SHADOWFAX TECHNOLOGIES LIMITEDQ2 revenue ₹1,538 Cr (+57%), 5% adjusted EBITDA margin

Shadowfax Technologies' Q2 FY27 call, held on 29 October 2026, reported revenue of ₹1,538 crore, up 57% on the year and 13% on the quarter, crossing ₹1,500 crore for the first time even though the festive sales season fell in October.

Adjusted EBITDA was ₹77 crore, a first 5% margin, and profit after tax was ₹67 crore, on 27.1 crore orders, up 70%. Express Parcel revenue rose 55% to ₹1,096 crore, Hyperlocal rose 88% to ₹341 crore, and D2C market share rose to above 14%. The company made the largest capacity addition in its history, lifting operating space from 53 lakh to 69 lakh square feet and delivery partners 31% to 3.8 lakh, and announced micro-fulfilment centres for up to 50 cities.

Amazon is now a top-five customer, with a meaningful e-commerce jump expected only next year. Management kept its long-term growth guidance of 27% to 30% and capex of 3.8% to 4% of revenue, said the top customer's share fell 3 to 4 points, and will wait for Q3 before revising guidance.