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.

BlackBuck Limited has announced the allotment of 1,24,263 equity shares to its employees under two Employee Stock Option Plans (ESOPs). The allotment was approved by the company's Nomination and Remuneration Committee on March 23, 2026, through a circular resolution, marking another milestone in the company's employee incentive programs.

Share Allotment Details

The equity shares were distributed across two employee stock option schemes operated by the company:

Each share carries a face value of Re. 1/- and was issued at an exercise price of Re. 1/- with no premium charged to the employees.

Impact on Share Capital

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

Regulatory Compliance

The allotment was conducted in accordance with Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The company had previously filed the required statements with stock exchanges, with BSE filing completed on January 10, 2025, and NSE filing on January 11, 2025.

Share Characteristics

The newly allotted equity shares possess the following features:

• ISIN Number: INE0UIZ01018
• Par Value: Re. 1/- per equity share
• Issue Date: March 23, 2026
• Lock-in Period: Not applicable
• Ranking: Pari-passu with existing equity shares

The shares are identical in all respects to the company's existing equity shares and carry the same rights and privileges. BlackBuck Limited, formerly known as Zinka Logistics Solutions Limited, is listed on both the National Stock Exchange of India Limited (NSE) and BSE Limited, trading under the symbol BLACKBUCK with scrip code 544288.

Corporate Information

The intimation was signed by Barun Pandey, Company Secretary and Compliance Officer, and the disclosure has been made available on the company's website at www.blackbuck.com . The company's registered office is located at Vaswani Presidio, Panathur Main Road, Off Outer Ring Road, Bangalore, Karnataka.