BlackBuck Limited has completed the allotment of 2,09,416 equity shares to employees under its Employee Stock Option Scheme programs. The Nomination and Remuneration Committee of the Board of Directors approved this allotment on January 27, 2026, through a circular resolution, marking another milestone in the company's employee incentive initiatives.

ESOP Allotment Details

The share allotment was distributed across two employee stock option schemes operated by the company:

All allotted shares carry a face value of Re. 1/- each and have been issued as fully paid-up equity shares to identified employees of the company.

Impact on Share Capital

The allotment has resulted in an increase in the company's issued, subscribed and paid-up equity share capital. The capital structure changed as follows:

Share Issuance Terms

The equity shares were issued under specific terms and conditions as per the ESOP regulations:

Regulatory Compliance

The company has fulfilled all regulatory requirements under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The detailed disclosure pursuant to Regulation 10(c) confirms that the newly allotted equity shares will rank pari-passu with the existing equity shares of the company. No lock-in provisions apply to these shares, and no listing fees are payable for this allotment.

BlackBuck Limited, formerly known as Zinka Logistics Solutions Limited, is listed on both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The company has made this information available on its official website at www.blackbuck.com as part of its transparency and disclosure commitments.

BlackBuck Limited has announced that ICRA Limited has upgraded its credit rating, reflecting the company's strengthened financial position and improved business prospects. The rating agency has revised the short-term fund-based credit rating from [ICRA]A3+ to [ICRA]A2+, marking a significant milestone for the logistics technology platform.

Rating Upgrade Details

The credit rating revision covers BlackBuck's short-term fund-based facilities, with the rated amount adjusted from Rs. 147.00 crore to Rs. 43.00 crore. This change reflects the company's reduced dependence on external borrowings following strategic business restructuring.

Key Factors Behind the Upgrade

ICRA's rating upgrade is based on several positive developments in BlackBuck's business profile. The company's technology-focused service platform demonstrates exceptional profitability with contribution margins exceeding 90% and operating profit margins above 25%. The platform requires minimal working capital, significantly improving the company's financial risk profile.

The hive-off of the corporate freight business in August 2024 has transformed BlackBuck into a more focused entity. Additionally, the company raised Rs. 550 crore through its Initial Public Offering in November 2024, substantially strengthening its capital position.

Strong Operational Performance

BlackBuck operates India's largest digital platform for truck operators, serving 7.87 lakh average monthly transacting truck operators in H1 FY2026. This represents a compound annual growth rate of 28% over FY2022-H1 FY2026. The company has demonstrated strong cross-selling capabilities, with monthly transacting users using at least two services reaching 3.39 lakh, growing at a CAGR of 55% during the same period.

Robust Financial Position

The company's financial profile has strengthened considerably following recent strategic changes. As of September 30, 2025, BlackBuck maintains an interest coverage ratio of 30.9 times and a gearing ratio of 0.04 times. The company holds cash and bank balances of Rs. 1,025.3 crore as of September 2025, with entire working capital limits of Rs. 43.0 crore remaining unutilized.

Business Model and Market Position

BlackBuck's app provides comprehensive services to truck operators including tolling and fueling payments, vehicle monitoring through telematics, marketplace for loads and used vehicles, and financing for used vehicle purchases. The company maintains an expansive network covering over 10,000 touch points across 80% of India's districts and 76% of the toll plaza network.

The rating agency noted that BlackBuck's asset-light business model, experienced management team, and early-mover advantage in technology-enabled logistics services support its strong market position. However, ICRA also highlighted potential challenges including exposure to economic cycles and regulatory risks, particularly for payments business and NBFC operations through its subsidiary Blackbuck Finserve Private Limited.