Blackbuck
- P/E
- 57.45
Key Fundamentals
MicrocapTransport ServicesServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 12.80%
- Debt to Equity
- 0.04
- EPS (TTM)
- ₹9.31
- Book Value
- ₹83.14
- Market Cap
- —
- P/E (TTM)
- 57.45
- P/B
- 6.43
- ROE
- 12.20%
- Dividend Yield
- 0.00%
- EBITDA
- ₹229 Cr
- 52W High
- ₹720.00
- 52W Low
- ₹496.00
- Volume
- 0
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 53
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 21
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 83
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 89
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 44
- Weak
- Trend strength, vol-adjusted 12% weight
- Ownership
- 48
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
4- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 21.7% CAGR over last 5 years
- Debtor days have improved from 21.5 to 15.4 days.
Weaknesses
3- Stock is trading at 7.66 times its book value
- Tax rate seems low
- Company has a low return on equity of 13.4% over last 3 years.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 12 | 4 | 3 |
| Oscillators | Bullish | 2 | 4 | 3 |
| Moving Averages | Strong Bearish | 10 | 0 | 0 |
Oscillators
Bullish
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 35.18
- Neutral
- MACD (12,26,9)
- −13.74
- Bearish
- SMA (50)
- 588.94
- Bearish
- SMA (200)
- 575.31
- Bearish
As of
Analyst Rating
6 of 7 analysts rate Buy, 1 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | −5.54% |
|---|---|
| 3Y | +54.73% |
| 1Y | +52.69% |
| TTM | +48.64% |
Net profit
| 5Y | Turned to profit |
|---|---|
| 3Y | Turned to profit |
| 1Y | Turned to profit |
| TTM | Turned to profit |
Operating cash flow
| 5Y | +23.01% |
|---|---|
| 3Y | Turned positive |
| 1Y | +191.38% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +48.68 pp |
|---|---|
| 3Y | +157.43 pp |
| 1Y | +3.83 pp |
| TTM | −1.24 pp |
Revenue by year
| Mar 2021 | ₹867 Cr |
|---|---|
| Mar 2022 | ₹119 Cr |
| Mar 2023 | ₹176 Cr |
| Mar 2024 | ₹297 Cr |
| Mar 2025 | ₹427 Cr |
| Mar 2026 | ₹652 Cr |
Net profit by year
| Mar 2021 | −₹241 Cr |
|---|---|
| Mar 2022 | −₹285 Cr |
| Mar 2023 | −₹290 Cr |
| Mar 2024 | −₹194 Cr |
| Mar 2025 | −₹9.00 Cr |
| Mar 2026 | ₹160 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Blackbuck Ltd operates in the logistics and cargo sector with a market cap of ₹9,947 Cr, trading at a PE of 58.9x and PB of 6.99x. The company is nearly debt-free with strong recent revenue growth of 49% TTM, though profitability has declined 53% TTM and promoter holding remains low at 25%.
- Company is almost debt-free, providing significant financial flexibility and low interest burden in a capital-intensive logistics sector
- TTM revenue growth of 49% indicates strong top-line momentum and expanding market share in digital freight matching
- 3-year compounded sales CAGR of 55% demonstrates sustained high-growth trajectory over a meaningful period
- 5-year compounded profit CAGR of 22% shows the company has been able to scale profitability alongside revenue growth
- Debtor days improved from 21.5 to 15.4 days, reflecting better working capital management and faster collections
- 3-year ROE of 14% shows improving capital efficiency compared to the negative 5-year ROE of -7%, indicating a turnaround in returns
- Last year ROE of 12% confirms the company has transitioned from loss-making years to consistent profitability
- Stock has delivered 17% returns over 1 year, showing positive market sentiment and price discovery post-listing
- TTM profit declined 53%, a sharp deterioration in earnings that contradicts the high valuation multiple
- Promoter holding at only 25% is low, raising concerns about alignment of interests and potential selling pressure
- Price-to-book ratio of 6.99x means the market values the company at nearly 7 times its net asset value, leaving downside risk in a correction
- 5-year compounded sales CAGR of -6% reveals that long-term revenue trajectory was negative before the recent surge, questioning sustainability
- 3-year ROE of only 13.7% is modest given the premium valuation, suggesting the company has not yet demonstrated capital efficiency commensurate with its market cap of ₹9,947 Cr
- Zero dividend yield indicates no shareholder returns via payouts, with all value dependent on capital appreciation
- Tax rate appears low, which if normalized in future periods could compress net margins and reported profitability
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: BlackBuck delivered strong Q1FY27 results with 42% revenue growth and healthy profitability, signaling effective scaling of its logistics platform. The ₹22.42 Cr GST demand is a near-term overhang but manageable relative to earnings, and the tax penalty drop for AY 2018-19 removes a legacy risk. Promoter pledge warrants monitoring but is not unusual. The growth trajectory remains firmly positive, with Superloads segment expansion as the key catalyst going forward.
- ₹22.42 Cr GST demand upheld Jul 31
Joint Commissioner dismissed BlackBuck's appeal on ITC disallowances for FY20-21, confirming ₹22.42 Cr tax demand with interest comprising nearly half the liability. Company considering further appeal before GST Appellate Tribunal.
- Promoter share pledge disclosed Jul 13
Promoter Ramasubramanian Balasubramaniam pledged shares for personal borrowing, revised under SEBI SAST Regulations.
- Revenue surges 42% in Q1FY27 Jul 29
Revenue jumped 42% YoY to ₹2,041.68M, PAT rose 25% to ₹421.67M, and Adjusted EBITDA increased 16% to ₹546.20M driven by core tolling and Superloads segments.
- Tax penalty dropped for AY 2018-19 Jul 25
Income Tax Department determined penalty at NIL for AY 2018-19 after deleting the underlying addition related to ESOP expenditure.
- Q1FY27 earnings call available Jul 29
BlackBuck made the audio recording of its Q1FY27 earnings conference call available on its website per SEBI regulations, call held July 29, 2026.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 59 | 63 | 81 | 93 | 92 | 99 | 114 | 122 | 144 | 151 | 172 | 185 | 204 | 235 |
| Expenses | 90 | 100 | 91 | 180 | 84 | 84 | 84 | 82 | 103 | 115 | 127 | 140 | 154 | 185 |
| Operating Profit | −31 | −37 | −11 | −87 | 8 | 15 | 30 | 40 | 40 | 37 | 45 | 45 | 50 | 51 |
| OPM % | −52% | −59% | −13% | −93% | 9% | 15% | 26% | 33% | 28% | 24% | 26% | 24% | 24% | 22% |
| Other Income | 2 | −4 | −2 | 3 | 28 | −276 | −69 | 9 | 16 | 16 | 13 | 14 | 16 | 18 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 7 | 6 | 6 | 6 | 7 | 7 | 8 | 12 | 9 | 12 | 14 | 17 | 23 | 24 |
| PBT | −36 | −48 | −19 | −91 | 29 | −269 | −48 | 35 | 46 | 39 | 42 | 40 | 42 | 43 |
| Tax % | 0% | 0% | 1% | 0% | 0% | 0% | 0% | −696% | 26% | 25% | 25% | −63% | 0% | 3% |
| Net Profit | −36 | −48 | −20 | −91 | 29 | −269 | −48 | 280 | 34 | 29 | 32 | 66 | 42 | 41 |
| EPS (₹) | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | −2.72 | 15.79 | 1.88 | 1.62 | 1.75 | 3.62 | 2.32 | — |
Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 867 | 119 | 176 | 297 | 427 | 652 | 713 |
| Expenses | 1,066 | 350 | 407 | 455 | 333 | 485 | 536 |
| Operating Profit | −200 | −231 | −232 | −158 | 93 | 167 | 176 |
| OPM % | −23% | −194% | −132% | −53% | 22% | 26% | 25% |
| Other Income | 26 | −17 | −34 | −7 | −308 | 59 | 59 |
| Interest | 57 | 21 | 4 | 3 | 4 | 5.48 | 6 |
| Depreciation | 11 | 15 | 20 | 25 | 34 | 53 | 66 |
| PBT | −241 | −284 | −290 | −194 | −253 | 167 | 164 |
| Tax % | 0% | 0% | 0% | 0% | −97% | 4% | — |
| Net Profit | −241 | −285 | −290 | −194 | −9 | 160 | 169 |
| EPS (₹) | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | 8.82 | 9.31 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 18 | 18 |
| Reserves | 271 | 585 | 353 | 311 | 1,220 | 1,404 |
| Borrowings | 394 | 201 | 178 | 184 | 38 | 59 |
| Other Liabilities | 99 | 113 | 124 | 159 | 157 | 255 |
| Total Liabilities | 765 | 900 | 654 | 654 | 1,433 | 1,736 |
| Fixed Assets | 15 | 21 | 31 | 39 | 45 | 116 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 |
| Investments | 50 | 236 | 211 | 60 | 57 | 50 |
| Other Assets | 699 | 642 | 413 | 555 | 1,331 | 1,567 |
| Total Assets | 765 | 900 | 654 | 654 | 1,433 | 1,736 |
Cash Flow
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 60 | −78 | −119 | 45 | 58 | 169 |
| Investing | 178 | −219 | 169 | 19 | −467 | −171 |
| Financing | −213 | 282 | −37 | −14 | 384 | −11 |
| Net Cash Flow | 24 | −15 | 13 | 50 | −25 | −13 |
| Free Cash Flow | 55 | −100 | −144 | 21 | 15 | 58 |
| CFO/OP | −18 | 36 | 53 | −24 | 50 | 111 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 119 | 656 | 263 | 26 | 23 | 15 |
| Cash Conversion Cycle | 119 | 656 | 263 | 26 | 23 | 15 |
| Working Capital Days | −2 | 296 | −176 | −204 | 10 | −22 |
| ROCE % | — | −29% | −36% | −32% | 11% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Blackbuck insights
58 extracted metrics across FY21–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- 23 Jan 2026
- 24 Jun 2025
- 16 Jul 2024
Frequently Asked Questions about Blackbuck
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Company Information
Incorporated in 2015, Zinka Logistics Solutions Ltd provides a digital trucking platform for payments, telematics, loads marketplace, and vehicle financing services
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