The Offer for Sale aggregates to ₹907.27 Cr. The company will not receive any proceeds from the Offer for Sale.
Our View
Incorporated in 2015, Shadowfax Technologies is a tech-driven, asset-light 3PL company enabling e-commerce, quick commerce and hyperlocal delivery across India.
As of H1FY26, the company operated a nationwide logistics infrastructure of 4,299 touchpoints across first-mile centres, last-mile centres and sort centres. Shadowfax is the fastest growing 3PL company of scale in India as of March 31, 2025, expanding its e-commerce shipment market share from approximately 8% in FY22 to approximately 23% in H1FY26.
Within express services, the company is a market leader in reverse pickup shipments by order volume for FY25 and the six-month period ended September 30, 2025.
Risks include intense competition, losses in past years and negative cash flows, reliance on a unified network infrastructure, client concentration, dependence on third-party franchisees for last-mile delivery, fully leased logistics facilities, and regulatory changes including India’s social security code.
Financially, revenue grew at a CAGR of 32.52% between FY23-FY25. The company turned profitable in FY25 and recorded the highest capital turnover ratio among Indian 3PL peers at 3.96x in FY25. Adjusted EBITDA margin improved from (7.18)% in FY23 to 2.86% in H1FY26, while PAT margin stood at 1.17% in H1FY26.
The IPO is priced at a P/BV of 9.21 based on its NAV of ₹13.46 as at H1FY26. On annualised FY25 earnings, the implied P/E is ~160x versus industry average of ~123x, indicating aggressive pricing.
The business remains in a high-leverage growth phase with improving financial health but profitability remains sensitive to operational execution. Investors with high risk appetite may invest with a long-term horizon.
Frequently Asked Questions (FAQs)
When does the Shadowfax IPO open and close?
The IPO opens on January 20, 2026 and closes on January 22, 2026.
What is the price band and lot size?
The price band is ₹118-124 and the lot size is 120 shares.
What services does Shadowfax provide?
Shadowfax provides express, hyperlocal and other logistics services across India using a technology-led, asset-light model.
Is Shadowfax profitable?
The company turned profitable in FY25 and reported a PAT margin of 1.17% in H1FY26.
Who should consider investing in this IPO?
Investors with high risk appetite and long-term investment horizon may consider investing.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
Sep 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
18,198.02 |
25,146.57 |
18,964.82 |
14,228.92 |
| Total Expenditure |
17,987.65 |
25,085.97 |
19,083.64 |
15,655.30 |
| EBITDA |
643.37 |
561.86 |
113.72 |
(1,134.69) |
| Profit before Tax |
210.37 |
60.60 |
(118.82) |
(1,426.38) |
| Profit after Tax |
210.37 |
64.26 |
(118.82) |
(1,426.38) |
| E.P.S. (Diluted) |
0.40* |
0.13 |
(0.28) |
(3.38) |
| P/E (x) (Diluted) |
- |
1,017 |
- |
- |
| RONW (%) |
3.03%* |
0.97% |
(2.82) % |
(80.90)% |
PRICE CHART (@ ₹ 124) (Retail Category)
| LOT SIZE |
| Amount |
| 120 |
14,880 |
| 240 |
29,760 |
| 360 |
44,640 |
| 480 |
59,520 |
| 600 |
74,400 |
| 720 |
89,280 |
| 840 |
104,160 |
| 960 |
119,040 |
| 1,080 |
133,920 |
| 1,200 |
148,800 |
| 1,320 |
163,680 |
| 1,440 |
178,560 |
| 1,560 |
193,440 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
1,680 |
208,320 |
| Big HNI |
8,160 |
1,011,840 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
23/1/2026 |
| Initiation of refunds/unblocking ASBA Fund |
27/1/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
27/1/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
28/1/2026 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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