Shadowfax Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shadowfax Technologies Ltd filed with BSE on 20 May 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 Q4 FY26 revenue of about INR 1,237 crores, up 74% year-on-year, with adjusted EBITDA of INR 58 crores at a 4.7% margin and PAT of INR 56 crores. For the full year, revenue crossed INR 4,200 crores with 69% year-on-year growth, adjusted EBITDA of about INR 159 crores, and PAT of INR 112 crores. Management described growth across express parcel, hyperlocal and other logistics segments, new initiatives including Shadowfax 360, large shipment expansion, verticalized quick commerce dark stores, and the CriticaLog acquisition.
Numbers mentioned
Revenue: INR 4,200 crores plus (FY26)
p. 3
“recorded a revenue of INR 4,200 crores plus, which is a 69% year-onyear growth for the full year”
Abhishek Bansal, page 3 of the filed PDF · View the filing
Adjusted EBITDA: INR 159 crores (FY26)
p. 3
“Adjusted EBITDA for us has been close to INR 159 crores, which is almost three times of what we delivered in FY25”
Abhishek Bansal, page 3 of the filed PDF · View the filing
PAT: INR 112 crores (FY26)
p. 3
“PAT for the full year has been INR 112 crores compared to just INR6 crores last year”
Abhishek Bansal, page 3 of the filed PDF · View the filing
Revenue: INR 1,237 crores (Q4 FY26)
p. 4
“generating close to INR 1,237 crores in absolute revenue”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Revenue growth: 74% year-on-year, 6.7% sequentially (Q4 FY26)
p. 4
“This is about 74% year-on-year growth and 6.7% sequentially over Q3”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Adjusted EBITDA margin: 4.7% (Q4 FY26)
p. 4
“Adjusted EBITDA was INR 58 crores, which is about 4.7% margin for the quarter compared to about 4.3% in Q3 and merely 0.7% last year”
Abhishek Bansal, page 4 of the filed PDF · View the filing
PAT margin: 4.5% (Q4 FY26)
p. 4
“PAT has grown to INR 56 crores, which comes at a record margin of 4.5% for the entire consolidated business”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Real estate space growth: 35% (Sept end to March end FY26)
p. 4
“between September end and March end, our real estate space has gone up by 35%”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Capex as percentage of revenue: 4.5% (FY26)
p. 4
“For the full year, we have spent about 4.5% of our revenues as capex”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Express parcel share of revenue: 75% (Q4 FY26)
p. 4
“The first segment, the core backbone of our business, express parcel, is now about 75% of our revenue”
Abhishek Bansal, page 4 of the filed PDF · View the filing
Hyperlocal growth: more than 50% year-on-year, 16% sequential (Q4 FY26)
p. 5
“Hyperlocal has grown more than 50% year-on-year, grown 16% sequentially”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Other logistics revenue: INR 80 crores (Q4 FY26)
p. 5
“The third line of service is other logistics services, which contributed about INR 80 crores out of the INR 1200-plus crores of the business”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Touch points: 4,700, up from 4,200 (Six months to Q4 FY26)
p. 5
“Between September end and now, our number of touch points have gone up from 4,200 to 4,700 in a matter of six months”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Pin code coverage: 15,600 out of 19,300 (Q4 FY26)
p. 7
“We have hit 15,600 pin codes out of the 19,300 available pin codes in India”
Abhishek Bansal, page 7 of the filed PDF · View the filing
D2C business growth: two and a half times (FY25 to FY26)
p. 6
“between FY25 and FY26, we have grown two and a half times in our D2C business”
Abhishek Bansal, page 6 of the filed PDF · View the filing
Large shipment pin code presence: 6,000 pin codes (Q4 FY26)
p. 6
“Today, Shadowfax has started delivering large shipments in about 6,000 odd pin codes”
Abhishek Bansal, page 6 of the filed PDF · View the filing
Large shipment business growth: three to four times (vs FY25)
p. 6
“Our large shipment business has grown three to four times compared to FY25”
Abhishek Bansal, page 6 of the filed PDF · View the filing
3PL market share: 28%-29% (Q4 FY26)
p. 11
“we have hit about close to 28%, 29% market share for the full quarter, which would have been about close to 17%, 18% one year back”
Abhishek Bansal, page 11 of the filed PDF · View the filing
Lost shipments and quality check cost: 6.1% of revenue (Q4 FY26)
p. 20
“Q4 it's come down further to 6.1%”
Praveen Kumar KJ, page 20 of the filed PDF · View the filing
Dark store gross margin: 20% plus (current)
p. 18
“Today, our top stores, would be running at about 20% plus gross margins with a further space to expand as the dark store volumes go up”
Abhishek Bansal, page 18 of the filed PDF · View the filing
Average revenue per dark store: INR 8 lakhs to 15 lakhs per month
p. 18
“Average revenue per dark store can be anywhere between 8 lakhs to 15 lakhs per dark store per month”
Abhishek Bansal, page 18 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.
Overall business growth — 27% to 30%
stated firmly by Abhishek Bansal
p. 15
“I think, for the overall business, we continue to maintain the same trajectory guidance of 27% to 30% overall business growth”
Abhishek Bansal, page 15 of the filed PDF · View the filing
Hyperlocal growth — 45% to 50% year-on-year
stated firmly by Abhishek Bansal
p. 15
“Hyperlocal, because the base is smaller will grow slightly faster at about 45% to 50% year-on-year growth”
Abhishek Bansal, page 15 of the filed PDF · View the filing
Pin code coverage — 17,000 odd pin codes · end of FY27
stated firmly by Abhishek Bansal
p. 7
“We'll be hitting about 17,000 odd pin codes by end of FY27”
Abhishek Bansal, page 7 of the filed PDF · View the filing
Nationwide pin code coverage — cover the entire country · FY28
stated as an aspiration by Abhishek Bansal
p. 7
“We stay true to our strategy of covering the entire country by FY28”
Abhishek Bansal, page 7 of the filed PDF · View the filing
Large shipment pin code expansion — 10,000 pin codes · FY27
stated firmly by Abhishek Bansal
p. 6
“We have a view to open 10,000 pin codes in FY27”
Abhishek Bansal, page 6 of the filed PDF · View the filing
Dark stores for vertical quick commerce — about 100 dark stores · this financial year
stated firmly by Abhishek Bansal
p. 7
“we are going to set up about 100 dark stores in this financial year specifically for vertical quick commerce”
Abhishek Bansal, page 7 of the filed PDF · View the filing
EBITDA margin improvement — 100 to 120 basis points per year · till FY28
stated firmly by Abhishek Bansal
p. 16
“we are giving a guidance of 100 basis points to 120 basis points in terms of improving profitability till FY28”
Abhishek Bansal, page 16 of the filed PDF · View the filing
EBITDA margin improvement — 200 to 250 basis points per year · post FY28
stated as an aspiration by Abhishek Bansal
p. 16
“Post FY28, we are hoping to hit about somewhere between 200 basis points to 250 basis points every year for the next few years until we hit steady-state EBITDA”
Abhishek Bansal, page 16 of the filed PDF · View the filing
Capex — INR 180 to INR 190 crores · FY27
stated firmly by Abhishek Bansal
p. 19
“our guidance for FY27 will remain on an absolute basis very similar to FY26, which is in the range of about INR 180 to INR 190 crores”
Abhishek Bansal, page 19 of the filed PDF · View the filing
Lost shipments and quality check cost — 4% to 5%
stated as an aspiration by Praveen Kumar KJ
p. 20
“Our long-term goal was to bring it down to about 4% to 5%”
Praveen Kumar KJ, page 20 of the filed PDF · View the filing
Digital penetration in India — 14%-15% · FY30
stated as an aspiration by Abhishek Bansal
p. 5
“Our view is this will go to 14%-15% by FY30”
Abhishek Bansal, page 5 of the filed PDF · View the filing
Overall business growth — 28%, 30% maximum
stated firmly by Abhishek Bansal
p. 23
“we are still guiding for about 28%, 30% maximum growth from a future guidance standpoint”
Abhishek Bansal, page 23 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 gains are coming from both captive insourcing arms rationalizing and from traditional 3PL players losing share, citing market share moving from 17-18% to 28-29% year-on-year.
Answered by Abhishek Bansal
Asked by Gaurav Rateria: Where is Shadowfax gaining market share from, and will the pace of gains stabilize once expansion plateaus by FY28?
p. 11
“we have hit about close to 28%, 29% market share for the full quarter, which would have been about close to 17%, 18% one year back”
Abhishek Bansal, page 11 of the filed PDF · View the filing
Management confirmed there is operating leverage yet to come and some investments made in FY26 will show returns in FY27-28.
Answered by Abhishek Bansal
Asked by Gaurav Rateria: Will FY26 margin expansion look better in coming years as capex intensity normalizes and operating leverage plays out?
p. 12
“There are opex costs we have incurred today for which the return probably is going to come in FY27, FY28”
Abhishek Bansal, page 12 of the filed PDF · View the filing
Management said the dual manual/automated strategy is unchanged, though the intensity and confidence in taking automation bets has increased.
Answered by Abhishek Bansal
Asked by Abhisek Banerjee: Has the capex strategy changed to build automated facilities from day one given pin code expansion?
p. 13
“We are very clear that we will run a dual system which has some manual, some automated set-up so that once we invest in capex, we get the return on that fairly faster”
Abhishek Bansal, page 13 of the filed PDF · View the filing
Management said fuel is less than 10% of costs, contracts include fuel surcharges, and consumption tends to rise during volatility as travel spend shifts to home delivery.
Answered by Abhishek Bansal
Asked by Abhisek Banerjee: How could crude/fuel inflation and geopolitical volatility impact the business?
p. 14
“probably about less than 10% of our costs is actually fuel cost”
Abhishek Bansal, page 14 of the filed PDF · View the filing
Management said early double-digit steady-state EBITDA margins are sustainable given the complexity of value-added services.
Answered by Abhishek Bansal
Asked by Pradyumna Chaudhary: What steady-state EBITDA margin does management believe is sustainable for the business?
p. 16
“we believe in a business like this, early double-digit steady-state EBITDA margins are sustainable”
Abhishek Bansal, page 16 of the filed PDF · View the filing
Management described top dark stores running at over 20% gross margins, monthly revenue of INR 8-15 lakhs per store, and a three-to-four month path to profitability.
Answered by Abhishek Bansal
Asked by Dhruv Jain: What are the unit economics and scalability of the dark store expansion?
p. 18
“It takes roughly about three to four months for a dark store to start making money for us”
Abhishek Bansal, page 18 of the filed PDF · View the filing
Management said dark stores would be less than 10% of overall capex and it is too early to determine a realistic ROIC given the small scale so far.
Answered by Abhishek Bansal
Asked by Alisha Mahawla: What capex and ROIC are expected for the dark store vertical?
p. 19
“the investments that we have done right now because these were on a pilot basis are very small to calculate a realistic ROIC”
Abhishek Bansal, page 19 of the filed PDF · View the filing
Management explained the line includes both quality-check debits from reverse logistics and actual lost shipments, and that the ratio has been declining sequentially after large shipment losses were addressed.
Answered by Praveen Kumar KJ
Asked by Dhvanit Shah: Why has the lost shipment and quality check cost line increased, and which segment is driving it?
p. 20
“Q3 again it came down to about 6.3%. Q4 it's come down further to 6.1%”
Praveen Kumar KJ, page 20 of the filed PDF · View the filing
Management said large customers avoid captive logistics arms due to data security concerns and small customers get deprioritized during peak periods, so such captive models have not built meaningful external business.
Answered by Abhishek Bansal
Asked by Nikhil Chaudhary: How does Shadowfax 360 compete against Amazon's shipping network expansion given Amazon's large seller base?
p. 21
“once peak day comes, when the peak months come, I think external customers get massively deprioritized by these kind of supply chains and that's why there's never been a meaningful business”
Abhishek Bansal, page 21 of the filed PDF · View the filing
Management attributed about 50-55% of growth to underlying 3PL market growth and 40-45% to market share gains, noting further customer outsourcing could be upside beyond current guidance.
Answered by Abhishek Bansal
Asked by Vinayak Kariwal: Will future growth come only from market share gains, or could customer outsourcing trends provide upside?
p. 22
“The remaining 40%, 45% might be coming from market share gains”
Abhishek Bansal, page 22 of the filed PDF · View the filing
Management clarified guidance is only on adjusted EBITDA, with improvement coming from both corporate overhead leverage and underlying service-level economics.
Answered by Abhishek Bansal
Asked by Vinayak Kariwal: Is the 100-120 bps margin guidance based on service EBITDA or adjusted EBITDA?
p. 23
“We are only talking about adjusted EBITDA. That's the only EBITDA I think as an organization today we look for”
Abhishek Bansal, page 23 of the filed PDF · View the filing
Management said 100% of last mile deliveries are crowdsourced through a per-order model, calling it a unique competitive advantage versus category-specific competitors.
Answered by Abhishek Bansal
Asked by Vinayak Kariwal: What share of hyperlocal volume comes from the crowdsourcing platform, and what is the competitive moat versus other crowdsourcing platforms?
p. 24
“100% of our last mile today is crowdsourced. Every single order that we do is done an through a individual who's being paid on a per order basis”
Abhishek Bansal, page 24 of the filed PDF · View the filing
Risks flagged
Rising fuel costs from geopolitical volatility could make logistics more expensive for customers
p. 15
“logistics can potentially get expensive for our customers if there is a rapid rise in fuel costs”
Abhishek Bansal, page 15 of the filed PDF · View the filing
New facilities and last mile hubs incur dual costs during setup periods of six to eight months before becoming productive
p. 16
“Typically, when we open a new last mile facility, it takes about six to eight months because our trucks are running fairly sub-optimally in some of those locations”
Abhishek Bansal, page 16 of the filed PDF · View the filing
Losses and damages increased when the large shipment business was launched
p. 20
“Initially first couple of quarters we saw a lot of damages happening over there and that's the thing we have been fixing over in H2”
Abhishek Bansal, page 20 of the filed PDF · View the filing
Lost shipments and quality check debits remain above the company's long-term target level
p. 20
“Our long-term goal was to bring it down to about 4% to 5%. Now this is at 6% threshold”
Praveen Kumar KJ, page 20 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.