BLACKBUCK LIMITED

Operates a digital platform for truck operators, with 8.5 lakh monthly transacting customers representing around 25-30% of all Indian truckers who spend 45 minutes daily on the app through 10,000+ offline touch points. The truck operator services segment generated 98.3% of FY26 revenue (Rs 641.95 crore) and houses the main businesses: tolling (FASTag payments, ~90% of total payment GTV), fueling, and telematics (AIS 140 devices sold with annual subscriptions spread over 12 months). Tolling gross transaction value grew 27% YoY in Q4 FY26 against an industry rate of 16%. The lending segment (1.7% of FY26 revenue, Rs 10.99 crore) runs an asset-light co-lending vehicle finance business with AUM of around Rs 600 crore, currently loss-making but targeted for cash flow breakeven by end of FY27. The largest cost lines are other operating expenses at 49.9% of revenue and employee costs at 24.6%, with capex at 17.2% reflecting stepped-up investment in growth businesses such as superloads and telematics device sales. The platform recorded its first full year of PAT profitability in FY26 at Rs 160 crore, with EBITDA of Rs 190 crore.