Shadowfax Technologies has accepted the resignation of Nitesh Lohiya as Chief Product Officer, effective August 07, 2026. The departure of this Senior Management Personnel (SMP) marks a leadership change in the product division, with Lohiya citing personal reasons and a shift in professional aspirations as the drivers for his exit. The company confirmed that he will be relieved from his duties at the close of business hours on Friday, August 7th, 2026.

The intimation was issued on July 31, 2026, in compliance with Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was filed with both the National Stock Exchange of India Ltd and BSE Limited. Krishnakanth Venkata Gangavarapu, Company Secretary & Compliance Officer, signed the announcement.

Resignation Details

The company’s filing outlines the specific details of the transition as required under Para A of Part A of Schedule III of the SEBI Listing Regulations. The information is also available on the company’s investor relations website.

In his resignation letter addressed to Vaibhav Khandelwal, Chief Technology Officer, Lohiya stated that his decision was driven by a desire to move forward in a career direction that aligns more closely with his professional aspirations. He expressed gratitude to the management and team for their support during his tenure. The letter was copied to Mohan Sitharama MS, Chief Human Resource Officer.

What This Means for Stakeholders

The resignation of a Chief Product Officer is a material event for investors tracking executive stability and strategic continuity within Shadowfax Technologies. While the company has not disclosed immediate succession plans in this filing, the change in senior leadership may influence ongoing product development initiatives. The absence of a brief profile or relationship disclosure in the regulatory filing suggests no complex conflicts or prior director relationships were implicated in the departure. Investors should monitor subsequent announcements for any interim appointments or structural changes within the product leadership team.

Shadowfax Technologies delivered its strongest quarterly performance to date in Q1FY27, reporting a record net profit of ₹65 crore and revenue of ₹1,358 crore. The logistics technology firm achieved a 64.9% year-on-year revenue surge, marking the fifth consecutive quarter of over 60% growth. This result highlights the company’s ability to compound growth while expanding Adjusted EBITDA margins to 4.9%, despite headwinds from fuel and wage inflation.

Financial Highlights

The consolidated results for the quarter ended June 30, 2026, demonstrate broad-based improvement across key metrics. Revenue grew 9.8% quarter-on-quarter to ₹1,358 crore. Net profit jumped 715.9% year-on-year to ₹65 crore, the highest quarterly PAT in the company’s history. Ind AS EBITDA reached ₹92 crore with a margin of 6.8%, an improvement of 370 basis points year-on-year. Adjusted EBITDA stood at ₹67 crore, reflecting a 204 basis point margin expansion.

Operational and Network Expansion

Shadowfax processed 24.7 crore orders in the quarter, combining express parcel and hyperlocal shipments. Express parcel revenue grew 87.3% year-on-year, while hyperlocal revenue increased by 53.0%. The company expanded its network to 16,372 pin codes, adding nearly eight new pin codes daily. This represents the largest pin code addition in its history, supported by 5,095 touchpoints and over 53 lakh square feet of operating space. Capital expenditure during the quarter was approximately ₹60 crore, directed toward last-mile network expansion and sort-centre automation.

Technology Initiatives

The firm continued to deploy AI-driven solutions to enhance efficiency. Shadowfax 360, a self-serve digital shipping platform for SMEs, onboarded 1,200+ transacting SMEs in Q1FY27. The AI copilot for delivery partners, Delivery Partner Buddy, handled approximately 16,000 rider conversations daily, resolving ~97% without human intervention. Additionally, Vision AI at pickup points identified ~40% of mismatched reverse pickups before they incurred losses, operating at ~35x lower inference cost than frontier models.

Management Commentary

Abhishek Bansal, Co-founder and CEO, stated that Q1FY27 was the most profitable quarter in the company’s history, with sequential growth accelerating compared to Q4FY26. He highlighted that capacity additions were made ahead of demand, positioning the network to handle peak-season volumes. "We are building one of India's largest and most impactful logistics companies, and the best of that story is still ahead of us," Bansal said.

Regulatory Disclosure

The unaudited standalone and consolidated financial results were approved by the Board of Directors on July 31, 2026. The disclosure was filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Krishnakanth Venkata Gangavarapu, Company Secretary & Compliance Officer, signed the intimation.