Shadowfax Tech Q2 Results: Profit jumps five-fold as margin expand, revenue up 57%

Shadowfax Technologies reported strong growth in the September quarter, with net profit jumping more than five-fold year on year as higher revenue and improved operating margins strengthened its performance.

Net profit rose to ₹68 crore in Q2 from ₹13 crore a year earlier. Revenue grew 57% to ₹1,538 crore, compared with ₹982 crore in the corresponding quarter last year, reflecting continued momentum in the logistics services provider’s business.

Operating performance also improved, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising to ₹104.3 crore from ₹39 crore in the year-ago period. EBITDA margin expanded to 6.8% from 4%, indicating an improvement in operating profitability alongside strong revenue growth.

Following the earnings announcement, shares of Shadowfax Technologies were trading at ₹298.35 on the BSE at 2:05 pm, up ₹7.95, or 2.74%.

Kotak initiates coverage on Shadowfax

The quarterly results come as Shadowfax draws attention following its strong stock market debut this year. Brokerage firm Kotak Institutional Equities initiated coverage on the company on September 23, highlighting its position in India’s third-party e-commerce logistics market and its potential for further growth.

Shadowfax is the second-largest player in India’s largely duopolistic third-party e-commerce logistics market, where it competes with Gurugram-based Delhivery.

Kotak expects Shadowfax to grow 1.4 times faster than the broader third-party e-commerce logistics industry over FY26-FY30. The brokerage’s outlook is supported by the company’s exposure to homegrown e-commerce platform Meesho, along with opportunities to gain market share in relatively underpenetrated segments.

The growth opportunity comes as e-commerce and quick-commerce businesses continue to rely on logistics partners for deliveries across an expanding range of locations and customer segments.

Investors will continue to watch whether the company can maintain this momentum as it scales its operations and competes in India’s evolving logistics market.