Shadowfax Technologies Q3 FY26 Earnings Call Transcript Released
Shadowfax Technologies reported a 65% YoY revenue growth in Q3 FY26, reaching INR 1,160 crore. Adjusted EBITDA stood at INR 49 crore, with margins at 4.3%. The company expects continued market share expansion driven by new customer acquisitions and service line diversification. Management projects 25-30% YoY growth and margin expansion over the next few years.
The release of an earnings call transcript provides detailed financial and strategic information to investors, impacting their understanding and valuation of the company, but does not involve a direct new operational or financial event.
The company reported strong revenue growth, improved profitability, and outlined clear strategies for future expansion, indicating a positive outlook.
Shadowfax Technologies Limited has released the transcript of its Q3 FY 2025-26 Earnings Conference Call, which was held on February 12, 2026. The call, hosted by Morgan Stanley, featured management including Mr. Abhishek Bansal (MD & CEO), Mr. Vaibhav Khandelwal (Whole-Time Director & CTO), and Mr. Praveen Kumar KJ (CFO).
During the call, the management highlighted a record 65% year-on-year revenue growth for Q3 FY26, with INR 1,160 crores generated from delivering 20.6 crore orders. The Express Parcel business, comprising 75% of revenues, grew 72% year-on-year, driven by market share gains. Hyperlocal, accounting for 17% of business, grew 43% year-on-year, with the overall nine-month hyperlocal growth at 66%. Other Logistics Services (OLS) contributed 8% of business and grew 65% year-on-year.
The company reported an adjusted EBITDA of INR 49 crores in Q3, a significant increase from INR 18 crores in the previous year, leading to a margin expansion to 4.3% (Ind AS EBITDA at 5.7%). This profitability is achieved while continuing investments in network expansion, including sort centers and last-mile facilities. The company also noted a PAT of INR 35 crores, translating to a 3% PAT margin.
Management discussed strategies for continued market share expansion, focusing on pin code expansion, new customer acquisition (especially in D2C and SME segments), and entering newer service lines like volumetric shipments and white goods delivery. They emphasized their strategy of owning key supply chain assets like sort centers and last-mile facilities, rather than owning trucks, to maintain operating leverage.
Key discussions also covered the onboarding of a large marketplace customer, expected to contribute revenue in subsequent quarters, and the strong growth in the D2C segment, which is experiencing triple-digit year-on-year growth. The company addressed seasonality, noting a festive season jump and a typical Q4 increase in hyperlocal business due to Valentine's Day. They also discussed improvements in lost shipment rates, reduced from 8.6% to 6.3%, attributed to network changes and process improvements.
Looking ahead, Shadowfax aims for a steady-state EBITDA margin in the early teens, with anticipated yearly margin improvements of 1-1.2% over the next two years, followed by rapid expansion post-FY28. The company projects a growth pace of 25-30% year-on-year for the next couple of years while continuously expanding margins.
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