Black Buck , formerly known as Zinka Logistics Solutions Limited, has reported no deviation from the stated objectives of its Initial Public Offering (IPO) for the second quarter of fiscal year 2026. The company's monitoring agency report, prepared by ICRA Limited, confirms that the utilization of IPO proceeds remains in line with the disclosed objectives.

IPO Proceeds Allocation

BlackBuck raised Rs. 550.00 crore through its IPO in November 2024. The proceeds were allocated as follows:

Utilization of Funds

As of September 30, 2025, the company has utilized Rs. 121.19 crore for general corporate purposes. This includes:

• Loan repayments
• Salary payments
• Issue-related expenses

Monitoring and Approval

The monitoring report was reviewed by the Audit Committee and approved by the Board on November 5, 2025. ICRA Limited, appointed as the monitoring agency, has confirmed that the utilization of issuance proceeds aligns with the objectives stated in the IPO prospectus.

Company Performance

In addition to the IPO proceeds report, BlackBuck Limited has released its financial results for Q2 FY2026:

• Total Income: Rs. 167.20 crore (60.35% YoY growth)
• EBITDA: Rs. 36.52 crore (142.84% YoY growth)
• PAT: Rs. 29.20 crore

The company has shown growth in its core businesses and new ventures:

• Core businesses grew by 36.68% YoY
• Growth businesses expanded by 226.13% YoY and 19.01% QoQ

BlackBuck's performance demonstrates profitability and scale-up of new business areas, particularly in the 'Superloads' and 'Vehicle Finance' segments.

The company continues to focus on market share expansion, leveraging industry tailwinds, and maintaining profitability through operating leverage in its core businesses while investing in growth areas.

BlackBuck Limited , formerly known as Zinka Logistics Solutions Limited, has announced its financial results for the second quarter of fiscal year 2026, showcasing strong growth and improved profitability.

Financial Highlights

BlackBuck reported a significant increase in its total income for Q2 FY26, rising to ₹1,671.99 crore, marking a 60.35% year-over-year growth. The company's revenue from operations saw a substantial jump to ₹1,511.40 crore, up from ₹987.72 crore in the same quarter last year.

Operational Performance

The company's core businesses, which include payments and telematics services, grew by 36.68% year-over-year. BlackBuck's growth businesses, particularly 'Superloads' and 'Vehicle Finance', showed impressive growth of 226.13% compared to the same quarter last year.

Key Performance Indicators

• Average monthly transacting truck operators increased to 791,670, up 13.22% YoY
• Monthly transacting users using at least two services rose to 399,051, a 21.17% YoY increase
• Gross transaction value of payments reached ₹6,778.32 crore, up 28.65% YoY

Profitability and Efficiency

BlackBuck's EBITDA saw a substantial improvement, growing by 142.84% year-over-year to ₹365.20 crore. The EBITDA margin as a percentage of net revenue increased from 19.4% in Q2 FY25 to 31.4% in Q2 FY26, demonstrating enhanced operational efficiency.

Segment Performance

The truck operator services segment, which is the company's primary business, reported revenue of ₹1,483.22 crore for Q2 FY26. The lending business, operated through its subsidiary BlackBuck Finserve Private Limited, contributed ₹28.18 crore to the total revenue.

Balance Sheet and Cash Flow

As of September 30, 2025, BlackBuck's consolidated balance sheet showed total assets of ₹15,680.66 crore. The company maintained a strong cash position with cash and cash equivalents of ₹731.31 crore and bank balances of ₹6,633.55 crore.

Management Commentary

Rajesh Kumar Naidu Yabaji, Chairman, Managing Director, and CEO of BlackBuck Limited, stated, "We are delivering consistent profitability with strong operating leverage. Our core businesses continue to compound on profitability, while we are ramping up investments in new businesses."

Future Outlook

BlackBuck plans to focus on continuous market share expansion in its core businesses while aggressively scaling up its Superloads business. The company aims to add 10 new cities for its Superloads operations over the next six months.

The company's strategic investments in high-growth sub-segments such as Fuel Sensor and AIS-GPS, along with the expansion of its sales teams, indicate a strong focus on future growth and market penetration.

BlackBuck's robust financial performance, coupled with its strategic initiatives, positions the company well for sustained growth in the logistics technology sector.