Shadowfax reported ₹1,806 crore revenue and doubling profits in H1 FY26 despite execution friction and logistics input volatility, whereas Pine Labs reported profitability alongside eighteen percent revenue growth in Q1 FY26. Investors are reading this dual signal as confirmation that selective verticals with strong transaction density or distribution adjacency can stabilise margin vectors faster than horizontal platforms. The divergence between logistics infra plays and fintech execution rails is emerging as a structural narrative for FY26 modelling. This could shift capital assignment behaviours away from hyperscaling and toward unit-margin selective urban cluster concentration.