BLACKBUCK
Blackbuck share price & financials
- Price
- ₹579.6
- Market cap
- ₹10.0k Cr
- Sector
- Services
- Calls analysed
- 7
Blackbuck Limited Q1 FY27
What went well
- Total income grew by 38% on a year-on-year basis, demonstrating strong top-line expansion.
- Adjusted EBITDA reached 55 crores, marking a 16% year-on-year growth, indicating healthy operational performance.
- PAT grew 25% year-on-year to 42 crores, reflecting improved profitability despite certain accounting impacts.
What to watch
- Sequential decline in PAT from 66 crores in Q4 FY26 to 42 crores in Q1 FY27, primarily due to deferred tax asset recognition in the previous quarter.
- Macro headwinds impacted logistics movements, leading to a 'very tough April month' and a 3% sequential decline in tolling transactions.
What Blackbuck Limited does
BlackBuck (Zinka Logistics Solutions) runs a digital platform for India's truck operators, providing FASTag-based toll and fuel payments, GPS/telematics vehicle tracking, a freight-load marketplace connecting truckers with shippers, and financing for used commercial vehicles. It is asset-light, owning no trucks, toll infrastructure or fuel stations, earning commission, subscription and service fees from truck operators and partners such as banks, oil marketing companies and financial institutions. Operators are reached primarily through the BlackBuck App, available in English and four Indian languages, backed by a nationwide network of physical touchpoints, toll plazas and fuel stations.
Segments
- Payments (Tolling & Fuelling)
- Telematics
- Loads (Marketplace)
- Vehicle Financing
- Market position
- India's largest digital platform for truck operators
- Physical touchpoint network
- 10,000+ touchpoints across India
- District coverage
- Presence across 80%+ of India's districts
- Toll plaza network coverage
- 600+ national toll plazas, ~76% of India's toll plaza network
- Fuel station network coverage
- Access to 72% of all fuel stations across India
- Annual transacting truck operators (FY25)
- 1,056,550
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 3 delivered 3 missed 8 open- Exceptional Items in PAT delivered said Q3 FY25 Promised: No exceptional items in coming quarters Q1 FY27: No exceptional items were reported in the quarter, maintaining the achieved status.
- Primary Reporting Metric missed said Q3 FY25 Promised: Move all reporting to 'Adjusted EBITDA excluding other income' within 2-3 quarters Q1 FY27: No change in reporting standards was announced. The company continues to avoid providing a clear profitability split, reinforcing the missed status of this promise.
- Marketplace Loads Revenue on track said Q3 FY25 Promised: Max INR 200 crores in 5-6 years Q1 FY27: Management reported that sequential growth in growth businesses (incl. Super Loads) accelerated from 20% in Q4 to 44% in Q1, indicating strong momentum towards the long-term goal.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 41.7%, net profit up 23.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 114 | 122 | 144 | 151 +53% | 172 +51% | 185 +52% | 204 +42% |
| EBITDA | 15 | 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.
Performance +1.3% 1Y
1Y: ₹620 on 10 Sept 2025 → ₹628.15. High ₹733.5 (21 Oct 2025), low ₹500.2 (22 May 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.6%
- 29 Jul
- Q4 FY26
- +1.0%
- 19 May
- Q3 FY26
- −2.5%
- 5 Feb
- Q2 FY26
- +2.1%
- 5 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 48.4% a year over 2 years, FY24 to FY26. Operating margin widened to 25.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹296 Cr | ₹427 Cr | ₹652 Cr |
| Operating profit | ₹-166 Cr | ₹93 Cr | ₹167 Cr |
| Operating margin | -56.1% | 21.8% | 25.6% |
| Interest | ₹4 Cr | ₹5 Cr | ₹4 Cr |
| Depreciation | ₹25 Cr | ₹34 Cr | ₹52 Cr |
| Net profit | ₹-195 Cr | ₹-8 Cr | ₹161 Cr |
| Net margin | -65.9% | -1.9% | 24.7% |
| Cash from operations | ₹45 Cr | ₹58 Cr | ₹169 Cr |
| Free cash flow | ₹21 Cr | ₹15 Cr | ₹971 Cr |
| ROCE | -32.0% | 11.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹271 Cr | ₹585 Cr | ₹353 Cr | ₹311 Cr | ₹1.3k Cr | ₹1.4k Cr |
| Borrowings | ₹394 Cr | ₹201 Cr | ₹178 Cr | ₹184 Cr | ₹48 Cr | ₹59 Cr |
| Other liabilities | ₹99 Cr | ₹113 Cr | ₹124 Cr | ₹159 Cr | ₹207 Cr | ₹255 Cr |
| Total liabilities | ₹765 Cr | ₹900 Cr | ₹654 Cr | ₹654 Cr | ₹1.6k Cr | ₹1.7k Cr |
| Fixed assets | ₹15 Cr | ₹21 Cr | ₹31 Cr | ₹39 Cr | ₹75 Cr | ₹116 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Investments | ₹50 Cr | ₹236 Cr | ₹211 Cr | ₹60 Cr | ₹70 Cr | ₹50 Cr |
| Other assets | ₹699 Cr | ₹642 Cr | ₹413 Cr | ₹555 Cr | ₹1.4k Cr | ₹1.6k Cr |
| Total assets | ₹765 Cr | ₹900 Cr | ₹654 Cr | ₹654 Cr | ₹1.6k Cr | ₹1.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +10.95 pp while the public trimmed −9.42 pp. The shareholder count grew 103% to 79,449.
- Promoters
- 25.0%
- FIIs
- 31.5%
- DIIs
- 14.4%
- Public
- 29.1%
Since Jun 2025
- FIIs +10.95 pp
- Public −9.42 pp
- Promoters −2.43 pp
How it drifted, 7 quarters
Over this window the public fell from 50.5% to 29.1% — −21.3 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 27.8%, FIIs 11.7%, DIIs 10.0%, Public 50.5%.Mar '25: Promoters 27.7%, FIIs 11.6%, DIIs 10.3%, Public 50.4%.Jun '25: Promoters 27.4%, FIIs 20.5%, DIIs 13.5%, Public 38.6%.Sep '25: Promoters 27.2%, FIIs 26.2%, DIIs 14.3%, Public 32.3%.Dec '25: Promoters 25.1%, FIIs 28.3%, DIIs 13.2%, Public 33.4%.Mar '26: Promoters 25.1%, FIIs 32.5%, DIIs 10.8%, Public 31.7%.Jun '26: Promoters 25.0%, FIIs 31.5%, DIIs 14.4%, Public 29.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Quant Mutual Fund A/C Quant Infrastructure Fund Mutual fund newly disclosed 2.81% held
- ICICI Prudential Transportation And Logistics Fund Mutual fund newly disclosed 1.72% held
- Smallcap World Fund, Inc Global fund house +0.16 pp 4.34% held
- Discovery Global Opportunity (Mauritius) Ltd FPI fund +0.09 pp 1.89% held
- Abu Dhabi Investment Authority - Monsoon Sovereign +0.06 pp 1.73% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Blackbuck Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajesh Kumar Naidu Yabaji | 10.62% | unchanged |
| Chanakya Hridaya | 7.39% | unchanged |
| Accel India Iv (Mauritius) Limited VC / PE | 7.17% | unchanged |
| Ramasubramanian Balasubramaniam | 6.92% | unchanged |
| Smallcap World Fund, Inc Global fund house | 4.34% | +0.16 pp |
| SBI Technology Opportunities Fund Mutual fund | 3.40% | unchanged |
| Quant Mutual Fund A/C Quant Infrastructure Fund Mutual fund | 2.81% | newly disclosed |
| International Finance Corporation NBFC / DFI | 2.52% | unchanged |
| Tribe Capital V Llc Series 27 | 2.42% | unchanged |
| Nomura India Investment Fund Mother Fund Global fund house | 2.26% | unchanged |
| Think Investments Pcc FPI fund | 1.90% | unchanged |
| Discovery Global Opportunity (Mauritius) Ltd FPI fund | 1.89% | +0.09 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BLACKBUCK
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹368 Cr
- 2 schemes
- Biggest holder
- SBI Innovative Opportunities Fund
- ₹238 Cr · 4.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹238 Cr | held | Nov '24 |
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹131 Cr | held | Nov '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +93%
- vs est. average cost
- Held by funds
- ₹368 Cr
- 2 schemes · ≈ 3.6% of the company
- Biggest holder
- SBI Innovative Opportunities Fund
- ₹238 Cr · 4.3% of that fund
Shares held by these funds −46%
Nov '24 62.00 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Blackbuck Limited
Guides on how to read this kind of business and the numbers that matter.