Blackbuck Ltd(BLACKBUCK)

NSE: BLACKBUCKBSE: 544288

₹ 545.25+0.42%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 9,937 crNext results: 29 Oct 2026Website: www.blackbuck.comUpdated: 24 Oct 2026

About

BlackBuck Limited (formerly Zinka Logistics Solutions Limited, renamed August 2025) is India's largest digital platform for truck operators, serving approximately 1 million truck operators - around 30% of India's total. The platform provides payments, telematics, loads classifieds, SuperLoads brokerage, and vehicle financing services, generating revenue of ₹651.97 Cr in FY26. It is also India's largest tolling platform.^[1][2]

Business segments

The single reported segment, Truck operator services, had revenue of ₹641.95 Cr, a 98.3% share of revenue, in FY26, with EBIT of ₹191.64 Cr (29.9% margin).^[3]
Core businesses (Payments and Telematics) generated revenue of ₹525.46 Cr in FY26, up 34% YoY. They cover tolling, vehicle tracking, fuel cards and related value-added services.^[1]
Growth businesses (SuperLoads, Vehicle Financing and Loads Classifieds) generated revenue of ₹126.51 Cr in FY26, up 266% YoY.^[1]

Products and services

The BlackBuck app offers four service lines: Payments (tolling and fuel), Telematics (GPS tracking and fuel sensors), Loads (classifieds and SuperLoads brokerage) and Vehicle Financing for used commercial vehicles.^[1]
SuperLoads, a full-truckload brokerage service, grew from 2 established hubs (Bengaluru, Hyderabad) to 10 new cities by the end of FY26, then to 14 cities by Q1 FY27.^[1]
Loads classifieds held an estimated >90% share of India's digitised loads platforms in Q2 FY26. 4.2 million loads were posted on the platform in FY26.^[4]
Partners managed total vehicle financing AUM of about ₹600 Cr as of Q4 FY26, with BlackBuck holding ~10% on its own book. 6,896 vehicles were financed during FY26.^[5][1]

Key operating metrics

Average monthly transacting truck operators: 818,259 in FY26 (+13% YoY) and 883,386 in Q1 FY27 (+13% YoY).^[1]
Monthly transacting users using at least two services: 411,765 in FY26 (+21% YoY) and 458,919 in Q1 FY27 (+19% YoY).^[5]
Tolling GTV was ₹25,904.96 Cr in FY26 (+27% YoY) and ₹7,045 Cr in Q1 FY27 (+16% YoY). Tolling transactions were 18.30 Cr in Q4 FY26 (+17% YoY) and 17.84 Cr in Q1 FY27 (+12% YoY).^[5]
Contribution margin was 93% of net revenue in Q1 FY27.^[5]
Transacting customers spent an average of 43.76 minutes a day on the app in FY26 and 44.11 minutes in Q1 FY27 (+1% YoY).^[1]

Market position

BlackBuck is India's largest tolling platform. Its tolling market share was in the late 40s / close to 50% as of Q3 FY26, and its share of new customer acquisition is described as materially higher than its flow-through share.^[1]
Tolling GTV grew ~27% YoY in FY26, against ~16% growth for the NETC CV industry. In Q3 FY26 it grew ~24% YoY, against ~15% for the industry.^[5]

Customers and distribution

As of FY26 the company had over 10,000 physical touchpoints across 80%+ of India's districts and its major trucking corridors.^[1]
Customers are served through digital channels, field sales, telesales and channel partners.^[1]
The platform averaged 12,938 transacting shippers in FY26.^[1]

Expansion and investment

IPO proceeds (₹ million) are allotted to sales and marketing 2,000, NBFC subsidiary investment 1,400, product development 750 and general corporate purposes 1,350, per the FY25 annual report.^[6]
Capital expenditure commitments for telematics devices were ₹31.20 million, per the FY25 annual report.^[6]
SuperLoads is targeting about 5,000 loads per month in its first hub, Bangalore, and was described as ~60-70% of the way there as of Q1 FY27.^[7]
Vehicle Finance is expected to reach profitability by the end of FY27, a target management repeated on the Q1 FY27 call.^[7]
Management has guided SuperLoads' long-run EBITDA margin at 50-60% of net revenue. Cohorts aged 6-9 months were at 30-40% EBITDA as of Q3 FY26.^[8]

Recent developments

On 24 September 2026 the company incorporated a wholly owned subsidiary, BlackBuck Transport Services Private Limited.^[9]
The company changed its name from Zinka Logistics Solutions Limited to BlackBuck Limited in August 2025.^[1]
Telematics had its highest-ever quarterly new device sales in Q1 FY27, across both AI and non-AI product lines. Subscription revenue from these sales builds over 12 months.^[7]
The fuel business was under pressure in Q1 FY27 as oil supply tightness cut OMC loyalty margin spend. It partly recovered after crude prices fell in July 2026, but the timing of a full recovery was unclear.^[7]
AI-driven KYC automation cut headcount in that function by ~85% and its costs by 65-70%, as reported on the Q1 FY27 call.^[7]
Growth businesses (SuperLoads + Vehicle Finance) had revenue of ₹58.99 Cr in Q1 FY27, up 153% YoY and 44% QoQ.^[7]

Market Cap

₹9,937 Cr

High / Low

₹735 / 495

Stock P/E

59.2

Price / Book

7.0

Book Value

₹78

EPS

₹8.8

No. of Shares

18.18 Cr

ROCE

12.8%

ROE

12.1%

OPM

24.7%

Debt / Equity

0.02

Sales

₹652 Cr

Net Profit

₹160 Cr

Promoter holding

25.0%

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