Shadowfax Q3 FY26 revenue jumps 65.5% to ₹1,160 crore

Shadowfax reported a sharp rise in revenue and profitability for the third quarter of FY26, marking its first quarterly results as a publicly listed company.

In Q3 FY26, the company posted its highest-ever quarterly revenue of ₹1,160 crore, a growth of 65.5 per cent year-on-year and 18.1 per cent quarter-on-quarter. Adjusted EBITDA rose 175 per cent year-on-year to ₹49 crore, with margins improving to 4.3 per cent. Profit after tax stood at ₹35 crore, up 441 per cent year-on-year, with margins expanding to 3.0 per cent.

The company said the strong performance was supported by robust volume growth across service lines and exceptional market share gains. During the quarter, Shadowfax delivered 20.6 crore orders across express parcel and hyperlocal services, reflecting shipment growth of 61 per cent year-on-year and 28.7 per cent quarter-on-quarter. Express parcel revenue grew 72 per cent year-on-year, while hyperlocal revenue increased 43 per cent year-on-year.

Ind AS EBITDA for the quarter stood at ₹66 crore, with a margin of 5.7 per cent, representing a 219 per cent year-on-year increase and a 270 basis point improvement in margin. This marked the company’s 11th consecutive quarter of EBITDA profitability.

For the first nine months of FY26, Shadowfax delivered 50 crore orders, recording shipment growth of 54.4 per cent year-on-year. Revenue for the nine-month period reached ₹2,965 crore, up 67.3 per cent year-on-year.

Ind AS EBITDA for the nine months stood at ₹131 crore, with a margin of 4.4 per cent and a 190 basis point improvement year-on-year. Adjusted EBITDA was ₹101 crore, with a margin of 3.4 per cent, reflecting a 90 basis point improvement. Net profit for the period rose 243 per cent year-on-year to ₹56 crore. The company also reported free cash flow of ₹61 crore during the nine months, even as it deployed its highest capital expenditure to strengthen the network.

Shadowfax continued to invest in expanding and automating its nationwide infrastructure. The company expanded its reach to 15,166 pin codes and operates 4,519 touchpoints covering over 45 lakh square feet of operating space, supported by 3,000 trucks running daily.

During the first nine months of FY26, the company invested ₹140 crore in network expansion, automation of sort centres, wider geographic presence and new technology deployment. It said these investments position the company for the next phase of growth and improved service reliability across its national footprint.