Shadowfax Technologies
Shadowfax Technologies (SHADOWFAX) share price was ₹290.40 at the 28 Oct 2026 close; market capitalisation ₹17,043 Cr; P/E (TTM) 77.44; sector Services. In the Jun 2026 quarter, revenue rose 66.3% year on year to ₹1,323.8 Cr and net profit was ₹66 Cr, against ₹9 Cr a year earlier (compared with Jun 2025). Promoters held 16.46% of Shadowfax Technologies in Sep 2026, down 0.05 percentage points from Jun 2026.
Key Fundamentals
SmallcapLogistics Solution ProviderServicesPrice-based figures as of 28 Oct 2026, 15:31 IST · EPS basis: Standalone · TTM
Peer Comparison
Services › Logistics Solution Provider
| ₹418.00 | 25.64 | 31,836 Cr | 2.46 | 0.38% | 9.54% | 12.38% | 9,440 Cr | 1,248 Cr | |
| ₹385.00 | 305.56 | 28,848 Cr | 2.98 | 0.00% | 1.57% | 2.62% | 11,504 Cr | 94 Cr | |
| Shadowfax Technologies (this company) | ₹290.40 | 77.44 | 17,043 Cr | 9.74 | 0.00% | 6.40% | 6.72% | 4,786 Cr | 172 Cr |
| ₹4,271.80 | 35.31 | 10,136 Cr | 5.71 | 0.58% | 13.92% | 16.93% | 6,404 Cr | 286 Cr | |
| ₹860.70 | 14.47 | 6,613 Cr | 2.58 | 1.18% | 17.65% | 18.12% | 5,332 Cr | 461 Cr | |
| ₹111.55 | 76.40 | 4,922 Cr | 2.42 | 0.00% | 5.67% | 9.25% | 11,794 Cr | 67 Cr | |
| ₹269.60 | 17.66 | 4,763 Cr | 4.13 | 1.87% | 20.73% | 18.84% | 3,379 Cr | 268 Cr | |
| Median 7 companies | ₹385.00 | 35.31 | 10,136 Cr | 2.98 | 0.38% | 9.54% | 12.38% | 6,404 Cr | 268 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
Key Insights
Strengths
2- Company has reduced debt.
- Company has delivered good profit growth of 22.4% CAGR over last 5 years
Weaknesses
5- Stock is trading at 9.20 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 16.5%
- Tax rate seems low
- Company has a low return on equity of 7.15% over last 3 years.
Technical Indicators
Oscillators
Bearish
Overall
Bullish
Moving Averages
Bullish
Growth Rate
change over 1 year
change over 1 year
change over 1 year Operating margin 7% · Jun 2026
AI Analysis — Bull vs Bear
Shadowfax Technologies Ltd trades at ₹292.3 with a market cap of ₹17,154.73 Cr as of 2026-10-27, reflecting a P/E of 77.95x and P/B of 9.81x. The company has demonstrated strong revenue growth at a 42% CAGR over 3 years and TTM sales growth of 65%, while maintaining a low debt-to-equity ratio of 0.13. However, return on equity remains modest at 6.4% and promoter holding is low at 16.5%.
- Exceptional TTM sales growth of 65% indicates strong demand momentum and market share gains in the logistics/services space
- 3-year compounded sales CAGR of 42% and 5-year CAGR of 54% demonstrate sustained, long-term revenue expansion
- TTM profit growth of 1,755% signals a sharp inflection in profitability, with the company moving decisively into earnings territory
- 5-year compounded profit CAGR of 22.4% shows the company has been on a consistent earnings improvement trajectory over a longer horizon
- Debt-to-equity ratio of just 0.13 reflects a nearly debt-free balance sheet, reducing financial risk and interest burden
- The stock has rallied from a 52-week low of ₹98.55 to ₹292.3, a gain of approximately 197%, reflecting strong market confidence in the business trajectory
- Last year ROE improved to 11%, up from a 3-year average of 7%, suggesting the company is becoming more efficient at converting equity into profits
- P/E of 77.95x is significantly elevated, pricing in substantial future growth and leaving little margin of safety if execution falters
- P/B ratio of 9.81x means investors are paying nearly 10 times book value, which is expensive for a services company with an ROE of just 6.4%
- ROE of 6.4% and 3-year average ROE of approximately 7% are below the cost of equity for most investors, indicating the company is not yet generating adequate returns on capital
- 5-year ROE average of -11% reveals the company has a history of losses, and the current profitability trend is relatively recent and unproven over full business cycles
- Promoter holding is low at 16.5%, which raises governance concerns and increases vulnerability to hostile actions or misaligned incentive structures
- Zero dividend yield despite reporting repeated profits suggests the company is either reinvesting aggressively without proven capital allocation discipline or lacks sufficient free cash flow
- ROCE of 6.72% is modest, indicating the overall capital employed in the business is generating returns barely above risk-free rates
- The stock trades just 3.3% below its 52-week high of ₹302.35, leaving limited near-term upside buffer while downside from the 52-week low of ₹98.55 highlights potential volatility
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Major investor cuts stake Oct 5
NewQuest Asia Fund IV sold 1.50 crore shares, reducing its holding from 9.26% to 6.69% after crossing the 2% disposal threshold. Large PE exits can signal waning institutional confidence and create near-term supply pressure.
- New logistics subsidiary approved Oct 16
Board approved incorporation of a wholly owned logistics subsidiary, signaling expansion of operational capabilities and potential new revenue streams.
- ESOP allotment boosts capital Oct 16
Board allotted 49,098 ESOP shares, raising paid-up capital to ₹586.99 crore, indicating employee retention focus and modest capital strengthening.
TL;DR: Shadowfax is taking steps to expand its logistics footprint with a new subsidiary while reinforcing employee alignment through ESOPs. The key risk is NewQuest's significant stake reduction, which introduces selling pressure and raises questions about institutional sentiment. With limited news flow, the picture is mixed but operationally constructive. Investors should watch whether further PE exits follow or if the subsidiary launch drives meaningful growth.
Quarterly Results
| Particulars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 701 | 694 | 796 | 950 | 1,128 | 1,206 | 1,324 |
| Expenses | 680 | 683 | 770 | 915 | 1,063 | 1,127 | 1,234 |
| Operating Profit | 21 | 11 | 26 | 35 | 65 | 79 | 90 |
| OPM % | 3% | 1.6% | 3.3% | 3.7% | 6% | 7% | 7% |
| Other Income | 6 | 7 | 8 | 6 | 6 | 16 | 21 |
| Interest | 3 | 5 | 3 | 3 | 5 | 6 | 7 |
| Depreciation | 17 | 23 | 22 | 24 | 30 | 33 | 37 |
| PBT | 6 | -10 | 9 | 14 | 37 | 55 | 66 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | 6 | -10 | 9 | 14 | 37 | 55 | 66 |
| EPS (₹) | 0.54 | -0.66 | 0.6 | 0.94 | 0.73 | 0.95 | 1.13 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 323 | 464 | 991 | 1,415 | 1,885 | 2,467 | 4,080 | 4,608 |
| Expenses | 413 | 609 | 1,143 | 1,523 | 1,866 | 2,405 | 3,866 | 4,339 |
| Operating Profit | -90 | -145 | -152 | -107 | 19 | 62 | 214 | 269 |
| OPM % | -28% | -31% | -15% | -8% | 1% | 2.5% | 5% | 6% |
| Other Income | 10 | 24 | 7 | 8 | 12 | 30 | 37 | 49 |
| Interest | 2 | 2 | 9 | 19 | 14 | 21 | 27 | 22 |
| Depreciation | 5 | 10 | 21 | 24 | 28 | 64 | 108 | 124 |
| PBT | -87 | -133 | -176 | -143 | -12 | 6 | 115 | 172 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -87 | -133 | -176 | -143 | -12 | 6 | 115 | 172 |
| EPS (₹) | -7.53 | -11.55 | -15.25 | -12.35 | -0.99 | 0.41 | 1.98 | 3.75 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 152 | 582 |
| Reserves | 405 | 296 | 152 | 171 | 172 | 248 | 1,166 |
| Borrowings | 6 | 10 | 98 | 66 | 289 | 383 | 234 |
| Other Liabilities | 58 | 132 | 201 | 206 | 324 | 426 | 806 |
| Total Liabilities | 468 | 439 | 452 | 443 | 786 | 1,209 | 2,788 |
| Fixed Assets | 20 | 50 | 60 | 83 | 118 | 262 | 520 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 290 | 169 | 58 | 60 | 312 | 374 | 405 |
| Other Assets | 158 | 219 | 334 | 300 | 356 | 573 | 1,863 |
| Total Assets | 468 | 439 | 452 | 443 | 786 | 1,209 | 2,788 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | -106 | -113 | -132 | -73 | 132 | 50 | 342 |
| Investing | -244 | 122 | 130 | -40 | -311 | -128 | -1,087 |
| Financing | 367 | 0 | 72 | 90 | 200 | 132 | 870 |
| Net Cash Flow | 17 | 9 | 69 | -23 | 20 | 53 | 126 |
| Free Cash Flow | -115 | -133 | -163 | -120 | 78 | -34 | 158 |
| CFO/EBITDA | 112 | 77 | 76 | 65 | 660 | 58 | 172 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 41 | 26 | 40 | 36 | 46 | 45 |
| Cash Conversion Cycle | 49 | 41 | 26 | 40 | 36 | 46 | 45 |
| Working Capital Days | 17 | -4 | -23 | -15 | -27 | -15 | -24 |
| ROCE % | — | -43% | -61% | -53% | 1% | 4% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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54 extracted metrics + investor summaries across FY20–FY27.
Documents
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Company Information
Incorporated in June 2016, Shadowfax Technologies Ltd is a logistics solution provider company in India.[1]
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