Shadowfax Technologies Ltd (SHADOWFAX) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 25, 2026 4 min read

Shadowfax Technologies is a technology-led third-party logistics company serving e-commerce marketplaces, D2C brands and quick-commerce platforms across express parcel, hyperlocal and high-value delivery. After five straight quarters of 60%-plus revenue growth and an upward revision of FY27 revenue growth guidance to 38-40%, the print will speak to whether Adjusted EBITDA margin holds near Q1's 4.9% against a widening minimum-wage drag, and how the front-loaded festive network build-out is being utilised.

Quick Details

Results date	October 29, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 1,358 Cr (+64.9% YoY, +9.8% QoQ)
Previous quarter PAT	Rs. 65 Cr (+715.9% YoY, +17.1% QoQ)
Previous quarter EBITDA margin	6.8% Ind AS EBITDA margin; 4.9% Adjusted EBITDA margin
Net debt (latest quarter)	Rs. 0 Cr borrowings (debt-free); cash & bank Rs. 1,537 Cr at Jun-26
Market cap	Rs. 16,085.17 Cr
CMP	Rs. 274.05

Shadowfax Technologies Ltd Q2 Results Date and Time

A board meeting is scheduled on October 29, 2026 to consider the Q2 and H1 FY27 financial results. The trading window has been shut since October 1, 2026 and reopens 48 hours after the results.

The earnings call is scheduled for October 29, 2026 at 17:00 IST and will run for 60 minutes. The audio recording of the Q1 FY27 earnings call has been published on the company website.

The company has not recommended any dividend for FY 2025-26, per the AGM notice and annual report disclosures. Separately, it fully redeemed 500 Series A and 250 Series B unlisted secured redeemable NCDs aggregating Rs. 75 crores.

Key Things To Watch

Performance vs guidance tracking: Management's stated targets and where things stood at Q1 FY27:

Revenue growth — 38-40% for FY27 (revised from 27-30%) — Q1 FY27 delivered +64.9% YoY; question is reiteration or a further raise
Adjusted EBITDA margin — +100-120 bps annually till FY28 — Q1 stood at 4.9% with +204 bps YoY; 'margin trajectory unchanged' framing under test in the wage quarter
Dark stores — 100 by FY27 — 47 live plus 20 on the way at Q1; ROIC on dark stores still undisclosed
Prime Large pin codes — 12,000 by FY27 (raised from 10,000) — 10,000 reached at Q1; pin code coverage 16,372 vs 17,000 FY27 target
Capex — Rs. 180-190 Cr for FY27, flat vs FY26 — Q1 ran at about Rs. 60 Cr, roughly 4.42% of revenue, front-loaded ahead of the festive peak

Festive readiness and operating metrics

Lost-shipment and QC cost — whether it improves below the 5.5% low of Q1 FY27
Other Logistics YoY trajectory — still -21.5% in Q1 after -31.8% in Q4 FY26; recovery is CriticaLog-integration dependent
Festive-season capacity utilisation of the front-loaded network capex, with operating space scaled to 53 lakh sq. ft. at Jun-26 and 80-100 last-mile facility launches per month planned

Strategic initiatives to track

Early read on the new wholly owned logistics subsidiary approved on October 16, 2026, subject to MCA approval
Channel Partner Program onboarding progress — 1,000 partners targeted across Tier 1/Tier 2 cities over 3 years from the September 3, 2026 launch, with first stores in Chandigarh and Lucknow

Risks and overhangs to monitor

Whether Q2 margins absorbed further minimum-wage and diesel costs, and whether more states were added to the four-state, Rs. 2-2.5 Cr/month wage-hit count
IPO-capex deployment pace after the monitoring agency report flagged Rs. 121.57 Cr utilised of the Rs. 423.43 Cr network-infrastructure object at Jun-26, with Rs. 812.25 Cr of proceeds unutilized

Frequently Asked Questions

How much is the minimum wage hike costing Shadowfax every month?

Management quantified the minimum wage hike in four states at approximately Rs. 2-2.5 Cr per month. It noted that contractual employees often receive incentives above minimum wage, which mitigates the direct P&L impact.

Which EBITDA measure does Shadowfax base its margin guidance on?

Management has said its margin guidance applies only to Adjusted EBITDA, which adds back share-based payment expenses and adjusts for Ind AS 116 lease accounting and the one-time RTS cancellation fee. In Q1 FY27, Ind AS EBITDA margin was 6.8% while Adjusted EBITDA margin was 4.9%.

Is Shadowfax on track with its FY27 revenue growth guidance?

Management revised FY27 revenue growth guidance upward to 38-40% from 27-30% at the Q1 call. Q1 FY27 revenue grew 64.9% YoY to Rs. 1,358 Cr, the fifth consecutive quarter of 60%-plus growth.

What is driving Shadowfax's growth — market expansion or market share gains?

Management frames growth as roughly 50-55% coming from 3PL market expansion and 40-45% from market-share gains. It notes customers can outsource 20-25% of volumes where enough players exist, while current industry outsourcing is trending at 12-15%.