Analysts/Institutional Investor Meet/Con. Call Updates

~ SHADOWFAX Think ahead! November 03, 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: Transcript of Earnings Conference call for Q2 FY27 held on October 29, 2026 Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“SEBI Listing Regulations”) Pursuant to the provisions of Regulation 30 read with Schedule III of the SEBI Listing Regulations, please find enclosed the transcript of the Company’s Earnings Conference call for Q2 FY27, held on October 29, 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 Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) CIN - 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 ~ SHADOWFAX Think ahead! “Shadowfax Technologies Limited Q2 FY27 Earnings Conference Call” October 29, 2026 SHADOWF AX C H O A L L" 11,/nlc a'->dl MANAGEMENT: MR. ABHISHEK BANSAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SHADOWFAX TECHNOLOGIES LIMITED MR. PRAVEEN KUMAR KJ – CHIEF FINANCIAL OFFICER – SHADOWFAX TECHNOLOGIES LIMITED MR. SACHIN DIXIT – CORPORATE STRATEGY AND INVESTOR RELATIONS – SHADOWFAX TECHNOLOGIES LIMITED Page 1 of 13 ~ SHADOWFAX Shadowfax Technologies Limited Think oh.adt October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Shadowfax Technologies Limited Q2 FY '27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Bansal from Shadowfax Technologies Limited. Thank you, and over to you, sir. Abhishek Bansal: Thank you, Neha. Good evening, everyone, and thank you for joining us today. With me today are Praveen Kumar, our CFO; and Sachin Dixit, who leads Corporate Development and Investor Relations. For those of you who are newer to our story, Shadowfax is a new age technology-led third-party logistics company. Our job is to take digital commerce deeper into India. We started with Hyperlocal delivery in 2015. And today, we deliver for e-commerce marketplaces, quick commerce platforms, B2C brands and small sellers across the country. Quarter 2 financial year 2027 has been a milestone quarter for us. There are 2 important milestones that we have hit in the current quarter. The first one, we have crossed INR1,500 crores of top line for the first time ever. Along with accelerated growth, we are also proud to report a 5% adjusted EBITDA margin, which is also a first for us. As we do this, growth is still picking up, and we go into the festive peak with more capacity than we have ever had in the business. Before Praveen takes you through the quarter, I want to start with the single reason we win in this market today. It is not price. It is speed. Our logistics network competes on price, reach and speed. Price can be matched within a quarter. Reach can be bought, but speed has to be built, and it has to be built before the volume arrives. Speed comes from the DNA of the company, where first principle thinking results in solutions that were unheard of earlier. We have brought speed to Hyperlocal delivery since our inception in 2015. When quick commerce came up, clients partnered with us to improve their delivery timelines. Next, we pioneered Prime, which is our same-day, next-day delivery, which we offer to e- commerce players. And that has been the big driver of our rampant market share gain in the D2C and the SME space. Even today, we remain the only third-party network of national scale, delivering same day and next day across more than 120 cities. It is also increasingly what our customers are buying from us. Let me give you one example of what this lets us do. On a marketplace, a fast delivery promise has historically been available for inventory sitting inside a marketplace's own warehouse. If small sellers shipped from their own shelf, they could not offer same-day, next-day delivery. However good their price or product was, the speed belonged to the warehouse, not to the seller. This quarter, we have changed that. We now pick from a small seller's own location and still deliver same day or next day on those marketplaces. A seller in Delhi can show the same delivery date as a marketplace fulfilled order without prepositioning inventory, without paying for storage and without giving up control of Page 2 of 13 ~ SHADOWFAX Shadowfax Technologies Limited Think oh.adt October 29, 2026 their own stock. This capability, which always belonged to large sellers with deep pockets, now belongs to everybody. And this is also why speed pays. A seller competing on delivery dates values speed very differently from a large marketplace optimizing for cost. And this shows up in our realization, which is 15% to 20% higher for same-day delivery on the same network. This is also the reason we acquired CriticaLog, where we service time-critical requirements of more than 550 customers today. This is what we love, innovating, thinking ahead of the curve to enable India's digital commerce penetration and to take more and more customers online. Now for most of the industry's history, scale in Indian logistics meant one thing, carrying volume for a handful of large marketplaces. That business built us, and it remains a large part of what we do even today. But the fastest-growing part of our business for some time now has been the massive long tail of D2C brands and SMEs shipping directly to their own customers. Our D2C business has more than doubled year-on-year. Our share of the D2C market rose 2 percentage points quarter-on-quarter to above 14% right now. We service twice the number of brands we did 1 year ago, and we have also doubled our wallet share across our largest D2C customers. Shadowfax 360, our self-serve platform for small sellers, has scaled faster than anything we have ever built. Within just 200 days of launch, we now have more than 6,700 sellers ordering through the platform, and two-thirds of these came without any sales effort. Customers outside the top 10 are now our fastest-growing group. They pay higher realization. So this mix lifts the quality of the revenue and helps pay for the capacity we are adding. The network runs exactly like how it was. And with this, we believe we are just getting started. India has 15 lakh+ sellers selling online today, and we are still a very, very small fraction of them. We are building the delivery infrastructure for this long tail. With that, let me hand over to Praveen to take you through the financials of this quarter. Praveen Kumar K.J: Thanks, Abhishek. Good evening, everyone. Coming to the quarterly financials. Before I start, one thing I would like to highlight is that the sales season happened in October this year and hence, Q2 does not have any revenue from this. And yet we grew 13% over quarter 1. Now we have all seen the numbers by now. Revenue for the quarter was INR1,538 crores, up 57% year-on-year. This is our sixth consecutive quarter of growth above 55%. And for the first half of the financial year, our revenue stands at INR2,896 [Showing first 8,000 characters — download PDF for full document]