Shadowfax Posts Rs 68 Crore Q2 Profit as Revenue Growth Slows to 57 Percent

Shadowfax reported a net profit of Rs 68 crore for the July to September quarter, up 4 percent from Rs 65.4 crore in the June quarter, on revenue of Rs 1,537.7 crore that grew 57 percent year on year, according to MediaNama.

The June quarter grew 65 percent, per Inc42, so growth slowed by eight percentage points in a quarter. Profit as a share of revenue also fell, to about 4.4 percent from about 4.8 percent, by The Terminal's arithmetic on the reported figures.

The Q2 FY27 numbers against a year ago

Revenue from operations was Rs 1,537.7 crore, against Rs 982.1 crore a year earlier and Rs 1,358.1 crore in the June quarter, a rise of 13 percent over the quarter. Other income of Rs 20.4 crore took total income to Rs 1,558.1 crore. Total expenses were Rs 1,490.2 crore, up 54 percent, driven by other expenses and employee benefits.

Net profit was more than five times the Rs 13 crore of the same quarter a year earlier. Shadowfax listed on the stock exchanges in January 2026 after an IPO that raised Rs 1,910 crore, so this is a company reporting as a public issuer, and its quarterly figures are the figures investors price.

Express parcels still carry the business

Segment	Q2 FY27 revenue	Share of revenue
Express parcel	Rs 1,096 crore	about 71%
Hyperlocal commerce	Rs 341 crore	about 22%
Other logistics	Rs 100 crore	about 7%

Hyperlocal commerce grew 88 percent year on year, and other logistics grew 7 percent. The source does not give a year-on-year figure for express parcels.

Orders totalled 27.1 crore: 21.7 crore express and 5.4 crore hyperlocal. Dividing segment revenue by orders gives roughly Rs 50 per express order and Rs 63 per hyperlocal order, a derived figure that assumes revenue and order counts cover the same scope.

1. Q2 FY26 (year ago)982.1 Rs crore
2. Q1 FY271358.1 Rs crore
3. Q2 FY271537.7 Rs crore

Source: MediaNama, Q2 FY27 report; Inc42, Q1 FY27 report, accessed 2026-10-31

What management guided after Q1

On the Q1 call, chief financial officer Praveen Kumar raised full-year FY27 revenue growth guidance to 38 percent to 40 percent from 28 percent to 30 percent, per Inc42. Kumar also said the margin trajectory "remains unchanged." Cofounder and chief executive Abhishek Bansal attributed the outlook to hyperlocal and e-commerce tailwinds, including quick commerce accounts such as Amazon Now.

Two quarters of 65 percent and 57 percent growth sit well above a 38 percent to 40 percent full-year guide. Landing inside that guide would require the rest of the year to grow more slowly than the first half, though neither source gives the FY26 base needed to size the slowdown.

Inc42 also reported 47 of a planned 100 quick commerce dark stores operational at June 30, with 20 more due shortly. MediaNama's Q2 report does not update that count, and the company quote it carries, "Shadowfax is growing faster than the blended quick commerce industry," is attributed to no named person.

On the sources available, the half-year revenue is Rs 2,895.8 crore, the sum of the two reported quarters. The October to December quarter, which will show whether growth keeps falling or holds near 57 percent, is the next result that tests the guidance.

For another Indian logistics result this season, see Delhivery's Q2 FY27 profit, and for a comparable earnings report see PB Fintech's Q2 FY27 profit.