Interim report
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October 29, 2026 To National Stock Exchange of India Ltd Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051 NSE Symbol: SHADOWFAX BSE Limited P J Towers, Dalal Street, Mumbai – 400 001 BSE Scrip Code: 544685 Dear Sir/ Madam, Sub: Outcome of the Board Meeting Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations”), we hereby inform you that the Board of Directors (the "Board") of the Company, at its meeting held today has, inter alia, considered and approved following: 1. Unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026, along with the Reports issued by the Statutory Auditors. The Board Meeting commenced at 11:55 a.m. (IST) and concluded at 01:25 p.m. (IST). 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 Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Lim ited ) C l N - L 72300KA201SPLC150324 Regd. Off: 3rd Floor , Shilpi tha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Banga lore -560103, Karnataka, India Website: www.shadowfax.in/ Tel: 080-64525653/ Email: cs@shadowfax.in Think ahead I
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S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants 12th Floor "UB City" Canberra Block No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel : +91 BO 6648 9000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) l. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) (the "Holding Company") and its subsidiary (the Holding Company and its sub idiary together referred to as "the Group") for the quarter ended 30 September 2026 and year to date from O I April 2026 to 30 September 2026 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBf (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company' s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: (i) Shadowfax Technologies Limited (ii) Criticalog India Private Limited S R. Batlibol & Associates LLP, a Limited Liability Partnership with LLP ld,nlliy No AAB-4295 Regd. Oflice: 22, Camac Street, Block 'B', 3rd Floor, Kolkaia•700 016
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S.R. BATL/801 & ASSOCIATES LLP Chartered Accountants 12th Floor "UB City" Canberra Block No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel : +91 80 6648 9000 5. Based on our review conducted and procedures perfonned as stated in paragraph 3 above, nothing i has come to our attention that causes us to believe that the accompanying Statement, prepared in , accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the infonnation required to be disclosed in tenns of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The comparative financial infonnation of the Group for the quarter ended 30 June 2026, included r in the Statement, · were reviewed by the predecessor auditor who expressed an unmodified conclusion on the unaudited consolidated financial results dated 31 July 2026. The consolidated financial results for the year to date from 01 April 2025 to 30 September 2025 and consolidated financial statements of the Group for the year ended 31 March 2026, were audited by predecessor auditor who expressed an unmodified opinion on the consolidated financial results and consolidated financial statements dated 27 October 2025 and 14 May 2026 respectively. 7. The Statement inqludes the unaudited consolidated financial results for the quarter ended 30 September 2025, which have not been subjected to review and have been compiled by the Management and approved by the Board of Directors of the Company For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W /E3 00004 {>~f"'-J ~~~" p r Rajee umar Partner .. Membership No.: 213803 9 Unique Document Identification Number: 26 2.-) 3 80 3 \-f (Q z r B 18 \ 2- Place: Bengaluru Date: 29 October 2026 S_R. Batliboi & Assocl~tes LLP, a Limited Liability Partnership with LLP _ldtr\tlly No. AAB-4295 Regd. orr,ce: 22, Ca mac Street, Block 'B', 3rd Floor, Kolkata-700 OJ 6
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bellandur, Bangalore, Kamataka, India, 560103 CIN: L72300KA2015PLCl50324 Website: www shadowfax in Statement of unaudited consolidated financial results for the quarter and half year ended 30 September 2026 /All amount in Indian Rupees crore, unless otherwise stated) Revenue from operations Other Income Total Income (I) Expenses Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Total expenses /II) Profit before tax (III = 1-11) Tax expense Current tax Deferred tax Total tax expense /IV) Profit for the period/year (V = III - IV) Other comprehensive lncome/(loss) Items that will not be reclassified subsequently to profit or loss • Actuarial (loss)/gain on remeasurement of defined employee benefit plans • Income tax effect on above Other comprehensive income/(loss) for the period/year, net of lex (VI) Total comprehensive income for the period/year (VII = V + VI) Paid up equity share capital (Face value of Rs 10 each) Other equity Earnings per share (Face value of Rs. 10 each) (not annualised except for year ended 31 March 2026) (a) Basic (Rs.) (b) Diluted (Rs.) See accompanying notes to the Unaudited Consolidated Financial Results •Refer note 4 to the Unaudited Consolidated Financial Results Quarter ended 30 September 30 June 2026 2026 (Unaudited) (Unaudited) 1,537.70 1,358.12 20.44 21.06 1.SSR 14 1 379.18 138.14 123.56 10.01 7.67 46.27 39.76 1 295.77 l 142.79 1 dQR,19 1.313.78 67.95 65.40 - -- . - . 67.95 65.40 (0.03) 0.03 . - ,n n31 0.03 67.92 6543 586.94 585.08 - . 1.16 Lil 1.14 1.10 Half year ended Year ended 30 September 30 September 30 September 31 March 2026 2025 2026 2025 (Unaudited)* (Unaudited) (Audited) (Audited) 982.11 2,895.82 1,805.64 4,202.44 5.9~ 4 1.50 14. 16 1615 QRR.06 2 937 32 1 819 80 4.218.';9 88.92 261.70 171.84 392.50 4.11 17.68 7.61 19.88 27.97 86.03 49.85 117.37 854.04 2 438.56 1 569.47 3 598.10 975.04 2.803 97 1.798.77 d.127.RS 13.02 133.35 21.03 110.74 - - - . - - - /0.97\ . - . {1\.97\ 13.02 133.3S 21.03 tll .71 (0.30) . (0.30) (0.38) - - - - {0.30} - 10 3m fR 3R1 12.n B3.35 2.11.73 111 33 151.79 586.94 151.79 582.27 - - . 1 162.57 0.26 2.27 0.41 2.22 0.25 2.25 0.40 2.18
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur , Varthur Hobli, Bellandur, Bangalore, Kamataka, India, 560103 CIN: L72300KA2015PLCl50324 Website: www.shadowfox.in Unaudited Consolidated Balance Sheet as at 30 September 2026 (All amount in lndinn Ruoccs crorcl Assets Non-current assets Property, plant and equipment Right-of-use assets Goodwill Intangible assets Financial assets Other financial assets Other bank balances Income tax assets Other non-current assets Deferred tax assets (net) Total non-current assets Current assets Financial assets Investments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Other bank balances Other financial assets Other current assets Total current assets Total assets Equity and liabilities Equity Equity share capital Other equity Total equity Liabilities Non-current liabilities Financial liabilities Borrowings Lease liabilities Provisions Total non-current liabilities Current liabilities Financial liabilities Borrowings Lease liabilities Trade payables - Total outstanding dues of micro enterprises and small enterprises - Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Other current liabilities Provisions Total current liabilities Total c.qutty and liabilities See accompanying notes to the Unaudited Consolidated Financial Results As at 30 Scutcrnbcr 2026 Unaudited 322.54 352.51 40.06 60.19 38.25 417.91 39.59 51.53 2.56 1,325.14 533.38 593.81 255.92 27.86 327.18 74.10 4.35 1,816.60 3 141.74 586.94 I 300.26 1,887.20 - 268.62 23 .5 1 292.13 0.16 95.53 4.24 404.99 299.59 152.19 5.7 1 962.41 3 14 1.74 As at 3J March 2026 Audited 248.97 239.65 40.06 59.00 14.84 542.05 35.66 13.62 2.56 1,196.41 353.72 513.95 284.22 218.09 176.37 87.60 3.54 1,637.49 2 833.90 582.27 I 162.57 1,744.84 0.05 179.09 20.50 199.64 0.23 67.71 8.55 371.03 313.32 124.06 4.52 889.42 2 833.90
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hob Ii, Bellandur, Bangalore, Kamataka, India, 560103 CIN: L72300KA2015PLC150324 Website: www.shad,1wfax.in Unaudited Consolidated Statement of Cash Flows for the half year ended 30 September 2026 (All amount in Indian Rupees crore) A, C~sh now from operating nctlvlllcs Pmfit before tnx Adjustme nts to reconcile pront before tax to II t cn~lt nows Depreciation and :unortisu1lon oxpcn~e Interest on bonowings Interest on lea.so linbiliti¢S Interest Income on 11nancinl assc1s cnrrlcd nt amortised cost 1nterest income on i ncorne tax refund Loss11llownnccs fordoublful debts Galn on sale and rc-mcast1n:111enl or mutual fund lnvcslments mca~-i1rcd ot foir vnluc ll1m11gh profit nnd loss Shnre b~scd payment expense Operating cash now before working 11pil11I changes Working cnpital chnngcs: (Increase) in tmde receivables (l11crcnsc) in 01her financial assets nml other as.~cL~ Tncrease in trade pay 1blcs lnurcusc in provisions and other linbilil"ies Cas h gencnttcd from 0J>Cruling nctMtlca before taxc Income tax (paid) /rcfimd, net Net c:llsh generat ed frnm opcrnfln g ncllvltics ( ) IJ, .11sh flow from Investing 11ctMtlcs Purchuse of property, pkml and equipment nnd inrnngible assets (including capital odvunccs) Redemption ofmutuol funds Investment in mutual funds Rcdcmp1ion/(i11vcstmcn1) In bank deposits (haviug orfginal maturityofmor o 1hnn three monlhs),ncl Pnymct11, mnde 10 acquire stnke of' non-controlling intcrcs1 loterost received Net cnsh (u cd In) lnve.~tlng ocllvlllc (H) C. Cnsh now from t]unndng nctlvltles Repayment of bo1Towl11g,q Payment orprin lp!il portion of lease liabilities Paymcn1 of fntcrest portion of leosc liabilities Proceeds from issue of equity shi1r~s lntorest on borrowings Net cnsh (used in) rinunciug ucllyitics (C) Net (decrease)/ lncrcnsc In cash nnd cash eq11lv11lents (A+Jl+C) Cash oud cash equivalents nt lhc beginning of the pcriou Cnd1 fllld cnsh cq ulvolenls al tllc end or lhe period Com poncnrs of CJ1sh nnd cash c.qulvnlcnfli • Cush in hnnd • Balances willi bunks in current nccounls See accompanying notes to the Unaudited Consolidated Financial Results For the half year ended 30 September 2026 Unaudited 133.35 86.03 0.16 17.52 (29.09) (0.32) 2.49 (9.92) 9.00 209.22 (82.35) (15.74) 29.65 26.20 166.98 0 .93) 163.05 (146.22) 1,195.37 (1,365.11) 187.98 (7.61) 5.00 (130.59) (0:12) (42.97) (17.52) 0.01 ro.16\ (60.76) (28.30) 284.22 25S.92 61.32 194.60 255.92 For the half year ended 30 September 2025 Audited 21.04 49.85 0.40 7.20 (1.64) (0.45) 2.99 (11.10) 12.37 80.66 (47.37) (26.83) 58.98 86.32 151.76 (10.87) 140.89 (54.15) 681.28 (717.00) (4.58) -l.5R (92.87) - (5.96) (24.95) (7.20) (0.40\ (38,51) 9.51 161.99 171.50 50.90 120.60 171.50
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hob Ii, Bellandur, Bangalore, Karnataka, India, 560 I 03 CIN: L72300KA2015PLCl50324 Website: www.shadowfax.in Notes to unaudited consolidated financial results for the quarter and half year ended 30 September 2026 The above unaudited consolidated financial results of Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) ('the Company') together with its subsidiary (collectively the 'Group') have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013, as amended, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR'), as amended ('Listing Regulations'). These unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 29 October 2026. 2 During the year ended 3 I March 2026, the Company had completed an Initial Public Offering ('IPO') of 153,812,014 equity shares with a face value of Rs. 10/- each at an issue price of Rs. 124/- per share (including a share premium of Rs 114 per share). The issue comprised of a fresh issue of 80,645,160 shares and an offer for sale of 73,166,854 shares. Fresh issue includes allotment of 126,960 equity shares issued to employees of the Company at a price of Rs. 124/- per share. The total Offer size including Offer for sale is Rs. 1,907.27 crores through IPO. 3 The Chief Operating Decision Maker of the Group evaluates the Group's performance at an overall level as one segment which is 'logistics and delivery services'. Accordingly, the figures appearing in these unaudited consolidated financial results relate to the Group's single operating segment. 4 The figures for the quarter ended 30 September 2025, as reported in these unaudited consolidated financial results have been approved by the Company's Board of Directors but have not been reviewed by the statutory auditors. 5 During the previous year ended 31 March 2026, the Company had acquired an additional 10.41% stake in its subsidiary, Criticalog India Private Limited for a total consideration of Rs. 5.69 crores. Further, during the quarter ended 30 June 2026, the Company acquired the balance 10.42% stake for a total consideration of Rs. 7.61 crores. Consequently, Criticalog India Private Limited became a wholly owned subsidiary of the Company. 6 During the quarter and half year ended 30 September 2026, the Company has allotted 1,858,370 equity shares during the quarter ended 30 September 2026 and 4,671,485 equity shares during the half year ended 30 September 2026 having a face value of Rs. 10/- each upon exercise of vested options under the Employee Stock Option Plan 2016 ("SFX ESOP 2016"). 7 The above unaudited consolidated financial results for quarter and half year ended 30 September 2026, are available on the Bombay Stock Exchange Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website (URL: nseindia.com) and on the Company's website (URL: www.shadowfax.in/investor-relations) For and on behalf of Board of Directors of Shadowfax Techno gies Limited (formerly known as Shadowfax Technologies Private Limited) Managing Director and Chief Executive Otlicer DIN : 07155421 Place: Bengaluru Date: 29 October 2026
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S.K BATL/801 & ASSOCIATES LLP Chartered Accountants 12th Floor "UB City" Canberra Block No. 24, Villa! Mallya Road Bengaluru - 560 001, India Tel : +91 80 6648 9000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) 1. We have reviewed the accompanying statement of unaudited standalone financial results of Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) (the "Company") for the quarter ended 30 September 2026 and year to date from 01 April 2026 to 30 September 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company ' s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. S.R, Batliboi & Associates LLP, a Limited Liability Partnership with LLP _Identity No. AAB·4295 Regd Olfice: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016
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S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants 12th Floor "UB City" Canberra Block No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel : +91 80 6648 9000 5. The comparative financial information of the Company for the quarter ended 30 June 2026, included in the Statement, were reviewed by the predecessor auditor who expressed an unmodified conclusion on the unaudited standalone financial results dated 31 July 2026. The standalone financial statements of the Company for the year ended 31 March 2026, were audited by predecessor auditor who expressed an unmodified opinion on the standalone financial statements dated 14 May 2026. 6. The Statement includes the unaudited standalone financial results for the quarter ended 30 September 2025 and year to date from 01 April 2025 to 30 September 2025 which have not been subjected to review and have been compiled by the Management and approved by the Board of Directors of the Company . For S.R. Batliboi & Associates LLP Chartered Accountants • ICAI Firm registration number: 101049W /E300004 per Raje Partner Membership No.: 213803 3 Unique Document Identification Number: 2-62.-13 803 zlDF St- 5q ::,-- Place: Bengaluru Date: 29 October 2026 S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No AAB-4295 Regd Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 OJ 6
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologi es Private Limited) I ' Registered office: 3rd Floor, Shilpitha Tech Park, Sy No, 55/3 & 55/4, Outer Ring Road, Devorabisanahalli Village, Bellandur, Varthur Hobli, Bellandur , Bangalore, Karnataka, India, 560103 CIN: L72300KA2015PLCl50324 Website: www,l'hndowfox.in Statement of unaudited standalone financial results for the quarter and half year ended 30 September 2026 (All amount in Indian Ruoees crore, unless otherwise stated) Jl~vcnuc from ooemlions Other Income Tolnl Income Il l Expenses Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Total expenses (II} Profit before tax (III = I-Ill Tax expense Current tax Deferred tax Total tax expense (IV) Profit for the period/year (V ~ III - IV) Other comprehensive lncome/(loss) Items that will not be reclassified subsequently to profit or loss - Actuarial (loss)/11;ain on remeasurement of defined employee benefit plans - Income tax effect on above Other comprehensive income/(loss) for the period/year, net of tax (VI) Total comprehensive Income for the period/year (VII = V + VJ) Paid up equity share capital (Face value of Rs lO each) Other equity Earnings per share (Face value of Rs. 10 each) /not annualised exceot for vear ended 31 March 2026) (a) Basic (Rs .) (bl Diluted (Rs.) See accompanying notes to the Unaudited Standalone Financial Results •Refer note 5 to the Unaudited Standalone Financial Results Quarter ended 30 September 30 June 2026 2026 (Unaudited) (Unaudited) 1,500.51 1,323.85 19.02 21.03 I ~19.~3 1.344.88 128.87 114.41 9.59 7.26 44.04 37.43 I 269.73 J 119.58 1.452.2:1 1.278.68 67.30 66.20 - -- -- - 67.30 66.20 (0.03) O.oJ - -(fl 03) 0,03 67 27 66B 586.94 585.08 - 1.14 1.13 1.13 I.II Half year ended Year ended 30 September 30 September 30 September 31 March 2025 2026 2025 2026 (Unaudited)* (Unaudited ) (Unaudited)* (Audited) 950.48 2,824.36 1,746.40 4,080.35 5.98 40.05 14.23 36.61 956.46 2 864 41 1 760.63 4116.96 80.36 243.28 154.30 357.44 3.47 16.85 6.93 18.38 23.65 81.47 45.38 108.24 834.75 2 389.31 I 530.64 3 517.72 942.23 2.730.91 17l725 d.nll1 .78 14.23 133.50 23.38 115.18 - - - - - - - -- - - - 14.U 133.S0 n 38 115 18 (0.30) - (0.30) 0.12 - - - , 10.JOl - /0 30) 0.12 IJ.93 0350 2.1,011 1l5.30 151.79 586.94 151.79 582.27 - - - 1.166.43 0.28 2.27 0.45 2.29 0.28 2.25 0.45 2.25
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bellandur, Bangalore, Kamataka, India, 560103 CfN: L72300KA2015PLCI 50324 Website: www.shnd1iwfox.in Unaudited Standalone Balance Sheet as at 30 September 2026 (All amount in Indian Rupees crore) A~scts No 11-cu rrcnl aiscts Prooertv, plnnl nnd 0quipmc111 Ril\ht-of-use nssets b1tuu1dblc assets Finuncilll ru;scL~ Investments ther finnn iol assets Other bo n k balances Income tux n~scls Oilier non-c11 rrc111 uHsots Tolul uon•currcnt nssct~ Current n~eb Financial ns~cts fnvcstrnenrs Trade rcccivnbles Cash and cash eQuivalcnts Bnnk balances other thnn cash and cash equivalents Other bunk balitnco~ Loans Otller firnmdol assets Other 0WTent assets Totld cuncnt nsscts Total nsscl~ Ea11itv n11d liabilities &qultv 13quitv share cnpirnl Other cmiity Total cquJtv l,lnbUllics Non-cuncol llnbllltles Financial linbilllics Lease 1i(1bilitics Provisions Tota l non-current lillbllillt . I Current llnbilll'lcs Financial liabilities Lease llabillties Trade puvablcs - Totnl olllSfandinJ! dues of micro enterprises and small 0n1erprises: - Total outstnnding dues of creditors other than micro enterprises und small enterprises Other finnnoial liabilities Other current liabilities Provisions TotJII current liabilities Totnl en ultv and llabllillos See accompanying notes to the Unaudited Standalone Financial Results As at As at 30 September 2026 31 March 2026 Unaudited Audited 320.44 247.24 343.04 227.40 48.70 45.79 56.43 50.83 37.01 12.88 417.91 540.04 36.47 33.72 51.53 13.36 1,311.53 1,171.26 533.38 353.72 574.19 498.85 253.98 280.03 27.74 216.68 323.86 176.37 3.09 2.98 72.86 86.27 3.36 2.25 1 792.46 1617.15 .. 1 0" 0 9 2 788.41 586.94 582.27 l 304.26 1 166.43 1,891.20 1,748.70 262.62 169.78 20.20 15.69 282.82 185.47 91.40 64.18 1.01 0.75 388.83 361.21 292.88 301.59 151.97 122.63 3.88 3.88 929.97 854.24 3 toJ,QQ 2 7118.41
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bellandur, Bangalore, Kamataka, India, 560103 CIN: L72300KA2015PLC150324 Website: www.sh11dow(a:dn Unaudited Standalone Statement of Cash Flows for the half year ended 30 September 2026 (All amount in Indian Ruoees crore) A. Cash now frnm npcrntlng nctivitics Profit bclbre Lox Adj ustment~ to rccondl e 11rol1t before tnx to net cnsh nows Depreciation ""d amortisntion expense Interest on bon-owii1gs l11tercst on lease llnbilllies Interest income on fi111mcinl esscls carried nt nmllrti~cd cost ln.taro.sl Income on income tnx rcfllnd Loss allownnces for doubll'ul debts Gain on sulc and re-mcasurcmcnl ofmutuu i fund investments mcusured ut fair value through pro/i i und loss hare based payment expense Operating co.sh now he'fore working capltul change. Working capital changcn: Increase-) in trude receivables (Increase) iu oilier financial n sets and 01hcr nsscrs Increase in trndc payRblcs Increase in provisions and nthcr liubililics Ca~h generate d from npcr.iflu g nctM liC-' before tax income mx (pnid) /refund, neL et cas h gcnerntcd Crom opcrnting nc!lvltlc-' (A) B. as h llow from Investing nctivlties Purclnsc of property, pltml and equipment and intangible assets (including Cllpillll advtlnces) Rcd(:mptio11 of mutunJ funds Investment In mutual funds Rcclcmptiou/(invc.~lmcnt) in bank deposit~ (having originnl mnturity o more than. Ull'ee months ,net Payment mode 10 ecquirc stake in subsidiary Interest received et cash {nscd In) lovc! lin g nctivltic (B) C. Cas h now from nnnncing activities Repayment of borrowings Pnymcnt of principal porlion Qf lease liabilities PnymcnT of interest portion of lease llnbilitics Proceeds fromJssuc of equity shore:. Interest pn id Net cnsh (used In) llnancin11 nctivltlcs (C) Net (cle_creasc) / lncrca c In cash nnd cnsh cqulv ~lent s (A+B+C) Cnsh uad ca~h equivalents al the bcginni11g of the period Cns ll n rtd co.di equi vnle11 ts 11 1 the end of t'hc 11crlod Componenlll of c.a.sh nnd cnsb cquh·alcnts - Cash in hand - Balances with bnnks fn c11rrcn1 nccounl$ See accompanying notes to U,e Unaudited Standalone Financial Results •Refer note 5 to the Unaudited Standalone Financial Results For the half year ended For the half year ended 30 September 2026 30 September 2025 Unaudited Unaudited* 133.50 23.37 81.47 45.38 - 0.31 16.85 6.62 (28.94) (1.62) (0.32) (0.45) l.80 l.80 (10.03) (I 1.21) Q,00 12.37 203.33 76.57 (77.14) (47.48) (16.80) (28.03) 27.88 59.91 27.15 86.34 164.42 147.31 (2.75) {10.09) 16L67 137.22 (145.80) (53.78) 1,195.37 681.28 (1 ,365.00) (717 .00) 187.98 (1.20) (7.61) . 4.74 1.43 (130.32) (89.27) . (5.75) (40.56) (22.19) ( 16.85) (6.62) 0.01 . . (031) f'i7.40\ (34.87) (26.05) 13.08 280.03 167.23 253.98 180.31 61.13 62.52 192.85 117.79 253.98 180.31
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Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) Registered office: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bellandur, Bangalore, Kamataka, India, 560103 CIN: L72300KA2015PLCI50324 Website: www.shadowfax.in Notes to unaudited standalone financial results for the quarter and half year ended 30 Sepember 2026 The above unaudited standalone financial results of Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) ('the Company'), have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, as amended, read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) ('SEBI LODR' ) Regulations, 2015, as amended ('Listing Regulations'). These unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 29 October 2026. 2 During the year ended 31 March 2026, the Company had completed an Initial Public Offering ('IPO') of I 53,812,014 equity shares with a face value of Rs. I 0/- each at an issue price of Rs. 124/- per share (including a share premium of Rs. 114 per share). The issue comprised of a fresh issue of 80,645,160 shares and an offer for sale of 73,166,854 shares. Fresh issue includes allotment of 126,960 equity shares issued to employees of the Company at a price of Rs. 124/- per share. The total Offer size including Offer for sale is Rs. 1,907.27 crores through IPO. 3 During the previous year ended 31 March 2026, the Company had acquired an additional 10.41 % stake in its subsidiary, Criticalog India Private Limited for a total consideration of Rs. 5.69 crores. Further, during the quarter ended 30 June 2026, the Company acquired the balance 10.42% stake for a total consideration of Rs. 7.61 crores. Consequently, Criticalog India Private Limited became a wholly owned subsidiary of the Company. 4 The Chief Operating Decision Maker of the Company evaluates the Company's performance at an overall level as one segment which is 'logistics and delivery services'. Accordingly, the figures appearing in these unaudited standalone financial results relate to the Company's single operating segment. 5 The figures for the quarter ended 30 September 2025, as reported in these unaudited standalone financial results have been approved by the Company's Board of Directors but have not been reviewed by the statutory auditors. 6 During the quarter and half year ended 30 September 2026, the Company has allotted 1;858,370 equity shares during the quarter ended 30 September 2026 and 4,671,485 equity shares during the half year ended 30 September 2026 having a face value of Rs. 10/- each upon exercise of vested options under the Employee Stock Option Plan 2016 ("SFX ESOP 2016"). 7 The above unaudited standalone financial results for quarter ended 30 September 2026, are available on the Bombay Stock Exchange Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website (URL: nseindia.com) and on the Company's website (URL: www.shadowfax.in/investor-relations) For and on behalf of Board of Directors of Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) A~ Managing Director and Chief Executive Officer DIN: 07155421 Place: Bengaluru Date: 29 October 2026