Shadowfax Technologies Limited · NSE:SHADOWFAX
Shadowfax Technologies — Q2 FY27 Earnings Presentation
30 slides from Shadowfax Technologies's earnings presentation, Oct 29, 2026
Slide 1: Shadowfax Technologies Q2 FY27
Q 2 F Y 27 SHADOWFAX TECHNOLOGIES Fast. Flexible. Future-Ready. 29th Oct 2026
Slide 2: Safe Harbour Statement
Safe Harbour Statement This presentation contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These statements are based on current expectations, assumptions, estimates, and projections
Slide 3: New Age, Technology-led Third-Party Logistics Company
“We are a New Age, Technology-led Third-Party Logistics Company, Enabling Digital Commerce Penetration in India” Fast. Flexible. Future-Ready. 3
Slide 4: Our Operating Network | Building Future Capacity with Asset Right Strategy
Our Operating Network | Building Future Capacity with Asset Right Strategy Horizontal E-Commerce Extensive Mesh 5,566 16,681 69L+ SFT 3600+ Network Touch Pin Code Operations Trucks on Vertical Points Reach Space Daily Basis E-Commerce Quick Commerce Food Marketplace On Demand Mobility Mid Mile Last
Slide 5: Market Share Expansion | India's Fastest Growing Third-Party Logistics Company
Market Share Expansion | India’s Fastest Growing Third-Party Logistics Company Continued Market Share Gains for the Last 4+ Years Market Leadership across… # Express orders per day re-based to 100 as of FY22(1,2) ~ 8% Consistently Gained Market Share 29%-31% 3PL Quick 928 Commerce Solutions 835 615
Slide 6: Service Portfolio | Market Leadership in Value Added Services
Service Portfolio | Market Leadership in Value Added Services Express Forward Reverse Pickup and Prime Others Hyperlocal Express Parcel Hand in Hand Exchange Delivery Logistics Services Forward express parcel Seamless and efficient Quick commerce, food Same day intracity delivery to suit the product
Slide 7: Quarterly Highlights
Executive Summary Quarterly Growth Momentum Building as Margins Reach New Highs Highlights Volume Growth Accelerating as Customers Choose Speed • Delivered 27.1 Cr orders, +10% QoQ, accelerating from Q1FY27 • 21.7 Cr Express orders fulfilled with 72% YoY growth • 5.4 Cr Hyperlocal orders with growth
Slide 8: Q2 Update | Scaling Beyond ₹1,500 Cr Revenue with Record Margins
Q2 Update | Scaling Beyond ₹ 1,500 Cr Revenue with Record Margins Revenue Scale Express Hyperlocal 1,538 INR Cr 27.1 Cr 1,096 INR Cr 341 INR Cr 56.6% vs Q2 FY26 69.7% vs Q2 FY26 55.2% vs Q2 FY26 87.7% vs Q2 FY26 13.2% vs Q1 FY27 9.8% vs Q1 FY27 9.9% vs Q1 FY27 25.7% vs Q1 FY27 Ind AS EBITDA Adjusted
Slide 9: H1 FY27 Highlights
H1 FY27 Highlights | FY26 Growth Momentum Sustained with 60% YoY Growth Revenue Scale Express Hyperlocal 2,896 INR Cr 51.8 Cr 2,093 INR Cr 613 INR Cr 60.4% vs H1 FY26 75.9% vs H1 FY26 69.0% vs H1 FY26 70.6% vs H1 FY26 Ind AS EBITDA Adjusted EBITDA Net Profit Ecosystem 196 6.8% 144 5.0% 133 4.6% 3.4L
Slide 10: Key Performance Indicators
Key Performance Indicators | Sale ready across Infrastructure and Partner Network METRIC UNIT Q2 FY27 Q2FY26 YOY % Q1 FY27 QOQ % Pin code 16,372 16,681 reach 14,758 Express Orders Cr 21.7 12.7 71.5% 19.8 9.5% 13% YoY 2% QoQ Q2FY26 Q1FY27 Q2FY27 Hyperlocal Orders Cr 5.4 3.3 62.7% 4.9 10.9% Total Orde
Slide 11: Revenue Performance | 57% YoY Revenue Growth
Revenue Performance | 57% YoY Revenue Growth driven by Market Share Gains R ev enue f r om Operat io ns Tot al Or ders 1,538 In Q2 FY27 INR Cr 27.1 In Q2 FY27 Cr 56.6% YoY 13.2% QoQ 69.7% YoY 9.8% QoQ 27.1 24.7 1,538 22.6 1,358 20.6 1,160 1,237 16.0 982 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY
Slide 12: Segmental Performance | Double-Digit Sequential Growth Across Every Business
Segmental Performance | Double-Digit Sequential Growth Across Every Business Express Revenue Express Orders 1,096 997 21.7 INR Cr 706 Cr Volume 19.8 12.7 55% YoY 72% YoY 10% QoQ 10% QoQ Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 341 5.4 Hyperlocal Revenue 272 Hyperlocal Orders 4.9 INR Cr 182 Cr Volum
Slide 13: Profitability | Margins Scaling Past the 5% Adj. EBITDA Milestone
Profitability | Margins Scaling Past the 5% Adj. EBITDA Milestone Adjusted EBITDA 177% YoY Increase Profit After Tax 422% YoY Increase Strong operating leverage playing out Accelerated bottom-line growth Abs. Value (INR Cr) Margin % Abs. Value (INR Cr) Margin % 4.8% 100 4.9% 5.0% 100 4.4% 90 5.0% 90
Slide 14: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Balance Sheet Summary (INR Cr) Cash Flow Statement Summary (INR Cr) Particulars Sep 30, 2026 Mar 31, 2026 For the half year For the FY ending Particulars ending Sep 30, 2026 Mar 31, 2026 ASSETS Profit / (Loss) Before Tax 133 111 Property, Plant & Equipment 323 249 Adjustmen
Slide 15: Capital Investment | Operationally Ready for Future Growth
Capital Investment | Operationally Ready for Future Growth FY26 Capex H1FY27 Capex Scale-Ready Capacity Mar-26 Jun-26 Sep-26 9% 12% 9% 47L+ 53L+ 69L+ 2% 14% Operations space in SFT 5% Acceleration ahead of festive demand; 69% 3-5L SFT of temporary pop-up space 80% Efficiency at Scale Workforce produ
Slide 16: Mid-Mile Expansion | Footprint Scaled 1.4x QoQ
Mid-Mile Expansion | Footprint Scaled 1.4x QoQ with Three Large-Format Centers launched New mid-mile facilities across North, West, South and East, including large-format Sort Centers in NCR, Bengaluru and Surat Three Large-Format Sort Centers Commissioned Delhi NCR 2.8L SFT 01 Two NCR Delhi NCR Ahm
Slide 17: Investing for Tomorrow
S tra te gi c Ou tl o o k Investing for Tomorrow. Four growth engines scaling value-added segments of Indian logistics – across speed, value and versatility Quick Commerce and Dark Stores Prime – D2C SMEs and Shadowfax 360 Prime Large
Slide 18: Four Engines – Speed Oriented Solutions Gaining Market Share
Growth Strategy Four Engines – Speed Oriented Solutions Gaining Market Share Indian customers want speed across every commerce channel, and Shadowfax powers it H I G H A GI LI T Y H I G H S P E ED H I G H A C C E S S I B I LI TY H I G H W EI G H T QUICK-COMM + PRIME – D2C SMEs + SF 360 PRIME LARGE D
Slide 19: Quick Commerce & Dark Stores
Quick Commerce & Dark Stores | Powering the Next Wave of Vertical-Brands Growth Largest 3PL in Quick Commerce, deepening integration through dedicated dark stores Growth Thesis Market Position #1 3PL in India Quick Commerce Deliveries E-Com Majors and Traditional Retailers Scaling Q-Commerce Powerin
Slide 20: Prime – D2C | Revenue 2.1x YoY
Prime – D2C | Revenue 2.1x YoY with both customer and wallet share gains High-speed intracity same-day and next-day delivery for India’s fastest-growing e-commerce segment Growth Thesis Market Potential 25–30% ofopportunity 3PL (1) Capturing a Larger Brand Base, while deepening wallet share consiste
Slide 21: SMEs and Shadowfax 360
SMEs and Shadowfax 360 | Exponential Growth with 6,700+ Sellers Onboarded SF 360 enabling enterprise-grade speed accessible to small sellers Growth Thesis Market Potential 15L+ marketplace sellers (1) Effortless Scale on Shadowfax 360 Marketplaces today, direct tomorrow; we power both Convenient gro
Slide 22: Prime Large | Wide Coverage Unlocked
Prime Large | Wide Coverage Unlocked, Now Scaling Categories and VAS Prime SDD/NDD speed for Heavy and Volumetric shipments Revenue growth Market Share 33% vs Q1 FY27 6% in Q2 FY27 100 Cr Annualized Run Rate Revenue TAM of ₹ 1,500-2,000 Cr Category Categories Live Wallet share rising as newer catego
Slide 23: Building Tech that delivers
S tra te gi c Ou tl o o k Building Tech that delivers AI integration across the network – Compounding efficiency, elevating experience and sustaining margins AI-Led Routing Optimization Women Delivery Partners Platform
Slide 24: AI-Led Routing Optimization
AI-Led Routing Optimization | A National Network That Adapts Every Day AI-led optimization engine, built in-house and deployed across the network ahead of the festive season Problems we are solving ● Volume Swings: Lane volumes see daily variations across our nationwide mesh network of 5.5K+ touchpo
Slide 25: Women Delivery Partners Platform
Women Delivery Partners Platform | Safety-First Focus to Increase Women Participation Rider app customized to build India’s largest women delivery partner network What we built Rider app in action One-tap SOS Alerts the Shadowfax safety desk and the rider’s emergency contacts while tracking live loc
Slide 26: Thank You
Thank You Fast. Flexible. Future-Ready
Slide 27: Adjusted EBITDA Bridge | Reconciliation
Adjusted EBITDA Bridge | Reconciliation Particulars (Amounts in INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 FY26 Revenue From Operations 1,538 1,358 982 4,202 (-)Less: Employee Benefit Expenses 138 123 89 393 (-)Less: Other Expenses 1,296 1,143 854 3,598 Ind AS EBITDA as per Financial Statement 104 92 39 212 In
Slide 28: Adjusted EBITDA to PAT Bridge | Reconciliation
Adjusted EBITDA to PAT Bridge | Reconciliation Particulars (Amounts in INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 FY26 Adjusted EBITDA 77 67 28 159 Adjusted EBITDA % 5.0% 4.9% 2.8% 3.8% (-)Less: Share Based Payment Expense (ESOP)(1) 6 3 6 22 (+)Add: Rent Expense in Lieu of Leases Accounted Under 33 28 18 82 In
Slide 29: Cost Breakdown | Continued Margin Expansion
Cost Breakdown | Continued Margin Expansion % of Revenue from Operations Q2 FY27 Q1 FY27 Q2 FY26 FY26 Revenue from Operations % 100% 100% 100% 100% Employee Benefit Expenses % (1) 8.6% 8.9% 8.4% 8.8% Partner Expenses % 53.4% 52.4% 52.4% 52.6% Transportation charges % 18.3% 18.8% 18.4% 18.4% Rent % (
Slide 30: KPI Definitions
KPI Definitions METRIC Definition Express Orders Express orders refer to the number of shipments for the express service line. Hyperlocal Orders Hyperlocal Orders refer to the number of shipments for the hyperlocal service line. Total Orders Total Orders refer to the total shipments for express and
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