BlackBuck LimitedQ2 FY27 Results & Financial Update
BlackBuck Limited: Q2 FY27 consolidated results and company financials – revenue ₹235.33 Cr, PAT ₹41.40 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore BlackBuck Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
BlackBuck Limited posted revenue from operations of INR 235.33 crore for the quarter ended September 30, 2026, marking a sequential increase of 15.26% compared to INR 204.17 crore reported in the preceding quarter (Q1 FY27).
Total income for Q2 FY27 reached INR 253.151 crore, up from INR 220.48 crore in Q1 FY27, while profit after tax (PAT) stood at INR 41.397 crore, remaining relatively steady compared to INR 42.167 crore in the previous quarter.
s, core businesses grew 11% sequentially despite Q2 historically being a seasonally low quarter for the transport industry, buoyed by resilient tolling GTV and strong device sales in telematics.
Growth businesses expanded rapidly, surging 25% quarter-on-quarter to reach INR 73.94 crore in revenue, propelled by aggressive placements and enhanced unit economics within the Superloads segment.
Adjusted EBITDA for the quarter was reported at INR 55.04 crore, reflecting continued operating leverage in core operations even as the company maintained a calibrated step-up in investments for scaling new business verticals.
Total expenses for the quarter increased to INR 113.75 crore from INR 83.85 crore in the corresponding period last year, driven primarily by customer acquisition efforts across core categories and ongoing expansion outlays in Superloads.
Basic earnings per share (EPS) for Q2 FY27 stood at INR 2.27, compared to INR 2.30 in Q1 FY27.
01 · Business model
What does BlackBuck do?
BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) operates a digital platform tailored for truck operators, streamlining various aspects of their daily business operations and commercial lifecycles across India.
The company's digital ecosystem offers a comprehensive suite of services including tolling (FASTag issuance and management), vehicle tracking systems, fuel payments, vehicle finance, loads classifieds, and auxiliary fleet documentation.
Monetisation is driven by digital transaction fees, tolling Gross Transaction Value (GTV) flows, device sales in telematics, and direct service margins, supported by a vast physical touchpoint network spanning over 80% of India's districts.
The operating model is structured around two key pillars: Core businesses (payments and telematics), which deliver consistent profitability and operating cash flows, and Growth businesses (such as Superloads and vehicle finance), which are scaling rapidly to capture broader fleet logistics demand.
02 · Historical context
What shaped the business before this quarter
The company transitioned its corporate identity from Zinka Logistics Solutions Limited to BlackBuck Limited prior to filing its periodic results.
Over prior periods, the company established a robust core foundation in payments and telematics, which has consistently generated operating cash flows to fund newer high-growth segments like Superloads and vehicle finance.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹235.33 Cr | ₹204.17 Cr |
| Total income | ₹253.15 Cr | ₹220.48 Cr |
| Profit before tax | ₹42.82 Cr | ₹42.12 Cr |
| Profit after tax | ₹41.40 Cr | ₹42.17 Cr |
| EPS | ₹2.27 | ₹2.30 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Core businesses (payments and telematics) generated INR 161.39 crore in revenue during Q2 FY27, representing a 31% year-on-year increase despite seasonal headwinds.
Growth businesses expanded significantly to INR 73.94 crore in Q2 FY27, achieving a 166% year-on-year growth rate driven by strong traction in Superloads and vehicle finance.
Tolling gross transaction value (GTV) reached INR 7,070 crore alongside strong BlackBuck FASTag issuances, while telematics achieved new highs in device sales.
What drove margins
Contribution margin stood at INR 168.79 crore, representing 92% of net revenues, reflecting stable direct cost management alongside scaling delivery activities.
Core businesses continued to exhibit strong operating leverage, trending close to 50% even after factoring in upfront investments for customer acquisition.
Total expenses rose to INR 113.75 crore due to accelerated customer acquisition outlays and calibrated investments in the Superloads business line.
05 · Demand, customers & order book
Where demand is coming from
Average monthly transacting truck operators reached 895,125 during Q2 FY27, marking a 13% increase compared to 791,670 in Q2 FY26.
Monthly transacting users utilizing at least two services grew 19% year-on-year to 476,628 users.
Transacting customers spent an average of 41.81 minutes daily on the BlackBuck app during the quarter.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered INR 161.39 crore in revenue during Q2 FY27, up 31% year-on-year, driven by robust tolling activity and record telematics device sales.
Contributed INR 73.94 crore in revenue, scaling 166% year-on-year and 25% quarter-on-quarter, led by AI-driven productivity gains in Superloads and expanding assets under management (AUM) in vehicle finance.
Geography and market mix
The company's distribution network maintains a physical presence across more than 80% of India's districts, underpinned by over 10,000 physical touchpoints.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Superloads placements and revenue grew strongly, supported by AI-driven productivity gains in existing cities and hyper-scaling into new expansion markets.
The vehicle finance business remains on track to achieve EBITDA break-even, backed by steady AUM growth on a controlled cost base.
08 · Reported developments
What changed operationally
Revenue from operations grew 56% year-on-year and 15% sequentially to reach INR 235.33 crore.
Adjusted EBITDA grew 29% year-on-year to INR 55.04 crore, while PAT stood at INR 41.40 crore.
09 · Items worth noticing
The line items that can distort a quick read
Other income for the quarter stood at INR 17.82 crore.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Rebranding
The company officially updated its corporate name from Zinka Logistics Solutions Limited to BlackBuck Limited.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased from INR 204.17 crore in Q1 FY27 to INR 235.33 crore in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does BlackBuck do?
BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) operates a digital platform tailored for truck operators, streamlining various aspects of their daily business operations and commercial lifecycles across India.
What is the clearest takeaway from Q2 FY27?
BlackBuck Limited posted revenue from operations of INR 235.33 crore for the quarter ended September 30, 2026, marking a sequential increase of 15.26% compared to INR 204.17 crore reported in the preceding quarter (Q1 FY27).
What drove revenue or demand?
Core businesses (payments and telematics) generated INR 161.39 crore in revenue during Q2 FY27, representing a 31% year-on-year increase despite seasonal headwinds.
What mattered most for margins or profitability?
Contribution margin stood at INR 168.79 crore, representing 92% of net revenues, reflecting stable direct cost management alongside scaling delivery activities.
What changed operationally beyond the headline numbers?
Superloads placements and revenue grew strongly, supported by AI-driven productivity gains in existing cities and hyper-scaling into new expansion markets.
What should the next disclosure help confirm?
Monitor unit economics and expansion momentum in the Superloads segment across new and existing cities.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Superloads Scaling: Monitor unit economics and expansion momentum in the Superloads segment across new and existing cities.
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