BlackBuck (BLACKBUCK) Q2 25/26 earnings summary

Executive summary

• Total income for Q2 FY2026 reached INR 167 crore (₹167.20 Cr), marking a 61% year-over-year increase, with consistent profitability and strong scale-up in new business areas.

• EBITDA grew 143% year-over-year to INR 37 crore, with adjusted EBITDA rising 123% to INR 43 crore, driven by operating leverage and investments in new segments.

• Profit after tax for Q2'26 was INR 29.2 crore, a turnaround from a significant loss last year due to exceptional items.

• Core businesses grew 37% year-over-year, while growth businesses surged 226%, led by Superloads and vehicle finance.

• Transacting customer base reached nearly 800,000, up 13% year-over-year, with users utilizing multiple services growing 21%.

Financial highlights

• Revenue from operations (excluding interest income) grew 53% year-over-year to INR 151 crore (₹151.14 Cr).

• Net revenues increased 38% year-over-year to INR 136 crore (₹135.86 Cr).

• Contribution margin improved to 93.15% of net revenues, up from 90.89% in Q2'25.

• Payments GTV was INR 6,800 crore (₹6,778.32 Cr), up 29% year-over-year.

• Cash flow for H1 was INR 130 crore (₹130.36 Cr), exceeding Adjusted EBITDA due to deferred revenue and working capital rollback.

Outlook and guidance

• Plans to expand Superloads business from 4 to 14-15 hubs over the next six months, targeting pan-India presence and adding 10 new cities.

• Continued aggressive investment in growth businesses, especially Superloads, vehicle finance, and experiments such as Fuel Sensor.

• Expectation of calibrated profit growth as investments ramp up, with future profitability compounding as investments stabilize.