Blackbuck Ltd
Incorporated in 2015, Zinka Logistics Solutions Ltd provides a digital trucking platform for payments, telematics, loads marketplace, and vehicle financing services[1]
- Market Cap ₹ 9,859 Cr.
- Current Price ₹ 541
- High / Low ₹ 708 / 495
- Stock P/E 52.8
- Book Value ₹ 83.4
- Dividend Yield 0.00 %
- ROCE 13.1 %
- ROE 12.5 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 22.1% CAGR over last 5 years
Cons
- Stock is trading at 6.49 times its book value
- The company has delivered a poor sales growth of -5.56% over past five years.
- Promoter holding is low: 25.0%
- Tax rate seems low
- Company has a low return on equity of 13.6% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 2,230 | 853 | 767 | 668 | 296 | 422 | 641 | 784 | |
| Sales growth | -62% | -10% | -13% | -56% | +42% | +52% | +50% | |
| 2,644 | 1,046 | 1,050 | 953 | 454 | 331 | 472 | 590 | |
| Operating Profit | -414 | -192 | -283 | -285 | -158 | 91 | 169 | 194 |
| OPM % | -19% | -23% | -37% | -43% | -53% | 22% | 26% | 25% |
| 54 | 27 | 36 | 20 | -8 | -309 | 57 | 56 | |
| Interest | 76 | 57 | 31 | 12 | 3 | 3 | 3 | 3 |
| Depreciation | 9 | 11 | 15 | 20 | 25 | 34 | 52 | 78 |
| Profit before tax | -446 | -234 | -293 | -297 | -194 | -254 | 171 | 170 |
| Tax % | 0% | 0% | 0% | 0% | 0% | -96% | 4% | |
| -446 | -234 | -293 | -297 | -194 | -9 | 164 | 184 | |
| EPS in Rs | -44,109.90 | -23,136.63 | -29,051.49 | -29,420.79 | -19,257.43 | -0.51 | 9.01 | 10.11 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -6% |
| 3 Years: | -1% |
| TTM: | 50% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 37% |
| TTM: | -51% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -19% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -8% |
| 3 Years: | 14% |
| Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 18 | 18 | 18 |
| Reserves | 510 | 286 | 591 | 352 | 310 | 1,218 | 1,406 | 1,501 |
| 544 | 394 | 190 | 166 | 179 | 8 | 33 | 28 | |
| 89 | 95 | 103 | 136 | 158 | 155 | 251 | 287 | |
| Total Liabilities | 1,143 | 776 | 884 | 654 | 648 | 1,399 | 1,708 | 1,834 |
| 23 | 15 | 21 | 31 | 39 | 45 | 116 | 141 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Investments | 305 | 56 | 243 | 222 | 75 | 109 | 197 | 219 |
| 814 | 704 | 620 | 401 | 534 | 1,246 | 1,393 | 1,474 | |
| Total Assets | 1,143 | 776 | 884 | 654 | 648 | 1,399 | 1,708 | 1,834 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -438 | 59 | -75 | -125 | 58 | 85 | 192 | |
| 91 | 182 | -216 | 169 | 11 | -476 | -210 | |
| 173 | -213 | 272 | -37 | -18 | 361 | -5 | |
| Net Cash Flow | -174 | 27 | -19 | 7 | 51 | -31 | -22 |
| Free Cash Flow | -447 | 55 | -97 | -151 | 34 | 41 | 80 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 101% | -19% | 28% | 45% | -32% | 80% | 123% |
Ratios
Standalone / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 72 | 120 | 94 | 69 | 26 | 24 | 15 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 72 | 120 | 94 | 69 | 26 | 24 | 15 |
| Working Capital Days | -2 | -2 | 48 | -46 | -206 | 15 | -22 |
| ROCE % | -20% | -36% | -44% | -33% | 11% | 13% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Average Monthly Transacting Truck Operators Units |
|
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| Monthly Transacting Users Using At Least Two Services (Power Users) Units |
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| Total Tolling/Payment Transactions Units in Crores |
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| Tolling Market Share (GTV in Truck T segment) % |
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| Time Spent on App Daily by Transacting Customers Minutes |
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| Physical Touchpoints (Distribution Network) Touchpoints |
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| Tolling Gross Transaction Value (GTV) ₹ in Crores |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Announcement under Regulation 30 (LODR)-Newspaper Publication
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of BlackBuck’s October 29, 2026 analyst and investor call is available online.
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Statement Of Deviation & Variation
- BlackBuck reported no deviation in IPO fund use for quarter ended September 30, 2026.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- ICRA reports BlackBuck’s IPO proceeds utilization for quarter ended September 30, 2026; no deviation observed.
Concalls
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Nov 2026Transcript PPT REC
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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Aug 2025PPT
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May 2025Transcript
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May 2025Transcript PPT
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Feb 2025Transcript PPT
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Dec 2024Transcript PPT REC
Business Overview:[1]
BlackBuck Limited, formerly Zinka Logistics Solutions Limited, operates digital platform focused on truck operator lifecycle. Offerings include tolling, vehicle tracking, fuel payments, vehicle finance, loads classified, Superloads, fuel sensors and fleet documentation.