Shadowfax Q1 FY27: Revenue Surges 65% to ₹1,358 Cr, FY27 Guidance Revised Upwards
Shadowfax Technologies reported a 65% YoY revenue increase to ₹1,358 Cr in Q1 FY27, with Adjusted EBITDA at ₹67 Cr and margins at 4.9%. FY27 revenue growth guidance was revised upwards to 38%-40%. Key growth drivers include Express Parcel, Quick Commerce, and Prime Large. The company expanded its network to 16,372 pin codes and launched 47 dark stores.
The substantial revenue growth, record profitability, and upward revision of the FY27 guidance indicate a significant positive impact on the company's financial outlook and market position. Expansion in key segments and network reach also signal strong future prospects.
The company reported strong financial results, exceeding expectations with significant revenue growth and improved margins. The upward revision of future guidance and successful operational execution in a challenging environment further contribute to a positive sentiment.
Shadowfax Technologies Limited announced its Q1 FY27 earnings, reporting a robust 65% year-on-year revenue growth to ₹1,358 crore. This marks the fifth consecutive quarter of over 65% growth. Sequentially, revenue increased by 10% from Q4 FY26 to Q1 FY27, despite it being a seasonally softer quarter. Order volumes reached nearly 25 crore, an 83% year-on-year increase, equivalent to the entire FY23 volume.
Adjusted EBITDA rose to ₹67 crore, with margins improving to 4.9% from 4.7% in the previous quarter. Profit after tax hit a record ₹65 crore, making it the third consecutive profitable quarter. The company also announced a significant upward revision of its FY27 revenue growth guidance from 27%-30% to 38%-40%, while maintaining its margin trajectory.
The company highlighted strong performance across its business segments. Express Parcel saw industry consolidation and market share gains, driven by expanded geographical coverage to 16,372 pin codes. The Prime and D2C business, offering same-day and next-day delivery, accelerated its growth to 2.7 times year-on-year, serving over 400 D2C customers. Shadowfax 360, a self-serve platform for SMEs, onboarded over 1,200 transacting sellers within its first quarter.
Prime Large, focused on heavier deliveries, achieved its full-year FY27 target of 10,000 pin codes in Q1 and is now raising the target to 12,000 pin codes, with revenue growing 170% year-on-year to approximately ₹75 crore ARR.
In Quick Commerce, hyper-local delivery grew 53% year-on-year. The company has already launched 47 out of its 100 planned dark stores for the full year, with another 20 in progress, covering six metro cities.
Management attributed the performance to strong operational execution amidst macroeconomic challenges like rising diesel prices and labor shortages. Efficiency improvements in areas such as lost shipment debits, transportation costs, and delivery partner expenses, alongside technological advancements like Delivery Partner Buddy and Vision AI at Pickup, contributed to margin expansion. The company also detailed its investment strategy, focusing on network and automation, and expanding its reach into rural areas.
During the earnings call, management expressed confidence in the revised growth outlook, supported by strong visibility from enterprise customers and aggressive new customer acquisition. They also discussed the integration of CriticaLog, aiming to enhance value-added services and cross-selling opportunities.
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