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Shares of logistics major Shadowfax soared as much as 17.2% to hit an all-time high at ₹192.35 on the BSE during the intraday trading today after it reported strong Q4 numbers.

However, the stock saw profitbooking later in the day and was trading 9% higher at ₹178.8 apiece at 11:15 IST. The company’s market capitalisation stood at ₹10,458 Cr (about $1Bn).

Yesterday, the logistics major reported a net profit of ₹55.8 Cr in Q4 FY26as against a net loss of ₹9.9 Cr in the corresponding quarter last year. Sequentially, profit rose 59.9% from ₹34.9 Cr.

The company swung to the black YoY on the back of growing scale, AI-led automation, focus on vertical marketplaces, improving margins and rising market share.

Revenue from operations jumped 73.6% to ₹1,237 Cr from ₹712.4 Cr in Q4 FY25. Sequentially, revenue rose 6.7% from ₹1,159.7 Cr.

The company’s adjusted EBITDA surged to ₹58 Cr in Q4 FY26 from ₹5 Cr a year earlier, with adjusted EBITDA margin expanding to 4.7% from 0.7% in Q4 FY25. Its Ind AS EBITDA came in at ₹81 Cr, translating into a margin of 6.6%.

Operationally, Shadowfax delivered 22.6 Cr customer orders across its express and hyperlocal segments during the quarter, up 100.8% YoY and 10% sequentially. Express orders surged 129.4% YoY to 18.4 Cr, while hyperlocal orders grew 29.6% to 4.2 Cr.

The company said it has steadily gained share in the third-party logistics (3PL) market over the last four years, with its current share estimated at around 27-29%.

“We have learned from our pilots that vertical quick commerce platforms offer significantly higher value per engagement than horizontal fulfillment. Capital is also very limited for these… We believe vertical quick commerce is going to have 3PL as the natural answer,” the company said.

Shadowfax’s express revenue more than doubled to ₹925 Cr during the quarter from ₹419 Cr a year ago, while hyperlocal revenue increased 32.1% YoY to ₹232 Cr. However, revenue from other logistics services declined 31.8% YoY to ₹80 Cr.

During the quarter, Shadowfax also completed the acquisition of CriticaLog, which it said would strengthen its premium and time-sensitive logistics offerings.

Going ahead, the company plans to focus on scaling four key growth engines — quick commerce, Prime, Prime Large and CriticaLog. It aims to expand its dark store network from 15 to 100 stores in FY27 and increase Prime Large coverage from 6,000 to 10,000 pin codes by the end of the fiscal year.

Shadowfax, which became the second logistics startup to go public in January this year after Delhivery, is betting on quick commerce for its next stage of growth as D2C brands and ecommerce platforms push for faster deliveries.

According to Inc42’s ’The Next Big Wave In Indian Ecommerce Report 2026’, India’s D2C ecosystem has entered the ‘D2C 3.0’ era, where faster deliveries, operational efficiency, repeat purchases and customer loyalty are emerging as key differentiators for digitally native brands.

Notably, shares of Shadowfax are currently trading nearly 40% higher from their IPO issue price of ₹124 apiece.

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