Blackbuck Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹10,286 Cr
- P/E
- 59.92
- ROE
- 12.25%
- PEG
- 1.62
- Price to sales
- 14.44
- Debt to equity
- 0.04
- 52W high / low
- ₹699 / ₹500
- Sales growth (5Y)
- -5.54%
- EBITDA margin
- 24.71%
- Net profit margin
- 24.98%
- Promoter holding
- 24.99%
- Sales (last year)
- ₹713 Cr
Incorporated in 2015, Zinka Logistics Solutions Ltd provides a digital trucking platform for payments, telematics, loads marketplace, and vehicle financing services[1]
Guidance scorecard · Q2 FY27 call
What Blackbuck Ltd's management guided
and where it ranks in Transport Services
Transport Services
RevenueQ1 FY27 call
20–40%- Core business revenue from operations grew 42% YoY, with 21% growth in core businesses and 16% tolling growth, demonstrating strong, consistent expansion.
- Telematics business achieved a record number of new device sales, expected to drive strong revenue growth and profitability in coming quarters.
- Subscription renewals in telematics are stabilizing in early to late 80% range, supporting steady long-term revenue.
- Super Loads business showed 44% sequential growth this quarter, accelerating from 20% last quarter, with expansion in 14 cities and ongoing playbook development.
- Vehicle finance business is progressing towards profitability by end of FY27.
- Transacting customer base grew 13% YoY, with deeper engagement increasing 20%.
- GTV in tolling adjusted to focus on tolling alone, showing 16% YoY growth.
2 more points from Blackbuck Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Blackbuck Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Blackbuck Ltd is currently in a strong investment phase, particularly focusing on the super loads business and vehicle finance.
- The company continues to step up investments quarter-on-quarter to mature existing cities and scale newer ones.
- There is active investment in AI-led productivity gains and telematics devices, including new specialized tracking devices.
- Telemetics device sales reached a record high in the recent quarter, indicating robust capital investment in that segment.
- AI and automation investments aim to reduce manual processes, increase scalability, and improve margins.
2 more points from Blackbuck Ltd's call on capex
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FundraisingQ1 FY27 call
See what Blackbuck Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Blackbuck Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Transport Services
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Transport Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹795 Cr | 24.9 | |
| 2 | 40%+ | Flat | ₹16,984 Cr | 98.6 | |
| 3 | 40%+ | Flat | ₹4,361 Cr | 29.7 | |
| 4 | 40%+ | Flat | ₹591 Cr | 16.6 | |
| 5 | 20–40% | Up 2%+ | ₹510 Cr | 6.7 | |
| 6 | 20–40% | Up 2%+ | ₹234 Cr | 8.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Transport Services rankingFinancials of Blackbuck Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Blackbuck Ltd
Shareholding breakup across reporting periods.
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Promoters + | 27.84% | 27.70% | 27.43% | 27.19% | 25.12% | 25.05% | 25.00% | 24.99% |
| FIIs + | 11.73% | 11.59% | 20.52% | 26.20% | 28.25% | 32.45% | 31.47% | 31.01% |
| DIIs + | 9.98% | 10.26% | 13.48% | 14.33% | 13.23% | 10.83% | 14.38% | 14.97% |
| Public + | 50.45% | 50.44% | 38.56% | 32.27% | 33.42% | 31.67% | 29.14% | 29.04% |
| No. of Shareholders | 33,737 | 28,943 | 39,118 | 61,618 | 82,857 | 82,331 | 79,449 | 87,173 |
Financials of Blackbuck Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 63 | 81 | 93 | 92 | 99 | 114 | 122 | 144 | 151 | 172 | 185 | 204 | 235 |
| Expenses + | 100 | 91 | 180 | 84 | 84 | 84 | 82 | 103 | 115 | 127 | 140 | 154 | 185 |
| Operating Profit | -37 | -11 | -87 | 8 | 15 | 30 | 40 | 40 | 37 | 45 | 45 | 50 | 51 |
| OPM % | -59% | -13% | -93% | 9% | 15% | 26% | 33% | 28% | 24% | 26% | 24% | 24% | 22% |
| Other Income + | -4 | -2 | 3 | 28 | -276 | -69 | 9 | 16 | 16 | 13 | 14 | 16 | 18 |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 6 | 6 | 6 | 7 | 7 | 8 | 12 | 9 | 12 | 14 | 17 | 23 | 24 |
| Profit before tax | -48 | -19 | -91 | 29 | -269 | -48 | 35 | 46 | 39 | 42 | 40 | 42 | 43 |
| Tax % | 0% | 1% | -0% | 0% | 0% | 0% | -696% | 26% | 25% | 25% | -63% | -0% | 3% |
| Net Profit + | -48 | -20 | -91 | 29 | -269 | -48 | 280 | 34 | 29 | 32 | 66 | 42 | 41 |
| EPS in Rs | -4,719.80 | -1,939.60 | -8,985.15 | 2,838.61 | -26,680.20 | -2.72 | 15.79 | 1.88 | 1.62 | 1.75 | 3.62 | 2.32 | 2.27 |
Financials of Blackbuck Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 867 | 119 | 176 | 297 | 427 | 652 | 797 |
| Expenses + | 1,066 | 350 | 407 | 455 | 333 | 485 | 607 |
| Operating Profit | -200 | -231 | -232 | -158 | 93 | 167 | 190 |
| OPM % | -23% | -194% | -132% | -53% | 22% | 26% | 24% |
| Other Income + | 26 | -17 | -34 | -7 | -308 | 59 | 61 |
| Interest | 57 | 21 | 4 | 3 | 4 | 6 | 5 |
| Depreciation | 11 | 15 | 20 | 25 | 34 | 53 | 78 |
| Profit before tax | -241 | -284 | -290 | -194 | -253 | 167 | 168 |
| Tax % | 0% | 0% | 0% | 0% | -97% | 4% | |
| Net Profit + | -241 | -285 | -290 | -194 | -9 | 160 | 181 |
| EPS in Rs | -23,904.95 | -28,174.26 | -28,762.38 | -19,202.97 | -0.49 | 8.82 | 9.96 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Blackbuck Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 18 | 18 | 18 |
| Reserves | 271 | 585 | 353 | 311 | 1,220 | 1,404 | 1,497 |
| Borrowings + | 394 | 201 | 178 | 184 | 38 | 59 | 44 |
| Other Liabilities + | 99 | 113 | 124 | 159 | 157 | 255 | 287 |
| Total Liabilities | 765 | 900 | 654 | 654 | 1,433 | 1,736 | 1,846 |
| Fixed Assets + | 15 | 21 | 31 | 39 | 45 | 116 | 141 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Investments | 50 | 236 | 211 | 60 | 57 | 50 | 57 |
| Other Assets + | 699 | 642 | 413 | 555 | 1,331 | 1,567 | 1,648 |
| Total Assets | 765 | 900 | 654 | 654 | 1,433 | 1,736 | 1,846 |
Financials of Blackbuck Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 60 | -78 | -119 | 45 | 58 | 169 |
| Cash from Investing Activity + | 178 | -219 | 169 | 19 | -467 | -171 |
| Cash from Financing Activity + | -213 | 282 | -37 | -14 | 384 | -11 |
| Net Cash Flow | 24 | -15 | 13 | 50 | -25 | -13 |
| Free Cash Flow | 55 | -100 | -144 | 21 | 15 | 58 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -18% | 36% | 53% | -24% | 50% | 111% |
Financials of Blackbuck Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 119 | 656 | 263 | 26 | 23 | 15 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 119 | 656 | 263 | 26 | 23 | 15 |
| Working Capital Days | -2 | 296 | -176 | -204 | 10 | -22 |
| ROCE % | -29% | -36% | -32% | 11% | 13% |
Guidance history
How Blackbuck Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
28 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −17.5% | 41% |
| Last 6 months | +2.9% | 60% |
| Last 3 months | +4.0% | 74% |
The price is 23.1% below its all-time high of ₹733.5 (21 Oct 2025). Stocks more than 20% below their peak have their score halved, so 55 became 28.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Blackbuck Ltd: 0.4 × 41 + 0.4 × 60 + 0.2 × 74 = 55, halved to 28 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Blackbuck Ltd's management said in earlier quarters
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