Shadowfax Q2 FY27: Consolidated PAT Jumps 422% YoY to ₹68 Cr as Margins Expand
PAT +421.89% YoY · revenue +56.57% · margins expanding · inline vs street
₹1,537.7 Cr
+56.57% YoY
₹67.95 Cr
+421.89% YoY
4.36%
₹1.16
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.
Q2 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
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%).
The stock went into the print at ₹288.8, up 5.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 4 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 4-quarter high.
What the summary numbers don't show
Basic EPS (consolidated) ₹1.16 vs ₹1.11 in Q1 FY27 and ₹0.26 a year ago — zero tax expense for the quarter
FY27 revenue growth raised to 38-40% (from 27-30%); EBITDA margins to expand 100-120 bps through FY28; capex stable. Dark stores: 100-unit target (47 live, 20 in progress).
— This quarter: beat
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.
W1
Whether H2 FY27 growth steps down toward the 38-40% full-year guide — H1 is already running at +60.4% YoY
W2
Margin trajectory against the 100-120 bps EBITDA-margin-expansion-through-FY28 goal — OPM already expanded ~276 bps YoY in Q2 alone
W3
Dark store rollout toward the 100-unit target (47 live, 20 in progress as of the Q1 call) — no update given in this filing
Informational and educational content only. Not investment advice.