Investor Presentation

SHADOWFAX. Think ahead! October 29, 2026 National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C/1, Block G, P J Towers, Bandra Kurla Complex, Dalal Street, Bandra (East) Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: SHADOWFAX BSE Scrip Code: 544685 Dear Sir/ Madam, Sub: Earnings Presentation Pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed the Earnings Presentation on the Unaudited (standalone and consolidated) Financial results for the quarter and half year ended September 30, 2026. The above information is also being made available on the website of the Company at https://www.shadowfax.in/investor-relations Kindly take the above information on record. For Shadowfax Technologies Limited Krishnakanth Venkata Gangavarapu Company Secretary & Compliance Officer ICSI Membership No. A17291 Encl.: As Above Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Cl N - L 72300KA2015PLC150324 Regd. Off: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4. Outer Ring Road, Devarabisanahalli Village. Bellandur, Varthur Hobli, Bangalore -560703, Karnataka, India Website: www.shadowfax.in/Tel: 080-64525653/ Email: cs@shadowfax.in TITLE CAN NOT GO ABOVE THIS LINE SUBTITLE BELOW THIS LINE Q2 FY27 CONTENT BELOW THIS LINE SHADOWFAX 213 TECHNOLOGIES Fast. Flexible. Future-Ready. 29th Oct 2026 NO CONTENT BELOW THIS LINE NOTES START FROM HERE AND GROW UP Q2 FYZl I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE Safe Harbour Statement ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE CONTENT BELOW THIS LINE 0 8 This presentation contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These statements are based on current expectations, assumptions, estimates, and 213 projections, and are not guarantees of future performance. Factors that may cause differences include, but are not limited to, market conditions, 35 operational challenges, competitive dynamics, regulatory changes, and macroeconomic factors. 180 Shadowfax undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. This presentation is for investor information purposes only. NO CONTENT BELOW THIS LINE NOTES START FROM HERE AND GROW UP TITLE CAN NOT GO ABOVE THIS LINE ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE CONTENT BELOW THIS LINE 113 “We are a New Age, 210 Technology-led Third-Party 35 Logistics Company, Enabling Digital Commerce Penetration in India” Fast. Flexible. Future-Ready. NO CONTENT BELOW THIS LINE NOTES START FROM HERE AND GROW UP Q2 FYZJ I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE Our Operating Network | Building Future Capacity with Asset Right Strategy ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE Horizontal CONTENT BELOW THIS LINE Ll E-Commerce Extensive Mesh 5,566 16,681 69L+ SFT 3600+ Network Vertical Touch Pin Code Operations Trucks on 113 Points Reach Space Daily Basis E-Commerce 210 Quick Commerce Food Marketplace On Demand Mobility 195 Mid Mile Last Mile Network Network D2C Brands 193 3.8L+ • 34L+ SFT Average Quarterly SME Sellers 255 Middle Mile Unique Transacting 204 Operations space Delivery Partners NO CONTENT BELOW THIS LINE We employ 6,700+ Permanent Employees along with 25,500+ Employees on a Contractual basis NOTES START FROM HERE AND GROW UP Q2 FYZJ I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE Market Share Expansion | India’s Fastest Growing Third-Party Logistics Company ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE Continued Market Share Gains for the Last 4+ Years Market Leadership across… CONTENT BELOW THIS LINE # Express orders per day re-based to 100 as of FY22(1,2) 113 ~ 8% Consistently Gained Market Share 29%-31% 3PL Quick Commerce Solutions 195 359 319 Reverse Pick Up 138 221 193 192 205 122 134 138 FY22 FY23 FY24 FY25 FY26 Q1 FY27 Q2 FY27 Same Day Delivery Shadowfax Market Share % Shadowfax 3PL Express Market NO CONTENT BELOW THIS LINE Source: Market share till FY25 - based on Redseer report . Market share for FY26, Q1 FY27 and Q2 FY27 - as per Company Estimate Notes: 1. E-commerce shipments include the total volume of shipments including delivered plus RTO (single parcel count for forward and return legs of RTO) plus reverse pick-up shipments 2. Express Shipments of the Company includes comparable metrics as the 3PL e-commerce shipments 5 NOTES START FROM HERE AND GROW UP Q2 FYZJ I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE Service Portfolio | Market Leadership in Value Added Services ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE Express ,, ,, CONTENT BELOW THIS LINE Forward Reverse Pickup and Prime Others 138 I Hyperlocal I Express Parcel Hand in Hand Exchange Delivery Logistics Services 113 I Forward express parcel Seamless and efficient Quick commerce, food Same day intracity > delivery to suit the product returns and and on-demand Critical logistics 35 and next day intercity requirements of e- hand-in-hand deliveries, and mobility 31 delivery Overview commerce clients exchanges solutions Strategic insourcing of 218 unbundled services 138 Market share at Largest 3PL company Only 3PL of national Largest 3PL company 203 29%-31%1 in Q2 FY27; for reverse scale offering same for quick commerce Scale and Fastest growing player pickup shipments day delivery deliveries Leadership(1) Dark store operations '~---------------------------------- NO CONTENT BELOW THIS LINE Note: 1. Market share for Q2 FY27 - as per Company Estimates. 6 NOTES START FROM HERE AND GROW UP Q2 FYT1 I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE Executive Summary ~ SHADOWFAX Quarterly Growth Momentum Building as Margins Reach New Highs Think ahead! SUBTITLE BELOW THIS LINE Highlights Volume Growth Accelerating as Customers Choose Speed CONTENT BELOW THIS LINE • Delivered 27.1 Cr orders, +10% QoQ, accelerating from Q1FY27 138 • 21.7 Cr Express orders fulfilled with 72% YoY growth • 5.4 Cr Hyperlocal orders with growth rate rising to 63% YoY Six Consecutive Quarters of 55%+ YoY Revenue Growth Speed is • 1,538 Cr revenue, 57% YoY growth despite sale season shifting to Q3FY27 32 • 1,096 Cr revenue in Express, 55% YoY growth as customers prioritise faster Compounding deliveries, resulting in market share gains • 341 Cr revenue in Hyperlocal, 88% YoY growth ahead of the industry, present at 4,200+ quick commerce dark stores for last-mile deliveries 193 Strong Margin Expansion Driven by D2C/SME Share Gains 255 • 77 Cr of Adj. EBITDA in Q2 FY27; 177% YoY growth on operating leverage 0 • 5.0% Adj. EBITDA margin in Q2 FY27; 218 bps YoY rise, a new milestone • 68 Cr PAT with 4.4% margin, 309 bps margin improvement YoY NO CONTENT BELOW THIS LINE NOTES START FROM HERE AND GROW UP Q2 FYZl I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE Q2 Update | Scaling Beyond ₹ 1,500 Cr Revenue with Record Margins ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE CONTENT BELOW THIS LINE Revenue Scale Express Hyperlocal 1,538 27.1 1,096 341 138 INR Cr Cr INR Cr INR Cr From Operations Total Orders Revenue Revenue 1' 56.6% vs Q2 FY26 1' 69.7% vs Q2 FY26 1' 55.2% vs Q2 FY26 87.7% vs Q2 FY26 1' 13.2% vs Q1 FY27 1' 9.8% vs Q1 FY27 1' 9.9% vs Q1 FY27 1' 25.7% vs Q1 FY27 Ind AS EBITDA Adjusted EBITDA Net Profit Ecosystem 104 6.7% 77 5.0 68 4.4 3.8L 203 Active Delivery Partners INR Cr Margin INR Cr Margin INR Cr Margin 204 1' 276 bps vs Q2 FY26 1' 218 bps vs Q2 FY26 309 bps vs Q2 FY26 73.6% vs Q2 FY26 .J, 1 bps vs Q1 FY27 1' 7 bps vs Q1 FY27 40 bps vs Q1 FY27 31.4% vs Q1 FY27 NO CONTENT BELOW THIS LINE NOTES START FROM HERE AND GROW UP Q2 FYZl I Shadowfax TITLE CAN NOT GO ABOVE THIS LINE H1 FY27 Highlights | FY26 Growth Momentum Sustained with 60% YoY Growth ~ SHADOWFAX Think ahead! SUBTITLE BELOW THIS LINE CONTENT BELOW THIS LINE Revenue Scale Express Hyperlocal [Showing first 8,000 characters — download PDF for full document]