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SHADOWFAX IPO

Shadowfax Technologies Limited
IPO Doc
Start Date20-01-2026
Application Timing10am-5pm
Price Range₹118 - ₹124
Min Qty120
Min. Investment₹14160
Listing Date28-01-2026
Close Date22-01-2026

About Shadowfax Technologies Limited

Shadowfax Technologies Ltd., incorporated in June 2016, is one of India’s leading integrated logistics and last-mile delivery solution providers. The company primarily caters to e-commerce, D2C brands, quick commerce, hyperlocal delivery, and on-demand courier services. Shadowfax operates a nationwide, asset-light logistics network covering 14,758 pin codes through 4,299 touchpoints, including first-mile, last-mile, and sortation centres. Its operations are supported by over 3.50 million sq. ft. of leased operational space and a dedicated daily fleet of more than 3,000 trucks.

The company leverages proprietary technology platforms and a large gig-based delivery partner ecosystem to offer scalable, flexible, and fast delivery solutions. As of September 30, 2025, Shadowfax served leading clients such as Meesho, Flipkart, Myntra, Swiggy, BigBasket, Blinkit, Zepto, Nykaa, Zomato, ONDC, and several others across e-commerce, food delivery, and hyperlocal segments.

Why To Invest in Shadowfax Technologies Limited

Strong Presence in High-Growth Logistics Segments : The company is well positioned across e-commerce, quick commerce, food delivery, and hyperlocal logistics, which continue to show long-term growth potential in India.

Large and Scalable Network Infrastructure : With thousands of touchpoints and a wide pin-code reach, Shadowfax has built a strong backbone for efficient nationwide deliveries.

Asset-Light Business Model : Leasing facilities and linehaul while owning automation helps reduce capital intensity and improves scalability.

Improving Financial Performance : The company has turned profitable, reporting a PAT of Rs. 21.04 Cr for the period ended September 30, 2025, compared to losses in earlier years.

Diverse and Reputed Client Base : Partnerships with top e-commerce and quick commerce platforms reduce dependency on any single customer.

Experienced Management Team : The company is led by experienced founders and professionals with deep industry expertise.

Financial Table
Period Ended30 Sep 202531 Mar 202531 Mar 202431 Mar 2023
Assets1,453.161,259.26786.14786.14
Total Income1,819.802,514.661,896.481,422.89
Profit After Tax21.046.06-11.88-142.64
EBITDA64.3456.1911.37-113.47
NET Worth693.53660.43421.78176.32
Reserves and Surplus281.26248.16172.47171.20
Total Borrowing147.44132.2340.3366.69
Strengths And Risks
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Extensive Last-Mile Delivery Network: Shadowfax Technologies operates one of the largest gig-based last-mile delivery partner networks in India. This wide and flexible delivery ecosystem enables the company to efficiently serve multiple logistics segments, including e-commerce, quick commerce, food delivery, and hyperlocal services.
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Technology-Driven and Customisable Operations: The company has developed a proprietary technology platform that supports real-time tracking, route optimisation, and scalable logistics solutions. This technology-first approach allows Shadowfax to offer agile and customised services, helping clients achieve faster go-to-market execution.
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Improving Financial Performance: Shadowfax has demonstrated steady improvement in its financials, with positive EBITDA growth and a return to profitability. The focus on cost efficiency and operational leverage has resulted in improving margins, reflecting a maturing and more disciplined business model.
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Diversified Client Base: The company serves a wide range of well-known clients across e-commerce, D2C brands, quick commerce, and hyperlocal platforms. This diversified revenue base reduces dependence on any single customer or segment.
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Profitability-Oriented Growth Strategy: Unlike aggressive expansion-led models, Shadowfax follows a balanced approach focused on sustainable growth while maintaining profitability, which may support long-term value creation.
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High Valuation Concerns: The IPO is priced at relatively high valuation levels, with elevated post-issue earnings multiples. Any slowdown in earnings growth could impact investor returns.
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Competitive Industry Landscape: The Indian logistics sector is highly competitive, with both established players and new-age startups continuously investing in scale, technology, and pricing strategies, which could pressure margins.
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Dependence on E-commerce and Quick Commerce Growth: A significant portion of revenue is linked to the performance of the e-commerce and quick commerce sectors. Any downturn or regulatory challenges in these segments may affect business growth.
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Margin Sensitivity to Cost Factors: Operating margins remain thin and are sensitive to fluctuations in fuel prices, delivery partner costs, and operational expenses, which may impact profitability.
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Lower Promoter Shareholding: Post-IPO promoter holding is relatively low, which may raise concerns for some long-term investors regarding promoter alignment and control.
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