Shadowfax Technologies Ltd Analysis
Company_Fundamentals:
value: ₹16,575 Cr
category: Mid_Cap
meaning: "Company valuation based on total outstanding shares"
Stock_Price:
current_price: ₹282
52_week_high: ₹302
52_week_low: ₹98.6
price_position:
from_high: "Stock is ~7% below 52-week high"
from_low: "Stock is ~186% above 52-week low"
Valuation:
PE_Ratio:
value: 96.2
interpretation:
- "Very high valuation"
- "Market expects strong future growth"
- "Earnings growth must justify premium price"
Price_to_Book:
value: 9.4
calculation: "₹282 / ₹30 Book Value"
interpretation:
- "Stock trades at a large premium to its book value"
Business_Quality:
Book_Value:
value: ₹30
meaning: "Net asset value per share"
ROE:
value: 10.7%
interpretation:
- "Moderate return generated on shareholder capital"
- "Below excellent businesses (15%+ generally preferred)"
ROCE:
value: 10.3%
interpretation:
- "Moderate efficiency in using total capital"
- "Improvement needed for stronger compounding"
Shareholder_Return:
Dividend_Yield:
value: 0%
interpretation:
- "Company is not paying dividends"
- "Likely reinvesting profits for growth"
Face_Value:
value: ₹10
meaning: "Original nominal value of one share"
Investment_View:
Strengths:
- "Large market capitalization"
- "Near 52-week high indicates strong market interest"
- "Growth expectations are high"
Risks:
- "P/E ratio of 96.2 is expensive"
- "ROE and ROCE are only moderate compared with valuation"
- "High expectations can cause downside if growth slows"
Investor_Checklist:
Earnings_Growth: "Check last 5-year profit CAGR"
Sales_Growth: "Check revenue growth consistency"
Debt: "Check Debt-to-Equity ratio"
Management: "Check promoter holding and pledging"
Valuation: "Compare P/E with industry peers"
Overall_Category:
Valuation: "Expensive"
Profitability: "Average"
Growth_Expectation: "High"
Risk_Level: "Medium to High"
Company_Profile:
Company_Name: "Shadowfax Technologies Ltd"
Incorporated: "June 2016"
Industry: "Logistics & Supply Chain"
Business_Type: "Technology-enabled logistics solution provider"
Geography: "India"
Business_Model:
Core_Business:
- "Provides logistics solutions using technology platforms"
- "Connects businesses with delivery partners"
- "Supports e-commerce, quick commerce, food, grocery and retail deliveries"
Services:
Last_Mile_Delivery:
description: "Delivery of products from warehouses/stores to customers"
Hyperlocal_Logistics:
description: "Short-distance city-based delivery solutions"
Supply_Chain_Solutions:
description: "Technology-driven movement and management of goods"
Delivery_Network:
description: "Uses a large network of delivery partners across India"
Industry_Position:
Sector: "Logistics Technology"
Market_Category: "New-age digital logistics company"
Growth_Drivers:
- "Growth of e-commerce"
- "Expansion of quick commerce"
- "Online grocery adoption"
- "Increasing demand for same-day delivery"
Competitive_Advantages:
Technology:
- "Digital logistics platform"
- "Data-driven delivery optimization"
Network:
- "Large delivery partner ecosystem"
- "Wide geographic coverage"
Scalability:
- "Asset-light delivery model"
- "Can expand services without owning all logistics assets"
Business_Risks:
Competition:
- "High competition from established logistics companies"
- "Pressure on delivery pricing"
Profitability:
- "Logistics business has thin margins"
- "Fuel, labour and operational costs impact profits"
Dependence:
- "Depends on e-commerce and online consumption growth"
Regulation:
- "Changes in labour and transportation regulations"
Investment_Analysis:
Growth_Factors:
- "India's expanding digital commerce ecosystem"
- "Demand for faster deliveries"
- "Technology adoption in logistics"
Key_Metrics_To_Check:
Revenue_Growth:
importance: "Measures business expansion"
EBITDA_Margin:
importance: "Shows operational profitability"
Cash_Flow:
importance: "Checks financial sustainability"
Customer_Base:
importance: "Shows business strength"
Delivery_Volumes:
importance: "Measures scale"
Overall_View:
Business_Type: "High-growth technology-enabled logistics company"
Growth_Potential: "High"
Profitability_Profile: "Needs monitoring"
Risk_Level: "Medium to High"
Company:
Name: Shadowfax Technologies Ltd
Industry: Third-Party Logistics (3PL)
Business_Model: Technology-led logistics platform
Market_Position:
Express_3PL_Market_Share:
FY22: "~8%"
Q4FY26: "~27-29%"
Leadership:
- Largest 3PL provider by quick-commerce volumes
- Largest 3PL provider by reverse pickup volumes
- Largest 3PL provider by same-day delivery volumes
Business_Segments:
Express_Logistics:
Revenue_Contribution_FY26: "72.4%"
Description:
- Forward express parcel delivery
- Reverse pickup
- Hand-in-hand exchange
- Prime same-day intra-city delivery
- Prime next-day inter-city delivery
- Prime Large for heavy and volumetric shipments
Network:
Prime_Large_Coverage: "6,000+ pin codes"
Hyperlocal_Logistics:
Revenue_Contribution_FY26: "18.8%"
Description:
- Quick-commerce delivery
- Food delivery
- On-demand delivery
- Mobility solutions
FY26_Orders:
- "14.3 crore orders"
New_Client:
- Amazon Now
Other_Logistics_Services:
Revenue_Contribution_FY26: "8.8%"
Includes:
- Dark-store operations
- CriticaLog
- Customised logistics solutions
- Unbundled logistics services
CriticaLog:
Focus:
- Time-sensitive shipments
- High-value shipments
Services:
- Freight
- Air logistics
- Road logistics
- Forwarding
- Customs
Customers:
- Jewellery
- Luxury apparel
- Electronics
Operating_Model:
Infrastructure:
Self_Operated:
- Sort centres
- Last-mile hubs
- Dark stores
Asset_Light_Model:
Owns:
- Technology platform
- Network infrastructure
Does_Not_Own:
- Delivery trucks
Variable_Costs:
Partner_Cost:
FY26_Revenue: "52.6%"
Transportation_Cost:
FY26_Revenue: "18.4%"
Network_Strength:
FY26_Network:
Pin_Codes_Covered: "15,656"
Touchpoints: "4,778"
Operating_Space: "47 lakh+ sq ft"
Daily_Trucks: "3,500+"
Active_Delivery_Partners: "2.6 lakh+"
Technology_Platform:
AI_And_Data:
Products:
SF_Maps:
Purpose:
- AI-based address intelligence
- Geo-coding
Frodo:
Purpose:
- Delivery partner onboarding
- Allocation
- Payments
- Performance tracking
SF_Shield:
Purpose:
- Fraud prevention
- Security
SF_Eye:
Purpose:
- Shipment verification
AI_Applications:
- Route optimisation
- Rider acquisition
- Network simulation
- Automated operations
Technology_Investment:
FY26_Capex_For_Technology:
Percentage: "12%"
New_Initiatives:
Shadowfax_360:
Target:
- D2C brands
- SMEs
Features:
- Self-service logistics platform
- Flat-rate billing
- Zero minimum orders
- Automated onboarding
OneNCR:
Infrastructure:
Area: "2.1 lakh+ sq ft"
Daily_Order_Capacity: "10 lakh orders"
Throughput: "48,000 packages/hour"
Prime_Large:
Purpose:
- Heavy shipment logistics
- Volumetric shipment delivery
Capital_Allocation:
FY26_Capex:
Total: "₹185 Cr"
Allocation:
Network_And_Automation: "69%"
Geographic_Expansion: "14%"
Technology_Development: "12%"
Administrative_Assets: "5%"
Customers:
Customer_Categories:
- E-commerce marketplaces
- Quick-commerce platforms
- Food platforms
- Mobility platforms
- Online retailers
- D2C brands
- SMEs
Client_Adoption:
Forward_Logistics: 5
Reverse_Logistics: 5
Prime: 5
Quick_Commerce: 6
Food_Hyperlocal: 5
Critical_Logistics: 3
Insourced_Unbundled_Services: 3
Mobility: 1
Dark_Store: 1
Customer_Concentration:
Top_2_Customers:
Revenue:
FY26: "₹2,709 Cr"
Contribution:
Each: "10%+ of group revenue"
Geography:
Revenue:
Source: "India only"
Employees:
FY26:
Permanent: "5,427"
Contractual: "19,069"
Investment_Thesis:
Growth_Drivers:
- Rapid growth of e-commerce
- Expansion of quick commerce
- Same-day delivery demand
- D2C brand growth
- AI-driven logistics optimisation
- Asset-light scalable model
- Increasing 3PL outsourcing
Competitive_Strengths:
- Large delivery partner network
- Wide pin-code coverage
- Technology-based operations
- Strong quick-commerce position
- Multi-segment logistics capability
Key_Risks:
- High customer concentration
- Low-margin logistics industry
- Dependence on delivery partners
- High competition from:
- Delhivery
- Ecom Express
- XpressBees
- Traditional logistics companies
- Rising labour and transportation costs
Business_Category:
Type: "Digital logistics infrastructure company"
Positioning:
"Technology + Network + Delivery Execution Platform"
Shadow stock only for longterm
Company_Analysis:
Positive_Factors:
Debt_Profile:
Category: "Financial Health"
Observation:
- "Company has reduced debt"
Investor_Impact:
Positive:
- Lower interest burden
- Improved balance sheet strength
- Reduced financial risk
Profit_Growth:
Category: "Earnings Growth"
Observation:
- "Profit has grown at 22.4% CAGR over the last 5 years"
Investor_Impact:
Positive:
- Indicates improving business performance
- Shows earnings compounding ability
- Supports long-term value creation
Negative_Factors:
Valuation:
Metric:
Price_to_Book_Value: "9.44x"
Category: "Expensive Valuation"
Observation:
- "Stock is trading at a high premium compared to book value"
Risk:
- Future returns depend on strong earnings growth
- Valuation correction possible if growth slows
Dividend_Policy:
Observation:
- "Company is profitable but does not pay dividends"
Category:
"Capital Allocation"
Possible_Reasons:
- Retaining profits for expansion
- Reinvestment into business growth
Investor_Risk:
- No regular income for dividend investors
Promoter_Holding:
Metric:
Promoter_Ownership: "16.5%"
Category:
"Ownership Structure"
Observation:
- "Low promoter holding"
Risks:
- Lower promoter control
- Possible concern about promoter confidence
- Higher institutional influence
Tax_Rate:
Observation:
- "Tax rate appears low"
Category:
"Earnings Quality"
Risk:
- Lower tax benefits may not continue
- Future effective tax rate increase can impact profits
Return_On_Equity:
Metric:
ROE_3_Years: "7.15%"
Category:
"Capital Efficiency"
Observation:
- "Company generates low returns on shareholder capital"
Investor_Impact:
Negative:
- Weak capital utilisation
- May indicate limited profitability compared to valuation
Improvement_Needed:
- Higher margins
- Better asset utilisation
- Improved earnings growth
Investment_View:
Strengths:
- Debt reduction
- Strong historical profit growth
- Improving financial position
Concerns:
- High valuation (P/B 9.44x)
- Low ROE (7.15%)
- No dividend payout
- Low promoter holding
- Tax sustainability concern
Key_Metrics_To_Monitor:
- ROE improvement
- ROCE improvement
- Debt level
- Free cash flow
- Promoter holding changes
- Profit growth sustainability
Company:
Name: Shadowfax Technologies Ltd
Industry: Logistics Solution Provider
Sector: Transport Services
Peer_Comparison:
Listed_Peers:
Container_Corporation_of_India:
Market_Cap: "₹33,720.65 Cr"
PE: "27.14"
ROCE: "12.64%"
Dividend_Yield: "1.90%"
Observation:
- Established logistics infrastructure company
- Lower valuation compared with Shadowfax
Delhivery:
Market_Cap: "₹29,870.62 Cr"
PE: "250.42"
ROCE: "1.01%"
Quarterly_Sales_Growth: "27.76%"
Observation:
- High valuation
- Weak current profitability
- Similar technology-driven logistics model
Shadowfax_Technologies:
CMP: "₹282.95"
Market_Cap: "₹16,607.58 Cr"
PE: "96.44"
ROCE: "10.30%"
Quarterly_Net_Profit: "₹66.20 Cr"
Quarterly_Profit_Growth: "624.29%"
Quarterly_Sales: "₹1,323.85 Cr"
Quarterly_Sales_Growth: "66.33%"
Free_Cash_Flow: "₹158.03 Cr"
Position:
- Highest quarterly growth among peers
- Premium valuation compared with traditional logistics companies
- Improving profitability trend
Blue_Dart_Express:
Market_Cap: "₹10,441.06 Cr"
PE: "32.21"
ROCE: "15.77%"
Dividend_Yield: "0.57%"
Observation:
- Strong profitability
- Premium delivery brand
Transport_Corporation_of_India:
Market_Cap: "₹6,594.04 Cr"
PE: "14.44"
ROCE: "19.45%"
Dividend_Yield: "1.17%"
Observation:
- Lower valuation
- Higher return on capital
TVS_Supply_Chain_Solutions:
Market_Cap: "₹5,363.03 Cr"
PE: "75.67"
ROCE: "10.06%"
Observation:
- Technology-enabled supply chain company
- Similar premium valuation theme
VRL_Logistics:
Market_Cap: "₹4,990.94 Cr"
PE: "18.69"
ROCE: "18.27%"
Dividend_Yield: "1.75%"
Observation:
- Traditional logistics player
- Better valuation metrics
Valuation_Analysis:
Shadowfax:
PE: "96.44x"
Industry_Median_PE: "25.93x"
Interpretation:
- Trading at significant premium
- Market expects strong future growth
- Requires sustained earnings expansion
ROCE_Comparison:
Shadowfax: "10.30%"
Industry_Median: "12.64%"
Interpretation:
- Capital efficiency is improving
- Still below established logistics companies
Quarterly_Performance:
Revenue_Growth:
Sales:
Dec_2024: "₹701 Cr"
Mar_2025: "₹694 Cr"
Jun_2025: "₹796 Cr"
Sep_2025: "₹950 Cr"
Dec_2025: "₹1,128 Cr"
Mar_2026: "₹1,206 Cr"
Jun_2026: "₹1,324 Cr"
Trend:
- Continuous quarterly revenue expansion
- Strong demand growth
Growth_Driver:
- E-commerce expansion
- Quick-commerce growth
- Increased logistics outsourcing
Profitability_Trend:
Operating_Profit:
Dec_2024: "₹21 Cr"
Mar_2025: "₹11 Cr"
Jun_2025: "₹26 Cr"
Sep_2025: "₹35 Cr"
Dec_2025: "₹65 Cr"
Mar_2026: "₹79 Cr"
Jun_2026: "₹90 Cr"
Operating_Margin:
Dec_2024: "3.0%"
Mar_2025: "1.6%"
Jun_2025: "3.3%"
Sep_2025: "3.7%"
Dec_2025: "6%"
Mar_2026: "7%"
Jun_2026: "7%"
Interpretation:
Positive:
- Margin expansion
- Operating leverage improving
Watch:
- Logistics remains low-margin business
Net_Profit_Trend:
Quarterly_Net_Profit:
Dec_2024: "₹6 Cr"
Mar_2025: "-₹10 Cr"
Jun_2025: "₹9 Cr"
Sep_2025: "₹14 Cr"
Dec_2025: "₹37 Cr"
Mar_2026: "₹55 Cr"
Jun_2026: "₹66 Cr"
Trend:
- Turnaround from losses
- Strong earnings momentum
Cash_Flow:
Free_Cash_Flow:
Shadowfax: "₹158.03 Cr"
Investing_Cash_Flow:
FY_Current: "-₹1,086.78 Cr"
Interpretation:
- Heavy investment phase
- Expansion and infrastructure spending
- Future returns depend on utilisation
Tax_Observation:
Reported_Tax:
Quarterly:
- "0%"
Concern:
- Effective tax rate appears unusually low
- Future tax normalisation may impact profits
Investment_Thesis:
Strengths:
- Strong revenue growth
- Rapid profit improvement
- Rising operating margins
- Large logistics network
- Technology-driven model
Weaknesses:
- High PE valuation
- ROCE below established peers
- Low-margin business
- Heavy investment requirements
Growth_Catalysts:
- Quick commerce expansion
- AI-based logistics optimisation
- D2C market growth
- Same-day delivery demand
Risks:
- Valuation correction
- Competition from Delhivery and other logistics firms
- Customer concentration
- Margin pressure
Final_View:
Category: "High Growth Logistics Technology Company"
Investor_Profile:
Suitable_For:
- Long-term growth investors
- Investors comfortable with premium valuations
Not_Suitable_For:
- Value investors seeking low PE stocks
- Dividend-focused investors
Company:
Name: Shadowfax Technologies Ltd
Financial_Statement:
Type: Standalone Quarterly Results
Currency: "₹ Crores"
Quarterly_Performance:
Revenue_Growth:
Sales:
Dec_2024: "₹701 Cr"
Mar_2025: "₹694 Cr"
Jun_2025: "₹796 Cr"
Sep_2025: "₹950 Cr"
Dec_2025: "₹1,128 Cr"
Mar_2026: "₹1,206 Cr"
Jun_2026: "₹1,324 Cr"
Trend:
Direction: "Strong upward growth"
Key_Observation:
- Sales increased from ₹701 Cr to ₹1,324 Cr
- Revenue nearly doubled in 18 months
- Indicates strong demand expansion
Growth_Drivers:
- E-commerce logistics growth
- Quick-commerce expansion
- D2C brand adoption
- Increased delivery volumes
Operating_Performance:
Expenses:
Values:
Dec_2024: "₹680 Cr"
Mar_2025: "₹683 Cr"
Jun_2025: "₹770 Cr"
Sep_2025: "₹915 Cr"
Dec_2025: "₹1,063 Cr"
Mar_2026: "₹1,127 Cr"
Jun_2026: "₹1,234 Cr"
Observation:
- Expenses increased with business expansion
- Cost growth is slower than revenue growth in recent quarters
Operating_Profit:
Values:
Dec_2024: "₹21 Cr"
Mar_2025: "₹11 Cr"
Jun_2025: "₹26 Cr"
Sep_2025: "₹35 Cr"
Dec_2025: "₹65 Cr"
Mar_2026: "₹79 Cr"
Jun_2026: "₹90 Cr"
Trend:
Direction: "Improving profitability"
Interpretation:
Positive:
- Operating leverage improving
- Higher scale generating better margins
- Business moving towards sustainable profitability
Operating_Margin:
OPM:
Dec_2024: "3.0%"
Mar_2025: "1.6%"
Jun_2025: "3.3%"
Sep_2025: "3.7%"
Dec_2025: "6.0%"
Mar_2026: "7.0%"
Jun_2026: "7.0%"
Trend:
- Margin expanded significantly
- Indicates better cost management
Investor_Impact:
Positive:
- Higher margins improve earnings quality
- Supports premium valuation
Profit_Before_Tax:
Values:
Dec_2024: "₹6 Cr"
Mar_2025: "-₹10 Cr"
Jun_2025: "₹9 Cr"
Sep_2025: "₹14 Cr"
Dec_2025: "₹37 Cr"
Mar_2026: "₹55 Cr"
Jun_2026: "₹66 Cr"
Trend:
- Turnaround from loss to profit
- Strong sequential improvement
Net_Profit:
Values:
Dec_2024: "₹6 Cr"
Mar_2025: "-₹10 Cr"
Jun_2025: "₹9 Cr"
Sep_2025: "₹14 Cr"
Dec_2025: "₹37 Cr"
Mar_2026: "₹55 Cr"
Jun_2026: "₹66 Cr"
Growth:
Observation:
- Profit increased continuously after Mar 2025 loss
- Strong earnings momentum
Investor_View:
Positive:
- Business achieving profitability
- Operating leverage visible
Other_Financial_Items:
Other_Income:
Trend:
Dec_2024: "₹6 Cr"
Mar_2025: "₹7 Cr"
Jun_2025: "₹8 Cr"
Sep_2025: "₹6 Cr"
Dec_2025: "₹6 Cr"
Mar_2026: "₹16 Cr"
Jun_2026: "₹21 Cr"
Observation:
- Increasing contribution from non-operating income
Interest_Cost:
Values:
Dec_2024: "₹3 Cr"
Mar_2025: "₹5 Cr"
Jun_2025: "₹3 Cr"
Sep_2025: "₹3 Cr"
Dec_2025: "₹5 Cr"
Mar_2026: "₹6 Cr"
Jun_2026: "₹7 Cr"
Observation:
- Interest cost remains controlled
- Debt burden appears manageable
Depreciation:
Values:
Dec_2024: "₹17 Cr"
Mar_2025: "₹23 Cr"
Jun_2025: "₹22 Cr"
Sep_2025: "₹24 Cr"
Dec_2025: "₹30 Cr"
Mar_2026: "₹33 Cr"
Jun_2026: "₹37 Cr"
Observation:
- Increasing depreciation indicates asset/network expansion
Tax:
Reported_Tax_Rate:
All_Quarters: "0%"
Concern:
- Effective tax rate appears unusually low
- Future tax payments may impact reported profits
EPS:
Values:
Dec_2024: "₹0.54"
Mar_2025: "-₹0.66"
Jun_2025: "₹0.60"
Sep_2025: "₹0.94"
Dec_2025: "₹0.73"
Mar_2026: "₹0.95"
Jun_2026: "₹1.13"
Trend:
- EPS recovering after loss
- Earnings per share improving
Financial_Analysis:
Strengths:
- Strong revenue growth
- Expanding operating margins
- Profitable turnaround
- Improving EPS
Weaknesses:
- Low historical margins
- Zero tax reported
- High depreciation due to expansion
Key_Metrics_To_Watch:
- OPM sustainability
- Net profit growth
- Cash flow conversion
- Tax normalisation
- ROE improvement
Investment_Conclusion:
Business_Phase:
"High-growth expansion phase"
Current_Status:
"Revenue growth + profitability improvement"
Investor_Focus:
"Can Shadowfax maintain 7%+ operating margins while scaling operations?"
id: shadowfax_profit_loss_ontology
Company:
Name: Shadowfax Technologies Ltd
Financial_Type: Standalone
Currency: "₹ Crores"
Profit_Loss_Analysis:
Revenue_Performance:
Sales:
FY2020: "₹323 Cr"
FY2021: "₹464 Cr"
FY2022: "₹991 Cr"
FY2023: "₹1,415 Cr"
FY2024: "₹1,885 Cr"
FY2025: "₹2,467 Cr"
FY2026: "₹4,080 Cr"
TTM: "₹4,608 Cr"
Growth_Trend:
5_Year_CAGR: "54%"
3_Year_CAGR: "42%"
TTM_Growth: "65%"
Interpretation:
Positive:
- Strong revenue scaling
- Business expansion across logistics segments
- High demand from e-commerce and quick-commerce
Key_Driver:
- Express delivery growth
- Hyperlocal logistics
- D2C logistics
- Technology-enabled network
Operating_Performance:
Expenses:
FY2020: "₹413 Cr"
FY2021: "₹609 Cr"
FY2022: "₹1,143 Cr"
FY2023: "₹1,523 Cr"
FY2024: "₹1,866 Cr"
FY2025: "₹2,405 Cr"
FY2026: "₹3,866 Cr"
TTM: "₹4,339 Cr"
Observation:
- Expenses increased with business growth
- Cost structure remains high due to logistics operations
Operating_Profit:
Values:
FY2020: "-₹90 Cr"
FY2021: "-₹145 Cr"
FY2022: "-₹152 Cr"
FY2023: "-₹107 Cr"
FY2024: "₹19 Cr"
FY2025: "₹62 Cr"
FY2026: "₹214 Cr"
TTM: "₹269 Cr"
Trend:
Phase:
FY2020_FY2023:
Status: "Loss-making phase"
FY2024_Onwards:
Status: "Profitability turnaround"
Operating_Margin:
FY2020: "-28%"
FY2021: "-31%"
FY2022: "-15%"
FY2023: "-8%"
FY2024: "1%"
FY2025: "2.5%"
FY2026: "5%"
TTM: "6%"
Interpretation:
- Margins improving gradually
- Scale benefits visible
- Logistics business remains low-margin
Profitability:
Profit_Before_Tax:
FY2020: "-₹87 Cr"
FY2021: "-₹133 Cr"
FY2022: "-₹176 Cr"
FY2023: "-₹143 Cr"
FY2024: "-₹12 Cr"
FY2025: "₹6 Cr"
FY2026: "₹115 Cr"
TTM: "₹172 Cr"
Net_Profit:
FY2020: "-₹87 Cr"
FY2021: "-₹133 Cr"
FY2022: "-₹176 Cr"
FY2023: "-₹143 Cr"
FY2024: "-₹12 Cr"
FY2025: "₹6 Cr"
FY2026: "₹115 Cr"
TTM: "₹172 Cr"
Profit_Growth:
5_Year_CAGR: "22%"
3_Year_CAGR: "41%"
TTM_Growth: "1755%"
Interpretation:
Positive:
- Company moved from losses to profits
- Strong earnings acceleration
Risk:
- Growth percentage is high because of low base effect
Cost_Analysis:
Other_Income:
FY2020: "₹10 Cr"
FY2021: "₹24 Cr"
FY2022: "₹7 Cr"
FY2023: "₹8 Cr"
FY2024: "₹12 Cr"
FY2025: "₹30 Cr"
FY2026: "₹37 Cr"
TTM: "₹49 Cr"
Interest_Cost:
FY2020: "₹2 Cr"
FY2021: "₹2 Cr"
FY2022: "₹9 Cr"
FY2023: "₹19 Cr"
FY2024: "₹14 Cr"
FY2025: "₹21 Cr"
FY2026: "₹27 Cr"
TTM: "₹22 Cr"
Observation:
- Interest cost increased during expansion
- Currently manageable
Depreciation:
FY2020: "₹5 Cr"
FY2021: "₹10 Cr"
FY2022: "₹21 Cr"
FY2023: "₹24 Cr"
FY2024: "₹28 Cr"
FY2025: "₹64 Cr"
FY2026: "₹108 Cr"
TTM: "₹124 Cr"
Interpretation:
- Higher investment in infrastructure and technology
- Indicates expansion phase
Tax_Analysis:
Tax_Rate:
Historical: "0%"
Concern:
- Effective tax rate is unusually low
- Future tax payments may reduce reported profit
EPS:
Values:
FY2020: "-₹7.53"
FY2021: "-₹11.55"
FY2022: "-₹15.25"
FY2023: "-₹12.35"
FY2024: "-₹0.99"
FY2025: "₹0.41"
FY2026: "₹1.98"
TTM: "₹3.75"
Trend:
- EPS recovery after years of losses
- Positive earnings momentum
Dividend:
Dividend_Payout:
All_Years: "0%"
Interpretation:
- Company is retaining earnings
- Focus appears to be growth and expansion
Return_On_Equity:
ROE:
5_Year: "-11%"
3_Year: "7%"
Last_Year: "11%"
Interpretation:
Positive:
- ROE improving after turnaround
Concern:
- Still below high-quality business standards
Investment_Analysis:
Strengths:
- Very high revenue growth
- Successful turnaround from losses
- Improving operating margins
- Strong logistics market opportunity
- Profit growth acceleration
Weaknesses:
- Historically negative profitability
- Low ROE
- No dividend payout
- Low-margin industry
- High valuation risk
Growth_Phase:
Current_Stage:
"Expansion + profitability improvement"
Future_Key_Factors:
- Margin expansion
- Cash flow generation
- ROE improvement
- Sustainable profit growth
Investor_Checklist:
Monitor:
- OPM above 6-8%
- Positive free cash flow
- ROE improvement above 15%
- Debt reduction
- Tax normalisation
- Customer concentration
Overall_View:
Business_Type:
"Technology-enabled logistics growth company"
Investment_Profile:
Category:
"High growth, premium valuation company"
Main_Question:
"Can Shadowfax convert rapid revenue growth into consistently high returns on capital?"
id: shadowfax_balance_sheet_ontology
Company:
Name: Shadowfax Technologies Ltd
Financial_Type: Standalone
Currency: "₹ Crores"
Balance_Sheet_Analysis:
Total_Balance_Sheet_Size:
Total_Liabilities_And_Assets:
FY2020: "₹468 Cr"
FY2021: "₹439 Cr"
FY2022: "₹452 Cr"
FY2023: "₹443 Cr"
FY2024: "₹786 Cr"
FY2025: "₹1,209 Cr"
FY2026: "₹2,788 Cr"
Trend:
Direction: "Strong expansion"
Observation:
- Balance sheet size increased significantly after FY24
- Indicates business scaling and capital expansion
Liabilities_Analysis:
Equity_Capital:
Values:
FY2020: "₹0.23 Cr"
FY2021: "₹0.23 Cr"
FY2022: "₹0.23 Cr"
FY2023: "₹0.23 Cr"
FY2024: "₹0.24 Cr"
FY2025: "₹152 Cr"
FY2026: "₹582 Cr"
Interpretation:
- Significant increase in equity base
- Indicates fresh capital raising / corporate actions
- Strengthens balance sheet
Reserves:
Values:
FY2020: "₹405 Cr"
FY2021: "₹296 Cr"
FY2022: "₹152 Cr"
FY2023: "₹171 Cr"
FY2024: "₹172 Cr"
FY2025: "₹248 Cr"
FY2026: "₹1,166 Cr"
Trend:
- Strong improvement in reserves
- Reflects improved net worth position
Investor_Impact:
Positive:
- Higher financial strength
- Better ability to fund growth
Borrowings:
Values:
FY2020: "₹6 Cr"
FY2021: "₹10 Cr"
FY2022: "₹98 Cr"
FY2023: "₹66 Cr"
FY2024: "₹289 Cr"
FY2025: "₹383 Cr"
FY2026: "₹234 Cr"
Trend:
- Debt increased during expansion phase
- Borrowings reduced in FY26
Interpretation:
Positive:
- Debt reduction improves financial stability
Watch:
- Monitor future borrowing needs during expansion
Other_Liabilities:
Values:
FY2020: "₹58 Cr"
FY2021: "₹132 Cr"
FY2022: "₹201 Cr"
FY2023: "₹206 Cr"
FY2024: "₹324 Cr"
FY2025: "₹426 Cr"
FY2026: "₹806 Cr"
Observation:
- Increase due to larger business operations
- Working capital requirements rising with scale
Assets_Analysis:
Fixed_Assets:
Values:
FY2020: "₹20 Cr"
FY2021: "₹50 Cr"
FY2022: "₹60 Cr"
FY2023: "₹83 Cr"
FY2024: "₹118 Cr"
FY2025: "₹262 Cr"
FY2026: "₹520 Cr"
Trend:
- Continuous investment in physical infrastructure
Possible_Investment_Areas:
- Sort centres
- Warehouses
- Logistics infrastructure
- Technology assets
Capital_Work_In_Progress:
Values:
All_Years: "₹0 Cr"
Observation:
- No major unfinished fixed asset projects reported
Investments:
Values:
FY2020: "₹290 Cr"
FY2021: "₹169 Cr"
FY2022: "₹58 Cr"
FY2023: "₹60 Cr"
FY2024: "₹312 Cr"
FY2025: "₹374 Cr"
FY2026: "₹405 Cr"
Trend:
- Investments increased significantly after FY24
Interpretation:
- May include financial investments or strategic holdings
Other_Assets:
Values:
FY2020: "₹158 Cr"
FY2021: "₹219 Cr"
FY2022: "₹334 Cr"
FY2023: "₹300 Cr"
FY2024: "₹356 Cr"
FY2025: "₹573 Cr"
FY2026: "₹1,863 Cr"
Observation:
- Major increase with business expansion
Possible_Components:
- Receivables
- Operational assets
- Other current assets
Financial_Health_Analysis:
Debt_Profile:
Debt_Trend:
Before:
- Borrowings increased during growth phase
Current:
- Borrowings reduced from ₹383 Cr to ₹234 Cr
View:
"Improving debt position"
Net_Worth:
Trend:
- Equity capital and reserves increased sharply
Impact:
Positive:
- Stronger financial foundation
- Lower dependence on debt
Asset_Growth:
Observation:
- Assets expanded from ₹468 Cr to ₹2,788 Cr
Indicates:
- Rapid scaling
- Network expansion
- Infrastructure investment
Investor_Analysis:
Strengths:
- Strong balance sheet expansion
- Debt reduction in FY26
- Higher equity base
- Increased reserves
- Asset creation for growth
Concerns:
- Other assets increased sharply
- Working capital requirement may rise
- Return on assets needs monitoring
- Asset growth must translate into higher profitability
Key_Metrics_To_Monitor:
- Debt to Equity ratio
- Return on Equity (ROE)
- Return on Capital Employed (ROCE)
- Cash flow from operations
- Receivable days
- Asset utilisation
Overall_View:
Financial_Position:
"Balance sheet strengthening phase"
Business_Stage:
"Growth expansion with improving financial stability"
Investor_Question:
"Can Shadowfax generate higher returns from its expanded asset base?"
id: shadowfax_cash_flow_ontology
Company:
Name: Shadowfax Technologies Ltd
Financial_Type: Standalone
Currency: "₹ Crores"
Cash_Flow_Analysis:
Cash_From_Operating_Activity_CFO:
Values:
FY2020: "-₹106 Cr"
FY2021: "-₹113 Cr"
FY2022: "-₹132 Cr"
FY2023: "-₹73 Cr"
FY2024: "₹132 Cr"
FY2025: "₹50 Cr"
FY2026: "₹342 Cr"
Trend:
Phase_1:
Period: "FY2020-FY2023"
Status: "Negative operating cash flow"
Reason:
- Business expansion phase
- Loss-making operations
- High working capital requirement
Phase_2:
Period: "FY2024-FY2026"
Status: "Positive operating cash flow"
Interpretation:
Positive:
- Business started generating cash from operations
- Profitability improvement reflected in cash flow
- Strong FY26 operating cash generation
Investor_View:
"Cash flow quality has improved significantly"
Cash_From_Investing_Activity_CFI:
Values:
FY2020: "-₹244 Cr"
FY2021: "₹122 Cr"
FY2022: "₹130 Cr"
FY2023: "-₹40 Cr"
FY2024: "-₹311 Cr"
FY2025: "-₹128 Cr"
FY2026: "-₹1,087 Cr"
Trend:
Direction: "Heavy investment phase"
Interpretation:
Positive:
- Indicates investment in future growth
- Supports network expansion
Risk:
- Large capital deployment
- Returns on investment need monitoring
Possible_Investment_Areas:
- Logistics infrastructure
- Technology platforms
- Network expansion
- Automation
Cash_From_Financing_Activity_CFF:
Values:
FY2020: "₹367 Cr"
FY2021: "₹0 Cr"
FY2022: "₹72 Cr"
FY2023: "₹90 Cr"
FY2024: "₹200 Cr"
FY2025: "₹132 Cr"
FY2026: "₹870 Cr"
Trend:
- Strong external funding support
Interpretation:
- Company raised capital to support expansion
- Equity funding likely strengthened balance sheet
Net_Cash_Flow:
Values:
FY2020: "₹17 Cr"
FY2021: "₹9 Cr"
FY2022: "₹69 Cr"
FY2023: "-₹23 Cr"
FY2024: "₹20 Cr"
FY2025: "₹53 Cr"
FY2026: "₹126 Cr"
Trend:
- Positive net cash generation
- Improving liquidity position
Free_Cash_Flow_FCF:
Values:
FY2020: "-₹115 Cr"
FY2021: "-₹133 Cr"
FY2022: "-₹163 Cr"
FY2023: "-₹120 Cr"
FY2024: "₹78 Cr"
FY2025: "-₹34 Cr"
FY2026: "₹158 Cr"
Trend:
Early_Stage:
Status:
"Negative free cash flow"
Reason:
- Expansion investments
- Business scaling costs
Recent_Stage:
Status:
"Positive free cash flow"
Interpretation:
Positive:
- Company moving towards self-funded growth
- Cash generation improving
Watch:
- Sustainability of positive FCF
Cash_Flow_Efficiency:
CFO_to_EBITDA:
Values:
FY2020: "112%"
FY2021: "77%"
FY2022: "76%"
FY2023: "65%"
FY2024: "660%"
FY2025: "58%"
FY2026: "172%"
Interpretation:
Positive:
- Strong operating cash conversion
- FY26 indicates excellent cash generation
Caution:
- FY24 and FY26 numbers may be influenced by working capital movements
Financial_Health_Analysis:
Strengths:
- Operating cash flow turned positive
- Free cash flow became positive
- Strong FY26 cash generation
- Funding support improved balance sheet
Weaknesses:
- Large investing cash outflow
- Growth requires continuous capital investment
- Historical dependence on external funding
Growth_Stage:
Current_Phase:
"Scale-up with improving cash generation"
Business_Model:
"Investment-heavy logistics technology platform"
Investor_Checklist:
Monitor:
- Operating cash flow consistency
- Free cash flow sustainability
- Capex efficiency
- Cash conversion ratio
- Return on invested capital
Overall_View:
Cash_Flow_Status:
"Improving"
Investment_Interpretation:
Positive:
"Shadowfax has moved from cash-burning growth phase towards cash-generating operations."
Key_Risk:
"Future investments must generate higher returns to justify capital spending."
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