Shadowfax Technologies Limited, the Bengaluru-based tech-driven third-party logistics platform that made its stock market debut in January 2026, has reported its first set of full-year audited results as a listed company — and the numbers mark a decisive turn into profitability after years of losses.
Revenue from operations for Q4FY26 stood at ₹1,237.09 crore, up 73.65% from ₹712.43 crore in the year-ago quarter and 6.67% sequentially from ₹1,159.71 crore in Q3FY26. Total income including other income came in at ₹1,252.60 crore for the quarter, against ₹719.37 crore a year ago.
Profit before tax for the quarter stood at ₹54.86 crore, swinging sharply from a loss before tax of ₹10.23 crore in Q4FY25 and up from ₹34.86 crore in the preceding quarter. After accounting for a deferred tax credit of ₹0.97 crore, the company posted a net profit of ₹55.83 crore for Q4FY26 compared to a net loss of ₹9.86 crore a year ago.
For the full year FY26, Shadowfax reported revenue from operations of ₹4,202.44 crore against ₹2,485.13 crore in FY25 — a 69.11% jump — while full-year profit after tax came in at ₹111.71 crore compared to ₹6.43 crore in FY25, a near-seventeenfold increase. This is particularly significant given that the company had reported persistent losses through much of its pre-IPO history before a narrow turnaround in FY25.
Total expenses for Q4FY26 were ₹1,197.74 crore against ₹729.60 crore a year ago, with other expenses — which largely capture delivery partner payouts, freight costs, and platform costs in a logistics business of this structure — accounting for ₹1,043.99 crore of the total. Employee benefits expense rose to ₹112.05 crore from ₹76.96 crore year on year, reflecting continued investment in technology and operations headcount.
Shadowfax has expanded its e-commerce shipment market share from approximately 8% in FY22 to approximately 23% as of the first half of FY26, with clients including Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, and Zomato across express, hyperlocal, and quick commerce delivery lines. The near-doubling of quarterly revenue reflects that platform-level volume scale is increasingly converting into operating leverage.
Shadowfax turned profitable in FY25, marking a turnaround from earlier losses, with EBITDA remaining positive post-FY24 on the back of operating leverage and scale efficiencies — though margins remain thin, making execution discipline critical going forward. The Q4FY26 and full-year FY26 numbers now give investors the first proper earnings baseline for the stock since its January 2026 listing.
Shadowfax’s results will be compared against competitors including Delhivery and Blue Dart Express, both of which have already reported their FY26 financials, making management commentary on market share trajectory, quick commerce volume growth, and the path to margin expansion the key monitorable from the analyst call.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.