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Shadowfax Technologies

SHADOWFAX NSE
₹279.50 No trade today
P/E
74.53
View as Markdown
MCP
Close 4 Nov 2026 ₹279.50 +169.52 +154% since 28 Jan 2026
Start ₹109.98

Key Fundamentals

SmallcapTransport ServicesServices

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
10.30%
Debt to Equity
0.13
EPS (TTM)
₹3.75
Book Value
₹32.15
Market Cap
—
P/E (TTM)
74.53
P/B
8.69
ROE
10.70%
Dividend Yield
0.00%
EBITDA
₹248 Cr
52W High
₹302.35
52W Low
₹98.55
Volume
0

Peer Comparison

Services › Logistics Solution Provider

Shadowfax Technologies peer comparison
Container Corporation of India
₹425.1026.08₹32,864 Cr2.420.84%9.81%12.60%₹9,085 Cr₹1,248 Cr
Delhivery
₹418.00331.75₹31,669 Cr3.190.00%−0.21%1.01%₹11,145 Cr₹94 Cr
Shadowfax Technologies (this company)
₹279.5074.53₹16,409 Cr8.690.00%10.70%10.30%₹4,608 Cr₹172 Cr
Blue Dart Express
₹4,437.8036.68₹10,508 Cr5.930.57%15.70%15.80%₹6,357 Cr₹286 Cr
Transport Corporation of India
₹864.1014.52₹6,695 Cr2.331.15%19.20%19.40%₹5,026 Cr₹461 Cr
VRL Logistics
₹331.2021.69₹5,356 Cr5.071.69%21.70%18.30%₹3,356 Cr₹268 Cr
TVS Supply Chain Solutions
₹116.6579.90₹5,056 Cr2.530.00%9.70%10.10%₹11,746 Cr₹67 Cr
Median 7 companies₹418.0036.68₹10,508 Cr3.190.57%10.70%12.60%₹6,357 Cr₹268 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

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 9.20 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish694
OscillatorsBearish270
Moving AveragesNeutral424

Key readings

RSI (14)
49.63
Neutral
MACD (12,26,9)
1.82
Bearish
SMA (50)
271.83
Bullish
SMA (200)
—
Neutral

As of

Analyst Rating

Based on 6 analysts
BUY100%

6 of 6 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
6
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
5Y+54.46%
3Y+42.33%
1Y+65.38%

Net profit

Net profit growth by window
5YTurned to profit
3YTurned to profit
1YTiny base

Operating cash flow

Operating cash flow growth by window
5YTurned positive
3YTurned positive
1Y+584.00%

Operating margin· change in pp

Operating margin growth by window
5Y+36.50 pp
3Y+12.81 pp
1Y+2.74 pp

Trailing twelve months: Fewer than eight quarters are reported, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹323 Cr
Mar 2021₹464 Cr
Mar 2022₹991 Cr
Mar 2023₹1,415 Cr
Mar 2024₹1,885 Cr
Mar 2025₹2,467 Cr
Mar 2026₹4,080 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020−₹87.00 Cr
Mar 2021−₹133 Cr
Mar 2022−₹176 Cr
Mar 2023−₹143 Cr
Mar 2024−₹12.00 Cr
Mar 2025₹6.00 Cr
Mar 2026₹115 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹407 Cr +64.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

Shadowfax Technologies Ltd trades at ₹271.85 as of 2026-10-30 with a market cap of ₹15,954.55 Cr, a TTM P/E of 72.49x, and a P/B of 8.46x. The company has demonstrated strong revenue growth of 42% CAGR over 3 years and 54% over 5 years, but carries a modest 3-year average ROE of roughly 7% and pays no dividend despite reporting profits.

Bull Case 7
  • Exceptional top-line momentum with TTM sales growth of 65% and a 5-year compounded sales CAGR of 54%, indicating rapid market-share gains in the logistics/services space.
  • TTM profit growth of 1,755% signals a sharp inflection toward profitability, with 5-year compounded profit CAGR at 22.4%.
  • Very low leverage with a debt-to-equity ratio of just 0.13, and the company has been actively reducing debt, limiting financial risk.
  • The stock has rallied from a 52-week low of ₹98.55 to ₹271.85, a gain of roughly 176%, reflecting strong market confidence in the business trajectory.
  • Last-year ROE improved to 11%, up from a 3-year average of 7%, suggesting improving capital efficiency as the business scales.
  • TTM EPS stands at ₹3.75, turning meaningfully positive after a 5-year period where average ROE was negative at -11%, confirming a structural shift from losses to sustained earnings.
  • Operating in India's fast-growing logistics and last-mile delivery segment, the company benefits from secular tailwinds in e-commerce and quick-commerce penetration.
Bear Case 7
  • P/B ratio of 8.46x (cited as 9.20x on a book-value basis) is elevated, meaning investors are paying a steep premium over net asset value.
  • Promoter holding is low at 16.5%, which can raise governance concerns and increase vulnerability to hostile actions or management misalignment.
  • Despite reporting repeated profits, the company pays zero dividend (yield 0%), offering no return of capital to shareholders.
  • Three-year average ROE of approximately 7% and current ROE of 6.4% remain modest, indicating the business has not yet demonstrated consistent high-quality returns on equity.
  • Five-year ROE averages -11%, reflecting a prolonged loss-making history; the recent profit trend is yet to prove its durability over a full business cycle.
  • The company's tax rate appears low, which may flatter current reported earnings; any normalization of the tax rate could compress net margins.
  • ROCE at 6.72% is below typical cost-of-capital benchmarks, suggesting the business is not yet generating economic value added for shareholders at current scale.

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

AI News Digest

9h ago

TL;DR: Shadowfax delivered a standout Q2FY27 with 57% revenue growth and a 422% jump in net profit, demonstrating strong operating leverage as scale builds. Customer diversification toward D2C/SME segments and new initiatives like MFCs and AI-driven logistics optimization point to a broadening moat. No material headwinds surfaced in the period. The trend is clearly improving, though sustaining this growth rate and margin trajectory as the base scales will be the key watch item going forward.

Positives 5
  • Net profit surges 422% YoY Nov 3

    Q2FY27 net profit jumped 422% YoY to ₹68 crore, with Adjusted EBITDA margin reaching 5.0%, signaling strong operating leverage.

  • Revenue crosses ₹1,500 crore milestone Nov 3

    Q2FY27 revenue grew 56.6% YoY to ₹1,538 crore, crossing ₹1,500 crore for the first time.

  • AI-driven cost optimization deployed Nov 3

    Deployed an AI network optimization engine to improve freight planning and reduce logistics costs.

Neutral 1
  • New subsidiary and ESOP allotment Oct 16

    Board approved incorporation of a wholly owned logistics subsidiary and allotment of 49,098 ESOP shares, raising paid-up capital to ₹586.99 crore.

Quarterly Results

₹ Cr
SHADOWFAX quarterly results, ₹ crore
Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
701
694
796
950
1,128
1,206
1,324
1,501
Expenses
680
683
770
915
1,063
1,127
1,234
1,399
Operating Profit
21
11
26
35
65
79
90
102
OPM %
3%
1.6%
3.3%
3.7%
6%
7%
7%
7%
Other Income
6
7
8
6
6
16
21
19
Interest
3
5
3
3
5
6
7
10
Depreciation
17
23
22
24
30
33
37
44
PBT
6
−10
9
14
37
55
66
67
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
6
−10
9
14
37
55
66
67
EPS (₹)
0.54
−0.66
0.6
0.94
0.73
0.95
1.13
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SHADOWFAX profit and loss, annual, ₹ crore
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 (₹)
−7.53
−11.55
−15.25
−12.35
−0.99
0.41
1.98
3.75
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
SHADOWFAX balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
SHADOWFAX cash flow, annual, ₹ crore
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/EBITDA
112
77
76
65
660
58
172

Ratios

SHADOWFAX financial ratios, annual
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

Log in to view Shadowfax Technologies insights

54 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 28.78%
  • Others 24.48%
  • Promoters 16.46%
  • FIIs 16.35%
  • Public 13.94%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

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.
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 Logistics Solution Provider industry.
What is the PE ratio of Shadowfax Technologies Ltd?
Shadowfax Technologies Ltd trades at a PE ratio of 74.53 as of 4 Nov 2026, on earnings per share of ₹3.75, against a book value of ₹32.15 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 ₹302.35 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Shadowfax Technologies Ltd?
Shadowfax Technologies Ltd reported a return on equity of 10.70%. 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.

Website shadowfax.in
Listed 28 Jan 2026
Face Value ₹10

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