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Shadowfax Technologies shares surge 137% since IPO as ICICI lifts target

ICICI Securities raised its target price to ₹330 from ₹280, citing expected 48.7% year-on-year growth in express parcel revenue for Q2 FY27 and 78.4% YoY growth in hyperlocal deliveries.

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Shadowfax Technologies shares have climbed 137% from their IPO price, and ICICI Securities has lifted its valuation view while keeping an Add rating. The brokerage raised its target price to ₹330 from ₹280 following the post-IPO rally.

ICICI expects continued momentum in Shadowfax’s express parcel business, supported by growth in hyperlocal deliveries. It projects express parcel revenue to rise 48.7% year-on-year in Q2 FY27, and forecasts the express parcel line to grow at a 35.1% CAGR between FY26 and FY28.

The brokerage also points to potential drivers for hyperlocal expansion, including stronger-than-expected growth in that segment. ICICI expects the hyperlocal business to grow 78.4% year-on-year in Q2 FY27 and cites customer additions among MSMEs and SMEs as additional support for growth.

ICICI further highlights volume catalysts and expansion initiatives, including the company’s push into new pincodes and newer initiatives such as Prime and Prime Large, plus a potentially strong festive season in Q3 FY27.

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