BlackBuck (BLACKBUCK) Q3 25/26 earnings summary

Executive summary

• Total income for Q3 FY26 reached INR 189 crore (₹188.27 Cr), up 53% YoY, with EBITDA at INR 45 crore (₹44.77 Cr), and PAT at INR 32 crore (₹31.72 Cr), reflecting consistent profitability and business scale-up, though last year had exceptional items affecting comparability.

• Core businesses grew 31.5% YoY, while growth businesses (Superloads, Vehicle Finance) surged 271% YoY, led by expansion in new verticals.

• The company’s strategy remains focused on platform innovation, omni-channel distribution, and deepening customer engagement.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, with review by statutory auditors and audit committee.

• Company name changed from Zinka Logistics Solutions Limited to BlackBuck Limited effective August 20, 2025.

Financial highlights

• Revenue from operations for Q3 FY26 was INR 1,717.84 million (₹171.78 Cr), up 51% YoY; net revenues increased 34% YoY with a 94% contribution margin.

• Adjusted EBITDA for Q3 was INR 50 crore, up 51% YoY; nine-month adjusted EBITDA was INR 140 crore, up 118% YoY.

• PAT for the quarter was INR 32 crore, with an exceptional wage-related hit of INR 3.5-4 crore due to labor code changes.

• Gross transaction value of payments increased 23.31% YoY to ₹7,500.49 Cr; total payment transactions rose 19.95% YoY.

• Basic EPS from continuing operations for Q3 FY26 was Rs. 1.74, compared to a loss per share of Rs. 2.80 in Q3 FY25.

Outlook and guidance

• Core businesses are expected to continue compounding, with ongoing investments in distribution and new business verticals.

• No specific forward guidance on payment GTV growth, but market share gains are expected to continue, potentially reaching 65% over 2-3 years.

• Superloads expansion to 14 cities by June 2026 remains the target, contingent on business performance and economics.

• Focus remains on expanding market share in core businesses and aggressive scaling of Superloads and vehicle finance.