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 ro...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered2Evaded / deflected12Questions audited
Evasive
High priority
What is the two-year outlook for payments GTV growth?
Asked by Sachin Diction
Management declined to give a forward outlook, only acknowledged current market share.
refused forward guidanceno specific growth projection
Read the exchange
Question
what do you think is let's say two years out like where do we position uh on this piece right side right because there is some market share gain happening on tolling uh but it's also happening in an industry which is growing only 10%.
Rajes (CEO)
we typically would not give forward understanding of really how we look at it but I think what you're saying is absolutely right that uh because as you know that our market share are like market shares are pretty much you know closer to that 50% level range late 40s right as we speak today
Partial answer
High priority
Can market share reach 65%?
Asked by Sachin Diction
Confirmed possibility but refused to commit to a timeline or pace.
no timeline givenvague on pace
Read the exchange
Question
do you think market shares for you can reach more than let's say a 65% odd range or somewhere below that they will start to play you out
Rajes (CEO)
whatever number you just quoted is possible because we've been gaining you know market share continuously. But the pace to reach there is hard to determine.
Evasive
High priority
Should we expect incremental EBITDA margin to improve?
Asked by Sachin Diction
Instead of answering whether margins will improve, management argued the metric is not meaningful.
reframed the questionno direct answer on margin trajectory
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Question
should we expect this to be the worst probably incremental evida margin you are going to get and we should expect slightly better as we proceed ahead
Rajes (CEO)
blended incremental margin I don't think is the right way to look at this business we need to basically split this after allocating the HU cost into what is the core business AITA margin and what is the new business AITA margin
Answered
Medium priority
Is super loads in a breakout phase?
Asked by Sachin Diction
Clearly stated they are still in experimentation phase, not breakout.
Read the exchange
Question
are you seeing that breakout sort of phase in super loads yet or uh you're still figuring it out?
Rajes (CEO)
I think we're still figuring out we're building a lot of like products inside uh you know and uh yeah doing a lot of experimentation doing a lot of like you know I think I would say ground work at this moment
Answered
Medium priority
Who are Blackbuck's main competitors?
Asked by Vishal Agaral
Provided a clear answer: no direct end-to-end competitor, but segmental competitors exist.
Read the exchange
Question
do you have any competition uh the market listed or unlisted space who could be competing with you like in platform businesses you have Sugi and then you have Zamato, you have PTM, you have Phone Pay. So if you want to compare with Blackbuck, who will be next to you?
Rajes (CEO)
at broad scale there is literally you know no competition from an overall end to-end perspective but if you look at segment wise if you look at let's say assuming payments right there are a lot of banks which do this
Answered
Medium priority
What is the target number of cities for super loads?
Asked by Vishal Agaral
Provided a specific target of 14 cities by June 2026, as previously guided.
Read the exchange
Question
what's your uh target for super loads in terms of the coverage area number of cities like you now come to nine cities so take it to 30 100 or what's the potential how many cities can you cover?
Rajes (CEO)
last earnings call we' given the visibility we were live in four we decided to open 10 which will make it to 14 and we gave a visibility that by you know by end of by by second half by the uh by probably June 2026 is when we will be in 14
Answered
High priority
What is driving the increase in other expenses?
Asked by Parikhit Kabra
Clearly attributed the increase to manpower and GPS costs.
Read the exchange
Question
when I look at it from a year-on-year perspective it's almost a 18 to 19 cr expense which is higher uh on a quarterly basis can you help us understand where all of this extra expenses are coming from?
Satya (CFO)
there are two areas where this is coming from other than like you said cost of super loads one would be manpower the second would be in terms of let's say sim cost for GPS etc
Answered
High priority
Is super loads growth struggling to ramp up?
Asked by Parikhit Kabra
Denied struggle, stated operating model works and later cities follow Bangalore's path.
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Question
Are we are we struggling to ramp up in the other cities? Is it breaking down from what we saw in Bangalore?
Rajes (CEO)
the operating model the crux of the operating model uh continues to deliver and work well. uh the cities which basically have been launched later continue on the similar path as you know the uh first city which is Bangalore
Answered
High priority
How far is Bangalore from optimal scale?
Asked by Rishi Junjinala
Provided a specific percentage (50-60%) of playbook completion for Bangalore.
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Question
can you give us some sense in terms of where we are you know in in Bangalore in terms of uh you know scaling up
Rajes (CEO)
if you believe that you know we've really built out the playbook the distance to that is let's say 100 right I believe in the city of Bangalore we are somewhere in the zone of 50 to 60
Answered
Medium priority
Has the tolling take rate improved?
Asked by Rishi Junjinala
Clearly stated no material improvement in take rate.
Read the exchange
Question
on the tolling fast tag business um on the take rate that we get u you know on that I'm not talking about the uh the gold programs but on the take rate has there been an improvement there
Rajes (CEO)
you may have seen some one bib or two bibs kind of a change which is not a material change but yeah you may have seen that. No standard change. No major improvement largely same.
Answered
Medium priority
How should we model the tax rate going forward?
Asked by Rishi Junjinala
Provided clear guidance on modeling current and deferred tax rates.
Read the exchange
Question
on the tax rate side, I mean h how should we model that going forward
Satya (CFO)
the current tax you should always model on as 25% of other income. Uh right broadly that should hold true and the uh deferred tax you should model it as broadly about 25% of the EIA excluding the other income.
Answered
Medium priority
What does the 50% playbook completion mean?
Asked by Gorov Rataria
Clarified that 100 means full understanding of the business model, not market share or scale.
Read the exchange
Question
was it more to talk about the optimal uh stage of business where you can say that yeah the business has reached a particular scale or was it to say that you have reached a potential of 50 versus uh the total 100 is optimal size of the business
Rajes (CEO)
it's actually neither of these definitions. It's more like uh if we reach and hit that scale of 100 we know how to build this business fully and like after that it's only replication and expansion.