As an investor, it can be very challenging to decide whether the Shadowfax Technologies IPO is a good or bad investment. Not anymore, as in this blog, we will provide you with all the necessary details related to the Shadowfax Technologies IPO to help you decide whether you should Apply or Not. Read on to know the IPO risks, strengths, valuation, financial details, and expert opinion to make your investment decision better.
Business Overview
Started its business in 2015, this Bangalore-based company has become a leading company in the logistics space, we are talking about Shadowfax Technologies. It is a modern, 3rd-party logistic company that offers logistics services catering to E-commerce, Quick Commerce, D2C brands, and Food Delivery brands in India. From same-day delivery, express parcel deliveries, reverse pickups and exchange deliveries, Prime deliveries, quick commerce, and hyperlocal on-demand deliveries, to mobility services and other critical logistics solutions, Shadowfax does it all. Increasing its E-commerce market share to 23% in 2025 from 8% in 2022 makes Shadowfax a key player in the logistics sector. Its logistic network is spread across 2300+ cities & 14700+ pincodes. Some of the well-known brands like Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, are the major clients of the company.
Strengths
- Shadowfax offers flexible and customizable logistics services, allowing clients to sell their products in the market more easily than ever.
- With an extensive network of over 205,864 delivery Partners, the business provides its logistics services to over 14700+ pincodes.
- In FY25, the company reported a profit of ₹6.4 crore, with revenue rising to ₹2,485.13 crore.
- The business is handled by an experienced management team and promoters who have over 13 years of experience in the logistics sector.
Weaknesses:
- Today, around 49% of the company’s revenue comes from 1 major client. Unable to maintain a strong relationship with that 1 client can adversely affect the business.
- The P/E ratio of Shadowfax is 170x. In comparison to its peer groups, the IPO valuation appears very high.
- There are some pending criminal & taxation proceedings against its director, which cannot be ignored.
- Shadowfax operates in a very competitive industry, which could affect the business and market share.
- Shadowfax IPO retail quota is at 10%, meaning the retailers will gonna have less chance of getting allotment.
Shadowfax Technologies IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Capital Market | Neutral |
| SBICAP Securities Limited | Neutral |
| SMIFS Limited | Apply |
| Swastika Investmart Ltd | Neutral |
Shadowfax Technologies IPO Details
| IPO Open Date: | January 20, 2026 |
| IPO Close Date: | January 22, 2026 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹118 to ₹124 Per Share |
| Issue Size: | Approx ₹1907.27 Crores |
| Fresh Issue | ₹1,000 Crores |
| OFS | 7,31,66,935 Equity shares |
| Registrar | KFin Technologies Limited |
| IPO Lead Managers | ICICI Securities Limited Morgan Stanley India Company Private Limited JM Financial Limited |
| Basis of Allotment | January 23, 2026 |
| IPO Listing Date: | January 28, 2026 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Sep 2024 |
| Total income | ₹1,819.80 Crores | ₹2,514.66 Crores | ₹1,896.48 Crores |
| EBITDA | ₹64.34 Crores | ₹56.19 Crores | ₹11.37 Crores |
| Profit After Tax (PAT) | ₹21.04 Crores | ₹6.06 Crores | ₹-11.88 Crores |
| Net Worth | ₹693.53 Crore | ₹660.43 Crore | ₹421.78 Crore |
| Reserves and Surplus | ₹281.26 Crores | ₹248.16 Crores | ₹172.47 Crores |
Key Indicators
| KPI | Sep 30, 2025 | Mar 31, 2025 |
| Debt/Equity | 0.21% | 0.20 |
| Price to Book Value | – | 8.97 |
| EBITDA Margin | 2.86% | 1.96% |
| RoNW | 3.03 | 0.97 |
Comparison with Listed peers
| Name of the Company | Face Value(₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| Shadowfax Technologies | 10 | 0.13 | 0.13 | 0.97% | 170x | 13.83 |
| Listed Peers | ||||||
| Blue Dart Express Limited | 10 | 106.38 | 106.38 | 17.25% | 50.70 | 657.05 |
| Delhivery Limited | 1 | 2.19 | 2.14 | 1.75% | 195.07 | 124.77 |
Industry Peer Group P/E ratio
Among the peer group, the highest P/E ratio is 195.07, the lowest is 50.70, while the industry composite stands at 122.88.
Promoters & Track Records, if any
- Abhishek Bansal, born on November 24, 1990, aged 35 years, is the Chairman, Managing Director, and Chief Executive Officer, and one of the Promoters of the Company. He holds 54,324,432 Equity shares, representing 10.76% of the company’s paid-up Equity capital.
- Vaibhav Khandelwal, born on January 16, 1992, aged 33 years, is a Whole-Time Director and one of the Promoters of the Company. He holds 42,261,855 Equity shares, representing 8.37% of the company’s paid-up Equity capital.
Expansion
- Proceeds raised from the fresh issue will be used towards the Investment in the company’s network infrastructure.
- A portion of the funds will be used to pay lease rentals for new logistics facilities, including first-mile centers, last-mile centers, and sorting centers.
- Some funds will be used towards branding, marketing, and communication costs of the company.
- Lastly, the remaining funds will be used for inorganic growth through unidentified acquisitions and general corporate purposes.
Shadowfax Technologies IPO GMP
Shadowfax IPO GMP on January 19 is ₹10, shadowfax ipo expected listing price is around 7% to 9%. As of now, GMP is showing a moderate investor interest. Track IPO Watch for daily updates of GMP to make your investment decision better.
Shadowfax Technologies IPO – Should You Apply or Not?
Shadowfax Technologies IPO features healthy growth opportunities with revenue growing to 32% in FY25 and total income growing to over 68% YOY in H126. Shadowfax has become one of India’s largest logistics companies, catering to E-commerce, D2C, Hyperlocal & quick commerce (Same day/within hours) segments. It also follows an asset-light model where they offer personal courier and SMS through their Flash App. The PAT and EBITDA also turned positive in FY25, indicating the business is just turning profitable after making losses in the past.
Short-term investors may consider applying for the listing gains due to its strong network expansion, and if the GMP remains supportive. Cautious investors must carefully analyze the risks, thin margins, high valuation, and dependence on a few clients before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
