Shadowfax posts record Q3 FY26 results with ₹1,160 Cr revenue, strong market share gains and sharp margin expansion.
Shadowfax Technologies India’s fastest-growing third-party logistics (3PL) company of scale, reported a stellar performance for Q3 FY26, marking its first quarterly results since listing as a public company.
For the quarter ended Q3 FY26, Shadowfax recorded its highest-ever quarterly revenue of ₹1,160 crore, registering a robust 65.5% year-on-year growth and an 18.1% sequential increase. The performance was driven by strong volume growth and significant market share gains across express parcel and hyperlocal delivery services.
During the quarter, the company delivered 20.6 crore orders across express parcel and hyperlocal segments, reflecting shipment growth of 61% YoY and 28.7% QoQ. Express parcel revenue surged 72% YoY, while hyperlocal revenues rose 43% YoY, underscoring broad-based demand across service lines.
Profitability improved sharply, with Ind AS EBITDA rising to ₹66 crore, up 219% YoY, translating into a margin of 5.7%, an expansion of 270 basis points over last year. This marked Shadowfax’s 11th consecutive quarter of EBITDA profitability. Adjusted EBITDA stood at ₹49 crore, growing 175% YoY, with margins improving by 170 basis points to 4.3%, supported by operating leverage and efficiency gains. Net profit reached a record ₹35 crore, up 441% YoY, with margins expanding to 3.0%.
Nine-Months FY26 Performance
For the nine months ended FY26, Shadowfax delivered 50 crore orders, reflecting shipment growth of 54.4% YoY. Revenue for the period surged 67.3% YoY to ₹2,965 crore. Ind AS EBITDA stood at ₹131 crore with margins at 4.4%, reflecting a 190 basis points improvement YoY. Adjusted EBITDA rose to ₹101 crore with a margin of 3.4%, while net profit increased 243% YoY to ₹56 crore.
The company also generated positive free cash flow of ₹61 crore during the nine-month period, despite deploying its highest-ever capital expenditure to strengthen its nationwide network. The performance highlights a clear inflection point, combining strong growth momentum with structural margin improvement.
Infrastructure Expansion and Capex
Shadowfax continued to invest aggressively in expanding and automating its national infrastructure. During 9M FY26, the company invested ₹140 crore to enhance network capacity, automate sortation centres, expand geographic reach and deploy new technologies.
Its operational footprint now spans 15,166 pin codes, supported by 4,519 touchpoints covering over 45 lakh square feet of operating space, connected daily by nearly 3,000 trucks. These investments are expected to support the next phase of growth while enhancing service reliability across India.
Founded in 2015, Shadowfax operates a technology-led logistics platform serving enterprise clients across e-commerce, quick commerce, food marketplaces and on-demand mobility, offering services ranging from express parcel and reverse logistics to hyperlocal deliveries.
Source: PR
