Understanding the Businesses: Delhivery vs Shadowfax
Delhivery Business Model
Delhivery Ltd is India's largest fully integrated logistics services provider. It operates across express parcel delivery, part-truckload freight, supply chain services and cross-border logistics. Over the years, the company has invested heavily in building a nationwide network. Its reach now extends to more than 18,800 pin codes. The company also serves customers across more than 220 countries and territories through partner networks.
Shadowfax Technologies Business Model
Shadowfax Technologies Ltd is a younger company but has expanded quickly. It has built a strong position in e-commerce logistics and quick commerce deliveries. The company works with major online marketplaces, food delivery platforms and direct-to-consumer brands. The company serves 15,600 pin codes and operates through a large network of delivery partners and touchpoints across the country.
Key Metrics for Comparing Delhivery vs Shadowfax
1. Realisation Per Shipment
A key metric for comparing logistics platforms is the realisation per shipment, which shows the amount of money a company earns per shipment.
Delhivery
Express FY26 Revenue: ₹6,685 crore
Express FY26 Shipments: ₹105.4 crore shipments
Average Realisation: ~₹63.4 per shipment (Express Revenue / Express Shipments)
Shadowfax
Express FY26 Revenue: ₹3,041 crore
Express FY26 Orders: ₹72.6 crore orders
Average Realisation: ~₹41.9 per order (Express Revenue / Express Shipments)
In this case, Delhivery has materially higher realisation per shipment due to higher exposure to large cargo, B2B clients, PTL freight and premium logistics.
Why do we use Express Revenue and Express Shipments?
'Express Revenue' refers to revenue generated from the company's express parcel delivery business, while 'Express Shipments' represent the number of parcels/orders delivered under that segment. We use these figures because both belong to the same business line, which makes the realisation per shipment calculation more accurate and comparable.
2. Working Capital
The working capital cycle indicates how efficiently a company manages its short-term assets and liabilities to maintain liquidity.
Logistics companies operate with thin margins. Therefore, prudent working capital management becomes important.
Delhivery
Net Working Capital Days of Delhivery have improved substantially from 38 days in FY23 to 22 days in FY26. Receivables days were 39 days in FY26, while payables days were 33 days during the same period.
Shadowfax
Trade receivables of Shadowfax were ₹514 crore, and trade payables were ₹380 crore.
3. Network Strength and Geographic Reach
Delhivery
Delhivery runs one of the largest logistics networks in India as of March 31, 2026 :
18,830 pin codes
220+ countries and territories
129 gateways
4,088 express delivery centres
22.9 million sq ft infrastructure
73,477 employees
71,362 delivery partners
Shadowfax
As of March 31, 2026, Shadowfax runs on:
However, the comparison is even more interesting if we see it from the angle of market segments' leadership. Delhivery dominates in integrated logistics and long-distance transport services. Shadowfax dominates in same-day delivery, reverse logistics, and quick commerce.
4. PAT Margins
Both companies have shown an improvement in their margins.
The PAT Margin of Delhivery stood at 3.2%, with revenues of ₹10,486 crore and PAT of ₹347 crore for FY26. In FY25, the PAT margins stood at 1.8%.
On the other hand, the PAT Margin of Shadowfax for FY26 is at 2.7%, with revenues of ₹4,202 crore and PAT of ₹112 crore.
Even though at the current moment Delhivery seems to be showing better margins, Shadowfax has been making rapid improvements in terms of margins. At the end of FY25, it had only earned ₹6 crore PAT and increased it to ₹112 crore in FY26.
Which Stock Looks Better?
The answer depends on what an investor is looking for.
Delhivery has a sound balance sheet and higher realisations per order and working capital efficiency as well. It also enjoys a diversified logistics model covering various verticals.
Shadowfax, on the other hand, has a totally different proposition for investors. This company has achieved a very fast growth rate and has established its presence in the areas of quick commerce and hyperlocal logistics, both of which are expected to drive the industry in the coming years.
Both firms are leveraging the digital economy in India. Ultimately, the deciding factor rests on whether an investor prioritises capital stability and integrated scale, or higher growth momentum within emerging hyperlocal segments.
