Logistics platform Shadowfax Technologies reported consolidated EBITDA of ₹100 crore for the quarter ended 30 September 2026, up 156% from ₹39 crore a year earlier, after its board approved the results on 29 October 2026. The EBITDA margin expanded to 6.75% from 3.97%, in a quarter that shows a maturing logistics business converting scale into profit.
Growth with margins
Revenue from operations grew to ₹1,537.70 crore from ₹982.11 crore year on year, while net profit rose to ₹67.95 crore from ₹13.02 crore. Total income for the quarter was ₹1,558.14 crore. For the half year, total income reached ₹2,937.32 crore with profit before tax of ₹133.35 crore. Basic earnings per share for the quarter was ₹1.16. The results were reviewed by the audit committee and audited by S.R. Batliboi & Associates LLP.
Why it matters
Logistics is a business where growth usually eats margin — more cities, more riders, more cost. Shadowfax growing revenue by more than half while nearly tripling its margin suggests denser routes, better utilisation and operating discipline rather than discount-led volume. That combination is what separates a logistics network from a logistics burn machine.
Why it matters for founders
For founders in operations-heavy businesses, Shadowfax’s quarter is the benchmark: grow the top line, but let the margin tell the story. Investors now reward density and utilisation, not just pin codes covered.