BlackBuck Q2 FY27 results: net profit up 41.8% to ₹41.40 crore, revenue up 55.7%

How did BlackBuck perform in Q2 FY27?

BlackBuck reported consolidated revenue of ₹235.33 crore for Q2 FY27, up 55.7% from ₹151.14 crore in Q2 FY26 and 15.3% from ₹204.17 crore in Q1 FY27. Total income was ₹253.15 crore, while EBITDA rose 38.6% year on year to ₹50.61 crore. EBITDA margin declined 2.7 percentage points to 21.5% from 24.2% and was 2.8 percentage points below Q1 FY27.

Profit before tax was ₹42.82 crore, up 10.0% from ₹38.94 crore a year earlier and 1.7% from ₹42.12 crore in the previous quarter. Net profit was ₹41.40 crore, up 41.8% year on year but down 1.8% sequentially from ₹42.17 crore. Basic EPS was ₹2.27, against ₹1.60 in Q2 FY26 and ₹2.31 in Q1 FY27.

On the standalone basis, revenue was ₹231.84 crore, up 55.9%, while profit before tax was ₹30.58 crore and profit after tax was ₹43.72 crore. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 29 October 2026.

What changed in BlackBuck's costs and profit?

Total expenses increased by ₹82.07 crore year on year to ₹210.33 crore. Other expenses rose by ₹67.08 crore to ₹140.01 crore, while depreciation and amortisation increased by ₹12.12 crore to ₹24.49 crore. Employee cost was higher by ₹3.03 crore at ₹44.72 crore, and finance costs fell by ₹0.15 crore to ₹1.12 crore. There was no exceptional item.

Other income increased by ₹1.76 crore to ₹17.82 crore, while tax expense fell by ₹8.33 crore to ₹1.42 crore from ₹9.75 crore in Q2 FY26. PBT rose by ₹3.88 crore to ₹42.82 crore, but the rise in expenses left EBITDA margin 2.7 percentage points lower at 21.5%.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹439.5 crore, up 49.1% from ₹294.75 crore in H1 FY26. Total income rose 44.9% to ₹473.63 crore from ₹326.76 crore, while PBT was ₹84.94 crore compared with ₹84.68 crore.

Net profit for the first half was ₹83.56 crore, up 32.9% from ₹62.89 crore, and basic EPS rose 33.0% to ₹4.59 from ₹3.45. The filing stated there was no exceptional item in either period.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹1,846.44 crore, up from ₹1,736.31 crore at 31 March 2026. Total equity increased to ₹1,515.08 crore from ₹1,421.86 crore, while borrowings fell to ₹15.47 crore from ₹25.88 crore. Cash rose to ₹99.83 crore from ₹91.56 crore, trade receivables to ₹34.53 crore from ₹27.45 crore and trade payables to ₹41.42 crore from ₹37.91 crore.

H1 FY27 operating cash flow was ₹134.02 crore, compared with ₹130.36 crore in H1 FY26. Investing cash flow was negative ₹110.51 crore against negative ₹157.41 crore, financing cash flow was negative ₹15.24 crore against negative ₹4.31 crore, and capital expenditure was ₹77.14 crore compared with ₹46.34 crore.

How has BlackBuck done over the last 8 quarters?

Revenue increased in each of the last five quarters on a year-on-year basis, rising from ₹151.14 crore in Q2 FY26 to ₹235.33 crore in Q2 FY27. Revenue reached its highest level in the latest quarter, while the EBITDA margin declined to 21.5% from 24.3% in the preceding quarter.

Profit for the period reached a peak of ₹280.17 crore in Q4 FY25 and bottomed at a loss of ₹48.03 crore in Q3 FY25. It rose from ₹29.20 crore in Q2 FY26 to ₹41.40 crore in Q2 FY27, while profit had risen year on year in the last two quarters.

Which businesses drove the quarter?

Truck operator services generated revenue of ₹231.96 crore in Q2 FY27, up 56.0% from ₹148.67 crore in Q2 FY26. EBIT was ₹56.73 crore, compared with ₹43.47 crore, and the segment's EBIT margin was 24.5%.

The lending business reported revenue of ₹3.37 crore, up 19.6% from ₹2.82 crore. EBIT was a loss of ₹1.69 crore, compared with a loss of ₹0.78 crore, while the EBIT margin was negative 50.1%.

What did BlackBuck's management say?

Management said vehicle finance remained on track to achieve EBITDA break-even during FY27. Chairman, Managing Director and CEO Rajesh Kumar Naidu Yabaji said Q3 typically marks the start of seasonal tolling GTV growth after a weaker Q2, and described October movement as broadly business as usual. The company reported Q2 tolling GTV of ₹7,070 crore, up 17% year on year.

Management said telematics device sales reached a new high and H1 deferred revenue rose 56% year on year. Super Loads revenue rose 166% year on year across 14 cities, including 12 newer markets that were still scaling, while telematics was expected to continue growing faster with AIS tailwinds.

Management identified the effect of UPI MDR as uncertain until implementation and said a PDN-based mitigation was being piloted. The Chief Financial Officer said there was currently no guidance on how MDR would affect the business, while the CEO said its impact could be significantly close to zero. Management also provided no FY27 capex guidance or a quantified depreciation path.

How did BlackBuck shares react?

The filing was released after market hours. From the price when the results appeared, the stock was down 0.2% after 5 minutes, up 0.1% after 15 minutes and up 0.4% after 30 minutes. It closed 0.1% below its previous close on the reaction day.

By the next day's close, the stock was up 3.0% from its pre-results close, while the Transport Services industry median was up 0.1% and the Nifty Microcap 250 was up 0.9%. By the fifth session, the stock was down 4.5% from the pre-results close, against a 3.1% decline for the industry median and a 4.3% fall for the index.

Earlier results-day reactions included a 7.8% rise on 5 August 2025, a 6.3% rise on 5 February 2025 and a 4.1% fall on 13 December 2024. The most recent prior reaction was a 4.1% fall on 29 July 2026.