NSE: BLACKBUCK · BSE: 544288
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Truck operator services (98%), Lending business (2%). Asset-light digital platform for trucking; network-effects marketplace with tolling, fueling, telematics, superloads and vehicle finance
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 427 | 652 |
| EBITDA (ex other income) | (281) | 163 |
| margin % | (65.8) | 25.0 |
| Owners' profit | (9) | 0 |
| EPS, as reported (₹) | (0.49) | 8.79 |
| ROE % · ROCE % | (0.7) · (22.0) | 11.3 · 11.7 |
| Debt / equity (x) | 0.02 | 0.02 |
| Cash from operations | 58 | 169 |
| Capex | (44) | (112) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 114 | 122 | 144 | 151 | 172 | 185 | 204 |
| Profit before tax | (308) | (48) | 41 | 46 | 39 | 42 | 40 | 42 |
| Net profit | (269) | (48) | 280 | 34 | 29 | 32 | 66 | 42 |
| EPS (₹) | (17.18) | (2.80) | 15.36 | 1.85 | 1.60 | 1.74 | 3.60 | 2.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Truck operator services | 501 | 76.7 |
| Lending business | 8 | 1.3 |
| Truck Operator Services | 141 | 21.6 |
| Lending Bussiness | 3 | 0.4 |
| Total, before eliminations | 653 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BLACKBUCK LIMITED ◆ | 10,391 | 61.7 | 7.31 | 45.8 | 11.3 | 11.4 | — | 32.3 |
| KERNEX MICROSYS(I) LTD | 2,716 | 14.2 | 10.98 | 19.1 | 35.7 | 43.9 | 88.0 | 32.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.7 | 15.2 | 56 of 66 | 15% |
| P/B | 7.3 | 1.4 | 51 of 58 | 12% |
| ROCE | 11.3 | 7.0 | 26 of 76 | 67% |
| ROE | 11.3 | 7.3 | 18 of 58 | 70% |
| Debt / Equity | 0.0 | 0.3 | 8 of 58 | 88% |
| EBITDA margin | 32.3 | 11.3 | 13 of 65 | 81% |
| Revenue growth | 42.2 | 12.8 | 11 of 62 | 84% |
| Profit growth | 25.1 | 24.3 | 28 of 56 | 51% |
| Market cap | 10391 | 143 | 8 of 78 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · BlackBuck schedules Q2 FY27 analyst and investor call | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to approve Q2 and H1 FY2027 results on October 29, 2026 | results | low | — | — |
| 13 Oct 2026 · Compliance certificate for Q2 FY26 demat/remat details filed | compliance | minimal | — | — |
| 12 Oct 2026 · Board approves transfer of Loads Business to wholly owned subsidiary on slump sale basis | results | high | — | — |
| 28 Sept 2026 · BlackBuck invests about 22 crore in wholly owned subsidiary TZF via rights issue | business updates | medium | — | — |
| 24 Sept 2026 · BlackBuck incorporates wholly owned subsidiary | strategic transactions | medium | — | — |
| 24 Sept 2026 · BlackBuck trading window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · BlackBuck sets up ESOP Trust to administer employee stock plans | general | low | — | — |
| 21 Sept 2026 · MOA amended; new authorised share capital of Rs 39.5 Crore | general | medium | — | — |
| 21 Sept 2026 · BlackBuck 11th AGM: All 6 resolutions passed, including ESOP trust route scheme | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.