Strong execution + industry tailwind = multiple re-rating; OW

Research evidence excerpt

Strong execution + industry tailwind = multiple re-rating; OW

Idea

August 3, 2026 02:51 AM GMT

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

Equity Analyst

Strong execution + industry Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

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

tailwind = multiple re-rating; Shreshtha Chopra

Research Associate

Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

OW Sakshi Rana

What’s Changed Sakshi.Rana@morganstanley.com +91 22 6118-1002

Shadowfax Technologies Limited (SADO.NS) From To

Price Target Rs225.00 Rs286.00

Highlights: meaningful top-line beat on high expectations;

absorbed cost inflation as well as high investments but still Shadowfax Technologies Limited (SADO.NS, SHADOWF

better than expected margins; and good visibility to post 40% IN)

top-line growth in F27, with potential for upside risks. India Technology | India

Stock Rating Overweight

F27 revenue growth appears likely to surpass guidance: Management raised its Industry View In-Line

F27 growth expectation from 27-30% YoY to 38-40% YoY, and we see potential for Price target Rs286.00

Up/downside to price target (%) 18

a positive surprise given a good start to the year (1Q 64% YoY). We see the Shr price, close (Jul 31, 2026) Rs242.90

52-Week Range Rs253.76-98.55

company benefiting from industry tailwinds (consolidation of market share between Sh out, dil, curr (mn) 597

top 2 players in 3PL) as well solid execution (launched multiple products in past few Mkt cap, curr (mn) Rs145,084

EV, curr (mn) Rs145,084

years that have created a niche and become meaningful growth drivers for the Avg daily trading value (mn) Rs802

company).