Shadowfax lifts FY27 revenue guidance to 38-40% after Q1

Shadowfax raised its FY27 revenue growth guidance to 38 to 40 percent, up from the 28 to 30 percent it guided a quarter ago. Q1 FY27 operating revenue rose 65 percent year on year to Rs 1,358.1 crore and consolidated net profit jumped about eight times to Rs 65.4 crore from Rs 8 crore.

Two lines drove the upgrade. Prime Large, the heavy shipment service for consignments above 15 kg, grew 170 percent year on year and 25 percent sequentially, and now runs at annual recurring revenue of roughly Rs 75 crore. The company hit its full year target of 10,000 serviceable pincodes for Prime Large inside the first quarter and reset the FY27 goal to 12,000. Overall pincode coverage reached 16,372 after 716 additions in the quarter.

The second line is quick commerce infrastructure. Shadowfax plans 100 dark stores in FY27, had 47 live as of 30 June and expects about 20 more to go live shortly. Chief executive Abhishek Bansal said that when a client shifts its fast delivery volumes to Shadowfax, the rest of that client’s volumes tend to follow. The company cited hyperlocal, express and quick commerce tailwinds, including volumes from Amazon Now. D2C logistics grew 2.7 times with more than 400 brand partners.

For operators, the signal is that dark store capacity is turning into a rented service rather than a platform only asset. A new entrant no longer has to build a network from scratch to run 10 minute delivery in a city. Expect more platforms to lease fulfilment instead of owning it, which slowly compresses the head start Blinkit, Zepto and Instamart bought with capex.