Shadowfax shares surged as much as 17.2% during intraday trading on the BSE, hitting a record high of ₹192.35 after the company reported strong financial results for the fourth quarter of FY26.
Although the stock later witnessed some profit booking, it was still trading nearly 9% higher at ₹178.8 per share by mid-morning. The company’s market capitalisation crossed ₹10,458 crore, taking its valuation close to the $1 billion mark.
The strong rally came after Shadowfax posted a net profit of ₹55.8 crore in Q4 FY26, a major turnaround compared to the net loss of ₹9.9 crore recorded during the same quarter last year.
On a sequential basis as well, the company’s profit rose nearly 60% from ₹34.9 crore in the previous quarter.
Shadowfax attributed the strong performance to its growing scale, improving operational efficiency, AI-led automation, higher margins, and increasing market share in India’s rapidly growing logistics sector.
Revenue from operations jumped 73.6% year-on-year to ₹1,237 crore in Q4 FY26, compared to ₹712.4 crore a year earlier. Sequentially, revenue increased by 6.7%.
The company also reported a sharp rise in profitability metrics. Adjusted EBITDA climbed to ₹58 crore from just ₹5 crore in Q4 FY25, while adjusted EBITDA margins expanded significantly to 4.7%.
Under Indian accounting standards (Ind AS), EBITDA stood at ₹81 crore with margins of 6.6%.
Operationally, Shadowfax delivered nearly 22.6 crore customer orders across its express and hyperlocal logistics segments during the quarter, reflecting a massive 100.8% year-on-year increase.
Its express delivery business witnessed particularly strong growth, with order volumes surging 129.4% to 18.4 crore orders. Hyperlocal deliveries also grew by 29.6% to 4.2 crore orders.
The company said it has steadily increased its share in India’s third-party logistics (3PL) market over the last four years and currently holds an estimated market share of around 27–29%.
Shadowfax also highlighted the growing importance of vertical quick commerce platforms, stating that specialised logistics solutions are likely to become increasingly important as ecommerce and D2C brands demand faster and more efficient deliveries.
During the quarter, express delivery revenue more than doubled to ₹925 crore, while hyperlocal revenue rose 32.1% to ₹232 crore. However, revenue from other logistics services declined by 31.8% year-on-year.
The company also completed the acquisition of CriticaLog during the quarter, which is expected to strengthen its premium and time-sensitive logistics capabilities.
Looking ahead, Shadowfax plans to aggressively scale its operations across four major growth areas — quick commerce, Prime, Prime Large, and CriticaLog.
The company aims to expand its dark store network from 15 to 100 stores during FY27 and increase Prime Large delivery coverage from 6,000 to 10,000 pin codes by the end of the financial year.
Shadowfax became the second Indian logistics startup to go public earlier this year after Delhivery. Since its IPO, the stock has gained nearly 40% over its issue price of ₹124 per share.
The company is now positioning itself to benefit from India’s rapidly evolving quick commerce and D2C ecosystem, where faster deliveries, operational efficiency, repeat purchases, and customer loyalty are becoming key growth drivers for digital-first brands.
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