Shadowfax Technologies rallies 17% after robust Q4; JM Fin retains 'Buy'

Shadowfax Technologies share price today

Shares of Shadowfax Technologies, a third-party logistics (3PL) company, rose over 17 per cent to hit an intraday high of ₹192.81 on the National Stock Exchange (NSE) after the company reported better-than-expected results for the March 2026 quarter (Q4FY26).

 

Around 13:15 PM, the stock was trading at ₹181, up 10 per cent from its previous session's close of ₹164.45. In comparison, the benchmark NSE Nifty50 was trading at 23,773.60 levels, up by 84 points or 0.35 per cent.

 

The stock made its debut on the exchanges at ₹113 per share on January 28, 2026. So far, Shadowfax stock has surged over 45 per cent from its listing price. 

 

 

The company's market capitalisation stood at ₹10,612 crore. Its 52-week high was ₹192.81 and 52-week low was ₹98.55. 

Shadowfax Technologies Q4 results highlights

In the March 2026 quarter, Shadowfax Technologies reported a revenue of ₹1,237 crore, up 73.6 per cent from ₹712 crore in the year-ago period. 

 

Its adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) grew 1,051 per cent to ₹58 crore compared to ₹5 crore in the Q4FY25. 

 

The company reported a net profit of ₹56 crore compared to a loss of ₹10 crore in the year-ago quarter. 

 

Shadowfax delivered 22.6 crore orders combined in express parcel and hyperlocal with a shipment growth of 100.8 per cent year-on-year (Y-o-Y) and 10 per cent quarter-on-quarter (Q-o-Q).

 

For the full FY26, the company's revenue jumped 66.4 per cent Y-o-Y to ₹4,202 crore from ₹2,485 crore in FY25. Net profit for FY26 stood at ₹112 crore, up ₹1,639 crore. It reported net cash from operating activities of ₹350 crore for FY26. 

 

Abhishek Bansal, cofounder and chief executive officer at Shadowfax, said FY26 has been a defining year for the company as it strengthened the business across scale, profitability, and infrastructure.

 

"During the year, we invested ₹185 crores in capex, primarily into sort centres, automation and last-mile infrastructure. Q4 was also the strongest quarter in the company’s history across revenue, Ebitda, and PAT,” he said.

JM Financial on Shadowfax Technologies

According to JM Financial, Shadowfax delivered a strong quarter, surpassing expectations on both growth and profitability, supported by robust execution across its Express and Hyperlocal businesses. Revenue growth was driven by continued market share gains in the Express segment and sustained momentum in Hyperlocal operations, led by quick commerce demand. The decline in the Other Logistics segment was largely strategic, as the company trimmed lower-value businesses in favour of higher-margin critical logistics operations. Ebitda was aided by operating leverage from higher network density and AI-led efficiencies, the brokerage said. 

 

JM Financial noted that the company’s front-loaded capex strategy across infrastructure, dark stores, and network expansion is expected to strengthen its competitive position, support further market share gains, and improve margins over the medium to long term as utilisation levels rise.

 

Following the strong quarterly performance, JM Financial raised its revenue estimates by 3-5 per cent for FY27–FY29, led by upgrades in the Express and Hyperlocal segments, while lowering projections for Other Logistics as non-core experiments have been phased out. It also reduced employee and lost shipment expense assumptions, resulting in a 4–8 per cent increase in adjusted Ebitda estimates over FY27-FY29.

 

JM Financial maintained its valuation at 25x FY28E EV/adjusted Ebitda, implying a discount to Delhivery due to Delhivery’s broader scale and capabilities. The brokerage reiterated its 'Buy' rating and raised the March 2027 target price to ₹190 from ₹180 earlier.