Earnings Call Transcript

Ref: BLACKBUCK/CORP/2026-27/108 November 05, 2026 To To National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Scrip Code: 544288, Scrip Symbol: BLACKBUCK, Series – EQ ISIN- INE0UIZ01018 Dear Sir/ Madam, Sub: Transcript of the Earnings Conference Call for Analysts and Investors conducted on October 29, 2026. Ref: Disclosure under Part A of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Part A of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Conference Call held for analysts and investors on Thursday, October 29, 2026, from 5:00 p.m. to 5:36 p.m. (IST). The transcript is also available on the Company's website and may be accessed through the link provided below: https://a.blbk.in/Corporate_Announcement Kindly take the above information on record. Thanking you Yours Sincerely, For BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) Barun Pandey Company Secretary and Compliance Officer Membership No: A39508 BlackBuck Limited Q2 & H1 FY27 Earnings Conference Call October 29, 2026 Speakers: Mr. Rajesh Kumar Naidu Yabaji - Chairman, Managing Director and CEO Mr. Satyakam G N - Chief Financial Officer Moderator: Ms. Vinita Pandya (Raadhi Capital) Blackbuck Ltd Q2 & H1 FY27 Earnings Conference Call October 29. 2026 Moderator: Good evening, ladies and gentlemen. Welcome to the Q2 and H1 FY27 earnings conference call of BlackBuck Limited, hosted by Raadhi Capital. As a reminder, all attendees will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to press the raise-hand button. We will call on you in turn and unmute your line so you can speak. Important note: If you need to ask a question, please ensure Microsoft Teams has permission to access your microphone when you log in. Otherwise, you will not be able to unmute. Please note that this conference is being recorded. Kindly also note that the audio of the earnings call is corporate material of BlackBuck Limited and cannot be copied, rebroadcasted or attributed in the PR media without specific written consent of the company. Please note that anything said on this call that reflects the outlook towards the future, which can be construed as a forward-looking statement must be reviewed in conjunction with the risks that the company faces. A copy of the disclosure is available in the Investor Relations section of the website as well as on the stock exchanges. To give you an in-depth understanding of the company and answer all your queries, we have from the management side today, Mr. Rajesh Kumar Naidu Yabaji, Chairman, Managing Director and CEO, and Mr. Satyakam, Chief Financial Officer. I now hand over the conference to Rajesh for his opening remarks. Thank you, and over to you, Rajesh. Rajesh Kumar Naidu Yabaji (Chairman, MD & CEO): Ladies and gentlemen, welcome to our Q2 FY27 earnings presentation. It’s been a good start to the year. I think last quarter, we presented you guys good results, as we get into the second half of the year Q2 FY27 also worked out really well for the company. Largely because of the fundamentals and quality of the business we have built, and which basically rides on larger industry tailwinds, high-quality of products and very strong distribution. And that’s been the result of the compounding nature of the results you are seeing with us. So, starting of with the snapshot numbers on overall basis, the company did about 253 crores of total income, which is a growth of about 51% year-on-year basis. EBITDA close Page 2 of 13 Blackbuck Ltd Q2 & H1 FY27 Earnings Conference Call October 29. 2026 to 51 crores, which is a 40% growth year-on-year basis. Profit after tax 41.4 crores, which is a 42% growth year-on-year basis. Functional metrics more KPI’s which are the platform KPIs where you know we report metrics which are under the hood, which help us achieve the revenue goals and outcome metrics. We had close to 9 lakh transacting customers, growing at about 13% year-on- year basis. Covers a large part of the medium and heavy commercial vehicle customers which are relevant for the intercity trucking audience. Power users, who use more than two services, growing at about 20% roughly more than half these users are power users, which is close to 4,80,000. GTV of tolling, which is a large part of our payments business we do, growing healthy rate of about 17% year-on-year basis broadly 7,070 crores this quarter. As I mentioned, overall, a strong quarter, with results largely in the business-as-usual way. With a lot of exciting things happening on new initiatives and continuing to preserve the nature and quality of profitability of the core business. Calling out again the crux of our strategy, as I mentioned all the quality of results are basis of strong business model. The business model is about solving truck operators' problems. We exist to solve their problems, help them become operationally better and help them earn more revenue. These are plethora of offerings we keep building, we keep launching and by launch of newer offering it adds back strength to the older offerings cementing the whole user using the platform more and more. On the platform side, transacting customers continue to grow. The overall app usage very good number continues to hold. On the distribution front again 10,000 touchpoints network continues to scale in the relevant areas, and 80% districts we continue to be present. Again, reiterating our strategy, we build offerings which are launched on our platform. Every new offering gives strength of its own at the same time strengthening the older offerings. We sell service, distribute these offerings to our customers through a physical touchpoint network, which is very essential for the nature of users what we have. And it’s widespread which means a trucker whose trucks are mobile, wherever he buys a service, he can get it serviced anywhere. He basically gets taken care of with such a wide distribution network. Using this strategy is what you are seeing the results coming through. Going forward giving the update on key KPIs, some them we have already touched upon. Going into revenue from operations, it grew about 56% on a year-on-year basis and H1 basis roughly about 49%. Coming to the more better quality metric on revenue, which is Page 3 of 13 Blackbuck Ltd Q2 & H1 FY27 Earnings Conference Call October 29. 2026 net revenues—typically the real revenues we make as a company—that was about 183 crores, growing by close to 35% on a year-on-year basis. Both the core and growth businesses have grown very strongly this quarter. The contribution margin profile continues to be the same, much north of 90% levels. High quality technology revenues, broad-based revenues and hence such quality contribution margin. That also grew by 33%. You see a slight dip because telematics revenues, as updated in previous quarters, have started to accelerate, which I will provide a narrative on ahead and continued to accelerate this quarter as well. You see the slight blip because in the host of revenues, telematics has a bit of a lower contribution margin. On an adjusted EBITDA basis, that is 55 crores, which is a growth of close to 30%. Again want to remind you here that this is a blended metric including the investments we are doing in our newer and emerging businesses. Think of it as we continuing to scale our EBITDA while absorbing the increasing costs of investment into new businesses, which at a later date we would be helping you understand by providing splits as well. Moving forward into narrating some highlights, as mentioned, headline revenue grew by about 56%. Sequentially, w [Showing first 8,000 characters — download PDF for full document]