Blackbuck Limited — Q2 FY26 earnings call

Call held 5 Nov 2025

Management summary

Zinka Logistics reported a strong Q2 FY26 with total income growing 61% YoY to ₹167 crores and EBITDA surging 143% YoY to ₹37 crores, driven by robust customer and GTV expansion. The company achieved a significant PAT turnaround to ₹29.2 crores, while continuing aggressive investments in growth businesses like Superloads, which saw 226% sequential revenue growth. Despite a seasonal slowdown in the trucking industry and increased investments leading to a slight sequential EBITDA shrinkage, management remains confident in its long-term strategy and market share gains, particularly in tolling and new hub expansion for Superloads.

Highlights

  • Total income of ₹167 crores, representing a 61% growth on a year-on-year basis.

  • EBITDA reached approximately ₹37 crores, marking a 143% year-on-year growth from ₹15 crores.

  • Profit after tax (PAT) was ₹29.2 crores, a significant turnaround from a negative ₹270 crores in the prior year.

  • Transacting customer base grew by 13% year-on-year to approximately 8,00,000 customers.

  • Gross Transaction Value (GTV) of payments increased by 29% year-on-year to ₹6800 crores.

  • Adjusted EBITDA for the half-year period was ₹90 crores, a 190% growth from ₹31 crores last year.

  • Growth businesses revenue grew 226% sequentially and 19% YoY.

Concerns

  • Sequential EBITDA saw a small shrinkage of 2-3 crores due to increased investments in newer businesses and core business expansion.

  • The trucking industry experienced a low season quarter (July, August, September), impacting sequential growth.

  • Challenges in onboarding container trucks were highlighted by an analyst, with management acknowledging lower proportionate share in this segment.

Key financials

2 periods

Headline

  • Total Income
    ₹167 Cr
    YoY +61%
  • EBITDA
    ₹37 Cr
    YoY +143%
  • PAT
    ₹29.2 Cr
  • Net Revenue (Operations)
    ₹151 Cr
    YoY +53%
  • Net Revenue (Excl. Interest)
    ₹136 Cr
    YoY +38%
  • GTV of Payments
    ₹6,800 Cr
    YoY +29%
  • Transacting Customers
    8,00,000 customers
    YoY +13%

H1 FY26

  • Adjusted EBITDA
    ₹90 Cr
    YoY +190%

What they filed

Q1 FY27: revenue up 41.7%, net profit up 23.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue99 114 122 144 151 +53%172 +51%185 +52%204 +42%
EBITDA15 30 40 40 37 +147%45 +50%45 +13%50 +25%
Net profit-269 -48 280 34 29 +111%32 +167%66 −76%42 +24%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Core Business
    37% Net Revenue Growth
  • Growth Businesses
    19% Revenue Growth
  • Fuel Sensor
    0.55 sequential Growth

Capital allocation

high confidence
  • Liquidity Cash ₹130 Cr Overall cash flow of the company in first half of this year is 130 crores, with a real cash flow of 100 crores after accounting for deferred revenue and working capital.
    I also want you know the shareholders to note that EBITDA in our business largely mimics the cash flow. So, if you look at the Annexures, the overall cash flow of the company in first half of this year is 130 crores, which is far higher than the adjusted EBITDA of 90 crores. 90 crores is the Adjusted EBITA which generally directly moves into cash flow plus because our revenue is amortized largely. So, there's a deferred revenue element of 10 crores which shows up in cash flow. So that's a real cash flow of 100 crores and we had a one time working capital roll back in our you know other part of the businesses which contributed to 30 crores in you know increase in cash flow that's why. You see the overall 130 crores

Guidance & targets

Capacity

  • Superloads Hubs Capacity · next 6 months · High confidence 14-15 hubs
    And loads in a super loads business from there, from the four hubs over the next course of six months, we plan to open 10 new hubs and take this number in the range of 14-15 hubs over the course of next six months.

    — Blackbuck

Operational Efficiency

  • Superloads Playbook Completion Operational Efficiency · future · Medium confidence 100%

    From 60% today

    So that's where I would like to say that the update is that the whole playbook building probably we are in the zone of 60% and I think we've learned new things

    — Blackbuck

Profitability

  • Superloads Hub Break-even Period Profitability · per hub · High confidence 2nd-3rd month
    You typically break even in like second, third month, right at a branch level, at a city level, right.

    — Blackbuck

Revenue

  • Core Business Growth Revenue · future · Medium confidence around 25% levels
    whenever we've talked about growth, we've always talked about the numbers of around like 25% levels is how we look at growth.

    — Blackbuck

Market Share

  • Toll Market Share Market Share · future · Medium confidence higher than 50%

    From close to 50% today

    Tolling by far the market leaders like our market share you know is inching very close to you know 50% on tolling will continue to compound like you know on tolling as you saw our payments GTV numbers and if you compare that relevant to the NETC numbers, right, we've done like far better than the overall industry averages, right. So, our focus there is to keep sharpening our axe, keep making material investments, right and keep like leveraging the, you know, tailwinds and keep growing consistently, right.

    — Blackbuck

What to watch in Q3 FY26

Number of Superloads Hubs

next 6 months
Current 4 hubs
Target Progress towards 14-15 hubs

Why it matters

Expansion of Superloads is a key growth driver for the new business segment.

And loads in a super loads business from there, from the four hubs over the next course of six months, we plan to open 10 new hubs and take this number in the range of 14-15 hubs over the course of next six months.

Risks & concerns

  • Seasonal slowdown in trucking industry

    medium

    July, August, September is typically a low season quarter for the trucking industry, impacting sequential growth.

    Management acknowledged

  • Sequential EBITDA shrinkage due to aggressive investments

    medium

    EBITDA saw a small sequential shrinkage of 2-3 crores due to doubling down on superloads and expansion of sales/marketing efforts in core businesses.

    Management acknowledged

  • Difficulty in dominating container truck segment

    medium

    Management stated they do not 'dominate' in containers, and proportionate share is lower, despite containers being available on the platform.

    Analyst acknowledged

Q&A highlights

7 direct
AI integration in fleet management systems and product strategy Direct
Like it'll largely be synonymous to like you know, electricity because anything you do, you want that to be more intelligent, less manually dependent and you know, so you would essentially in the long term, you know embed AI in like almost virtually every product offerings in which we have and today.

Analyst inquired about the company's AI strategy, comparing it to global competitors, and management confirmed AI's pervasive role across all products, emphasizing its utility in areas like fuel sensors and load matching.

Asked by Abhishek Kumar

Market share in digitized loads platform Direct
I think in India on a digitized load loads platform, I think we are by far by a big margin, the biggest. So I think there are. Market share probably would be upwards of 90%.

Analyst sought clarification on the company's market share in the digitized loads business, with management claiming over 90% share, indicating strong platform dominance.

Asked by Abhishek Kumar

Potential for further market share gain in tolling Direct
So basically the acquisition market share is materially higher than the current market share on the flow through. So we believe that like and that acquisition market share has been also climbing over the years continuously. So till the time the acquisition market share is materially higher and way higher than the current flow through market share, it'll always keep catching up to that number.

Analyst questioned the ceiling for tolling market share (currently ~50%), and management indicated significant future growth potential driven by higher acquisition market share.

Asked by Gaurav Malhotra

Geographic expansion strategy for Superloads business Direct
Pan India. So we'll be going, we'll be going Pan India. ... Exactly. So basically, let's say, for example, we want to go to West, we want to go to East, for example, right? So you will start off in Calcutta, right? And then you will figure things out after that.

Analyst asked about the geographic scope of Superloads expansion beyond current hubs, and management confirmed a Pan-India strategy, starting with key cities and then deepening penetration.

Asked by Gaurav Malhotra

Scalability and replicability of the Superloads business model Direct
The confidence which we've been able to get is that like first of all, our approach to this was to break this down into all these logical activities and all these are independent teams and these independent teams need to do their independent activities, right. At the same time, supply is nothing but driven by the whole platform and then like you know, demand has to be like demand has to.

Analyst questioned the modularity and replicability of the Superloads model, and management explained its breakdown into independent, scalable activities, proven in existing micro-hubs.

Asked by Sachin Dikshit

Impact of aggressive growth investments on adjusted EBITDA Direct
So basically a few things we are doing to like go more aggressive is that let's say we would charge let's say our customers, you know for our let's say attack, right, let's say we would like live IFE. Now we are basically running some schemes and offers to like penetrate further right to you know have much higher market share, right.

Analyst asked if the company's aggressive growth strategy would temper adjusted EBITDA, and management confirmed a focus on penetration and market share, acknowledging potential short-term impact for long-term compounding profits.

Asked by Sachin Dikshit

Challenges in onboarding container trucks for the platform Partial
You're obviously question is the right that do we have containers? Answer is yes. But do we like let's say really dominate in containers? Answer is no. But at the same time today percentage of vehicles in the super loads business or be in the classifieds business which get placed by containers, that number is also 40%.

Analyst probed if the company struggles with container truck onboarding, a common industry issue, and management admitted to not dominating this segment despite having containers on the platform.

Asked by Parikshit Kabra

Adequacy of growth rate in Superloads business given rapid scaling Direct
Yeah, yeah, you're absolutely right. I mean this growth from a perspective of you know what this can be is definitely not adequate and but like let's say the entire aggressive outlook into superloads is quite recent of the last two to three months.

Analyst questioned if the 226% sequential growth in Superloads was adequate given the rapid scaling, and management acknowledged it might not be, attributing it to the recent aggressive push.

Asked by Parikshit Kabra

3 min read 6 chapters

Detailed narrative

Q2 FY26 Financial Performance Overview

Zinka Logistics reported a robust Q2 FY26, with total income reaching ₹167 crores, marking a 61% year-on-year growth from ₹104 crores. EBITDA significantly increased by 143% year-on-year to approximately ₹37 crores, up from ₹15 crores in the previous year. The company achieved a profit after tax (PAT) of ₹29.2 crores, a substantial turnaround from a negative ₹270 crores in the same period last year. Net revenue from operations, excluding interest income, grew by 38% year-on-year to ₹136 crores from ₹99 crores.

Core Business Performance and Growth Drivers

The core businesses demonstrated strong performance, with net revenue growing 37% year-on-year, despite a sequential growth of 3% during a typically low season quarter (July-September). Key metrics supporting this growth include a transacting customer base of approximately 8,00,000, up 13% year-on-year, and users engaging more deeply with services, growing 21% year-on-year to 4,00,000. The Gross Transaction Value (GTV) of payments reached ₹6800 crores, a 29% year-on-year increase, primarily driven by tolling and telematics verticals. Adjacencies like the fuel sensor business also saw significant traction, growing 55% sequentially.

Superloads Business Expansion and Strategy

The Superloads business, a key growth driver, experienced a remarkable 226% sequential revenue growth and 19% year-on-year growth. Management indicated that the playbook for this business is approximately 60% complete, with plans to expand from 4 current hubs to 14-15 hubs across India within the next six months. The strategy involves a modular approach, with each new hub expected to break even within 2-3 months. This aggressive expansion is supported by a growing team, which has increased from under 50 to 250 people in the last few months.

Technology and AI Integration

The company is deeply integrating AI across its product offerings, viewing it as fundamental to making services more intelligent and less manually dependent. While the Indian market for telematics has historically been price-dependent, AI is being leveraged in areas like fuel sensors for accurate data and in classifieds/Superloads for efficient load matching and asset repositioning. The company is also experimenting with video analytics in the dash cam sector, indicating a focus on advanced technological solutions.

Market Share and Competitive Landscape

Zinka Logistics claims a dominant position in the digitized loads platform in India, with a market share estimated to be upwards of 90%. In the tolling segment, the company's market share is nearing 50% and is expected to grow further due to a materially higher acquisition market share. Management noted that the pricing in the industry is highly heterogeneous and micro-market dependent, and they welcome more players as it helps in faster market penetration. While acknowledging challenges in dominating the container truck segment, they confirmed its presence on their platform.

Profitability vs. Investment Strategy

The company continues to balance profitability with aggressive investments, particularly in newer growth businesses. Adjusted EBITDA for the half-year period grew 190% year-on-year to ₹90 crores, but sequential EBITDA saw a small shrinkage of ₹2-3 crores due to these investments. Management emphasized that this strategy is designed for long-term compounding of revenue and profitability, with a focus on scaling newer businesses and deepening market penetration, even if it means a temporary impact on short-term margins.

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