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.

Black Buck , a prominent player in the logistics sector, has made a significant move to incentivize its employees through stock option grants. The company's Nomination and Remuneration Committee (NRC) has approved the allocation of stock options equivalent to 2,66,731 equity shares under two employee stock option schemes - ESOP 2016 and ESOP 2019.

Key Details of the Stock Option Grant

Conversion Terms

The stock option schemes have different conversion ratios:

• ESOP 2016: Each stock option converts to one equity share
• ESOP 2019: One thousand stock options convert to one equity share

Additional Provisions

The scheme includes comprehensive provisions for various scenarios affecting employees, such as:

• Death
• Permanent incapacity
• Resignation
• Termination
• Retirement
• Abandonment

Importantly, the equity shares allotted upon exercise of these stock options will not be subject to any lock-in period, providing flexibility to the option holders.

Regulatory Compliance

BlackBuck has confirmed that these stock option schemes are in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. This adherence ensures that the company's employee benefit programs align with regulatory standards, promoting transparency and fairness.

Implications for BlackBuck

This move by BlackBuck underscores the company's commitment to aligning employee interests with those of the organization. By offering stock options at a nominal exercise price of ₹1 per share, the company aims to provide a potentially lucrative opportunity for its employees to benefit from the company's future growth and success.

The staggered vesting schedule of 25% over four years also suggests a strategy to encourage long-term employee retention and commitment to the company's objectives. This approach may help BlackBuck in attracting and retaining top talent in the competitive logistics sector.

As BlackBuck continues to navigate the dynamic logistics industry, this employee stock option grant could play a crucial role in motivating its workforce and driving the company's performance in the coming years.