BlackBuck (formerly Zinka Logistics Solutions Limited) announced robust financial results for the third quarter of FY26, reporting a 53% year-on-year growth in total income, closing at ₹189 crores. Adjusted EBITDA reached an all-time high of ₹50 crores, marking a 51% YoY increase. Core business metrics remain strong, with transacting customers growing 13% YoY, supported by aggressive investment in newer verticals like superloads and vehicle finance.
BlackBuck Q3FY26 Performance Highlights
BlackBuck Ltd hosted its Q3FY26 Earnings Conference Call on February 05, 2026, detailing significant growth across key financial and operational metrics. The management emphasized the consistent execution of its long-term strategy, which is successfully driving profitability despite ongoing investments in new business lines.
Financial Snapshot (Q3 FY26)
The company delivered strong top-line and bottom-line performance:
- Total Income: Closed at approximately ₹189 crores, representing a 53% growth year-on-year.
- Adjusted EBITDA: Reached a record high of ₹50 crores, up 51% YoY from ₹33 crores in the comparable quarter last year.
- PAT: Stood at approximately ₹32 crores.
- 9-Month Performance: Adjusted EBITDA for the nine-month period was ₹140 crores, a 118% growth over the previous year’s ₹64 crores.
Key Operational Metrics Growth
Management highlighted progress on core metrics that underpin this financial success, noting that core businesses are compounding profitably while new ventures are scaling:
- Monthly Transacting Customers: Growing at 13% YoY.
- Power Users ( >2 services): Growing at 20% to 20.5% YoY.
- GTV in Payments: Increased by roughly 23.5% YoY.
- Revenue from Operations: Grew by 51% YoY, with net revenues showing a 34% growth.
Business Vertical Commentary
While core businesses (payments and telematics) demonstrated healthy growth, new ventures are driving incremental scale:
- Core Business Growth: The core business segment grew by a healthy 31.5% YoY.
- Growth Businesses (Superloads & Vehicle Finance): Showed substantial expansion, growing roughly 271% YoY compared to Q3 FY25.
- Superloads Expansion: The company increased its live cities for superloads from 4 to 9 cities during the quarter, continuing its playbook development phase.
- Vehicle Finance: Disbursements grew sequentially by 35%, driven by industry tailwinds.
Strategy and Future Outlook
Chairman and CEO Rajesh Kumar Naidu Yabaji reiterated that the core strategy remains unchanged: capitalizing on the profitability of core services to aggressively reinvest in new businesses. He emphasized that while new businesses like superloads are currently unprofitable, the company expects them to follow a similar path to core products, potentially achieving 30-40% EBITDA margins within 6-9 months of maturity. The company believes it is currently at 50-60% maturity level in scaling the superloads playbook, first established in Bangalore.
Q&A Insights on Margins and Competition
During the Q&A, management addressed the incremental EBITDA margin, noting that the blended rate of 44% Q-o-Q is a composite metric influenced by investments in new areas. Rajesh clarified that the goal is to continue doubling down on core businesses while scaling new offerings responsibly, aiming for superior long-term value realization.
Regarding competition in the platform space, management stated that while segment-specific competition exists (e.g., banks in payments, private firms in telematics), no single entity offers a comprehensive, end-to-end solution comparable to BlackBuck’s full ecosystem approach, which integrates payments, telematics, loads, and loan origination capabilities.
Source: BSE
