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Crowdsourced last-mile delivery platform moving e-commerce, food and grocery parcels across India.
Crowdsourced last-mile delivery platform moving e-commerce, food and grocery parcels across India.
Is paid per parcel delivered by e-commerce platforms, food apps and brands, while the riders are mostly independent partners, so volumes and delivery density rather than headcount drive cost. A few large platforms are big customers, so contract terms with them matter.
In one line: India's DoorDash-for-parcels.
Moat: narrow (network effects, scale). Large delivery-partner network and route-density built up over years across Indian cities/towns.
Headquarters: Bengaluru, India · Founded: 2015 · Employees: 24,427
Size Shadowfax Technologies (SHADOWFAX.NS) is an India Information Technology company (Packaged Software) with a market value of $1.79B, the 398th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹288.25 on 6 Nov 2026.
Performance Over six months the shares gained 69.5%, against -27.0% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 69.1% over the last twelve months (peer median +12.9%); the operating margin is 9.6% (peer median 4.0%).
Valuation It trades at 60.0× forward earnings against a peer median of 36.5× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 47% a year for seven years (Req g). Recent delivered growth is +44%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.2 points above its cost of capital (19.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | ₹42.0B | ₹24.9B | ₹18.8B | ₹14.2B |
| Revenue growth | — | +69% | +32% | +33% | — |
| Gross profit | n/a | ₹7.10B | ₹16.9B | ₹12.5B | ₹8.87B |
| EBITDA | n/a | ₹5.19B | ₹632M | ₹187M | -₹1.07B |
| Net income | n/a | ₹1.12B | ₹64.3M | -₹119M | -₹1.43B |
| Free cash flow | n/a | ₹1.78B | -₹338M | ₹740M | -₹1.31B |
| Capital expenditure | n/a | ₹1.85B | ₹861M | ₹531M | ₹473M |
| Total debt | ₹3.64B | ₹2.47B | ₹1.32B | ₹403M | ₹667M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shadowfax Technologies SHADOWFAX.NS | $1.79B | +70% | +69% | 10% | 60.0× | 47.0% |
| Delhivery DELHIVERY.NS | $3.40B | -11% | +24% | 0% | 81.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHADOWFAX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +4.0% | 8th lowest of 21 |
| 6-month return | +69.5% | -27.0% | 3rd highest of 21 |
| Distance from 52-week high | -4.7% | -45.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +69.1% | +12.9% | highest of 21 |
| Operating margin | 9.6% | 4.0% | 9th highest of 21 |
| Forward P/E | 60.0× | 36.5× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 47.0% | 22.0% | most demanding of 14 |
| Growth delivered (Del g) | +43.7% | +15.4% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | +3.3 pp | +15.1 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +8.2 pp | -0.4 pp | 5th highest of 17 |
| EV / EBITDA | 31.1× | 8.0× | 3rd most expensive of 9 |
| Net debt / EBITDA | -1.5× | -1.1× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shadowfax Technologies SHADOWFAX.NS | India | $1.79B | +70% | +69% | 10% | 60.0× | 47.0% | +43.7% |
| Nayax NYAX | United States | $1.78B | -34% | +28% | 5% | 59.1× | 26.9% | +38.7% |
| Progress Software PRGS | United States | $1.78B | +46% | +6% | 19% | 6.7× | 1.8% | +17.2% |
| Sinosoft 603927.SS | China | $1.77B | -14% | -24% | 2% | 44.3× | 23.0% | +0.9% |
| Beijing Haizhi Technology 2706.HK | Hong Kong | $1.75B | -31% | +23% | -9% | 208.5× | n/a | n/a |
| Wuhan Dameng Database 688692.SS | China | $1.75B | -28% | +28% | 28% | 33.4× | 12.7% | +23.2% |
| Certara CERT | United States | $1.84B | +91% | +1% | 5% | 31.4× | 40.7% | +11.5% |
| C3.ai AI | United States | $1.84B | +18% | -38% | -198% | n/a | n/a | n/a |
| SoundHound AI SOUN | United States | $1.85B | -54% | +55% | -96% | n/a | n/a | n/a |
| Hydsoft Technology 301316.SZ | China | $1.86B | -41% | +19% | 3% | 158.4× | 46.1% | +26.7% |
| eToro ETOR | United States | $1.86B | -40% | +10% | 32% | 11.0× | -18.5% | +15.4% |
| freee K.K 4478.T | Japan | $1.72B | +100% | +28% | 3% | 79.1× | n/a | n/a |
| ArcSoft 688088.SS | China | $1.87B | -26% | +10% | 12% | 49.1× | 41.3% | +6.2% |
| Shenzhen Intellifusion Technologies 688343.SS | China | $1.87B | -46% | -4% | -52% | n/a | n/a | n/a |
| TRS Information Technology 300229.SZ | China | $1.71B | -27% | -23% | -76% | n/a | n/a | n/a |
| Adeia ADEA | United States | $1.71B | -47% | +22% | 44% | 11.8× | 2.7% | -13.0% |
| Hacksaw HACK.ST | Sweden | $1.71B | -22% | +21% | 82% | 8.1× | -10.2% | +85.9% |
| Hangzhou Shunwang Technology 300113.SZ | China | $1.70B | -32% | -36% | 26% | 27.1× | 26.2% | +11.0% |
| Business-Intelligence of Oriental Nations 300166.SZ | China | $1.88B | -27% | +7% | -5% | 94.1× | n/a | n/a |
| iFAST AIY.SI | Singapore | $1.89B | -10% | +35% | 24% | 18.6× | -11.6% | +24.8% |
| China TransInfo Technology 002373.SZ | China | $1.89B | -11% | +16% | 1% | 39.7× | 22.0% | -2.7% |