Shadowfax Q2 profit jumps 5.2x to Rs 68 crore
Logistics startup Shadowfax posted Rs 68 crore profit and Rs 1,538 crore revenue for Q2 FY27, up 57% from a year earlier.
Shadowfax, a listed delivery and logistics technology company, reported a profit of Rs 68 crore for the July-September quarter of 2026-27 (Q2 FY27), about 5.2 times the Rs 13 crore of a year earlier. Revenue from operations rose 56.6% to Rs 1,538 crore from Rs 982 crore. Entrackr reported the unaudited consolidated numbers on 29 October 2026. We found no second report of the Q2 results, so treat them as single-source; Inc42's coverage of the previous quarter gives the background.
What Shadowfax reported
The profit was slightly above the Rs 65 crore of the previous quarter. For the first half of the year, revenue rose 60.4% to Rs 2,896 crore and profit rose to Rs 133.35 crore from Rs 21.03 crore. Entrackr's article is inconsistent in places: it says first-half growth was "over 56%" in one line and 60.4% in another, and its revenue minus expenditure (about Rs 48 crore) does not reach the Rs 68 crore profit without other income or tax items it does not explain. Check the exchange filing for exact figures. Entrackr describes Shadowfax as a Bengaluru-based last-mile delivery company serving e-commerce platforms and businesses, with one business segment.
Where the money went
Costs grew a little slower than revenue. Total expenditure rose 53.7% to Rs 1,490.2 crore. About 87% of that, Rs 1,296 crore, sits in "other expenses", a broad bucket that Entrackr says likely includes logistics operations and delivery-partner payouts, though it gave no breakdown. Employee costs were Rs 138 crore, up more than 55% from Rs 89 crore. Finance costs more than doubled to Rs 10 crore, and depreciation and amortisation rose 65.4% to Rs 46.3 crore. Shipment volumes were not reported. A delivery business keeps a thin margin on each parcel, so a small shift in payouts moves profit sharply, like a shop with fixed rent whose sales swing.
What is driving growth
Inc42 reported that for the June quarter Shadowfax made a profit of Rs 65.4 crore on revenue of Rs 1,358.1 crore, up 65%. The CFO raised the FY27 revenue growth forecast to 38-40% from 28-30%. The company's reasons were its Prime service for heavy shipments over 15 kg, whose revenue rose 170%, work for direct-to-consumer brands, and quick-commerce deliveries, with 47 dark stores operating at the end of June. Management also pointed to consolidation among logistics providers and 716 pincodes added in 90 days. These are company statements about the earlier quarter. The Q2 report we read gives no explanation for the quarter.
What it means for readers
For founders and investors, Shadowfax is one of several Indian startups moving from losses to profit after listing, which matters when judging whether public markets reward profitable growth. Entrackr put the share price at Rs 291.35 during trading on 29 October and the market value at Rs 17,112 crore. One profitable quarter can still swing, since a small change in payouts or volumes can move it. Cash was Rs 256 crore at the end of September, down from Rs 284 crore in March, while total assets rose to Rs 3,142 crore. For merchants and brands, growth at a profitable logistics provider suggests outsourced delivery is still expanding, though these reports do not cover price competition.
What to watch next
Watch for the exchange filing and investor presentation for shipment volumes, segment detail and any change to the 38-40% revenue-growth guidance given with the June-quarter results. Also watch Q3 FY27 results, expected around the end of January 2027 if the usual pattern holds, to see whether profit stays near Rs 65 to 68 crore a quarter.
Key takeaways
- Shadowfax reported a Q2 FY27 profit of Rs 68 crore on revenue of Rs 1,538 crore, according to a single Entrackr report.
- Profit was about 5.2 times that of a year earlier and slightly above the Rs 65 crore of the previous quarter.
- Costs rose 53.7%, a little slower than the 56.6% revenue growth, and no shipment volumes were reported.
- Entrackr's report has internal inconsistencies, so the exchange filing should be checked before relying on exact figures.
Sources
- [Entrackr: Shadowfax Q2 FY27 profit balloons 5.2X to Rs 68 Cr, revenue grows 57%](https://entrackr.com/fintrackr/shadowfax-q2-fy27-profit-balloons-52x-to-rs-68-cr-revenue-grows-57-12764706)
- [Inc42: After a stellar Q1, Shadowfax elevates FY27 revenue guidance](https://inc42.com/buzz/after-a-stellar-q1-shadowfax-elevates-fy27-revenue-guidance/)
Tags: Shadowfax Quarterly results Startups Logistics tech Profitability