Shadowfax Technologies Ltd.

•

₹ 255.39-1.01%

2026-08-21

shadowfax.inBSE: 544685NSE: SHADOWFAX

Market Cap₹ 15,556 Cr.

Current Price₹ 258

High / Low₹ 267 / 99

Stock P/E139.2

Book Value₹ 31

Price to Book8.34

Dividend Yield0.00 %

ROCE4.9 %

ROE3.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company is almost debt free
Latest quarter profit grew 6732.9% YoY, showing strong momentum
Company converts assets efficiently - asset turnover of 2.4x

CONS

A large part of profit comes from other income (487.2% of PBT)
Company has a low return on equity of -61.7% over last 3 years
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of -15.5%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.73x)
Interest coverage is weak at 1.3x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

ServicesLogisticsLogistics

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	CONCOR	514.00	31.52	39147.16	1.67	268.90	0.61	2159.76	0.28	14.79	20.41
2.	DELHIVERY	448.00	358.82	33562.68	0.00	31.91	-64.96	2930.73	27.76	3.02	4.75
3.	SHADOWFAX	265.20	139.25	15555.60	0.00	654.00	6732.86	13581.20	1806.32	4.90	6.76
4.	BLACKBUCK	613.80	66.23	11180.37	0.00	42.17	25.14	204.17	42.17	-31.80	24.35
5.	TCI	914.10	15.38	7023.13	1.09	106.60	-0.56	1248.50	9.58	20.52	12.30
6.	TVSSCS	120.95	82.41	5336.60	0.00	22.48	-96.84	3335.22	28.66	11.51	6.75
7.	VRLLOG	231.45	0.00	4048.92	0.00	805.30	1509.31	8788.40	1080.70	26.47	21.23
8.	MAHLOG	406.00	104.69	4028.43	0.62	278.30	3048.09	20028.80	1132.85	10.40	5.76
9.	SINDHUTRAD	24.29	48.39	3745.35	0.00	38.74	-79.39	129.21	-21.85	12.80	45.34
10.	GATEWAY	54.17	11.08	2706.57	6.00	51.27	-17.56	549.30	-0.21	17.99	21.31
11.	TCIEXP	547.00	25.50	2102.90	1.28	20.49	5.24	313.40	9.29	13.92	10.03
12.	ALLCARGO	10.11	50.48	1514.25	0.00	140.00	241.47	5460.00	43.06	5.31	13.00

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
	701	712	824	1,160	1,237	1,358
	680	700	824	1,093	1,156	1,314
Operating Profit	—	—	—	—	—	—
OPM %	—	—	—	—	—	—
Other Income	6	7	8	6	16	21
Interest	3	5	4	6	6	8
Depreciation	17	24	22	32	35	40
	6	-10	8	35	55	65
Tax %	0.00%	3.62%	0.00%	0.00%	-1.77%	0.00%
Net Profit	0	0	8	35	56	65
	0	-0	0	1	1	0
Equity Capital	0	152	152	497	582	585
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	0	152	152	497	582	585
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Dec 2024

: 701
: 680
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 3
Depreciation: 17
: 6
Tax %: 0.00%
Net Profit: 0
: 0
Equity Capital: 0
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 0
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 712
: 700
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 5
Depreciation: 24
: -10
Tax %: 3.62%
Net Profit: 0
: -0
Equity Capital: 152
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 152
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 824
: 824
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 4
Depreciation: 22
: 8
Tax %: 0.00%
Net Profit: 8
: 0
Equity Capital: 152
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 152
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 1,160
: 1,093
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 6
Depreciation: 32
: 35
Tax %: 0.00%
Net Profit: 35
: 1
Equity Capital: 497
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 497
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,237
: 1,156
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 6
Depreciation: 35
: 55
Tax %: -1.77%
Net Profit: 56
: 1
Equity Capital: 582
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 582
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,358
: 1,314
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 8
Depreciation: 40
: 65
Tax %: 0.00%
Net Profit: 65
: 0
Equity Capital: 585
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 585
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	TTM
	1,415	1,885	2,485	4,578
	1,523	1,866	2,422	4,387
Operating Profit	-100	30	93	—
OPM %	-7	2	4	—
Other Income	8	12	30	51
Interest	19	14	21	23
Depreciation	24	28	65	129
	-143	-12	6	163
Tax %	0	0	-6	-1
Net Profit	-143	-12	6	164
EPS	-3	-495	0	—
Dividend Payout %	0	0	0	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	-12	-1	0	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	-12	-1	0	—

Mar 2023

: 1,415
: 1,523
Operating Profit: -100
OPM %: -7
Other Income: 8
Interest: 19
Depreciation: 24
: -143
Tax %: 0
Net Profit: -143
EPS: -3
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -12

Mar 2024

: 1,885
: 1,866
Operating Profit: 30
OPM %: 2
Other Income: 12
Interest: 14
Depreciation: 28
: -12
Tax %: 0
Net Profit: -12
EPS: -495
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -1

Mar 2025

: 2,485
: 2,422
Operating Profit: 93
OPM %: 4
Other Income: 30
Interest: 21
Depreciation: 65
: 6
Tax %: -6
Net Profit: 6
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

TTM

: 4,578
: 4,387
Operating Profit: —
OPM %: —
Other Income: 51
Interest: 23
Depreciation: 129
: 163
Tax %: -1
Net Profit: 164
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: -62%
Last Year:: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-
	0	0	152
	82	79	130
	35	0	0
Trade Payables	94	145	215
	232	562	761
Total Liabilities	443	786	1,258
ASSETS	-	-	-
	83	117	329
	60	312	329
	0	184	329
Cash & Bank	86	103	191
	214	70	80
Total Assets	443	786	1,258
Total Debt	61	32	6
Net Working Capital	89	275	398
Contingent Liabilities	0	0	1
Book Value per Share	3552.38	3305.92	18.57
Face Value	10.00	10.00	10.00
Total Debt	61	32	6
Net Working Capital	89	275	398
Contingent Liabilities	0	0	1
Book Value per Share	3552.38	3305.92	18.57
Face Value	10.00	10.00	10.00

Mar 2023

: 0
: 82
: 35
Trade Payables: 94
: 232
Total Liabilities: 443
: 83
: 60
: 0
Cash & Bank: 86
: 214
Total Assets: 443
Total Debt: 61
Net Working Capital: 89
Contingent Liabilities: 0
Book Value per Share: 3552.38
Face Value: 10.00
Total Debt: 61
Net Working Capital: 89
Contingent Liabilities: 0
Book Value per Share: 3552.38
Face Value: 10.00

Mar 2024

: 0
: 79
: 0
Trade Payables: 145
: 562
Total Liabilities: 786
: 117
: 312
: 184
Cash & Bank: 103
: 70
Total Assets: 786
Total Debt: 32
Net Working Capital: 275
Contingent Liabilities: 0
Book Value per Share: 3305.92
Face Value: 10.00
Total Debt: 32
Net Working Capital: 275
Contingent Liabilities: 0
Book Value per Share: 3305.92
Face Value: 10.00

Mar 2025

: 152
: 130
: 0
Trade Payables: 215
: 761
Total Liabilities: 1,258
: 329
: 329
: 329
Cash & Bank: 191
: 80
Total Assets: 1,258
Total Debt: 6
Net Working Capital: 398
Contingent Liabilities: 1
Book Value per Share: 18.57
Face Value: 10.00
Total Debt: 6
Net Working Capital: 398
Contingent Liabilities: 1
Book Value per Share: 18.57
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
	-73	132	50
Cash from Investing	-40	-311	-119
Cash from Financing	90	200	130
	-23	20	61
Free Cash Flow	-73	72	-235
OCF / Net Profit	0.51	-11.07	7.76
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	0.51	-11.07	7.76
Cumulative 5-Year FCF	0	0	0

Mar 2023

: -73
Cash from Investing: -40
Cash from Financing: 90
: -23
Free Cash Flow: -73
OCF / Net Profit: 0.51
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.51
Cumulative 5-Year FCF: 0

Mar 2024

: 132
Cash from Investing: -311
Cash from Financing: 200
: 20
Free Cash Flow: 72
OCF / Net Profit: -11.07
Cumulative 5-Year FCF: 0
OCF / Net Profit: -11.07
Cumulative 5-Year FCF: 0

Mar 2025

: 50
Cash from Investing: -119
Cash from Financing: 130
: 61
Free Cash Flow: -235
OCF / Net Profit: 7.76
Cumulative 5-Year FCF: 0
OCF / Net Profit: 7.76
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-
EPS (₹)	-6174.81	-495.08	0.42
Book Value (₹)	3552.38	3305.92	18.57
Dividend per Share (₹)	0.00	0.00	0.00
Cash EPS (₹)	-10.25	1.32	4.72
PROFITABILITY	-	-	-
Operating Margin %	-7.04%	0.99%	2.54%
Net Margin %	-10.08%	-0.63%	0.26%
ROE %	-173.82%	-14.72%	3.56%
ROCE %	-52.15%	0.75%	4.90%
	-32.22%	-1.93%	0.63%
EFFICIENCY	-	-	-
Debtor Days	41	33	38
Inventory Days	0	0	0
Payable Days	0	0	0
	41	33	38
FINANCIAL HEALTH	-	-	-
Debt to Equity (x)	0.70x	0.10x	0.01x
Interest Coverage (x)	-6.50x	0.18x	1.28x
	1.39x	1.80x	1.81x
GROWTH	-	-	-
Revenue Growth %	0.00%	33.19%	31.85%
Operating Profit Growth %	0.00%	130.47%	205.39%
Net Profit Growth %	0.00%	91.67%	154.08%
	0.00%	91.98%	100.09%
VALUATION	-	-	-
P/E (x)	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%
	0.00x	5.86x	2.45x

Mar 2023

EPS (₹): -6174.81
Book Value (₹): 3552.38
Dividend per Share (₹): 0.00
Cash EPS (₹): -10.25
Operating Margin %: -7.04%
Net Margin %: -10.08%
ROE %: -173.82%
ROCE %: -52.15%
: -32.22%
Debtor Days: 41
Inventory Days: 0
Payable Days: 0
: 41
Debt to Equity (x): 0.70x
Interest Coverage (x): -6.50x
: 1.39x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): -495.08
Book Value (₹): 3305.92
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.32
Operating Margin %: 0.99%
Net Margin %: -0.63%
ROE %: -14.72%
ROCE %: 0.75%
: -1.93%
Debtor Days: 33
Inventory Days: 0
Payable Days: 0
: 33
Debt to Equity (x): 0.10x
Interest Coverage (x): 0.18x
: 1.80x
Revenue Growth %: 33.19%
Operating Profit Growth %: 130.47%
Net Profit Growth %: 91.67%
: 91.98%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 5.86x

Mar 2025

EPS (₹): 0.42
Book Value (₹): 18.57
Dividend per Share (₹): 0.00
Cash EPS (₹): 4.72
Operating Margin %: 2.54%
Net Margin %: 0.26%
ROE %: 3.56%
ROCE %: 4.90%
: 0.63%
Debtor Days: 38
Inventory Days: 0
Payable Days: 0
: 38
Debt to Equity (x): 0.01x
Interest Coverage (x): 1.28x
: 1.81x
Revenue Growth %: 31.85%
Operating Profit Growth %: 205.39%
Net Profit Growth %: 154.08%
: 100.09%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 2.45x

Shareholding Pattern

Numbers in percentages

TRADES

	Jan 2026	Mar 2026	Jun 2026
	16.71	16.59	16.51
	9.22	7.65	8.78
	16.38	20.64	19.10
Government	0.00	0.00	0.00
	57.69	55.12	55.61

Jan 2026

: 16.71
: 9.22
: 16.38
Government: 0.00
: 57.69

Mar 2026

: 16.59
: 7.65
: 20.64
Government: 0.00
: 55.12

Jun 2026

: 16.51
: 8.78
: 19.10
Government: 0.00
: 55.61

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-12 - Shadowfax Technologies Limited has informed the Exchange about Schedule of Investors Conference / Analyst Meet
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-12 - Shadowfax Technologies Limited has informed the Exchange about Schedule of Investors Conference / Analyst Meet

Annual Reports

Nothing filed yet.

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
Jul 2026
TranscriptPPTREC
May 2026
Transcript PPTREC