Shadowfax Technologies Limited: Industry tailwind + strong execution = re-rating prospects

Research evidence excerpt

Shadowfax Technologies Limited: Industry tailwind + strong execution = re-rating prospects

Idea

May 15, 2026 01:32 AM GMT

Morgan Stanley India Company Private Limited+MShadowfax Technologies Limited | Asia Pacific Gaurav Rateria

Equity Analyst

Industry tailwind + strong Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

Sulabh.Govila@morganstanley.com +91 22 6118-2249

execution = re-rating prospects Shreshtha Chopra

Research Associate

What’s Changed Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Sakshi Rana

Shadowfax Technologies Limited (SADO.NS) From To Research Associate

Price Target Rs180.00 Rs225.00 Sakshi.Rana@morganstanley.com +91 22 6118-1002

Highlights: a) good quality beat on revenues led by volumes and Shadowfax Technologies Limited (SADO.NS, SHADOWF

IN)

sustained market share gains, b) management outlook for strong

India Technology | India

revenue growth and sustained margin improvement, c) material Stock Rating Overweight

estimate revisions after 4Q, making valuation attractive despite Industry View In-Line

Price target Rs225.00

strong stock outperformance. Up/downside to price target (%) 37

Shr price, close (May 14, 2026) Rs164.45

52-Week Range Rs177.01-98.55

4Q26 highlights strong tailwind for F27 revenue growth: 1) Express revenue (72% Sh out, dil, curr (mn) 597

of revenues): Growth in 4QF26 was 121% YoY (F26 77% YoY), affirming the Mkt cap, curr (mn) Rs98,226

EV, curr (mn) Rs89,960

significant tailwind the company saw towards 2HF26. We believe industry mix has Avg daily trading value (mn) Rs342

moved in favor of 3PL players vs. captive and is likely to stabilize for now, Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

supporting reasonably strong volume growth for the large 3PL players. Within that, EPS (Rs)** 1.92 4.82 6.43 6.54