Shadowfax Q2 FY27: Consolidated PAT Jumps 422% YoY to ₹68 Cr as Margins Expand

Shadowfax's consolidated PAT for Q2 FY27 came in at ₹67.95 Cr, up 421.9% YoY from ₹13.02 Cr a year ago — a striking headline that is also flattered by a low prior-year base, since the business has scaled sharply over the past several quarters. Revenue from operations rose 56.6% YoY to ₹1,537.70 Cr. Sequentially, momentum cooled: revenue grew 13.2% QoQ and PAT just 3.9% QoQ against Q1 FY27's ₹65.40 Cr, a marked deceleration from the ~65% YoY pace the company itself flagged last quarter. NPM (PAT/total income) expanded roughly 304 bps YoY to 4.36% from 1.32%, and OPM (EBITDA excluding other income, on operating revenue) expanded roughly 276 bps YoY to 6.75% from 3.99% — both a function of operating leverage as revenue scaled, with no exceptional items disclosed in the statement. QoQ, the expansion story did not carry through: NPM slipped ~38 bps from 4.74% and OPM was effectively flat (6.76% to 6.75%). Street consensus (five analysts per Sahi.com's Q1 commentary) pegs FY27 revenue at ₹5,980 Cr; H1 FY27 consolidated revenue of ₹2,895.82 Cr (+60.4% YoY) keeps the company on a pace implying roughly ₹3,084 Cr in H2 to hit that figure. Against management's own guidance — raised last quarter to 38-40% FY27 revenue growth from 27-30% — the H1 run-rate is running well ahead, suggesting the guide may prove conservative unless H2 decelerates sharply. Consolidated PAT of ₹67.95 Cr landed within the pre-result preview's "Q1 parity" expectation band of ₹60-70 Cr. No press release accompanied this filing, so management's own framing of the quarter could not be cross-checked against the reported numbers. Standalone PAT grew a slower 372.9% YoY to ₹67.30 Cr, the divergence versus consolidated explained by Criticalog India becoming a wholly-owned subsidiary this year, so consolidated results now carry a fuller subsidiary contribution that standalone does not. Among the quarter's other developments, NewQuest sold a ₹585.08 Cr stake in early October — an existing-investor exit rather than an operating signal — while the company closed its insider trading window ahead of results and appointed S.R. Batliboi & Associates as statutory auditor, replacing the predecessor whose unmodified review opinions covered the comparative periods in this filing; none of these bear directly on the print's growth or margin drivers.