Strong topline growth in Q1 FY26
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NHAI: National Highways Authority of India has launched the FASTag Annual Pass nationwide from 15 August 2025 across 1,150 toll plazas.
Around 1.4 lakh users purchased the pass on Day 1, recording 1.39 lakh transactions.
The pass is priced at ₹3,000 with 1-year validity or 200 crossings, offering seamless travel without frequent recharges.
Activation is enabled within 2 hours through the Rajmargyatra App or NHAI website.
FASTag penetration stands at 98 percent with 8 crore users.
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Q1 FY2026 ZINKA LOGISTICS
High level comments:
ARPU matric is holy grail of business.
Business is in nascent stage. Building Playbook.
80% management bandwidth is creating new products.
Depens on two cities largely.
New business are hard to build, take the time, Will see 4 to 6 quarters in new business. Company will not disclose till they are 20% in revenue.
Revenue: 160 cr. YoY growth, 62%
EBIDTA: 40 cr. YoY growth, 383%
PAT: 33 cr. YoY, not comparable.
Growth:
783000 monthly transacting customer, growth 40% YoY.
Power users 386000, hardly any churn.
Aggressive on scaling of new business and continue to do so.
Keep building, new innovations and services at incrementally zero scale on platform.
Telematics:
Basic GPS devices, is growing at 20 to 25% YoY.
GPS getting mandatory, like mining. Now 7 to 8 stages mandated.
Launch of geo fencing, have higher price points, early phases of growth.
Super loads:
High value for customers. Improves running days for trucks.
Classified offline are converted in BlackBuck, first party load. Cost is minimum. Executed by BackBuck, stronger payment assured load.
Supply side is dependent on platform to get trucker. It takes 15 to 20 days to activate new market.
Classified service will continue for users to choose their preference for truck, price etc. Monetization on both side for shipper and trucker.
Superload will be end to end service by company.
Operational Metrics:
Most of revenues are subscription, platform based. Reoccurring around 90%.
Most of the revenue have high gross margin of 93%.
Operating leverage will continue to playout with reasonable confidence.
Employee cost for core people will be inflationary increase.
Competition:
Biggest competitor is market itself.
BlackBuck do not caters to enterprise business, caters to SME. It is basically classified platform, with transaction.
Worrying about competition is not required.
Insurance:
It is not new license, renew of insurance license.
Was using Third Party, where margin was low, using own, will give more margin.
It is small plugin, not material. It is cross sell.
Others:
Subscription money is monetized over period of 12 months.
Transacting revenue is happen when money flow through.
Offline broker operates in one route, with blackbuck, most operates regionally.
Able to track the vehicles, live tracking of trucks.
Transaction model, 90% money in advance. No intrinsically risk, Remaining 10% pay once truck reach at delivery point. Closely zero risk on collection.
Tax outgo for treasure income only. Effective tax rate will be 24- 25%.
3 to 4 quarter to have exponential in business.
Q1 and Q2 are the lowest in business. Q3 and Q4 are movers, operating leverage and sales increases.
FASTag (tolling) on commercial vehicle have minimal risk. Nothing on commercial is altered by government.
Disclosure: Invested
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Even if MLFF goes live or GNSS becomes the standard, toll collection will continue to take place via FASTag. Truckers will still need to pay for tolls and need a frontend for this, right? Both these scenarios coexist with FASTag. As long as FASTag is there, BlackBuck tolling revenues should stay unaffected, right?
Still trying to figure out how FASTag revenues take a hit if/when MLFF or GNSS go live
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It is unclear how the process will change. GNSS could even be net postive because it mandates tracker which Zinka can easily cross sell…But the government is looking at MLFF…in either case, if the government mandates linking the bank account instead of Fastag it will impact revenues otherwise it shouldn’t be
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Agreed. Linking bank account directly would cut out FASTag. But if FASTag is the touchpoint for these payments, then BlackBuck’s tolling revenue should stick. MLFF, GNSS etc are simply how the money gets deducted rather than from where the money gets deducted. Will have to wait and watch how this plays
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Delhivery’s Orion platform seems to move beyond logistics execution into freight brokerage — directly overlapping with what BlackBuck’s “SuperLoads” does. How do you think Delhivery’s Orion could impact BlackBuck’s SuperLoads trajectory — in terms of market share potential, pricing power, or supply-side stickiness?
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Hi ,
Any idea why in sept 25 qtr number of shares shows increased from 61k from 39k in previous qtr.
Any particular reason for that, as there has no dilution from company.
Thanks in advance
it’s not necessary to dilute equity to increase in no of share holders. some big HNI might have sold which absorbed by institutions and normal public holders. if you look at 1st sept trade details Gsam sold 49 lakh shares nomura brought 41 lakhs means 8 lakhs must be absorbed by retail investors only right.
Q2 FY2026 Highlights:
Investor Presentation: https://www.bseindia.com/xml-data/corpfiling/AttachLive/416b206f-92f8-4447-8a25-6cb922252741.pdf
Conference Audio: https://bb-website-public-assets.s3.ap-south-1.amazonaws.com/legal-assets/pdf/Financial+Information/Earning+Calls/Blackbuck+Earnings+Call+Q2FY26+Meeting+Recording.mp4
Continue to grow with profitability. Profitability comes from matured business that are invested in new products.
Strategy:
Innovate for customer, reimagine everything for transportation.
Launching newer product on platform, which are digital. Platform getting stronger and customer used widely and deeper.
Distribution required due to truck owners are middle edged and uneducated.
Many offerings are under the hood, which they experiment and launch.
Today in 4 hubs, materially in 2 hubs. In next 6 months, going to open 10 more hubs.
Playbook building at 60%. Launching new hub, take time to build business.
Q o Q EBIDTA reduced due to investment in superload, core business expansion in sales and marketing. Annual salary increases.
Adjusted EBIDTA goes to Cash flow.
Close to 50% market share in tolling.
Focus will be in expanding market share.
AI is very useful in video analytics in dashcam, product is in experiment phase. Company using AI in fuel sensor product, superload business.
In US similar company is Samsara. It offers vehicle tracking by 20 to 100$ in US. BlacBuck offers at 2.5 $. Indian market is price dependant.
Market share in load business, digitize load market share at 90%. Long distance loads ( off line), 7 to 8% in live. It has network effect.
Superload business is like matchmaking, 250000 brokers do it in India.
Investment today means, much more compounding profits in future. Aggressive investment, profit stabilize, then hocky stick profitability comes.
Growth comes from adjutancy’s, but not predictable.
Disclosure: Invested
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Very creative and right to the point !
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Hi,
I am trying to understand the history of the company. I see there is a huge decline in revenues from FY2020 till FY24 (based on the numbers in screener). Can anyone throw some light on this? Thanks in advance
Started in Mid 2015. Below is the growth details as per DRHP
Fiscal Year, Year-over-Year Growth
FY16 (Apr 2015–Mar 2016): 81 --(First full year)
FY17 (Apr 2016–Mar 2017): 566 – 599%
FY18 (Apr 2017–Mar 2018): 902 – 59%
FY19 (Apr 2018–Mar 2019): 1,803 --100%
I haven’t read DRHP myself however used grok for some analysis. You can use this and do your own research. AI answers might not be accurate however can help speedup analysis
https://grok.com/share/bGVnYWN5_99d6c3de-52c9-43f4-a457-bd415ac55b7a
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They used to do corporate loads matching business which used be a low margin business leading to losses, they discontinued that business in favour of better margin avenues.
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The company is doing great work, but it appears to be very expensive.
Assuming it grows 50% YOY in Q3 and Q4 and manages 22% NPM in the upcoming quarters.
FY25 Sales: 640 cr
FY25 NP: 143 cr
FY25 P/E: 84
FY25 P/S: 18
The upside appears limited at this price. Please let me know if there is something wrong in my assumptions.
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Their core business of tolling and telematics still has some decent upside and any upside here is going to contribute majorly to the bottom line as the costs are pretty much fixed. Also, they have just started reporting profits from their superloads business. At this point they have set this is up in 2 cities and in the next 2 quarters it may be operating in 10 cities. Again here they are using their existing operating setup as much as possible with not a large spike in operating costs otherwise. Any scale up in superloads business can contribute massively to the bottom-line. Belief is there could be a non-linear scale up in profits due to operating leverage and so the high valuation is a risk taken in that regard.
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From the superloads, whats the revenue you expect say 2-3 years from now, similarly how much run way left in core business (tolling, tracking, fuel), in short say 3-5 years from now what the topline you expect and from there what could be the sustainable growth rate (if we assume they will grow at 30% for next 3 years), so does it justify the valuations?
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