Shadowfax Q3 FY26 Results: Revenue Up 65%, Profit Rises 440% in First Post-IPO Quarter

Shadowfax Q3 FY26 results show strong revenue growth and a sharp rise in profit in the company’s first quarterly earnings after listing.

Shadowfax Technologies reported its financial results for the quarter ended December 31, 2025. The company recorded higher delivery volumes and improved operating efficiency during the period. The stock rose over 4% to ₹124.30 after the announcement.

The results add to the broader narrative around logistics sector earnings and the performance of Indian delivery companies.

Q3 FY26 Financial Highlights

Shadowfax reported strong year-on-year and sequential growth.

Key Metrics

Revenue from operations rose 65% year-on-year. It also grew 18% compared to the previous quarter.

Net profit increased 440% year-on-year. On a sequential basis, profit rose 168%.

Basic earnings per share increased to ₹0.69 from ₹0.14 a year ago. It was ₹0.26 in the previous quarter.

Standalone Performance

Standalone numbers also reflected similar strength.

• Standalone revenue rose about 60% year-on-year to ₹1,128.14 crore.
• Standalone profit after tax increased 466% year-on-year to ₹36.53 crore.

The growth in standalone performance indicates strength in the core logistics operations.

There were no exceptional items, dividends, or buybacks reported during the quarter.

Profitability and Cost Structure

Expenses increased during the quarter. Total expenses rose 62% year-on-year to ₹1,131.33 crore.

Despite higher costs, profitability improved due to operating leverage.

Key Cost Components

• Employee cost: ₹108.61 crore
• Depreciation: ₹32.26 crore

Higher delivery volumes helped spread fixed costs across a larger base. This supported margin expansion.

The increase in earnings per share reflects improved profitability after the company’s IPO.

9M FY26 Snapshot

For the nine months ended December 2025, the company reported:

• Revenue: ₹2,965.35 crore, up 67% year-on-year
• Net profit: ₹55.89 crore, up 243% year-on-year

The numbers show earnings growth across multiple quarters. The performance was not limited to a single period.

This trend is relevant in the context of Indian delivery companies performance during FY26.

Operational Drivers Behind Growth

Several factors contributed to the Q3 performance.

• Expansion in quick commerce deliveries
• Growth in last-mile logistics
• Higher overall delivery volumes
• Improved operational efficiency
• Better cost absorption due to scale

Quick commerce growth in India has increased demand for faster delivery networks. Shadowfax operates in segments such as:

• E-commerce logistics
• Quick commerce
• Hyperlocal distribution
• SME logistics solutions

The company benefited from increased digital commerce activity during the quarter.

Post-IPO Earnings Report Context

This quarter marks the first post-IPO earnings report for Shadowfax.

Delivering strong revenue growth and a sharp increase in net profit in the first reporting cycle after listing is a notable development.

The earnings were operationally driven. There were no accounting adjustments or one-off gains reported.

The rise in share price following the announcement reflects market reaction to the results.

Revenue Guidance

Management indicated FY26 revenue guidance in the range of ₹4,000–4,500 crore.

This guidance is based on current operating trends and business scale.

The guidance aligns with the company’s 9M FY26 revenue of ₹2,965.35 crore.

Position Within the Logistics Sector

The logistics sector earnings trend in India reflects rising demand from e-commerce and quick commerce platforms.

Last-mile delivery has become a key growth area. Delivery companies are focusing on:

• Faster turnaround times
• Dense distribution networks
• Cost efficiency at scale

Shadowfax operates in a competitive environment. Other large players include Delhivery and Ecom Express.

Growth in volume and operating leverage are important metrics for companies in this space.