing
CriticaLog revenue via cross-sell — mid-teen percentage points · next 12 months
stated conditionally by Abhishek Bansal
p. 13
“I can give you one example. There is an active conversation, which can potentially increase the revenue of CriticaLog as an organization by mid-teen percentage points”
Abhishek Bansal, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said enterprise customers provide forward volume projections that support the higher growth estimate.
Answered by Abhishek Bansal
Asked by Gaurav: What gives confidence in the upgraded FY27 growth guidance?
p. 8
“Today we can proudly say that we have a fair degree of visibility and high degree of confidence on the numbers that we are projecting, and hence we are revising our estimates from a growth standpoint.”
Abhishek Bansal, page 8 of the filed PDF · View the filing
CFO detailed cost line movements including transportation, partner expense, consumables and lost shipment cost.
Answered by Praveen Kumar KJ
Asked by Gaurav: Can you provide a margin bridge for the quarter?
p. 9
“our transportation cost has gone up from last quarter 18.7% to 18.8%.”
Praveen Kumar KJ, page 9 of the filed PDF · View the filing
Management said both Express and quick commerce are contributing, aided by new customers like Amazon Now.
Answered by Abhishek Bansal
Asked by Sachin Salgaonkar: What is driving the 38% growth guidance across segments?
p. 11
“We are seeing upside in hyper-local as well as e-commerce.”
Abhishek Bansal, page 11 of the filed PDF · View the filing
Management estimated industry outsourcing levels and Shadowfax's own market share within that segment.
Answered by Abhishek Bansal
Asked by Sachin Salgaonkar: What proportion of quick commerce volumes are outsourced industry-wide?
p. 12
“we have seen the outsourcing levels in the industry to be trending anywhere between 12% to 15% today.”
Abhishek Bansal, page 12 of the filed PDF · View the filing
CFO quantified the monthly cost impact from minimum wage increases in four states.
Answered by Praveen Kumar KJ
Asked by Sachin Salgaonkar: What is the minimum wage hike impact on margins?
p. 12
“Yes, we have roughly taken about between INR2 crores to INR2.5 crores a month impact because of minimum wage impact coming from various states.”
Praveen Kumar KJ, page 12 of the filed PDF · View the filing
Management said margin guidance is unchanged and excess profits will be reinvested or passed to customers.
Answered by Abhishek Bansal
Asked by Dhruv Jain: Does the higher revenue guidance change full-year margin guidance?
p. 13
“we still want to maintain the margin guidance that we had given at the start of this year.”
Abhishek Bansal, page 13 of the filed PDF · View the filing
Management said pricing is driven by competitiveness and volume-based rate cards rather than customer margin visibility alone.
Answered by Praveen Kumar KJ
Asked by Abhishek Banerjee: Could the listed anchor customer push for further pricing concessions given visible margins?
p. 15
“So, if we are not competitive, we will anyways not get the desired volumes that we are delivering today.”
Praveen Kumar KJ, page 15 of the filed PDF · View the filing
Management confirmed Amazon Express Parcel volumes have started and Amazon has entered the top 10 customer club.
Answered by Abhishek Bansal
Asked by Atul Borse: How much has Amazon contributed to Express volumes so far?
p. 16
“Amazon has now, entered the top 10 customer club for us.”
Abhishek Bansal, page 16 of the filed PDF · View the filing
Risks flagged
Diesel price increases and labor cost escalations from minimum wage hikes during the quarter
p. 3
“Early this quarter, diesel prices went up along with the gas crisis and there were elections in a couple of large states.”
Abhishek Bansal, page 3 of the filed PDF · View the filing
Supply squeeze on delivery partners affecting partner expense costs
p. 9
“Partner expense from last quarter has again slightly increased because, there was a supply squeeze.”
Praveen Kumar KJ, page 9 of the filed PDF · View the filing
New pin codes initially running below capacity, creating cost pressure
p. 7
“Transportation costs held flat sequentially in a quarter where we opened 716 new pin codes, and all of them will be running below capacity initially.”
Praveen Kumar KJ, page 7 of the filed PDF · View the filing
Long sales cycles for value-added logistics services like CriticaLog
p. 14
“If you're selling a low-value service, the sales cycles are typically shorter, but when a customer has to move an expensive item from their existing setup into a newer solution, it takes a lot of time, and a lot of convincing”
Abhishek Bansal, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.