Shadowfax Technologies Limited · NSE:SHADOWFAX
Shadowfax Technologies — Q2 FY27 Earnings Presentation
31 slides from Shadowfax Technologies's earnings presentation, Oct 29, 2026
Slide 1: Exchange filing cover letter: Earnings Presentation
~SHADOWFAX. Think ahead! October 29, 2026 To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C/1, Block G, P J Towers, Bandra Kurla Complex, Dalal Street, Bandra (East) Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: SHADOWFAX BSE Scrip Code: 544685 Dear Sir/ Madam, Sub: Earnings Pres
Slide 2: Q2 FY27 Shadowfax Technologies
Q 2 F Y 27 SHADOWFAX TECHNOLOGIES Fast. Flexible. Future-Ready. 29th Oct 2026
Slide 3: Safe Harbour Statement
Q2 FYZl I Shadowfax Safe Harbour Statement ~ SHADOWFAX Think ahead! This presentation contains forward-looking statements, which are subject to risks and 8 uncertainties that could cause actual results to differ materially from those expressed or implied. These statements are based on current expect
Slide 4: New Age, Technology-led Third-Party Logistics Company
~ SHADOWFAX Think ahead! “We are a New Age, Technology-led Third-Party Logistics Company, Enabling Digital Commerce Penetration in India” Fast. Flexible. Future-Ready. 3
Slide 5: Our Operating Network | Building Future Capacity with Asset Right Strategy
Q2 FYZJ I Shadowfax Our Operating Network | Building Future Capacity with Asset Right Strategy ~ SHADOWFAX Think ahead! Horizontal E-Commerce Extensive Mesh Ll 5,566 16,681 69L+ SFT 3600+ Network Touch Pin Code Operations Trucks on Vertical Points Reach Space Daily Basis E-Commerce • Quick Commerce
Slide 6: Market Share Expansion | India's Fastest Growing Third-Party Logistics Company
Q2 FYZJ I Shadowfax Market Share Expansion | India’s Fastest Growing Third-Party Logistics Company ~ SHADOWFAX Think ahead! 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%-
Slide 7: Service Portfolio | Market Leadership in Value Added Services
Q2 FYZJ I Shadowfax Service Portfolio | Market Leadership in Value Added Services ~ SHADOWFAX Think ahead! Express ,, ,, ,, ,, ,, I I I I Forward G Reverse Pickup and Prime Others Hyperlocal I Express Parcel Hand in Hand Exchange Delivery Logistics Services I I I I I Forward express parcel Seamless
Slide 8: Quarterly Highlights: Executive Summary
Q2 FYT1 I Shadowfax Executive Summary ~ SHADOWFAX Quarterly Growth Momentum Building as Margins Reach New Highs Think ahead! 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% Yo
Slide 9: Q2 Update | Scaling Beyond ₹1,500 Cr Revenue with Record Margins
Q2 FYZl I Shadowfax Q2 Update | Scaling Beyond ₹ 1,500 Cr Revenue with Record Margins ~ SHADOWFAX Think ahead! Revenue Scale Express Hyperlocal 1,538 INR Cr 27.1 Cr 1,096 INR Cr 341 INR Cr From Operations Total Orders Revenue Revenue 1' 56.6% vs Q2 FY26 1' 69.7% vs Q2 FY26 1' 55.2% vs Q2 FY26 87.7%
Slide 10: H1 FY27 Highlights | Growth Momentum Sustained
Q2 FYZl I Shadowfax H1 FY27 Highlights | FY26 Growth Momentum Sustained with 60% YoY Growth ~ SHADOWFAX Think ahead! Revenue Scale Express Hyperlocal 2,896 INR Cr 51.8 Cr 2,093 INR Cr 613 INR Cr From Operations Total Orders Revenue Revenue 60.4% vs H1 FY26 75.9% vs H1 FY26 69.0% vs H1 FY26 70.6% vs
Slide 11: Key Performance Indicators | Sale ready across Infrastructure and Partner Network
Q2 FYZJ I Shadowfax Key Performance Indicators | Sale ready across Infrastructure and Partner Network ~ SHADOWFAX Think ahead! METRIC UNIT Q2 FY27 Q2FY26 YOY % Q1 FY27 QOQ % I ii 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 Hyper
Slide 12: Revenue Performance | 57% YoY Revenue Growth
Q2 FYZl I Shadowfax Revenue Performance | 57% YoY Revenue Growth driven by Market Share Gains ~ SHADOWFAX Think ahead! 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 1' 56.6% YoY 13.2% QoQ 1' 69.7% YoY 1' 9.8% QoQ 27.1 24.7 1,538 22.6 1,358 20.6 1,160 1
Slide 13: Segmental Performance | Double-Digit Sequential Growth Across Every Business
Q2 FYZJ I Shadowfax Segmental Performance | Double-Digit Sequential Growth Across Every Business ~ SHADOWFAX Think ahead! Express Revenue ii Express Orders 1,096 997 21.7 INR Cr 706 Cr Volume 19.8 12.7 1' 55% YoY 1' 72% YoY 1' 10% QoQ 1' 10% QoQ Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 341 5.4 Hype
Slide 14: Profitability | Margins Scaling Past the 5% Adj. EBITDA Milestone
Q2 FYZJ I Shadowfax Profitability | Margins Scaling Past the 5% Adj. EBITDA Milestone ~ SHADOWFAX Think ahead! 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
Slide 15: Balance Sheet & Cash Flow
Q2 FYZJ I Shadowfax Balance Sheet & Cash Flow ~ SHADOWFAX Think ahead! 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 11
Slide 16: Capital Investment | Operationally Ready for Future Growth
Q2 FYZJ I Shadowfax Capital Investment | Operationally Ready for Future Growth ~ SHADOWFAX Think ahead! 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
Slide 17: Mid-Mile Expansion | Footprint Scaled 1.4x QoQ
Q2 FYn I Shadowfax Mid-Mile Expansion | Footprint Scaled 1.4x QoQ with Three Large-Format Centers launched~ SHADOWFAX Think ahead! 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
Slide 18: 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 19: Four Engines – Speed Oriented Solutions Gaining Market Share
Q2 FYn I Shadowfax Growth Strategy ~ SHADOWFAX Think ahead! 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-CO
Slide 20: Quick Commerce & Dark Stores | Powering the Next Wave
Q2 FYn I Shadowfax Quick Commerce & Dark Stores | Powering the Next Wave of Vertical-Brands Growth ~ SHADOWFAX Think ahead! 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 Trad
Slide 21: Prime – D2C | Revenue 2.1x YoY
Q2 FYZl I Shadowfax Prime – D2C | Revenue 2.1x YoY with both customer and wallet share gains ~ SHADOWFAX Think ahead! 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 Bran
Slide 22: SMEs and Shadowfax 360 | Exponential Growth
Q2 FYn I Shadowfax SMEs and Shadowfax 360 | Exponential Growth with 6,700+ Sellers Onboarded ~ SHADOWFAX Think ahead! SF 360 enabling enterprise-grade speed accessible to small sellers Growth Thesis Market Potential SHADOWFAX 15L+ marketplace Think ahead! Effortless Scale on Shadowfax 360 sellers(1)
Slide 23: Prime Large | Wide Coverage Unlocked, Now Scaling Categories and VAS
Q2 FYZl I Shadowfax Prime Large | Wide Coverage Unlocked, Now Scaling Categories and VAS ~ SHADOWFAX Think ahead! Prime SDD/NDD speed for Heavy and Volumetric shipments Revenue growth Market Share I 1 111111 33% vs Q1 FY27 6% in Q2 FY27 100 Cr Annualized Run Rate Revenue TAM of ₹ 1,500-2,000 Cr Cate
Slide 24: 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 25: AI-Led Routing Optimization | A National Network That Adapts Every Day
Q2 FYZl I Shadowfax AI-Led Routing Optimization | A National Network That Adapts Every Day ~ SHADOWFAX Think ahead! 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
Slide 26: Women Delivery Partners Platform | Safety-First Focus
Q2 FYZl I Shadowfax Women Delivery Partners Platform | Safety-First Focus to Increase Women Participation~ SHADOWFAX Think ahead! Rider app customized to build India’s largest women delivery partner network What we built Rider app in action One-tap SOS sos Alerts the Shadowfax safety desk and the ri
Slide 27: Thank You
Thank You ~ SHADOWFAX Think ahead! Fast. Flexible. Future-Ready
Slide 28: Adjusted EBITDA Bridge | Reconciliation
Q2 FYZJ I Shadowfax I Appendix Adjusted EBITDA Bridge | Reconciliation ~ SHADOWFAX Think ahead! 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 I
Slide 29: Adjusted EBITDA to PAT Bridge | Reconciliation
Q2 FYZl I Shadowfax I Appendix Adjusted EBITDA to PAT Bridge | Reconciliation ~ SHADOWFAX Think ahead! 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
Slide 30: Cost Breakdown | Continued Margin Expansion
Q2 FYZl I Shadowfax I Appendix Cost Breakdown | Continued Margin Expansion ~ SHADOWFAX Think ahead! % 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% T
Slide 31: KPI Definitions
Q2 FY27 I Shadowfax I Appendix KPI Definitions ~ SHADOWFAX Think ahead! 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 To
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