Earnings Call Transcript

Ref: BLACKBUCK/CORP/2026-27/63 August 03, 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 July 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby provide the transcript of the Earnings Conference Call for Analysts and Investors conducted on Wednesday, July 29, 2026 during 05:00 PM (IST) to 5:45 PM (IST). Enclosed is the transcript of the Earnings Conference Call, which is also hosted on the website of the company. The link to access the transcript is 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 Q1 FY27 Earnings Conference Call July 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 Q1 FY27 Earnings Conference Call July 29, 2026 Moderator: Good evening, ladies and gentlemen. Welcome to the Q1 FY27 earnings conference call of Blackbuck Ltd., hosted by Radhi 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'll 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 a corporate material of Blackbuck Ltd. and cannot be copied, rebroadcasted or attributed in the PR media without specific and 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 risk that the company faces. A copy of the disclosure is available on 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, Mr. Satyakam GN, Chief Financial Officer. I now hand over the conference to Mr. Rajesh for his opening remarks. Thank you and over to you, Rajesh. Rajesh Kumar Naidu Yabaji (Chairman, MD & CEO): Thank you. You're able to hear me? Moderator: Yes, loud and clear. Rajesh Kumar Naidu Yabaji: Good evening, ladies and gentlemen. Welcome to FY27 Q1 earnings presentation. We'll walk you through what happened this quarter and we'll discuss the flavour and the usual proceedings. So, at a summary basis, on the total income of the company, we grew by about 38% on a year-on-year basis. On the EBITDA, we grew by 23% on a year-on-year Page 2 of 18 Blackbuck Ltd Q1 FY27 Earnings Conference Call July 29, 2026 basis, reaching closer to 50 crores of EBITDA this quarter. On a PAT basis, we grew 25% on a year-on-year basis, reaching 42 crores on PAT basis. On some of the key KPIs, which typically indicate the health of the platform, we had close to about 900,000 monthly average transacting customers on the platform this quarter, which is a 13% growth on a year-on-year basis. Users who use the platform more deeply by the metric of who use more than or greater than or equal to two services, there we grew about close to 20% on a year-on-year basis. GTV of tolling, which is one of the lead metrics of how the flow through on the platform is happening, on that we grew by about 16% on a year-on-year basis. As we highlighted in the last earnings call, that some macro headwinds were impacting the whole logistics movements. Despite a very tough April month from a movement perspective, I think there was a decent recovery through end of May and June, which has enabled the business to deliver strong results and something which has helped us get back on track and do well from a BAU perspective. So just reiterating the core crux of the strategy, as you all are aware, the whole work of Blackbuck to disrupt and organize the trucking space, surrounds around the life of a truck operator where we design offerings for him. As tolling, vehicle tracking, fuel payments, all these offerings will be in life for a good enough time and we continue to build and innovate on new offerings. And our Blackbuck app, which is the product which our customers use, continues to scale on engagement, continues to scale on the breadth of the users, which is who are using this. We are reaching close to 900,000 transacting customers, and the usage continues to be the same, hovering around 45 minutes daily. And on distribution, as we've always discussed, we are present in almost every relevant trucking village in the country. So, we continue to go deeper, and we continue to be with our customers in the market to help them get onboarded on our products or get them serviced on our products. On the key KPIs, basis broadly, I've already touched some of them in the introduction. Going into, if you see the metric on number of tolling transactions, which has grown by 12% on a year-on-year basis and has actually declined sequential quarter by 3%, largely because of the headwinds. And as you've seen, the GTV of tolling on a year-on-year basis has grown by 16%, which probably at an NETC level has grown by a very small single digit percentage number and then if you compare that to CV number would probably be in a little bit of a higher single digit. Despite that, because of the value prop of the platform and the widespread distribution, we have continued to compound at 16%. And, as the country grows, as India grows, as India invests in infrastructure, we believe some of the Page 3 of 18 Blackbuck Ltd Q1 FY27 Earnings Conference Call July 29, 2026 secular trends in the way tolling has grown in the past are going to sort of come back. By doing all of this, revenue from operations, which is at a gross level, we've grown by about 42% on a year-on-year basis. And on a sequential basis, that's roughly about close to 10%. Coming to net revenues, year on year basis, we've grown by 25%. Contribution margin continues to be at that 93% level, showing the quality of business we continue to build. And on an adjusted EBITDA basis, we have grown from 47 crores to 55 crores this quarter from a year on year perspective, 16% growth, on a year on year basis. So that is the narrative on overall business. Just wanted to highlight that on PAT numbers which you have seen in the headline, sequentially you would see a decline largely because of the deferred tax asset which has got recognized in the previous quarter. So, if you remove that impact, largely most of the metrics move in line with adjusted EBITDA in the business, which is business as usual over the past. Now moving into, giving a bit more colour into what's really happening. As we saw, 42% is the growth in operations, revenue from operations in the year-on-year basis. If we split that out, the core businesses grew by about 21% year on year, continued to maintain its growth path while the industry trends were negative, which is a strong metric, and tolling in that contin [Showing first 8,000 characters — download PDF for full document]