Shadowfax Technologies shareholders approved the appointment of M/s S.R. Batliboi & Associates LLP as statutory auditors and remuneration increases for four Whole-Time Directors at its 11th Annual General Meeting on September 18, 2026.

The meeting also approved the re-appointment of Mr. Gaurav Jaithlia as a director following his retirement by rotation. M/s BSR & Co. LLP ceased to hold office after completing its second consecutive five-year term.

Auditor Appointment Details

The Board appointed M/s S.R. Batliboi & Associates LLP, Chartered Accountants (ICAI Firm Registration No. 101049W/E300004), effective from the conclusion of the AGM. The appointment covers the financial year 2025-26 until the conclusion of the 16th AGM for FY31.

M/s BSR & Co. LLP, which served as statutory auditors since November 29, 2021, exited following regulatory limits on tenure. The company acknowledged their contribution during their tenure.

Governance and Audit Updates

Mr. Krishnakanth G V, Company Secretary & Compliance Officer, informed members that the Statutory Auditor's Report and Secretarial Audit Report for FY26 contained no qualifications or adverse remarks. These documents were taken as read with member permission.

Additionally, Mr. Gaurav Jaithlia was re-appointed as a director following his retirement by rotation.

Voting Results Analysis

The scrutinizer’s report reveals distinct voting patterns across resolutions. While promoter group members voted unanimously in favor of all resolutions, public institutional investors showed significant dissent on executive compensation matters.

Remuneration Increases: Shareholders voted to increase the remuneration of four Whole-Time Directors. As per protocol, Independent Director Mr. Bijou Kurien chaired the session during the vote concerning Mr. Bansal's compensation. Institutional investors opposed these hikes by approximately 21%, while non-institutional public shareholders supported them nearly unanimously.

Other Key Resolutions:

• Financial Statements: Standalone and consolidated audited financial statements for FY26 were adopted with 100% support from voting shareholders.
• Director Re-appointment: Mr. Gaurav Jaithlia’s re-appointment received 98.01% support, with minimal opposition (1.99%) primarily from institutional investors.
• Auditor Appointment: The appointment of S.R. Batliboi & Associates LLP secured 98.71% approval, with 1.29% opposition from institutional shareholders.

Participation Metrics

The total number of shareholders on the record date was 97,838. Of the 58,67,30,566 shares held, 37,66,35,402 votes were polled, representing a 64.19% turnout. Remote e-voting accounted for the vast majority of participation, with only 1,541 votes cast via poll during the virtual meeting.

Promoter and Promoter Group holdings stood at 9,65,86,287 shares (100% voted in favor). Public-Institutions held 29,72,28,284 shares, with 74.75% participation. Public-Non Institutions held 19,29,15,995 shares, with 30.00% participation.

Voting Process

M/s BMP & Co, LLP served as the scrutinizer for the e-voting process. Members who had not voted prior to the meeting were given a 30-minute window to cast their votes electronically. The results will be disclosed on the company website and communicated to exchanges within two working days.

The proceedings concluded at 12:40 pm after addressing queries from registered speaker shareholders.

Shadowfax Technologies has launched its Channel Partner Program, aiming to onboard 1,000 partners across Tier 1 and Tier 2 cities over the next three years. The initiative expands its Shadowfax 360 platform into an assisted distribution network.

Expansion strategy for Shadowfax 360

The company's channel partner initiative is designed to accelerate customer acquisition and drive revenue growth. By targeting tier 2 cities alongside key manufacturing areas, Shadowfax Technologies aims to deepen its market reach beyond established urban centres. While metros and Tier 1 cities will also be covered, the program will primarily focus on Tier 2 cities and key manufacturing clusters.

Channel Partners – local entrepreneurs in these markets – will help onboard sellers, place and manage orders on their behalf through the Shadowfax 360 portal, and extend credit to them. This addresses digital and working-capital barriers that can prevent small sellers from shipping to customers across the country. Partners can get started without investing in infrastructure or inventory, while Shadowfax manages pickup and delivery across its network of 16,372 pin codes.

Key highlights of the initiative

The following table summarises the core parameters of the Shadowfax 360 expansion plan:

• The programme targets 1,000 channel partners within a three-year period.
• Geographic priorities include Tier 1 and Tier 2 cities, with a primary focus on Tier 2 cities and important manufacturing areas.
• The initiative is aimed at boosting customer acquisition and revenue growth.

Service portfolio and physical presence

Through one local touchpoint, sellers can access an integrated portfolio offering of express parcel, reverse logistics, bulky shipments through Prime Large and critical logistics via Shadowfax's CritcaLog arm. The Company is rolling out its first Shadowfax-branded walk-in stores – serving businesses and individual customers alike – with Chandigarh and Lucknow among the initial markets, followed by expansion into other Tier 2 cities and manufacturing clusters across India.

Financial context

The launch builds on a strong Q1 FY27, in which the Company delivered 24.7 crore orders and grew revenue 65% year-on-year to ₹1,358 crore. The Company expects the program to be a meaningful driver of customer acquisition across Tier 2 cities, contributing to volume growth and revenue diversification.