Analysts/Institutional Investor Meet/Con. Call Updates

~ SHADOWFAX Think ahead! August 05, 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 Q1 FY27 held on July 31, 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 Q1 FY27, held on July 31, 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 Name: Krishnakanth Venkata Gangavarapu Designation: Company Secretary & Compliance Officer ICSI Membership No. A17291 Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) CIN - U72300KA2015PLC150324 Regd. Off: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bangalore -560103, Karnataka, India Website: www.shadowfax.in/ Tel: 080-64525653/ Email: cs@shadowfax.in ~ SHADOWFAX Think ahead! “Shadowfax Technologies Limited Q1 FY27 Earnings Conference Call” July 31, 2026 SHADOWF AX Tllinlc aheod! 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 DEVELOPMENT AND INVESTOR RELATIONS – SHADOWFAX TECHNOLOGIES LIMITED Page 1 of 16 ~ SHADOWFAX Shadowfax Technologies Limited Think oh.adt July 31, 2026 Moderator: Ladies and gentlemen, good day and welcome to Shadowfax Technologies Limited Q1 FY27 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, Managing Director and Chief Executive Officer. Thank you and over to you, sir. Abhishek Bansal: Thank you, Yusuf, for hosting this call. Good evening, everyone, and thank you for joining us today. With me today are Praveen, our CFO, and Sachin Dixit, who leads Corporate Development and Investor Relations. So, the format we'll follow for this call would be, a quick opening remark from my side, followed by a quick presentation from Praveen, which we'll follow up with Q&A. As I start this call, I want to start with explaining how this quarter actually felt like from inside Shadowfax. Because if you only read the print, you will miss the entire story. This has been one of the most complex quarters for us. Early this quarter, diesel prices went up along with the gas crisis and there were elections in a couple of large states. Now, for a logistics company, diesel prices and manpower impact everything we do. So, the question we asked internally went well beyond what does this cost us? We asked something really big. Will India's consumption demand hold? And the consumption held up better than many expected. In fact, we have now seen repeatedly that periods of economic pressure often strengthen digital commerce. Consumers become more value-conscious, compare more, search more, and increasingly shift online. This quarter reinforced that pattern once again. Moving on to the supply side, we did what strong operators do. We worked with our customers, collaborated closely with our delivery partners and vendors, and used our network intelligence and data to dynamically rebalance incentives so that service levels remain intact despite the labor disruption. And here is the outcome that matters most. Through all of it, our performance effectively showed zero volatility. We delivered one of the highest sequential growth rates while also improving our margins. Now, that is by design. That is a company built to flourish in the toughest times. With all this uncertainty behind us now, we expect massive tailwinds into rest of this year. Hence, we want to make a very important announcement, probably the most important one over this earnings call. We are now revising our FY27 revenue growth guidance from 27% to 30% that we had given earlier to 38% to 40%. Having said that, our margin trajectory remains unchanged, suggesting faster growth with the same disciplined path into profitability. Moving forward, let me quickly now give a view of each of the strategies that have led us to display some of the financial numbers that we have seen for the last quarter. My conversation is Page 2 of 16 ~ SHADOWFAX Shadowfax Technologies Limited Think oh.adt July 31, 2026 going to be broken down now into Express Parcel, which is a large part of our revenue, followed by quick commerce and hyperlocal. So, we'll talk about both these factors. Talking first about Express Parcel, there are three large talking points which have driven and shaped the business over the last quarter. The number one within that is the industry consolidation and the market share win that Shadowfax is seeing in the market today. We have been seeing quarter-on-quarter, that the volumes are getting more and more consolidated between the two large 3PL networks that have held service levels at a national scale. Clients are choosing partners that they can sustainably depend on, and that choice is settling well in our favor. The second shift within the industry is that the large marketplaces are expanding fast into low- value categories where an INR250 order calls for a different kind of network altogether. We believe that outsourcing will grow as these marketplaces need access to proven and low-cost supply chains. Now within this ambit of market share gain, one important factor has been our expanding geographical coverage, and you can see in our Earnings Presentation as well that there has been a lot of execution in this area. We ended the quarter at about 16,372 pin codes, where we opened about 716 pin codes over the last 90 days, almost 8 pin codes every single day. And the way it works is beautifully simple. The moment we go live in a pin code, our existing clients' orders into that area get switched on. Every new pin code helps us gain further market share. Now, this industry phenomenon and the market share gains are around some of the core services and core businesses that we have created year-on-year. Moving within this Express Parcel business are some of the experiments and new lines of businesses that we started creating a couple of years back. Number one being the Prime and D2C business. Now, Prime is a business where we offer same- day delivery, next-day delivery services to the D2C brands that we work with today. We are the only 3PL of national scale offering same-day delivery across the country. And because we are the only one, every client, who wants speed, comes to us. That is showing up directly in our wallet share. When a client moves their fast delivery volumes to us, the rest of the volumes also tend to follow. This story isn't about just growth. It is about acceleration as well. Prime grew almost two and a half times last year. It has accelerated to 2.7 times year-on-year this quarter, even at a much larger base. Along the way, we have crossed more than 400 D2C customers who are using our Prime services across our platform. Now within this D2C ambit, we had launched a pretty ambitious product just about 90 days back, called Shadowfax 360. It was our self-serve platform meant for smaller SMEs, and smaller brands, where [Showing first 8,000 characters — download PDF for full document]