Shadowfax Technologies share price today

Shadowfax Technologies Ltd's share price was ₹279.50 at the close on 4 November 2026. It has been rising for 38 weeks. That is 32.8% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 35 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Shadowfax Technologies Ltd is in stage 2. The phase helps read everything below.

Since its first close in our records, on 1 February 2026, it has traded between ₹107 and ₹298, and at that close it sat 90% of the way up from that low.

Over the last 10 months the share price moved +156% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: promoters cut their stake for 3 quarters in a row, revenue up on a year earlier for 4 quarters in a row (every quarter we can compare) and profit up on a year earlier for 4 quarters in a row (every quarter we can compare).

1. Promoters cut their stake for 3 quarters in a row

   From 16.7% to 16.5% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹1,538 crore, +56.6% on a year earlier.

   Why: Revenue rose because the Express parcel business shipped many more orders.

   Next results: check whether festive demand brings the expected extra sales after the sale season was not in this quarter.

   From the earnings call on 29 Oct 2026.

3. Profit up on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹68 crore, +423.1% on a year earlier.

   Why: Profit rose because the company kept more of each rupee of sales after costs, even as it spent on extra space ahead of the festive season.

   Next results: check whether lost-shipment costs keep falling at the slower pace management described.

   From the earnings call on 29 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Shadowfax Technologies reported revenue of ₹1,538 crore, up 56.6% from ₹982 crore a year earlier, and a profit of ₹68.0 crore, up 423.1% from ₹13.0 crore.

Shadowfax Technologies results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Shadowfax Technologies' management discussed these results on a call held on 29 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Shadowfax Technologies closed at ₹279.50 on 4 November 2026. Its highest weekly close since February 2026 was ₹294.85 on 9 October 2026.

Shadowfax Technologies share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

48 weekly closes from 1 February 2026 to 4 November 2026.

4 Nov 2026: Shadowfax Technologies closed at ₹279.50, up 2.8% on the week and up 2.3% on the month. 29 Oct 2026: Shadowfax Technologies held its results call for July to September 2026. Management guided: Long-term cumulative revenue growth 27-30% maintained, H1 strength noted with sale-season watch.

Earlier

• Results for July to September 2026: Revenue up 56.6% and profit up 423.1% on a year earlier.

Shadowfax Technologies has paid no dividend on the NSE since its first NSE close in our records (1 February 2026), the start of the period we checked.

No. Shadowfax Technologies Ltd paid out 0% of its profit as dividends in each of its last 4 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 29 October 2026, Shadowfax Technologies' management guided: Long-term cumulative revenue growth 27-30% maintained, H1 strength noted with sale-season watch.

“Price can be matched within a quarter. Reach can be bought. But speed has to be built. And it has to be built before the volume arrives.”Abhishek Bansal, on the call for July to September 2026

What management guided

• Express 27-28% yearly growth on market growth plus share gains; Amazon Express integrations next couple quarters with meaningful jump only next fiscal.
• Value-added services 35-40% of revenues maintained as business compounds over next 3-5 years including new services.
• Full-year capital spending 3.8-4% of revenue including dark stores and MFCs with two mega sorters plus profilers going live in Q4.
• Dark stores 100 this year plus micro-fulfillment 50 cities over next few years on 6-12 month build with small current-year revenue.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 29 October 2026.

One change in Shadowfax Technologies' own numbers looks lasting: costs spread over more sales. Also showing up, but too early to call lasting: market share gains and mergers and acquisitions.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

A subsequent reported quarter with lower operating profit despite continued revenue growth, accompanied by shipment-loss costs reversing their decline, would break the thesis that network density and process improvements are translating growth into retained earnings.

Each change stops working if

• Shared-network throughput: Additional orders require proportionate infrastructure and partner spending, or customer rate concessions absorb the utilization benefit.
• Shipment-loss reduction: Lost-shipment debit costs stop declining as the network scales, or service failures offset the savings.
• Premium services using existing infrastructure: Higher service complexity raises claims and handling costs enough to consume the premium realization.
• Quick-commerce customer expansion: Platform customers internalize delivery, reduce outsourced wallet share or demand rates that remove incremental contribution.

The main risks

• Other income and tax distort retained earnings: Reported profit contains non-operating support that should not be capitalized as delivery-network earnings. ⚠ estimate
• Goals move without complete bridges: Revenue, margin and loss-cost goals have changed on different timetables. ⚠ estimate
• : Cash generation and negative free cash coexist while the network expands. ⚠ estimate
• Customers capture savings while costs rise: Contractual pass-through does not guarantee immediate retention of efficiency gains. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Shadowfax Technologies reports October to December 2026, these are the 6 checks that show whether the story is still on course. First: Operating margin (data basis) stays at or above 6.5% in the Sep 2026 quarter while depreciation keeps rising, and lost-shipment cost stays at or below 5.5% of revenue.

Shadowfax Technologies is on 3 of our India lists: Multibagger study list, Momentum stocks and Small & mid cap stocks.

Shadowfax Technologies Ltd earned ₹68.0 Cr of net profit in the Sep 2026 quarter, +423.1% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹112 Cr. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

1 of the last 8 reported quarters were loss-making.

For the full year, FY26 profit was ₹112 Cr (+1,766.7% on the year before).

Why profit moved: revenue changed +56.6% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +539.6% and revenue +65.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Shadowfax Technologies Ltd reported ₹1,538 Cr of revenue in the Sep 2026 quarter, +56.6% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 3 years it has grown 43.7% a year on average. The last full year, FY26, came in at ₹4,202 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹5,293 Cr.

FY26 revenue was ₹4,202 Cr, +69.1% on the year before.

Recent pace: the last four quarters grew +65.2% on average, against 43.7% a year over the longer run, so this year is growing faster than its own long-run rate.

Shadowfax Technologies Ltd's operating margin was 7.0% in the Sep 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Across 4 years it has been between −8.0% and 5.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The Cost Transformation Flywheel is supported by a reported decline in shipment debit costs and management's explanation that fewer errors, rather than pricing, drove expansion. Pickup checks prevent defective reverse shipments before downstream handling. This is already contributing; the remaining opportunity is conditional on savings persisting during seasonal throughput and wage pressure. The long-run cost goal has changed without a reconciliation.

Why the margin moved: operating margin changed +2.8 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 2 years, 339% of Shadowfax Technologies Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹350 Cr of operating cash against ₹112 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹376 Cr of spending on assets, free cash was −₹26.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 339% of profit came in as cash: the cash cycle stayed about the same between FY23 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 3.4× depreciation over three years. The next section checks what that spending is building.

Shadowfax Technologies Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 45 days in FY26, up from 40 days in FY23. It spent ₹715 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. The latest call names a new customer source and continuing hyperlocal growth. Dark stores add a different fulfillment proposition, but their launch count does not establish consolidated profit. Customers can internalize delivery or renegotiate rates as they scale. The first contribution is already reported qualitatively; store-level earnings, persistence and the division of economic benefits remain unknown.

At FY26 sales of ₹4,202 Cr, each day of that cycle ties up about ₹11.5 Cr, so roughly ₹518 Cr is tied up in the business at any time.

Spending on assets: ₹715 Cr over the last 3 years, against ₹210 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Shadowfax Technologies Ltd's P/E is 73.2×, about the lowest it has ever been. Its usual P/E (the middle reading) is 114.3×, over 10 months of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹3.94.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Shadowfax Technologies Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Shadowfax Technologies Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION.

NOT YET CHECKED

From the numbers. Operating earnings are expanding and the supplied engine places the business in the middle of its expansion. The supplied price curve is in stage 2. Current margins are near the top of a short history, while the…

From the price. Price stage 2, week 38, above its 200-day line.

Where they disagree. Operating earnings are expanding and the supplied engine places the business in the middle of its expansion. The supplied price curve is in stage 2. Current margins are near the top of a short history, while the normalization engine returns NA SHORT MARGIN HISTORY and withholds a meaningful cyclical verdict.

What is not proven yet. A subsequent reported quarter with lower operating profit despite continued revenue growth, accompanied by shipment-loss costs reversing their decline, would break the thesis that network density and process improvements are translating growth into retained earnings.

What would change our mind. A subsequent reported quarter with lower operating profit despite continued revenue growth, accompanied by shipment-loss costs reversing their decline, would break the thesis that network density and process improvements are translating growth into retained earnings.

The test written in advance. A subsequent reported quarter with lower operating profit despite continued revenue growth, accompanied by shipment-loss costs reversing their decline, would break the thesis that network density and process improvements are translating growth into retained earnings. Measured by: the thesis as written as stated by the next result.

The test written in advance. Other income and tax distort retained earnings. Measured by: Other income and tax distort retained earnings Reported profit rises while operating profit stagnates, or ordinary taxation reduces net earnings. by the next result.

What the company does. Revenue and operating profit have advanced across the supplied recent quarters, supported by customer wins, shared infrastructure and process improvements. Customers retain part of the efficiency benefit through volume-linked pricing, so shipment growth cannot be translated directly into shareholder margin expansion.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: The latest profit and margin suggest accelerating profitability. The research reads it further: Operating profit increased with revenue and management identifies fewer errors, but depreciation and interest consume part of the operating gain while other income supports net profit.

What the surface reading misses. The surface reading is: The quarter marks a large reported-profit recovery. The research reads it further: Higher operating profit provides the principal numerical support; a tax credit also raises net profit above pre-tax profit.

• 1 · Operating leveragequiet
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servebuilding
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 2 · Value-added mix: building. Premium delivery and large shipments broaden the service mix without a dedicated parallel network. What proves it keeps working: Premium services using existing infrastructure. It stops working if Higher service complexity raises claims and handling costs enough to consume the premium realization.

Lever 14 · A bigger market to serve: building. Amazon Now and vertical specialists expand the addressable delivery workload. What proves it keeps working: Quick-commerce customer expansion. It stops working if Platform customers internalize delivery, reduce outsourced wallet share or demand rates that remove incremental contribution.

Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Shadowfax Technologies Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Revenue Guidance Is Unreconciled · 29 October 2026. In Jul 2026, management raised FY27 revenue growth guidance from 27%-30% to 38%-40% and expressed confidence in that outlook. In Oct 2026, management referred to 27%-30% as the overall revenue guidance while deferring any revision, but did not clarify whether the 38%-40% FY27 guidance remained in force or had been superseded.

Capex Guidance Does Not Reconcile · 29 October 2026. In May 2026, management gave an explicit FY27 capex range of INR180-190 crores and said it would remain flat in absolute terms. In Oct 2026, management instead stated 3.8%-4% of revenue; applying that percentage to the latest 27%-30% growth framing and the prior call's INR4,200+ crore FY26 revenue implies roughly INR203-218 crores, above the earlier range, with no explanation for the difference.

FY27 Revenue Growth Guidance Reset · 31 July 2026. Management attributed the increase to new customers and Amazon Now visibility, but did not quantify the contribution or fully reconcile the roughly 10 percentage-point step-up with the prior guidance.

Long-Term Lost Shipment Cost Goal Lowered · 31 July 2026. Both the February and May 2026 calls described the long-term lost shipment and quality-check cost goal as approximately 4% to 5%. The July 2026 call instead stated a 3.5% to 4% goal and said that it still remains, lowering the cost assumption used in a margin model without acknowledging the change; management cited AI and efficiency initiatives but did not explain the revised goal.

Every quote above is taken word for word from the company’s own earnings calls.

Shipment-error savings and operating gains show delivery despite fuel and labour pressure.

Regulatory and governance record

The franchise-fraud report names an impersonator, not misconduct by Shadowfax management.

Checked 14 October 2026.

Shadowfax Technologies Ltd earned a ROCE of 10% in FY26. That is up from a low of 1% in FY24. Its return on capital used (ROIC) is 4.3 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 2.7% net margin and 1.48× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 2.7% net margin × 1.48× asset turnover × 1.62× leverage (assets divided by equity) ≈ 6.5% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 7.7% − 12.0% = −4.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Shadowfax Technologies Ltd has total debt of ₹364 Cr against shareholder equity of ₹1,887 Cr as of Sep 2026, so its debt is 0.19× its equity, which is very little. Year by year, that ratio went from 0.20 in FY25 to 0.14 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of Shadowfax Technologies Ltd's owners changed its stake by a full percentage point over the last 4 quarters. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

For Shadowfax Technologies Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

64.1 out of 100, rank 3 of 18 in Logistics, with 63% of the evidence available.

Shadowfax Technologies Ltd scores 64.1 out of 100 against the 18 companies it is compared with in Logistics, ranking 3. There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone.

The three scored parts add up to the total exactly: 40.3 + 12.5 + 11.3 = 64.1 (no relative-strength reading this week; its 20 points are shared across the other three). This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Shadowfax Technologies ranks 3 of 18 Logistics companies on the 4-Factor Sector Score, with 64.1 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Logistics, all 18 compared on one page.

Shadowfax Technologies is the 3rd largest of 18 Logistics companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Aegis Logistics and Container Corporation Of India. Just below it: Blackbuck, Blue Dart Express, Transport Corporation of India and Sindhu Trade Links.

Logistics companies close in size

1. Aegis Logistics Ltd ₹38,494 crore
2. Container Corporation Of India Ltd ₹31,520 crore
3. Shadowfax Technologies Ltd ₹15,956 crore
4. Blackbuck Ltd ₹10,278 crore
5. Blue Dart Express Ltd ₹9,897 crore
6. Transport Corporation of India Ltd ₹6,745 crore
7. Sindhu Trade Links Ltd ₹3,591 crore

All 18 Logistics companies, largest first

Companies close in size in other industries

417. Choice International Ltd ₹16,070 crore · Finance - Capital Markets - Brokers
418. ERIS Lifesciences Ltd ₹16,044 crore · Pharma - Formulators
419. Shadowfax Technologies Ltd ₹15,956 crore
420. Astrazeneca Pharma India Ltd ₹15,911 crore · Pharma - MNC bulk Drugs
421. Emmvee Photovoltaic Power Ltd ₹15,855 crore · Electric Equipment - General

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.