Shadowfax Technologies Limited · NSE:SHADOWFAX
Shadowfax Technologies — Q3 FY26 Earnings Presentation
26 slides from Shadowfax Technologies's earnings presentation, Feb 12, 2026
Slide 1: Exchange filing cover letter: Investors Presentation
February 12, 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: Investors Presentation Pursuant to Re
Slide 2: Shareholder Letter | The Challenger's Edge
Shareholder Letter | The Challenger’s Edge To our Shareholders, A few weeks ago, as we stood on the podium to ring the bell, I spoke about Shadowfax being a "100-year story." That ceremony celebrated our resilience, this letter, our first as a public company, is about our resolve. Challenging the St
Slide 3: Q3 FY26 Shadowfax Technologies: Fast. Flexible. Future-Ready.
Q3 FY26 SHADOWFAX TECHNOLOGIES Fast. Flexible. Future-Ready. 12th February 2026
Slide 4: 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 5: 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 4
Slide 6: 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 4,519 15,166 45L+ MSF 3,000+ Non-Horizontal Network Touch Points Pin Code Reach Operation Space Trucks on Daily Basis E-Commerce Quick Commerce Food Marketplace On Demand Mobility Mid Mile Last Mile Netw
Slide 7: Market Share Expansion | India's Fastest Growing Third Party Logistics Company
Market Share Expansion | India’s Fastest Growing Third Party Logistics Company Fastest Growing 3PL Express Logistics Player Market Leadership across… # Express Orders Per Day Rebased to 100 as of FY22(1,2) ≈ 8% Consistently Gained Market Share ≈ 23% 3PL Quick 481 Commerce Solutions 359 319 221 Rever
Slide 8: 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 9: 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 10: 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 11: Quarterly Highlights
Executive Summary Quarterly Highlights Festive Season Growth & Peak Performance • Delivered 20.6 Cr customer orders in Q3 FY26 across Express & Hyperlocal • Recorded a peak of 36L daily orders in the festive season • 17 Cr Express orders delivered in the quarter with 68% YoY growth Robust Revenue Gr
Slide 12: Q3 Highlight | Record Quarter for Revenue & Margins
Q3 Highlight | Record Quarter for Revenue & Margins Revenue Scale Express Hyperlocal 1,160 INR Cr 20.6 Cr 878 INR Cr 200 INR Cr 65.5% vs Q3FY25 61.0% vs Q3FY25 71.9% vs Q3FY25 42.5% vs Q3FY25 18.1% vs Q2FY26 28.7% vs Q2FY26 24.3% vs Q2FY26 10.2% vs Q2FY26 Ind AS EBITDA Adjusted EBITDA Net Profit Eco
Slide 13: 9M FY26 Highlight | Growth Anchored in Scale & Efficiency
9M FY26 Highlight | Growth Anchored in Scale & Efficiency Revenue Scale Express Hyperlocal 2,965 INR Cr 50.0 Cr 2,117 INR Cr 560 INR Cr 67.3% vs 9M FY25 54.4% vs 9MFY25 63.1% vs 9MFY25 65.9% vs 9MFY25 Ind AS EBITDA Adjusted EBITDA Net Profit Ecosystem 131 4.4% 101 3.4% 56 1.9% 2.2L INR Cr Margin INR
Slide 14: Key Performance Indicators | Efficiency & Operating Leverage
Key Performance Indicators | Efficiency & Operating Leverage METRIC UNIT Q3FY26 Q3FY25 YOY % Q2FY26 QOQ % Express Orders Cr 17.0 10.1 67.9% 12.7 34.3% 4,800+ Permanent Employees Hyperlocal Orders Cr 3.5 2.6 34.6% 3.3 7.2% Total Orders Cr 20.6 12.8 61.0% 16.0 28.7% Express Revenue Cr 878 511 71.9% 70
Slide 15: Revenue Performance | 65.5% YoY Growth in Q3 FY26
Revenue Performance | 65.5% YoY Growth in Q3 FY26, in line with H1 FY26 pace Revenue from Operations Total Orders 1,160 INR Cr 20.6 Cr In Q3 FY26 In Q3 FY26 65.5% YoY 18.1% QoQ 61% YoY 28.7% QoQ 1,160 20.6 982 16.0 824 13.5 701 712 12.8 11.3 Q3FY25 Q4 FY25 Q1 FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY25
Slide 16: Segmental Performance | Growth Surge Across All Services
Segmental Performance | Growth Surge Across All Services Express Revenue 878 Express Orders 17.0 706 INR Cr 511 Cr Volume 12.7 10.1 72% YoY 68% YoY +24% QoQ +34% QoQ Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 3.5 Hyperlocal Revenue Hyperlocal Orders 3.3 200 2.6 182 INR Cr 141 Cr Volume 43% YoY 35% Yo
Slide 17: Margin Improvement | Most Profitable Quarter
Margin Improvement | Most Profitable Quarter, ~170 BPS YoY Adj. EBITDA Expansion Adjusted EBITDA 175% YoY Increase Profit After Tax 441% YoY Increase Strong operating leverage playing out Accelerated bottom-line growth Abs. Value (INR Cr) Margin % Abs. Value (INR Cr) Margin % 4.3% 3.0% 60 4.3% 40 3.
Slide 18: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Summary Balance Sheet Cash Flow Statement – Key Highlights Particulars Dec 31, 2025 Sep 30, 2025 Mar 31, 2025 Particulars 9M Dec '25 6M Sep '25 FY 2025 ASSETS Net Cash Generated from Operating Activities 194 141 50 Property, Plant & Equipment 218 153 117 Less: Cash Outflow
Slide 19: Strategic Outlook: Strengthening the Network
Q3 FY26 | Shadowfax Strategic Outlook Strengthening the Network. From strong quarterly performance to long-term infrastructure investment and market expansion.
Slide 20: Capital Investment Strategy | Driving Expansion of Sortation Infrastructure
Capital Investment Strategy | Driving Expansion of Sortation Infrastructure Inception to FY25 9M FY26 Capex Capacity Development Capacity development in-line with volume surge 19% 13% 15% 17% 57% 5% 8% 67% Building for Growth Automation with strong unit economics Network and Automation Administrativ
Slide 21: Infrastructure at Scale
Q3 FY26 | Shadowfax Infrastructure at Scale 45L+ 4,519 15,166 Sq. Ft. Space Touchpoints Pin Codes
Slide 22: Growth Strategy | Diversified Growth Engines
Growth Strategy Diversified Growth Engines Building distinct capabilities across the logistics spectrum — driven by speed, weight, value, and agility. HIGH Value QUICK-COMM PRIME PRIME LARGE CRITICALOG On-demand last mile Intracity Same Day + Comprehensive solution for Specialized handling for capac
Slide 23: Adjusted EBITDA Bridge | Reconciliation
Adjusted EBITDA Bridge | Reconciliation Particulars (Amounts in INR Cr) Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 FY25 Revenue From Operations 1,160 982 701 2,965 2,485 (-)Less: Employee Benefit Expenses 109 89 66 280 266 (-)Less: Other Expenses 985 854 614 2,554 2,163 Ind AS EBITDA as per Financial Statement
Slide 24: Thank You
Thank You Fast. Flexible. Future-Ready
Slide 25: Cost Breakdown | Margin Expansion Levers
Cost Breakdown | Margin Expansion Levers % of Revenue from Operations Q3FY26 Q2FY26 Q3FY25 9M FY26 9M FY25 Revenue from Operations % 100% 100% 100% 100% 100% Employee Benefit Expenses % (1) 8.8% 8.4% 8.4% 8.8% 9.4% Partner Expenses % 52.3% 52.4% 54.7% 52.7% 53.5% Transportation charges % 18.7% 18.4%
Slide 26: 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
Shadowfax Technologies — Q3 FY26 Earnings Presentation on 6ix