Shadowfax Technologies shares have surged 137% from their IPO price, but ICICI Securities sees further upside in the stock, raising its target price to ₹330 from ₹280 while retaining an ‘Add’ rating. The brokerage expects sustained momentum in the company’s express parcel business, while stronger-than-expected growth in hyperlocal deliveries could provide an additional growth driver.
ICICI Securities expects Shadowfax’s express parcel revenue to grow 48.7% year-on-year in Q2 FY27, supported by potential market-share gains from Amazon’s e-commerce business, expansion into new pincodes and newer initiatives such as Prime and Prime Large.
The brokerage also expects customer additions among MSMEs and SMEs to support growth. A strong festive season in Q3 FY27 could provide another near-term boost to parcel volumes, potentially supporting sustained market-share gains over the medium term.
ICICI Securities expects Shadowfax’s express parcel revenue to grow at a 35.1% CAGR between FY26 and FY28.
The brokerage expects Shadowfax’s hyperlocal business to grow 78.4% YoY in Q2 FY27, with the segment potentially exceeding its earlier expectations.