Shadowfax Technologies logo

Shadowfax Technologies

SHADOWFAX NSE

Key Fundamentals

SmallcapLogistics Solution ProviderServices
Market Cap
₹14,449 Cr
Volatility
Moderate
P/E Ratio
67.57
EBITDA
₹248 Cr
Return on Equity
6.4%
Debt to Equity
0.13
Book Value
₹29.81
52W High
₹268.65
52W Low
₹98.55

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company has delivered good profit growth of 22.4% CAGR over last 5 years

Weaknesses

5
  • Stock is trading at 8.44 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding is low: 16.5%
  • Tax rate seems low
  • Company has a low return on equity of 7.15% over last 3 years.

Growth Rate

Revenue Growth
68.55% higher than 3Y
Net Income Growth
—
Cash Flow Change
602% higher than 3Y
ROE
560% higher than 3Y
ROCE
152% higher than 3Y
EBITDA Margin (Avg.)
71.55% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Shadowfax Technologies Ltd is a logistics services company with a market cap of ₹14,449 Cr trading at a PE of 88.6x. The company has shown strong revenue growth at a 42% CAGR over 3 years and TTM sales growth of 65%, while profitability has improved sharply with last-year ROE reaching 11%, though the 3-year average ROE remains modest at 7%.

Bull Case 7
  • Exceptional TTM revenue growth of 65%, indicating strong demand momentum and market share gains in the logistics services space
  • Compounded sales CAGR of 42% over 3 years and 54% over 5 years demonstrates sustained top-line expansion
  • Compounded profit growth of 1,755% on a TTM basis shows a significant inflection in profitability
  • ROE has improved from a 5-year average of -11% to 11% in the last year, signalling a turnaround in capital efficiency
  • Company has reduced debt levels, strengthening the balance sheet and lowering financial risk
  • 5-year compounded profit CAGR of 22.4% indicates the business model is scaling towards sustained profitability
  • Operating in the Indian logistics and last-mile delivery services sector, which has structural tailwinds from e-commerce and quick-commerce growth
Bear Case 8
  • PE ratio of 88.6x is elevated, implying the stock prices in significant future growth and leaves limited margin of safety
  • Price-to-book ratio of 8.55x is high for a services company, suggesting the stock trades at a steep premium to its asset base
  • Promoter holding is low at 16.5%, which may raise concerns about alignment of interest and vulnerability to hostile actions
  • 3-year average ROE of just 7.15% is modest, indicating the company has not yet consistently generated strong returns on shareholder equity
  • Zero dividend yield despite reporting repeated profits suggests no cash return to shareholders
  • 5-year average ROE of -11% highlights a prolonged period of losses prior to the recent turnaround, raising questions about durability of profitability
  • Tax rate appears low, which could mean current earnings are flattered by tax benefits that may not persist
  • The massive TTM profit growth of 1,755% is off a very low base, which can overstate the underlying earnings improvement

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 3
  • Channel Partner Program launched Sep 3

    Shadowfax announced a Channel Partner Program to onboard 1,000 partners across Tier 1 and Tier 2 cities over three years, targeting SMEs and offline-first businesses with assisted onboarding, credit extension, and walk-in stores starting in Chandigarh and Lucknow.

  • Strong Q1 FY27 revenue growth Sep 3

    Shadowfax delivered 24.7 crore orders in Q1 FY27 with revenue growing 65% YoY to ₹1,358 crore, demonstrating strong operational momentum ahead of its Tier 2 expansion push.

  • Tier 2 distribution expansion Sep 3

    The program strategically targets Tier 2 cities and key manufacturing clusters, offering express parcel, reverse logistics, bulky shipments via Prime Large, and critical logistics via CriticaLog across 16,372 pin codes.

Neutral 1
  • 11th AGM set for Sep 18 Aug 24

    Shadowfax scheduled its 11th Annual General Meeting for September 18, 2026, to be held via video conferencing with FY26 Annual Report available online.

TL;DR: Shadowfax is executing well with 65% YoY revenue growth to ₹1,358 crore in Q1 FY27 and is now expanding distribution through a Channel Partner Program targeting 1,000 partners over three years. The Tier 2 and manufacturing cluster focus addresses an underserved market of offline-first SMEs. No material headwinds surfaced in recent news. The trend is improving with clear volume growth drivers, though execution on the partner program rollout will be key to watch.

Quarterly Results

Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
701
694
796
950
1,128
1,206
1,324
Expenses
680
683
770
915
1,063
1,127
1,234
Operating Profit
21
11
26
35
65
79
90
OPM %
3%
1.6%
3.3%
3.7%
6%
7%
7%
Other Income
6
7
8
6
6
16
21
Interest
3
5
3
3
5
6
7
Depreciation
17
23
22
24
30
33
37
PBT
6
-10
9
14
37
55
66
Tax %
0%
0%
0%
0%
0%
0%
0%
Net Profit
6
-10
9
14
37
55
66
EPS in Rs
269
-0.66
0.6
0.94
0.73
0.95
1.13
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
323
464
991
1,415
1,885
2,467
4,080
4,608
Expenses
413
609
1,143
1,523
1,866
2,405
3,866
4,339
Operating Profit
-90
-145
-152
-107
19
62
214
269
OPM %
-28%
-31%
-15%
-8%
1%
2.5%
5%
6%
Other Income
10
24
7
8
12
30
37
49
Interest
2
2
9
19
14
21
27
22
Depreciation
5
10
21
24
28
64
108
124
PBT
-87
-133
-176
-143
-12
6
115
172
Tax %
0%
0%
0%
0%
0%
0%
0%
—
Net Profit
-87
-133
-176
-143
-12
6
115
172
EPS in Rs
-3,770
-5,787
-7,637
-6,186
-494
0.41
1.98
3.75
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.23
0.23
0.23
0.23
0.24
152
582
Reserves
405
296
152
171
172
248
1,166
Borrowings
6
10
98
66
289
383
234
Other Liabilities
58
132
201
206
324
426
806
Total Liabilities
468
439
452
443
786
1,209
2,788
Fixed Assets
20
50
60
83
118
262
520
CWIP
0
0
0
0
0
0
0
Investments
290
169
58
60
312
374
405
Other Assets
158
219
334
300
356
573
1,863
Total Assets
468
439
452
443
786
1,209
2,788
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-106
-113
-132
-73
132
50
342
Investing
-244
122
130
-40
-311
-128
-1,087
Financing
367
0
72
90
200
132
870
Net Cash Flow
17
9
69
-23
20
53
126
Free Cash Flow
-115
-133
-163
-120
78
-34
158
CFO/OP
112
77
76
65
660
58
172
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
41
26
40
36
46
45
Cash Conversion Cycle
49
41
26
40
36
46
45
Working Capital Days
17
-4
-23
-15
-27
-15
-24
ROCE %
—
-43%
-61%
-53%
1%
4%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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38 extracted metrics + investor summaries across FY20–FY27.

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Shareholding Pattern

Public8.44%Others47.17%FIIs8.78%Promot.16.51%DIIs19.10%As ofJun 2026

Documents

Frequently Asked Questions about Shadowfax Technologies

What does Shadowfax Technologies Ltd do?
Incorporated in June 2016, Shadowfax Technologies Ltd is a logistics solution provider company in India.[1]
Where is Shadowfax Technologies Ltd (SHADOWFAX) listed?
Shadowfax Technologies Ltd trades as SHADOWFAX on the NSE and under code 544685 on the BSE.
Which sector does Shadowfax Technologies Ltd belong to?
Shadowfax Technologies Ltd is classified under the Services sector, in the Transport Services industry.
What is the market capitalisation of Shadowfax Technologies Ltd?
Shadowfax Technologies Ltd has a market capitalisation of ₹14,449 Cr, which places it in the Mid Cap band.
What is the PE ratio of Shadowfax Technologies Ltd?
Shadowfax Technologies Ltd trades at a PE ratio of 67.57, against a book value of ₹29.81 per share.
What is the 52-week high and low of Shadowfax Technologies Ltd?
Over the last 52 weeks Shadowfax Technologies Ltd has traded between ₹98.55 and ₹268.65.
What is the Return on Equity (ROE) of Shadowfax Technologies Ltd?
Shadowfax Technologies Ltd reported a return on equity of 6.40%. Its debt-to-equity ratio is 0.13.

Company Information

Incorporated in June 2016, Shadowfax Technologies Ltd is a logistics solution provider company in India.[1]

Website shadowfax.in
Listed 2026-01-28
Face Value ₹ 10
Issued Size 57,81,33,245

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