With promoter selling stake in Blackbuck recently and participating in pre-ipo placement of nephrocare, how is this to be read/understood? It is more confusing when Blackbuck story is expected to just get started. Views invited.
5 Likes
Super results. With this kind of growth, I expect PE rerating.
Lending Business, while still a small fraction of the total pie, turned a marginal profit of ₹0.81 million this quarter, successfully recovering from a loss of ₹7.75 million in Q2.
Operation leverage from the platform business is slowing coming into play - expense growth rate is slower than revenue growth rate.
2 Likes
Company will benefit from operating leverage, esp from the Superloads platform. Right now they are only in 9 cities and all of them in South India, and the routes are relatively smaller, ex: Bangalore to Chennai. As it gets Pan India we will see much longer routes ex: Ludhiana to Bangalore etc and the contribution from superloads will be significant.
A word of caution is, the current PE is optically lower. This takes the March 2025 result of 281cr in its entirety which has a portion of tax incentives. The actual PAT that quarter would have been 25Cr and at CMP of 606 it works out to a PE of around 88 and not 28 as in screener
4 Likes
Blackbuck (Zinka Concall)
-
strong operating leverage + stable unit economics.
-
prioritising scale and learning over near-term profits
-
Core business: Sustainable 25–35% growth - Ebitda compounding (guidance)
-
Core Business (Payments + Telematics)
Continues to compound at 30%+ growth — Tolling GTV growth 24% vs industry ~15% → Market share gain —High-margin, cash-generating base -
Super Loads (Digital Freight Brokerage)
Cities expanded: 4 → 9 (target: 14 by June 2026) —- YoY growth: ~271% — Still in playbook-building phase — Bangalore maturity: ~50–60% of optimal model — Cohorts breakeven in 3–4 months -
Vehicle finance 35% QoQ disbursals
Just Super Loads tracking - coz this is something i would like them to do well with - lot of things are being built inside superloads. 2 public companies are trying to make inroads in superloads (POC toh hai - management cheekily said Delhivery)
Today: Loss-making, kyunki they are in building phase
2–3 yrs: Break-even + scale
Long term: High-margin platform hai so waiting for them to give signs
If successful → can materially re-rate the stock.
D: Not invested but closely tracking
PS: Concall started with Yabaji mentioning that for CV H2 is best and doing well
1 Like