Shadowfax Technologies CEO, chairman, board of directors and AGM
NSE: SHADOWFAXBSE: 544685Transport ServicesSmall Cap
Shadowfax Technologies Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Jan 2026 · Issue price ₹124
Last close ₹290.40down ₹1.90 (0.65%)BSE ₹290.40
Share price at the NSE close on 28 Oct 2026. Previous close ₹292.30.
28 Oct: open ₹292.30, high ₹294.90, low ₹287.20
Range of traded prices from listing on 28 Jan 2026 to 28 Oct 2026
₹98.55Low, 30 Jan 2026₹302.35High, 12 Oct 2026
- Next results date: the board meets on 29 Oct 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹17,045 Cr589th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- No full year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 9.77
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Jan 2026
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 17,56,65956.8% delivered
Shadowfax Technologies' chairperson and managing director and CEO is ABHISHEK BANSAL, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 18 Sep 2026.
Shadowfax Technologies board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing director and CEOABHISHEK BANSAL
- Company Secretary and Compliance OfficerKrishnakanth Venkata Gangavarapu
8 directors4 independent4 executive
- ABHISHEK BANSAL · Chairperson and managing director and CEOExecutive · joined Apr 2015 · reappointed Apr 2025 · 1 listed board · 1 committee seat
- VAIBHAV KHANDELWALExecutive · joined Apr 2015 · reappointed Apr 2025 · 1 listed board · 1 committee seat
- GAURAV JAITHLIAExecutive · joined Jun 2025 · 1 listed board · 1 committee seat
- PRAHARSH CHANDRAExecutive · joined Jun 2025 · 1 listed board
- RUCHIRA SHUKLAIndependent · joined Jan 2025 · reappointed Jan 2025 · 20 months as independent · 1 listed board · 1 as independent · 2 committee seats
- BIJOU KURIENIndependent · joined Jan 2025 · reappointed Jan 2025 · 21 months as independent · 7 listed boards · 7 as independent · 10 committee seats, 5 as chair
- PIROJSHAW ASPI SARKARIIndependent · joined Jan 2025 · reappointed Jan 2025 · 20 months as independent · 1 listed board · 1 as independent · 2 committee seats, 2 as chair
- DINKAR GUPTAIndependent · joined Jun 2025 · reappointed Jun 2025 · 15 months as independent · 3 listed boards · 3 as independent
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 31 Jul 20268 of 8 present4 independent · 77 days in between
- 14 May 20268 of 8 present4 independent · 7 days in between
- 6 May 20267 of 8 present4 independent · 13 days in between
- 22 Apr 20267 of 8 present4 independent · 20 days in between
1 earlier meeting
- 1 Apr 20266 of 8 present4 independent
Audit Committee
Chair BIJOU KURIEN
VAIBHAV KHANDELWAL, RUCHIRA SHUKLA
- 31 Jul 20263 of 3 present2 independent · 77 days in between
- 14 May 20263 of 3 present2 independent · 7 days in between
- 6 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair RUCHIRA SHUKLA
BIJOU KURIEN, PIROJSHAW ASPI SARKARI
- 31 Jul 20263 of 3 present3 independent · 99 days in between
- 22 Apr 20263 of 3 present3 independent · 20 days in between
- 1 Apr 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair PIROJSHAW ASPI SARKARI
BIJOU KURIEN, ABHISHEK BANSAL
- 31 Jul 20263 of 3 present2 independent · 77 days in between
- 14 May 20263 of 3 present2 independent
Risk Management Committee
Chair VAIBHAV KHANDELWAL
RUCHIRA SHUKLA, ABHISHEK BANSAL
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair ABHISHEK BANSAL
VAIBHAV KHANDELWAL, PIROJSHAW ASPI SARKARI
No meeting listed in the filing.
IPO Committee
Chair ABHISHEK BANSAL
VAIBHAV KHANDELWAL, GAURAV JAITHLIA
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- B S R & Co. LLPPeer-review certificate valid to Jul 2028
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Shadowfax Technologies AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.
Annual general meeting, 18 Sep 2026
97,838 shareholders on the register on 11 Sep 2026; present: 2 promoters and 54 others; votes counted by Pramod S M / M/s BMP and Co. LLP.The company's voting result
- To consider and adopt the standalone audited financial statements of the Company for the financial year ended 31 March 2026, together with the Report of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 64.19% · promoters 100.00% · institutions 74.75% · other public 30.01%
- To consider and adopt the consolidated audited financial statements of the Company for the financial year ended 31 March 2026 along with the reports of the Auditors’ thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 64.19% · promoters 100.00% · institutions 74.75% · other public 30.01%
- To appoint a director in place of Mr. Gaurav Jaithlia (DIN: 09478517), who retires by rotation, and being eligible offers himself for re-appointmentOrdinary98.01% for1.99% against
Against: promoters 0.00% · institutions 3.37% · other public 0.00%
Turnout: all 64.19% · promoters 100.00% · institutions 74.75% · other public 30.01%
- To appoint M/s S.R. Batliboi & Associates LLP, Chartered Accountants (ICAI Firm Registration No. 101049W/E300004) as Statutory Auditors of the CompanyOrdinary98.71% for1.29% against
Against: promoters 0.00% · institutions 2.19% · other public 0.00%
Turnout: all 64.19% · promoters 100.00% · institutions 74.75% · other public 30.01%
- To approve increase in remuneration of Mr. Abhishek Bansal (DIN: 07155421), Managing Director & CEO of the CompanyOrdinaryPromoters have an interest in it87.53% for12.47% against
Against: promoters 0.00% · institutions 21.14% · other public 0.01%
Turnout: all 64.18% · promoters 100.00% · institutions 74.75% · other public 29.97%
- To approve increase in remuneration of Mr. Vaibhav Khandelwal (DIN: 07155413), Whole-Time Director & CTO of the CompanyOrdinaryPromoters have an interest in it87.53% for12.47% against
Against: promoters 0.00% · institutions 21.14% · other public 0.01%
Turnout: all 64.18% · promoters 100.00% · institutions 74.75% · other public 29.97%
- To approve increase in remuneration of Mr. Gaurav Jaithlia (DIN: 09478517), Whole-Time Director & Head of Business Strategy of the CompanyOrdinary87.53% for12.47% against
Against: promoters 0.00% · institutions 21.14% · other public 0.01%
Turnout: all 64.19% · promoters 100.00% · institutions 74.75% · other public 30.01%
- To approve increase in remuneration of Mr. Praharsh Chandra (DIN: 11165888), Whole-Time Director & CBO of the CompanyOrdinary87.53% for12.47% against
Against: promoters 0.00% · institutions 21.14% · other public 0.01%
Turnout: all 64.19% · promoters 100.00% · institutions 74.75% · other public 30.01%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 7 May 2026, 2 resolutions
78,075 shareholders on the register on 3 Apr 2026; votes counted by Pramod S M / BMP and Co. LLP.The company's voting result
- Approval for amendment and ratification of Shadowfax Technologies Limited Employee Stock Option Plan 2016 (SFX ESOP 2016)Special88.48% for11.52% against
Against: promoters 0.00% · institutions 30.82% · other public 0.01%
Turnout: all 69.70% · promoters 100.00% · institutions 76.61% · other public 54.76%
- Approval for the extension of the benefits of Shadowfax Technologies Limited Employee Stock Option Plan 2016 (SFX ESOP 2016) to the employees of subsidiary companiesSpecial88.48% for11.52% against
Against: promoters 0.00% · institutions 30.82% · other public 0.01%
Turnout: all 69.70% · promoters 100.00% · institutions 76.61% · other public 54.76%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 18 Sep 2026, 13 fund houses
- To consider and adopt the standalone audited financial statements of the Company for the financial year ended 31 March 2026, together with the Report of the Board of Directors and Auditors thereon13 for0 against
- To consider and adopt the consolidated audited financial statements of the Company for the financial year ended 31 March 2026 along with the reports of the Auditors’ thereon13 for0 against
- To appoint a director in place of Mr. Gaurav Jaithlia (DIN: 09478517), who retires by rotation, and being eligible offers himself for re-appointment13 for0 against
- To appoint M/s S.R. Batliboi & Associates LLP, Chartered Accountants (ICAI Firm Registration No. 101049W/E300004) as Statutory Auditors of the Company
Against Edelweiss Mutual Fund
- Edelweiss Mutual FundNo concern is identified w.r.t merits of the proposed Statutory Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee payable to Statutory Auditors is not disclosed. Material change in Audit Fee cannot be ascertained.
12 for1 against - To approve increase in remuneration of Mr. Abhishek Bansal (DIN: 07155421), Managing Director & CEO of the Company
Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund
- Canara Robeco Mutual FundAbhishek Bansal, 35, is the promoter, CMD and CEO. He was appointed on the board on 21 April 2025 and holds over a decade of work experience.He was paid a remuneration of Rs. 11.8 mn for FY26 and we estimate his FY27 remuneration at Rs. 72.0 mn. The proposed remuneration terms are open-ended, with no guidance or limits on fixed and variable pay components of remuneration structure. The proposed terms give the board and the Nomination and Remuneration Committee (NRC) the discretion to determine variable pay and annual increments.As the resolution lacks an absolute cap, the regulatory limit of up to 5% of the company’s net profits would apply to his remuneration, resulting in a wide permissible range. We expect the company to specify an absolute cap on remuneration and clearly define the performance metrics governing variable pay. Further, the company must make detailed disclosure on past remuneration. Given these concerns, we do not support the resolution.
- Edelweiss Mutual FundCompliant with law. No governance concern is identified w.r.t the profile, time commitments and past attendance. Non-Compliant w.r.t Secretarial Standards-2 Disclosure Requirement: The Company has not disclosed the details of the remuneration sought to be paid to the Directors by way of the proposed revision in the Explanatory Statement with the Notice. Governance Concern: In absence of details of the proposed revision to the remuneration payable to the EDs, the shareholders are unable to make an informed decision. Furthermore, this allows the Board and NRC absolute discretion to determine the remuneration that may be payable.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed remuneration terms do not disclose any specific pay components, limits, or performance-linked criteria, preventing shareholders from assessing the extent of the proposed remuneration. • The approval of this request could reduce the accountability of the executive, as he may be paid more than the prescribed remuneration despite the company's poor performance.
10 for3 against - To approve increase in remuneration of Mr. Vaibhav Khandelwal (DIN: 07155413), Whole-Time Director & CTO of the Company
Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund
- Canara Robeco Mutual FundVaibhav Khandelwal, 34, is the promoter, Whole-time Director and CTO. He was appointed on the board on 21 April 2025 and holds over a decade of work experience.He was paid a remuneration of Rs. 11.1 mn for FY26 and we estimate his FY27 remuneration at Rs. 72.0 mn. The proposed remuneration terms are open-ended, with no guidance or limits on fixed and variable pay components of remuneration structure. The proposed terms give the board and the Nomination and Remuneration Committee (NRC) the discretion to determine variable pay and annual increments.As the resolution lacks an absolute cap, the regulatory limit of up to 5% of the company’s net profits would apply to his remuneration, resulting in a wide permissible range. We expect the company to specify an absolute cap on remuneration and clearly define the performance metrics governing variable pay. Further, the company must make detailed disclosure on past remuneration. Given these concerns, we do not support the resolution.
- Edelweiss Mutual FundCompliant with law. No governance concern is identified w.r.t the profile, time commitments and past attendance. Non-Compliant w.r.t Secretarial Standards-2 Disclosure Requirement: The Company has not disclosed the details of the remuneration sought to be paid to the Directors by way of the proposed revision in the Explanatory Statement with the Notice. Governance Concern: In absence of details of the proposed revision to the remuneration payable to the EDs, the shareholders are unable to make an informed decision. Furthermore, this allows the Board and NRC absolute discretion to determine the remuneration that may be payable.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed remuneration terms do not disclose any specific pay components, limits, or performance-linked criteria, preventing shareholders from assessing the extent of the proposed remuneration. • The approval of this request could reduce the accountability of the executive, as he may be paid more than the prescribed remuneration despite the company's poor performance.
10 for3 against - To approve increase in remuneration of Mr. Gaurav Jaithlia (DIN: 09478517), Whole-Time Director & Head of Business Strategy of the Company
Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund
- Canara Robeco Mutual FundGaurav Jaithlia, 35, is the Whole-time Director and Head of Business Strategy. He was appointed on the board on 23 June 2025 and holds over a decade of work experience.We estimate his FY27 remuneration at Rs. 119.4 mn. The proposed remuneration terms are open-ended, with no guidance or limits on fixed and variable pay components of remuneration structure. The proposed terms give the board and the Nomination and Remuneration Committee (NRC) the discretion to determine variable pay and annual increments.As the resolution lacks an absolute cap, the regulatory limit of up to 5% of the company’s net profits would apply to his remuneration, resulting in a wide permissible range. We expect the company to specify an absolute cap on remuneration and clearly define the performance metrics governing variable pay. Further, we note that the past ESOP grants have been made at deep discount to the market price. The company must make detailed disclosure on past remuneration and the quantum of stock options that may be granted to him over his tenure. Given these concerns, we do not support the resolution.
- Edelweiss Mutual FundCompliant with law. No governance concern is identified w.r.t the profile, time commitments and past attendance. Non-Compliant w.r.t Secretarial Standards-2 Disclosure Requirement: The Company has not disclosed the details of the remuneration sought to be paid to the Directors by way of the proposed revision in the Explanatory Statement with the Notice. Governance Concern: In absence of details of the proposed revision to the remuneration payable to the EDs, the shareholders are unable to make an informed decision. Furthermore, this allows the Board and NRC absolute discretion to determine the remuneration that may be payable.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed remuneration terms do not disclose any specific pay components, limits, or performance-linked criteria, preventing shareholders from assessing the extent of the proposed remuneration. • The approval of this request could reduce the accountability of the executive, as he may be paid more than the prescribed remuneration despite the company's poor performance.
10 for3 against - To approve increase in remuneration of Mr. Praharsh Chandra (DIN: 11165888), Whole-Time Director & CBO of the Company
Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund
- Canara Robeco Mutual FundPraharsh Chandra, 34, is the Whole-time Director and Chief Business Officer. He was appointed on the board on 23 June 2025 and holds over a decade of work experience.We estimate his FY27 remuneration at Rs. 119.4 mn. The proposed remuneration terms are open-ended, with no guidance or limits on fixed and variable pay components of remuneration structure. The proposed terms give the board and the Nomination and Remuneration Committee (NRC) the discretion to determine variable pay and annual increments.As the resolution lacks an absolute cap, the regulatory limit of up to 5% of the company’s net profits would apply to his remuneration, resulting in a wide permissible range. We expect the company to specify an absolute cap on remuneration and clearly define the performance metrics governing variable pay. Further, we note that the past ESOP grants have been made at deep discount to the market price. The company must make detailed disclosure on past remuneration and the quantum of stock options that may be granted to him over his tenure. Given these concerns, we do not support the resolution.
- Edelweiss Mutual FundCompliant with law. No governance concern is identified w.r.t the profile, time commitments and past attendance. Non-Compliant w.r.t Secretarial Standards-2 Disclosure Requirement: The Company has not disclosed the details of the remuneration sought to be paid to the Directors by way of the proposed revision in the Explanatory Statement with the Notice. Governance Concern: In absence of details of the proposed revision to the remuneration payable to the EDs, the shareholders are unable to make an informed decision. Furthermore, this allows the Board and NRC absolute discretion to determine the remuneration that may be payable.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed remuneration terms do not disclose any specific pay components, limits, or performance-linked criteria, preventing shareholders from assessing the extent of the proposed remuneration. • The approval of this request could reduce the accountability of the executive, as he may be paid more than the prescribed remuneration despite the company's poor performance.
10 for3 against
Mutual fund votes, meeting of 7 May 2026, 10 fund houses
- Approval for amendment and ratification of Shadowfax Technologies Limited Employee Stock Option Plan 2016 (SFX ESOP 2016)
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Trust Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Trust Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations: Exercise Price and Exercise Period inadequately disclosed; SEBI’s intent behind mandating disclosure of exercise price and exercise period in the Notice is for the shareholders to estimate potential economic benefit that may be transferred to the employees during the course of time. Non-disclosure or authorizing Board / NRC to decide the same defeats the intended purpose of law. Governance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
- Helios Mutual FundThough ESOPs as a tool is beneficial for the organisation and its employees, the company should have disclosed the Exercise Price and Exercise Period as required by SEBI regulation.
- Motilal Oswal Mutual FundInadequate disclosure of Exercise Price and Exercise Period. Excessive benefit may be given to a single Employee.
- Nippon India Mutual FundGovernance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
4 for6 against - Approval for the extension of the benefits of Shadowfax Technologies Limited Employee Stock Option Plan 2016 (SFX ESOP 2016) to the employees of subsidiary companies
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Trust Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Trust Mutual FundNo concern identified w.r.t the proposed extension of benefits of Scheme to the employees of subsidiary companies. Proposed ESOP Plan is Non-compliant with SEBI (SBEB & SE) Regulations, 2021. Governance Concern: Interlinked with Resolution #1.
- Helios Mutual FundThough ESOPs as a tool is beneficial for the organisation and its employees, the company should have disclosed the Exercise Price and Exercise Period as required by SEBI regulation.
- Motilal Oswal Mutual FundInterlinked with Resolution #1.
- Nippon India Mutual FundGovernance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
4 for6 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
At most 1 complaint open, quarter to Jun 2026.
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- No
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesJan 2026, checked by CARE Ratings Limited | 1,000.00 | Funding of capital expenditure requirements of our Company in relation to our network infrastructure | 423.43 | 121.57 | No |
| Public IssuesJan 2026, checked by CARE Ratings Limited | 1,000.00 | Funding of lease payments for new first mile centers, last mile centers and sort centers | 138.64 | 1.93 | No |
| Public IssuesJan 2026, checked by CARE Ratings Limited | 1,000.00 | Funding of branding, marketing and communication costs | 88.57 | 3.36 | No |
| Public IssuesJan 2026, checked by CARE Ratings Limited | 1,000.00 | Unidentified inorganic acquisitions and general corporate purposes | 291.94 | 7.60 | No |
| Public IssuesJan 2026, checked by CARE Ratings Limited | 1,000.00 | Issue expenses | 57.42 | 53.29 | No |
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.