Shadowfax Technologies Limited — quarter and year ended 31 March 2026
Audited standalone financial results (quarter and year ended 31 March 2026)
| Sl. No | Particulars | March 31, 2026 (Audited) (Refer Note 9) | December 31, 2025 (Unaudited) | March 31, 2025 (Audited) (Refer Note 8) | March 31, 2026 (Audited) | March 31, 2025 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Revenue from operations | 1,205.81 | 1,128.14 | 694.50 | 4,080.35 | 2,467.20 |
| Other Income | 15.92 | 6.46 | 6.96 | 36.61 | 29.54 | |
| Total Income | 1,221.73 | 1,134.60 | 701.47 | 4,116.96 | 2,496.74 | |
| 2 | Expenses | |||||
| Employee benefits expense | 104.16 | 98.98 | 70.84 | 357.44 | 259.46 | |
| Finance costs | 6.13 | 5.32 | 4.77 | 18.38 | 14.30 | |
| Depreciation and amortisation expense | 33.19 | 29.67 | 23.28 | 108.24 | 64.16 | |
| Other expenses | 1,022.98 | 964.10 | 612.65 | 3,517.72 | 2,152.61 | |
| Total Expenses | 1,166.46 | 1,098.07 | 711.54 | 4,001.78 | 2,490.53 | |
| 3 | Profit/(loss) before tax (1-2) | 55.27 | 36.53 | (10.08) | 115.18 | 6.21 |
| 4 | Tax expense | |||||
| Current tax | – | – | – | – | – | |
| Deferred tax | – | – | – | – | – | |
| 5 | Profit/(loss) for the period/year (3-4) | 55.27 | 36.53 | (10.08) | 115.18 | 6.21 |
| 6 | Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss | ||||||
| – Actuarial loss on remeasurement of defined employee benefit plans | 0.44 | (0.01) | 0.47 | 0.12 | 0.52 | |
| 7 | Total comprehensive income for the period/year (5+6) | 55.71 | 36.52 | (9.61) | 115.30 | 6.73 |
| 8 | Paid up equity share capital (Face value of Rs 10/- each) | 582.27 | 497.49 | 151.79 | 582.27 | 151.79 |
| 9 | Other equity | – | – | – | 1,166.43 | 248.06 |
| 10 | Earnings per share (of Rs. 10 each) (not annualised except for year ended 31 March 2025 and 31 March 2026 ) | |||||
| (a) Basic | 0.98 | 0.72 | (0.20) | 2.29 | 0.13 | |
| (b) Diluted | 0.96 | 0.71 | (0.20) | 2.25 | 0.13 |
Standalone balance sheet (audited)
| Particulars | Amount in Rs. Crores except data per share | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 247.24 | 114.98 | |
| Right-of-use assets | 227.40 | 112.88 | |
| Intangible assets | 45.79 | 34.62 | |
| Financial assets | |||
| Investments | 50.83 | 45.31 | |
| Other financial assets | 12.88 | 8.76 | |
| Other bank balances | 540.04 | – | |
| Income tax assets | 33.72 | 8.19 | |
| Other non-current assets | 13.36 | 14.88 | |
| Total non-current assets | 1,171.26 | 339.62 | |
| Current assets | |||
| Financial assets | |||
| Investments | 353.72 | 328.56 | |
| Trade receivables | 498.85 | 311.81 | |
| Cash and cash equivalents | 280.03 | 154.39 | |
| Bank balances other than cash and cash equivalents | 216.68 | 29.29 | |
| Other bank balances | 176.37 | – | |
| Loans | 2.98 | 2.76 | |
| Other financial assets | 86.27 | 36.78 | |
| Other current assets | 2.25 | 5.82 | |
| Total current assets | 1,617.15 | 869.41 | |
| Total assets | 2,788.41 | 1,209.03 | |
| Equity and liabilities | |||
| Equity | |||
| Equity share capital | 582.27 | 151.79 | |
| Instruments entirely equity in nature | – | 260.48 | |
| Other equity | 1,166.43 | 248.06 | |
| Total equity | 1,748.70 | 660.33 | |
| Liabilities | |||
| Non-current liabilities | |||
| Financial liabilities | |||
| Lease liabilities | 169.78 | 75.67 | |
| Other financial liabilities | – | 2.67 | |
| Provisions | 15.69 | 10.83 | |
| Total non-current liabilities | 185.47 | 89.17 | |
| Current liabilities | |||
| Financial liabilities | |||
| Borrowings | – | 5.74 | |
| Lease liabilities | 64.18 | 40.97 | |
| Trade payables | |||
| – Total outstanding dues of micro enterprises and small enterprises; and | 0.75 | 7.21 | |
| – Total outstanding dues of creditors other than micro enterprises and small enterprises | 361.21 | 196.56 | |
| Other financial liabilities | 301.59 | 178.06 | |
| Other current liabilities | 122.63 | 28.21 | |
| Provisions | 3.88 | 2.79 | |
| Total current liabilities | 854.24 | 459.53 | |
| Total equity and liabilities | 2,788.41 | 1,209.03 |
Standalone cash flows (audited)
| Description | For the year ended 31 March 2026 (Audited) | For the year ended 31 March 2025 (Audited) |
|---|---|---|
| A. Cash flow from operating activities | ||
| Profit before tax | 115.18 | 6.21 |
| Adjustments: | ||
| Depreciation and amortisation expense | 108.24 | 64.16 |
| Interest on borrowings | 0.31 | 2.70 |
| Interest on lease liabilities | 18.07 | 11.60 |
| Interest income on financial assets carried at amortised cost | (14.30) | (2.56) |
| Interest income on income tax refund | (0.11) | (3.28) |
| Loss allowances for doubtful debts | 1.60 | 2.14 |
| Gain on sale and re-measurement of mutual fund investments measured at FVTPL | (19.41) | (22.60) |
| Gain on fair valuation of derivative liability | (0.66) | – |
| Share based payment expense | 21.88 | 32.12 |
| Operating cash flow before working capital changes | 230.80 | 90.49 |
| Working capital changes: | ||
| (Increase) in trade receivables | (188.64) | (130.32) |
| (Increase) in other financial assets and other assets | (54.49) | (27.07) |
| Increase in trade payables | 158.20 | 58.55 |
| Increase in provisions and other liabilities | 222.02 | 44.25 |
| Cash generated from operating activities before taxes | 367.89 | 35.90 |
| Income tax refund / (paid) | (25.53) | 14.19 |
| Net cash generated from operating activities (A) | 342.36 | 50.09 |
| B. Cash flow from investing activities | ||
| Purchase of property, plant and equipment and intangible assets | (184.33) | (84.48) |
| Mutual fund redemptions | 1,501.25 | 1,129.11 |
| Mutual fund investments | (1,507.00) | (1,122.60) |
| Investment in bank deposits | (903.80) | (7.47) |
| Payment made to acquire stake in subsidiary | (5.69) | (45.31) |
| Inter-Corporate Loans | – | (2.76) |
| Interest received | 12.79 | 5.21 |
| Net cash used in investing activities (B) | (1,086.78) | (128.30) |
| C. Cash flow from financing activities | ||
| Repayment of borrowings | (5.74) | (25.76) |
| Payment of principal portion of lease liabilities | (57.01) | (28.04) |
| Payment of interest portion of lease liabilities | (18.07) | (11.60) |
| Proceeds from issue of equity shares | 80.70 | 0.06 |
| Proceeds from premium on issue of equity shares | 919.35 | – |
| Proceeds from issue of instruments entirely equity in nature | – | 206.60 |
| Share issue expenses | – | (6.97) |
| Transaction cost relating to initial public offer on fresh issue | (48.85) | – |
| Interest on borrowings | (0.31) | (2.69) |
| Net cash generated from financing activities (C) | 870.07 | 131.60 |
| Net increase in cash and cash equivalents (A+B+C) | 125.64 | 53.39 |
| Cash and cash equivalents at the beginning of the year | 154.39 | 101.00 |
| Cash and cash equivalents at the end of the year | 280.03 | 154.39 |
Consolidated financial results (quarter and year ended 31 March 2026)
| Sl. No | Particulars | March 31, 2026 (Audited) | December 31, 2025 (Unaudited) | March 31, 2025 (Audited) | March 31, 2026 (Audited) | March 31, 2025 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Revenue from operations | 1,237.09 | 1,159.71 | 712.43 | 4,202.44 | 2,485.13 |
| Other Income | 15.51 | 6.48 | 6.94 | 36.15 | 29.52 | |
| Total Income | 1,252.60 | 1,166.19 | 719.37 | 4,238.59 | 2,514.65 | |
| 2 | Expenses | |||||
| Employee benefits expense | 112.05 | 108.61 | 76.96 | 392.50 | 265.58 | |
| Finance costs | 6.45 | 5.82 | 4.88 | 19.88 | 14.41 | |
| Depreciation and amortisation expense | 35.25 | 32.26 | 24.36 | 117.37 | 65.24 | |
| Other expenses | 1,043.99 | 984.64 | 623.41 | 3,598.10 | 2,163.36 | |
| Total Expenses | 1,197.74 | 1,131.33 | 729.60 | 4,127.85 | 2,508.59 | |
| 3 | Profit/(loss) before tax (1-2) | 54.86 | 34.86 | (10.23) | 110.74 | 6.06 |
| 4 | Tax expense | |||||
| Current tax | – | – | – | – | – | |
| Deferred tax | (0.97) | – | (0.37) | (0.97) | (0.37) | |
| 5 | Profit/(loss) for the period/year (3-4) | 55.83 | 34.86 | (9.86) | 111.71 | 6.43 |
| 6 | Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss | ||||||
| – Actuarial loss on remeasurement of defined employee benefit plans | (0.07) | (0.01) | 0.36 | (0.38) | 0.41 | |
| 7 | Total comprehensive income for the period/year (5+6) | 55.76 | 34.85 | (9.50) | 111.33 | 6.84 |
| 8 | Paid up equity share capital (Face value of Rs 10/- each) | 582.27 | 497.49 | 151.79 | 582.27 | 151.79 |
| 9 | Other equity | – | – | – | 1,162.57 | 248.15 |
| 10 | Earnings per share (of Rs. 10 each) (not annualised except for year ended 31 March 2025 and 31 March 2026) | |||||
| (a) Basic | 0.95 | 0.69 | (0.20) | 2.22 | 0.13 | |
| (b) Diluted | 0.94 | 0.67 | (0.20) | 2.18 | 0.13 |
Consolidated balance sheet (audited)
| Particulars | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Property, plant and equipment | 248.97 | 116.68 |
| Right-of-use assets | 239.65 | 121.22 |
| Goodwill | 40.06 | 40.06 |
| Intangible assets | 59.00 | 51.28 |
| Financial assets | ||
| Other financial assets | 14.84 | 11.35 |
| Other bank balances | 542.05 | – |
| Income tax assets | 35.66 | 9.92 |
| Other non-current assets | 13.62 | 14.88 |
| Deferred tax assets (net) | 2.56 | 1.59 |
| Total non-current assets | 1,196.41 | 366.99 |
| Current assets | ||
| Financial assets | ||
| Investments | 353.72 | 328.56 |
| Trade receivables | 513.95 | 329.06 |
| Cash and cash equivalents | 284.22 | 161.99 |
| Bank balances other than cash and cash equivalents | 218.09 | 29.29 |
| Other bank balances | 176.37 | – |
| Other financial assets | 87.60 | 36.79 |
| Other current assets |