BLACKBUCK LIMITED — Q3 FY26

Blackbuck delivered a strong Q3 FY26 with total income of ₹189 crore (up 53% YoY) and adjusted EBITDA of ₹45 crore (up 50% YoY), driven by core business growth of 31% YoY and robust operating leverage. PAT stood at ₹32 crore, though YoY comparison is distorted by prior-year exceptional items. The core payments and telematics segments continued to gain market share, with tolling GTV growing 24% YoY versus industry growth of ~10%. Growth businesses (super loads and vehicle finance) surged 271% YoY, albeit from a small base, with super loads expanding to nine cities. Management reiterated its strategy of reinvesting core profits into new ventures, with super loads still in playbook-building mode. Key risk: super loads scaling may require sustained investment, potentially pressuring near-term consolidated margins if growth accelerates slower than expected.