BLACKBUCK
Micro CapBLACKBUCK LIMITED
Services
BlackBuck Limited operates a digital platform for truck operators, offering a suite of services across the truck operator's lifecycle. Its offerings include Tolling, Vehicle Tracking, Fuel, Payments, and Vehicle Finance, supported by a physical touchpoint network and presence in over 80% of districts.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -76% YoY · margin compression · Rev +52% YoY · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹185 Cr | +51.6% | +7.6% |
| EBITDA | ₹45 Cr | +12.5% | +0.0% |
| Operating margin | 24.0% | -900 bps | -200 bps |
| PAT | ₹66 Cr | -76.4% | +106.3% |
| PAT margin | 35.7% | -19383 bps | +1708 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
BlackBuck reported strong FY26 performance with Total Income up 55% YoY to ₹714.60 Cr. and Adjusted EBITDA up 84% YoY to ₹190.14 Cr. Q4'26 also saw robust growth, with Revenue from Operations increasing 52% YoY, driven by both core and growth businesses.
The company demonstrates strong operating leverage and consistent profitability, with core businesses delivering stable performance and growth businesses showing significant traction. Management's focus on market share expansion and strategic investments in new areas supports continued growth, despite identified short-term macro headwinds.
Revenue from Operations by Business Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Tolling Business
Delivered strong performance with GTV growth of ~27% YoY in FY26, outperforming NETC CV industry growth of ~16%.
Telematics Business
Continued to deliver strong sales numbers; AIS sales doubled leveraging mandates during the period.
Superloads Business
Bangalore and Hyderabad continue to strengthen on unit economics; early momentum in new cities driven by cross-leveraging customer relationships.
Vehicle Finance Business
Disbursals grew by ~25% QoQ in Q4'26, with strong execution driving growth and converging towards EBITDA breakeven.
West Asia Conflict
Expected to present short-term headwinds with anticipated drag on freight movement, potentially impacting transaction-based revenues.
Fuel Shortage
Due to ongoing fuel shortage, the loyalty program has been temporarily suspended by the OMCs.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation primarily highlights YoY growth for both quarterly and annual results across key financial and operational metrics, indicating that annual and quarterly comparisons against the prior year are most relevant for assessing performance trends and business expansion.
Average monthly transacting truck operators
FY26: 818,259 units, up 13% YoY. Q4'26: 866,091 units, up 13% YoY.
Monthly transacting users using at least two services
FY26: 411,765 units, up 21% YoY. Q4'26: 441,874 units, up 20% YoY.
Gross transaction value of Tolling (GTV)
FY26: ₹25,904.96 Cr., up 27% YoY. Q4'26: ₹7,094.01 Cr., up 21% YoY.
Revenue from Operations
FY26: ₹651.97 Cr., up 53% YoY. Q4'26: ₹185.43 Cr., up 52% YoY.
Strategic Focus
Management aims to "Double down execution in the core, while stepping up investments to unlock growth."
Core Business Strategy
Focus on strong profitability enabled by operating leverage, continuous market share expansion, and tracking the evolving landscape for Tolling, Vehicle Tracking, Fuel Cards, and AIS-GPS.
Growth Business Strategy
Strengthen existing markets in Superloads, accelerate expansion into new geographies, and achieve higher throughput in Vehicle Finance to contribute to profitability.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Growth Businesses Revenue Growth | FY26: 266% YoY; Q4'26: 304% YoY | Sustained high growth rates and improved unit economics in Superloads and Vehicle Finance as new geographies are entered and throughput increases. |
| Vehicle Finance EBITDA Breakeven | Converging towards EBITDA breakeven. | Confirmation of EBITDA breakeven and subsequent profitability contribution from the Vehicle Finance business. |
| Impact of Macro Headwinds | West Asia conflict and fuel shortage identified as short-term headwinds. | Any material impact on transaction-based revenues and overall growth due to these external factors. |
| Adjusted Cash and Cash Equivalents | FY26: ₹1104.10 Cr. | Maintenance of strong cash position to fund continued investments in growth businesses and manage operational needs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -13.4% / mo · near 52W low
Technical chart
BLACKBUCKweekly · 5Y+95.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 42.
- SMA20 falling (~15.5% over last month) — short-term momentum negative.
- RSI(14) at 42 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -60.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 66th percentile within Services. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 2.4%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 66th pctile, median 66 · Micro: 44th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.04.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 2.4%.
- ▸OPM spread across recent quarters is 24%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 56.80
- P/B
- 6.55
- EV/EBITDA
- 42.57
- Market Cap
- 9307.00Cr
Profitability
- ROE
- 12.30%
- ROCE
- 12.80%
- ROA
- 9.22%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -6.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 55.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 33.40×
- Altman Z
- 8.12
- Book Value
- 78.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 169.00 Cr
- EPS TTM
- 8.82
Shareholding
- Promoter Hold
- 25.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.