Slide 1: Earnings Presentation filing cover letter to stock exchanges
May 14, 2026 To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C/1, Block G, P J Towers, Bandra Kurla Complex, Dalal Street, Bandra (East) Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: SHADOWFAX BSE Scrip Code: 544685 Dear Sir/ Madam, Sub: Earnings Presentation Pursuant to Regulati
Slide 2: Q4 FY26 Shadowfax Technologies
Q4 FY26 SHADOWFAX TECHNOLOGIES Fast. Flexible. Future-Ready. 14th May 2026
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These statements are based on current expectations, assumptions, estimates, and projections
Slide 4: New Age, Technology-led Third-Party Logistics Company
“We are a New Age, Technology-led Third-Party Logistics Company, Enabling Digital Commerce Penetration in India” Fast. Flexible. Future-Ready. 3 3
Slide 5: Our Operating Network | End-to-End Control Over Value Chain
Our Operating Network | End-to-End Control Over Value Chain Horizontal Extensive E-Commerce Mesh 4,778 15,656 47L+ SFT 3,500+ Non-Horizontal Network Touch Points Pin Code Reach Operations Space Trucks on Daily Basis E-Commerce Quick Commerce Food Marketplace On Demand Mobility Mid Mile Last Mile Net
Slide 6: Market Share Expansion | India's Fastest Growing Third-Party Logistics Company
Market Share Expansion | India’s Fastest Growing Third-Party Logistics Company Continued Market Share Gains for Last 4 Years Market Leadership across… # Express Orders Per Day Rebased to 100 as of FY22(1,2) ~ 8% Consistently Gained Market Share 27%-29% 3PL Quick Commerce Solutions 776 359 319 Revers
Slide 7: Service Portfolio | Market Leadership in Value Added Services
Service Portfolio | Market Leadership in Value Added Services Express Forward Reverse Pickup and Prime Others Hyperlocal Express Parcel Hand in Hand Exchange Delivery Logistics Services Forward express parcel Seamless and efficient Quick commerce Same day intracity services, food delivery delivery t
Slide 8: Deep Client Partnership | Diversified Service Adoption Across Top Clients
Deep Client Partnership | Diversified Service Adoption Across Top Clients Express Logistics Hyperlocal Other Logistics Services Food & Insourced Forward Reverse Quick Critical Client Name Prime On-Demand Mobility Unbundled Dark Store Logistics Logistics Commerce Logistics Hyperlocal Services Client
Slide 9: Team & Board | Entrepreneurial, Visionary Team with Strong Tech Background
Team & Board | Entrepreneurial, Visionary Team with Strong Tech Background Abhishek Bansal Vaibhav Khandelwal Praharsh Chandra Gaurav Jaithlia Managing Director and Co-Founder and Chief Business Officer Head of Business Strategy Chief Executive Officer Chief Technology Officer Praveen Nitesh Lohiya
Slide 10: Quarterly Highlights
Executive Summary Quarterly Highlights Volume Growth Across All Services • Delivered 22.6 Cr customer orders in Q4 FY26 across Express & Hyperlocal • 10% sequential order growth over the festive Q3 FY26 • 18.4 Cr Express orders delivered in the quarter with 129% YoY growth Robust Revenue Growth • 1,
Slide 11: Q4 Update | 73%+ YoY Revenue Growth with Strong Margin Expansion
Q4 Update | 73%+ YoY Revenue Growth with Strong Margin Expansion Revenue Scale Express Hyperlocal 1,237 INR Cr 22.6 Cr 925 INR Cr 232 INR Cr 73.6% vs Q4FY25 100.8% vs Q4FY25 120.8% vs Q4FY25 32.1% vs Q4FY25 6.7% vs Q3FY26 10.0% vs Q3FY26 5.3% vs Q3FY26 15.8% vs Q3FY26 Ind AS EBITDA Adjusted EBITDA N
Slide 12: FY26 Highlight | Inflection Year on Revenue Growth and Margin Expansion
FY26 Highlight | Inflection Year on Revenue Growth and Margin Expansion Revenue Scale Express Hyperlocal 4,202 INR Cr 72.6 Cr 3,041 INR Cr 792 INR Cr 69.1% vs FY25 66.4% vs FY25 77.2% vs FY25 54.3% vs FY25 Ind AS EBITDA Adjusted EBITDA Net Profit Ecosystem 212 5.0% 159 3.8% 112 2.7% 2.3L INR Cr Marg
Slide 13: Key Performance Indicators | Expanding Operational Footprint
Key Performance Indicators | Expanding Operational Footprint METRIC UNIT Q4FY26 Q4FY25 YOY % Q3FY26 QOQ % Express Orders Cr 18.4 8.0 129.4% 17.0 8.3% 5,400+ Permanent Employees Hyperlocal Orders Cr 4.2 3.2 29.6% 3.6 17.8% Total Orders Cr 22.6 11.3 100.8% 20.6 10.0% Express Revenue Cr 925 419 120.8%
Slide 14: Revenue Performance | 73%+ YoY Growth in Q4 FY26
Revenue Performance | 73%+ YoY Growth in Q4 FY26, Exceeding 9M FY26 Pace Revenue from Operations Total Orders 1,237 INR Cr 22.6 Cr In Q4 FY26 In Q4 FY26 73.6% YoY 6.7% QoQ 100.8% YoY 10% QoQ 1,237 22.6 1,160 20.6 982 16.0 824 13.5 712 11.3 Q4 FY25 Q1 FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY25 Q2FY26 Q3
Slide 15: Segmental Performance | Growth Surge Across All Services
Segmental Performance | Growth Surge Across All Services Express Revenue 878 925 Express Orders 17.0 18.4 INR Cr Cr Volume 419 8.0 121% YoY 129% YoY 5% QoQ 8% QoQ Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Hyperlocal Revenue 232 Hyperlocal Orders 176 200 4.2 3.2 3.5 INR Cr Cr Volume 32% YoY 30% YoY 1
Slide 16: Margin Improvement | Most Profitable Quarter
Margin Improvement | Most Profitable Quarter, ~44 BPS Adj. EBITDA Expansion QoQ Adjusted EBITDA 1051% YoY Increase Profit After Tax 564% YoY Increase Strong operating leverage playing out Accelerated bottom-line growth Abs. Value (INR Cr) Margin % Abs. Value (INR Cr) Margin % 4.7% 4.5% 70 5.0% 60 56
Slide 17: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Balance Sheet Summary (INR Cr) Cash Flow Statement Summary (INR Cr) Particulars Mar 31, 2026 Mar 31, 2025 Particulars Mar 31, 2026 Mar 31, 2025 Profit / (Loss) Before Tax 111 6 ASSETS Adjustments for Non-cash and Non-Operating Items 127 86 Property, Plant & Equipment 249 11
Slide 18: Capital Investment Strategy | Front-ended Capex to Build Capacity for FY27
Capital Investment Strategy | Front-ended Capex to Build Capacity for FY27 Inception to FY25 FY26 Capex Scale-Ready Capacity Sep-25 Dec-25 Mar-26 19% 12% 35L+ 45L+ 47L+ Operations space in SFT 14% 17% 57% In line with rising volumes across network 5% 8% 69% Efficiency at Scale Automation driving sus
Slide 19: OneNCR – New Sort Center Launch
Q4 FY26 | Shadowfax OneNCR – New Sort Center Launch 2.1L+ 48,000 10L 3,000 Sq. Ft. facility Hourly Throughput Daily Order Capacity Origin-level sorts
Slide 20: Strategic Outlook: Investing in Tomorrow
Strategic Outlook Investing in Tomorrow. Four growth engines scaling value-added segments of Indian logistics – across speed, value and versatility: Quick Commerce Prime Prime Large CriticaLog
Slide 21: Growth Strategy | Diversified Growth Engines
Growth Strategy Diversified Growth Engines Building distinct capabilities across the logistics spectrum — driven by speed, weight, value, and AI-led agility. HIGH Value QUICK-COMM PRIME PRIME LARGE CRITICALOG On-demand last mile Intracity Same Day + Comprehensive solution for Specialized handling fo
Slide 22: Quick Commerce | Scaling to 100 Dark Stores in FY27 for Vertical Qcom
Quick Commerce | Scaling to 100 Dark Stores in FY27 for Vertical Qcom Shadowfax has cemented its position as #1 3PL in quick commerce solutions FY26 Hyperlocal Scaled with Horizontal Players — Largest 3PL for Quick Comm Position New Anchor Client #1 in India 3PL Quick Commerce Integrated as a 3PL la
Slide 23: Prime & Shadowfax 360 | Accelerating D2C & SME Growth
Prime & Shadowfax 360 | Accelerating D2C & SME Growth High speed and reliable intra-day same day and inter-city next day delivery service Market Potential 15L+ marketplace sellers(1) What We Built – and Where It Goes.. Marketplaces today, direct tomorrow, Shadowfax 360 — Zero-touch Onboarding we pow
Slide 24: Prime Large | Value Added Digital Commerce Whitespaces
Prime Large | Value Added Digital Commerce Whitespaces with Pull Driven Demand Comprehensive solution for heavy & volumetric categories Large Parcel Pin Codes / Coverage Expansion Today FY27 Target 6K Pin codes serviced → By FY27 10K Pin codes — by end of FY27 Huge Headroom to Grow: 60%+ of the coun
Slide 25: CriticaLog | Full Ownership Powering Ecosystem Play
CriticaLog | Full Ownership Powering Ecosystem Play Specialized handling of time-sensitive, high-value parcels The Acquisition Service Lines Segment Mix 100% 7+ service lines Higher-margin Complex, premium freight — not overlapping Owned by Shadowfax — closed Q4 FY26 Freight · Air · Road · Forwardin
Slide 26: Adjusted EBITDA Bridge | Reconciliation
Adjusted EBITDA Bridge | Reconciliation Particulars (Amounts in INR Cr) Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Revenue From Operations 1,237 1,160 712 4,202 2,485 (-)Less: Employee Benefit Expenses 112 109 77 393 266 (-)Less: Other Expenses 1,044 985 623 3,598 2,163 Ind AS EBITDA as per Financial Stateme
Slide 27: Thank You
Thank You Fast. Flexible. Future-Ready
Slide 28: Cost Breakdown | Margin Expansion Levers
Cost Breakdown | Margin Expansion Levers % of Revenue from Operations Q4FY26 Q3FY26 Q4FY25 FY26 FY25 Revenue from Operations % 100% 100% 100% 100% 100% Employee Benefit Expenses % (1) 8.9% 8.8% 9.4% 8.8% 9.4% Partner Expenses % 52.2% 52.3% 56.4% 52.6% 54.3% Transportation charges % 18.7% 18.7% 17.0%
Slide 29: KPI Definitions
KPI Definitions METRIC Definition Express Orders Express orders refer to the number of shipments for the express service line. Hyperlocal Orders Hyperlocal Orders refer to the number of shipments for the hyperlocal service line. Total Orders Total Orders refer to the total shipments for express and