Shadowfax Vs Delhivery: How Did These Logistics Stocks Perform in Q3?  

Synopsis: In Q3 FY26, Shadowfax posted 65.5% revenue growth to Rs. 1,160 cr and net profit of Rs. 35 cr, while Delhivery’s revenue rose 18% to Rs. 2,805 cr with PAT of Rs. 40 cr. Both expanded operations and invested in logistics infrastructure.

In recent years, India’s express logistics market has witnessed rapid expansion. Valued at approximately US$3 billion in 2023, the market is projected to surge to nearly US$40 billion by 2030. This growth is largely driven by rising demand for ultra-fast delivery services, especially in urban centres where consumers increasingly prioritise speed, convenience, and immediacy.

Shadowfax Technologies and Delhivery Ltd are reinforcing their leadership positions in India’s rapidly expanding logistics sector, supported by a strong Q3 performance and ongoing expansion initiatives, as highlighted in the following overview.

Stock Performance

With a market capitalisation of Rs. 7,220 cr, the shares of Shadowfax Technologies Ltd closed at Rs. 124.90 per share, up from its previous close of Rs. 124.50 per share. It was listed on the Indian stock exchanges on January 28, 2026. The shares debuted with a discount of over 8% to 9% against the issue price of Rs. 124 per share. From then, the stock has delivered 13%.

With a market capitalisation of Rs. 31,484 cr, the shares of Delhivery Ltd closed at Rs. 420.75 per share, down from its previous close of Rs. 429.10 per share. The stock generated a 49% return over the past year, has risen 5% year-to-date, declined 10% over the past six months, and gained 6% in the last month.

Q3 Performance

In Q3 FY26, Shadowfax Technologies delivered strong YoY growth across all key metrics. Revenue rose 65.5% to Rs. 1,160 cr from Rs. 701 cr. Ind AS EBITDA more than tripled to Rs. 66 cr from Rs. 21 cr, with margins expanding 270 bps to 5.7% from 3%.

Adjusted EBITDA increased 175% to Rs. 49 cr from Rs. 18 cr. Net profit surged over 5x to Rs. 35 cr from Rs. 6.4 cr, lifting the net margin by 210 bps to 3.0% from 0.9%, reflecting robust top-line growth and improved operational efficiency.

In Q3 FY26, Delhivery delivered strong YoY growth, with revenue rising 18% to Rs. 2,805 cr from Rs. 2,378 cr. EBITDA more than doubled to Rs. 209 cr from Rs. 102 cr, expanding the margin to 7.4% from Rs. 4.3%, while profit after tax surged to Rs. 40 cr from Rs. 25 cr. 

Business Highlights 

Shadowfax Technologies delivered 20.6 cr orders across its express parcel and hyperlocal businesses, marking a 61% YoY and 28.7% QoQ growth, driven by significant market share gains. 

Express Parcel revenue grew 72% YoY, while Hyperlocal revenue rose 43% YoY, reflecting strong demand across both segments. The company expanded its reach to 15,166 pin codes, with operations now spanning 4,519 touchpoints covering over 45 lakh square feet of space and supported by 3,000 trucks daily.

This integrated network enables high-frequency last-mile deliveries with 2.5L+ average quarterly unique transacting delivery partners, serving diverse segments including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, on-demand mobility, online retail, and D2C brands, and is powered by a workforce of 4,879 permanent employees and 17,975 contractual employees. It is India’s Fastest-Growing 3PL Express Logistics Player. 

Comparing with Delhivery, it reported that express parcel shipments reached 29.5 crore, delivering strong growth with 42.9% YoY and 19.9% QoQ increase. PTL freight tonnage stood at 507K MT, registering healthy growth of 22.9% YoY and 6.2% QoQ, reflecting sustained momentum across both parcel and freight operations.

Growth in pin codes stands at 18,838 from 18,780. The network continued to scale YoY, with active customers rising ~30% to 51,547 from 39,775 and daily average fleet size increasing ~27% to 21,226 from 16,733, supporting higher volumes. 

Partner agents grew sharply by ~65% to 67,479 from 40,901, strengthening last-mile capacity, while gateways expanded from 112 to 123 and processing centres increased to 163, enhancing throughput. 

Express delivery centres crossed 3,880, reflecting steady network densification, even as team size moderated versus last year, indicating improved operating leverage.

The company delivered strong YoY and sequential growth across segments. Express Parcel revenue increased to Rs. 1,839 crore in Q3FY26, up 24% YoY and 14% QoQ, driven by a sharp rise in shipments to 29.5 crore, reflecting 43% YoY and 20% QoQ growth. 

PTL freight revenue grew to Rs. 578 crore, registering 25% YoY and 6% QoQ growth, supported by higher freight tonnage of 507 thousand tons, up 23% YoY and 6% QoQ, indicating sustained momentum in freight operations.

Expansions

Shadowfax’s capital investment strategy aimed at expanding its sortation infrastructure. From inception to FY25, the company invested ~Rs. 246 Cr, with 57% allocated to network and automation, 17% to geographic expansion, 8% to administrative costs, and 19% to technology development. 

In the first 9 months of FY26, ~Rs. 140 Cr was spent, with an increased focus on network and automation (67%). The strategy emphasises capacity development to handle volume growth, building automated infrastructure for strong unit economics, and enhancing the speed and reliability of sort centres. Capex as a percentage of revenue was 4.7% in 9M FY26, expected to moderate to 4% for the full year. It operates at scale with 45L+ sq. ft. of infrastructure across 4,519 touchpoints, serving 15,166 pin codes nationwide.

Comparing with Delhivery, key expansions include Delhivery Direct (on-demand intra-city service) launched in Mumbai and Hyderabad, and Delhivery International, an economy air-parcel service aimed at reducing export costs for Indian SMEs. 

The company also scaled its TransportOne TMS SaaS platform with 12 new client onboardings and introduced Freight Index One, a national freight index providing transparent FTL pricing and forecasts. Innovation milestones include the first successful field mission with autonomous VTOL drones, completing a 12 km medical delivery in 12 minutes. 

In conclusion, both Shadowfax Technologies and Delhivery delivered strong Q3 FY26 performances, driven by robust revenue growth, operational efficiency, and strategic network expansions. 

Together, these companies continue to consolidate their leadership in India’s fast-growing express logistics market, positioning themselves well to capture future demand in both e-commerce and enterprise logistics.

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