Kotak starts India's Shadowfax with 'add' on growth prospects

Shadowfax Technologies

23/09/2026 08:02

** Kotak Institutional Equities initiates coverage of logistics firm Shadowfax SADO.NS with "add" and a price target of 310 rupees 
** We expect it to outgrow broader third-party e-commerce logistics firms, helped by exposure to Meesho MEES.NS, Kotak says
** Also notes co's ability to gain market share among relatively under penetrated segments
** Expects Shadowfax to gain 9 percentage points of market share between 2026 and 2030
** Estimates revenue to rise at a CAGR of 31% during the same period, aided by express and hyperlocal shipments
** All five brokerages covering the stock rate it "buy" or higher; their median PT is 286 rupees - LSEG-compiled data
** Stock up 0.5% at 284.55 rupees, more than doubles since listing on Jan 28

 (Reporting by Aishwarya Jain in Bengaluru)
 ((Aishwarya.Jain@thomsonreuters.com;))