BlackBuck Limited has released its audited financial results for the fiscal year ended March 31, 2026. The company reported a significant turnaround in its financial performance for FY26, posting a net profit of Rs. 160.34 crore compared to a net loss of Rs. 8.66 crore in the previous year. Total income for the fiscal year grew by 55% to reach Rs. 714.60 crore, up from Rs. 462.40 crore in FY25. This marks the company's first full year of profitability at the PAT level.

Financial Performance Overview

The company's revenue from operations for FY26 stood at Rs. 651.97 crore, a 53% increase from Rs. 426.73 crore in the prior year. Adjusted EBITDA surged by 84% to Rs. 190.14 crore. Core businesses, comprising Payments & Telematics, grew by 34% year-on-year, while Growth Businesses expanded by 266%. The Gross Transaction Value (GTV) of Tolling stood at Rs. 25,904.96 crore, up 27% year-on-year.

The following table summarizes the key annual financial metrics:

Q4 Performance Highlights

In the quarter ended March 31, 2026, BlackBuck delivered notable top-line growth with revenue from operations reaching Rs. 185.43 crore compared to Rs. 121.81 crore in the same quarter of the previous year. Adjusted EBITDA for Q4 increased by 30% to Rs. 50.20 crore. However, Profit Before Tax (PBT) moderated to Rs. 40.37 crore from Rs. 40.80 crore in the prior-year period.

The table below presents the key Q4 metrics on a year-on-year basis:

Operational Growth

The company served 818,259 transacting customers during the year, a 13% increase over the previous year. Monthly transacting users using at least two services grew by 21% to 411,765 in FY26. The company noted that core businesses continue to deliver consistent profitability and operational cashflows, while investments in growth businesses like SuperLoads and Vehicle Finance are being calibrated. Management indicated that the vehicle finance business may transition out of investment mode by the end of the financial year.

BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) has filed its Monitoring Agency Report for the quarter ended March 31, 2026, with the National Stock Exchange of India and BSE Limited. The report, dated May 11, 2026, was prepared by ICRA Limited in its capacity as the Monitoring Agency, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The filing pertains to the utilisation of proceeds from the company's Initial Public Offer.

IPO Issue Overview

BlackBuck Limited's IPO opened on November 13, 2024, and closed on November 18, 2024. The total issue size stood at INR 1,114.722 crore, inclusive of the Offer for Sale (OFS) portion. The fresh issue component, excluding the OFS, amounted to INR 550.00 crore in gross proceeds. Issue-related expenses, initially estimated at INR 30.281 crore as per the prospectus, were finally determined at INR 26.684 crore upon completion and reconciliation, and are being utilised as part of General Corporate Purposes.

Objects of the Issue and Cost Allocation

The gross proceeds of INR 550.000 crore were earmarked across four key objects as disclosed in the offer document. The original cost allocation, as per the prospectus, is detailed below.

ICRA confirmed that no revision to the original cost allocation has been made, and the means of finance for the disclosed objects remain unchanged.

Progress in Utilisation of IPO Proceeds

As of the quarter ended March 31, 2026, BlackBuck Limited had cumulatively utilised INR 444.361 crore of the total IPO proceeds. During Q4 FY2026 alone, INR 48.659 crore was deployed. The total unutilised amount stood at INR 105.639 crore at the end of the quarter.

ICRA noted that for the product development head, INR 0.222 crore was utilised as a reimbursement for expenditure originally funded through internal accruals. The investment in Blackbuck Finserve Private Limited was fully utilised by December 31, 2025.

Deployment of Unutilised Proceeds

The unutilised IPO proceeds have been deployed in fixed deposits and bank accounts. The total amount invested stood at INR 110.216 crore, with a market value of INR 112.735 crore at the end of the quarter. Total earnings on these deployments amounted to INR 2.519 crore.

The additional amount of INR 4.132 crore pertains to the OFS, and INR 0.445 crore pertains to interest earned on fixed deposits and internal accruals.

General Corporate Purposes Utilisation

The total utilisation under General Corporate Purposes amounted to INR 121.689 crore across multiple quarters. The table below provides a detailed breakdown of all components under this head.

Implementation Timeline

The report also captures the progress of each object against the scheduled deployment timeline as disclosed in the prospectus. No delays were reported for any of the objects.

Compliance and No Deviation Confirmed

ICRA Limited confirmed that the utilisation of IPO proceeds is fully in line with the objects disclosed in the offer document, with no deviation observed. The monitoring agency also confirmed no material changes in the means of finance, no major deviations from earlier monitoring reports, and no unfavourable events affecting the viability of the objects. The report was signed by Parul Goyal Narang, Vice President & Head-Process Excellence at ICRA Limited, on May 11, 2026. The filing was submitted to the exchanges by Barun Pandey, Company Secretary & Compliance Officer of BlackBuck Limited.