SHADOWFAX

: From Startup to Profitable Logistics Leader — Is This India's Next Logistics Powerhouse? 📦🚀

From Startup to Profitable Logistics Leader — Is This India's Next Logistics Powerhouse? 📦🚀 By Neha Gupta | SEBI Registered Research Analyst Shadowfax delivered a landmark FY25, transforming from a high-growth startup into a profitable, technology-driven logistics platform. The company is rapidly strengthening its position in India's fast-growing e-commerce and quick-commerce ecosystem. 📊 FY25 Highlights • 436.36 million orders delivered (+24.56% YoY) • E-commerce shipment market share increased to 23% (from ~8% in FY22) • Adjusted EBITDA: ₹48.67 Cr • Consolidated PAT: ₹6.43 Cr (turned profitable) The turnaround reflects disciplined cost management, operational efficiency and scale benefits. 🚀 Growth Drivers ✅ India's e-commerce expected to grow at 14–16% CAGR through 2030 ✅ Rising demand for Quick Commerce & Same-Day Delivery ✅ AI & Machine Learning driving route optimisation and forecasting ✅ Increasing adoption of Electric Vehicles (EVs) 🎯 Business Strategy Shadowfax is building a technology-first logistics platform through: • Crowdsourced last-mile delivery network • AI-powered logistics platform • Asset-light operating model • Expansion into hyperlocal and quick commerce logistics 📈 Execution Highlights ✔ Achieved profitability after years of investment ✔ Market leader in reverse logistics ✔ Strong growth in 3PL quick-commerce deliveries ✔ Expanding nationwide delivery network ✔ Industry-leading Capital Turnover Ratio of 3.96x 🏛 Governance Snapshot ✔ Unqualified (Clean) Audit Opinion ✔ Transitioned into a Public Limited Company • Continuous technology investment requirements 💡 Investment View Shadowfax has entered a new phase of profitable growth backed by technology, operational efficiency and India's expanding digital commerce ecosystem. For educational purposes only. This is not investment advice. Please conduct your own research before making investment decisions.