“JM Financial has initiated coverage on Shadowfax Technologies with a 'Buy' call and a target price of Rs 180, implying a 10% upside. The company is a direct proxy for India's digital commerce growth and has demonstrated strong execution and a superior return on capital employed trajectory.”
JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%
Shadowfax TechnologiesBullishCalled 13 May 2026Graded 14 Jul 2026
Shadowfax Technologies increased from ₹543.35 to ₹806.95, which is significantly above the target price of ₹180, making the target price call incorrect despite the bullish direction.