Blackbuck Ltd · NSE:BLACKBUCK
Blackbuck — Q2 FY26 Earnings Presentation
13 slides from Blackbuck's earnings presentation, Nov 5, 2025
Slide 1: Stock exchange filing cover letter
` Ref: BLACKBUCK/CORP/2025-26/111 November 05, 2025 To To National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra (E), Mumbai – 400051 Mumbai – 400001 Scrip Code: 544288, Scrip Symbol: BLACKBUCK, Series – EQ
Slide 2: Q2'26 Earnings Presentation
Q2’26 Earnings Presentation
Slide 3: Snapshot of Q2'26
Snapshot of Q2’26 ₹ 167.20 Cr. ₹ 36.52 Cr. ₹ 29.20 Cr. Total Income1 EBITDA2 PAT3 ▲ 60.35% YoY ▲ 142.84% YoY --- 791,670 399,051 6778.32 Cr. Transacting Customers Users (>=2 Services) GTV Payments ▲ 13.22% YoY ▲ 21.17% YoY ▲ 28.65% YoY Delivering consistent profitability and strong scale-up of new b
Slide 4: Our Strategy
Our Strategy Offerings Tolling Vehicle Fuel Vehicle Loads Superloads Fuel Fleet Docs + Pipeline Tracking Payments Finance Classified Sensor … BlackBuck Platform 791,670 x 43.2 Mins Transacting Customers Daily App Usage Truck Operator’s Lifecycle 10K+ 80%+ Distribution Physical Touchpoint Districts P
Slide 5: Overview of Q2 FY26
Overview of Q2 FY26 • Revenue growth of 60.35% Y-o-Y in Q2’26. o Core businesses grew at 36.68% on a Y-o-Y basis and ~3% on a Q-o-Q basis, despite the low-season quarter. Tolling and Telematics business continue its growth trajectory backed by investments in sales & distribution and strong execution
Slide 6: Key KPIs
Key KPIs METRICS Q2’26 Q2’25 YoY H1’26 H1’25 YoY Average monthly transacting truck operators Units 791,670 699,206 13.22% 787,535 693,600 13.54% Monthly transacting users using at least two Units 399,051 329,318 21.17% 392,361 318,674 23.12% services Time spent on App Daily by Transacting Minutes 43
Slide 7: P&L Overview
P&L Overview METRICS Q2’26 Q2’25 YoY H1’26 H1’25 YoY Total Income1 ₹ in Cr 167.20 104.27 60.35% 326.72 202.6 61.27% Revenue from Operations ₹ in Cr 151.14 98.77 53.02% 294.75 190.94 54.37% - Core (Payments & Telematics) ₹ in Cr 123.35 90.25 36.68% 243.62 175.77 38.60% - Growth Businesses ₹ in Cr 27.
Slide 8: Strong track record continues
Strong track record continues Adj. EBITDA (INR Cr) 103.1 89.9 47.2 42.7 38.8 33.1 31.3 19.2 10.4 12.1 3.4 -9.4 -6.3 -10.7 -20.1 Adj. -18.0% -14.9% 4.2% 11.2% 13.1% 19.4% 29.0% 31.8% 35.8% 31.4% -16.4% 16.4% 33.6% -2.1% 24.2% EBITDA % Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 H1'24
Slide 9: Thinking Ahead
Thinking Ahead Core Businesses Growth Businesses Tolling Vehicle Tracking Superloads Classifieds Fuel Cards AIS-GPS Vehicle Finance +++ (Experiments) Fuel Sensor +++ (Experiments) Key Focus Key Focus - Focus on continuous market share expansion - Aggressive scale-up of SuperLoads - Consistent growth
Slide 10: Annexures
Annexures 9
Slide 11: Annexure 1: Walkthrough from PAT to Adjusted EBITDA
Annexure 1: Walkthrough from PAT to Adjusted EBITDA METRICS Q2’26 H1’26 Profit / (Loss) after Tax ₹ in Cr. 29.20 62.89 Less: Profit/ (Loss) from discontinued operations ₹ in Cr. - - Exceptional items ₹ in Cr. - - Other Gains / Losses (net) ₹ in Cr. 0.00 0.04 Other Income ₹ in Cr. 16.06 31.97 Add: In
Slide 12: Annexure 2: Cashflow
Annexure 2: Cashflow PARTICULARS H1’26 H1’25 Profit/(Loss) before Tax 84.68 (240.61) Operating Adjustments: Exceptional Item - 320.74 Employee Share-based payments 12.98 7.99 Profit on sale of Contract Freight Business - (40.83) (Gain)/ loss on settlement of Right to Subscribe to CCPS - (25.62) Depr
Slide 13: Annexure 3: ESOP Expense Projections
Annexure 3: ESOP Expense Projections ESOP Charge in P&L Quarter (In Cr.)* Q3’26 6.9 Q4’26 6.4 Q1’27 4.4 Q2’27 4.3 Q3’27 3.4 Q4’27 2.3 Q1’28 2.1 Q2’28 2.1 * ESOP Charge is projected assuming no further grants and estimates regarding attrition date. The attrition rate is based on historical and other