BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) has formally notified stock exchanges that it does not qualify as a Large Corporate under the Securities and Exchange Board of India's regulatory framework for the financial year 2026-27. The disclosure was submitted to both the National Stock Exchange of India and BSE Limited on April 09, 2026.

Regulatory Compliance Framework

The submission was made pursuant to SEBI Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated April 13, 2022, which governs fund raising through issuance of debt securities by large entities. Under this framework, companies meeting specific criteria are classified as Large Corporates and must comply with additional regulatory requirements for debt fundraising.

Financial Position Details

The company provided key financial metrics as part of its disclosure requirements:

Corporate Information

BlackBuck Limited operates under CIN L63030KA2015PLC079894 and is headquartered at Vaswani Presidio, Panathur Main Road, Off Outer Ring Road, Bangalore. The company was formerly known as Zinka Logistics Solutions Limited before its rebranding.

Authorized Signatories

The disclosure was jointly signed by two key executives:

• Barun Pandey - Company Secretary and Compliance Officer (Membership No: A39508)
• Satyakam GN - Chief Financial Officer

Both officials digitally signed the document on April 09, 2026, confirming the company's compliance with SEBI's disclosure requirements.

Regulatory Significance

This annual disclosure ensures transparency in the corporate debt market and helps regulators monitor which entities fall under the Large Corporate framework. Companies that do not meet the Large Corporate criteria have different compliance obligations compared to those that do, particularly regarding debt security issuances and associated regulatory oversight.

BlackBuck Limited has submitted its mandatory regulatory certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The filing demonstrates the company's continued compliance with regulatory requirements as it maintains its market position in the logistics technology sector.

Regulatory Compliance Filing

The company, formerly known as Zinka Logistics Solutions Limited, filed the certificate through its registrar and share transfer agent, KFin Technologies Limited. The certificate confirms that details of securities dematerialized and rematerialized during the quarter have been furnished to all stock exchanges where the company's shares are listed.

Morgan Stanley's Investment Outlook

Morgan Stanley has reaffirmed its Equal Weight rating on BlackBuck , while setting a target price of ₹650. The investment bank's assessment comes amid mixed performance indicators across the company's key business segments. The brokerage firm noted that tolling business operations contribute over 60% of BlackBuck's total revenue, highlighting the significance of this segment to the company's overall financial performance.

Business Performance Indicators

Morgan Stanley observed that FASTag collections demonstrated signs of improvement in March, marking a recovery after experiencing weakness for two consecutive months. This uptick in collections suggests stabilization in one of BlackBuck's key revenue streams and indicates potential for sustained growth momentum.

Growth Projections and Market Outlook

The investment bank anticipates payment Gross Transaction Value (GTV) growth of 15–20% in Q4, reflecting expectations for continued expansion in BlackBuck's payment processing capabilities. This projected growth rate suggests the company's digital payment solutions are gaining traction in the logistics sector. Morgan Stanley's Equal Weight rating indicates a neutral stance on the stock, suggesting the current valuation fairly reflects the company's business fundamentals and growth prospects.