BlackBuck (BLACKBUCK) Q4 24/25 earnings summary

Executive summary

• FY 2025 gross revenues reached INR 462.31 crore, up 46.06% year-over-year, with adjusted EBITDA at INR 139 crore, a nearly 10x increase, reflecting strong operating leverage and profitability improvements.

• The company completed an IPO, raising Rs. 5,500 million, with proceeds allocated to sales, marketing, product development, NBFC subsidiary, and general corporate purposes.

• Transacting customers grew 20.8% year-over-year to 721,932, with users engaging with at least two services rising 31.2% to 339,701.

• The corporate freight business was divested and classified as discontinued operations.

• Strategic focus remains on profitable growth, aggressive investment in customer-centric solutions, and platform engagement improvements.

Financial highlights

• Q4 FY 2025 gross revenues were INR 137 crore, up 38% quarter-on-quarter; full-year gross revenues grew 46% year-over-year to INR 462.31 crore.

• Contribution margin for FY 2025 was INR 429 crore (92.69%), up 49% year-over-year.

• Adjusted EBITDA for FY 2025 was INR 139 crore, up from INR 13.5 crore, with adjusted EBITDA margin improving to 29.99%.

• PAT for FY 2025 was a loss of INR 8.65 crore, a significant improvement from a loss of INR 193.95 crore in FY 2024.

• Payment GTV for FY 2025 was INR 24,000 crore, up 35% year-over-year.

Outlook and guidance

• User acquisition growth is expected to remain in double digits, with significant headroom for growth in all business verticals.

• No formal revenue CAGR guidance provided, but growth drivers include infrastructure development, toll fare inflation, and increasing truck numbers.

• ESOP expenses are projected to decrease each quarter through FY'27.

• Unutilised IPO proceeds of Rs. 3,623.80 million are temporarily invested in fixed deposits.