BlackBuck Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Truck Operator Services: 98.3% • Lending Business: 1.7%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company is almost debt free
- Operating margins have improved to 25.6% from -120.8%
- Latest quarter profit grew 25.1% YoY, showing strong momentum
- Working capital cycle has improved - days down from 627 to 341
- Company comfortably covers its interest (30.9x coverage)
- Institutional investors have been accumulating - FII+DII up 11.7pp
CONS
- Promoter holding has decreased over last 2 years: -68.9pp
- Recent results are weak - TTM profit is down 73.1% versus prior year
- Company has a low return on equity of -36.2% over last 3 years
- Company has a low return on capital employed of -17.2%
- A large part of profit comes from other income (37.4% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -6.06x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONCOR | 499.80 | 30.65 | 38065.66 | 1.72 | 268.90 | 0.61 | 2159.76 | 0.28 | 13.63 | 20.41 |
| DELHIVERY | 438.60 | 351.36 | 32864.05 | 0.00 | 31.91 | -64.96 | 2930.73 | 27.76 | 2.97 | 4.75 |
| SHADOWFAX | 253.25 | 133.05 | 14862.94 | 0.00 | 654.00 | 6732.86 | 13581.20 | 1806.32 | 11.58 | 6.76 |
| BLACKBUCK | 629.05 | 67.88 | 11459.23 | 0.00 | 42.17 | 25.14 | 204.17 | 42.17 | 12.75 | 24.35 |
| TCI | 859.95 | 14.47 | 6607.09 | 1.16 | 106.60 | -0.56 | 1248.50 | 9.58 | 20.52 | 12.30 |
| TVSSCS | 130.35 | 88.81 | 5751.35 | 0.00 | 22.48 | -96.84 | 3335.22 | 28.66 | 11.51 | 6.75 |
| VRLLOG | 231.45 | 18.88 | 4048.92 | 0.00 | 805.30 | 1509.31 | 8788.40 | 1080.70 | 26.47 | 21.23 |
| MAHLOG | 396.65 | 102.33 | 3937.84 | 0.63 | 278.30 | 3048.09 | 20028.80 | 1132.85 | 10.40 | 5.76 |
| SINDHUTRAD | 24.08 | 47.98 | 3712.96 | 0.00 | 38.74 | -79.39 | 129.21 | -21.85 | 12.80 | 45.34 |
| GATEWAY | 53.34 | 10.91 | 2665.10 | 6.09 | 51.27 | -17.56 | 549.30 | -0.21 | 17.99 | 21.31 |
| TCIEXP | 513.50 | 23.94 | 1974.11 | 1.36 | 20.49 | 5.24 | 313.40 | 9.29 | 13.92 | 10.03 |
| ALLCARGO | 12.15 | 60.66 | 1819.80 | 0.00 | 140.00 | 241.47 | 5460.00 | 43.06 | 8.70 | 13.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 63 | 81 | 93 | 92 | 99 | 114 | 122 | 144 | 151 | 172 | 185 | 204 | |
| 100 | 91 | 180 | 84 | 84 | 84 | 82 | 103 | 115 | 127 | 140 | 178 | |
| Operating Profit | -37 | -11 | -87 | 8 | 15 | 30 | 40 | 40 | 37 | 45 | 45 | 26 |
| OPM % | -58.58% | -13.12% | -93.13% | 9.07% | 15.20% | 26.30% | 32.71% | 28.13% | 24.16% | 26.06% | 24.30% | 12.64% |
| 4 | 11 | 6 | 32 | -315 | -69 | 14 | 16 | 16 | 13 | 14 | 16 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 6 | 6 | 6 | 7 | 7 | 8 | 12 | 9 | 12 | 14 | 17 | 23 |
| Profit before Tax | -40 | -6 | -88 | 32 | -308 | -48 | 41 | 46 | 39 | 42 | 40 | 42 |
| Tax % | -0.00% | -1.57% | 0.06% | 0.15% | -0.04% | -0.27% | -600.39% | 26.32% | 25.04% | 25.24% | -62.82% | -0.11% |
| Net Profit | 0 | 0 | 0 | 0 | -269 | -48 | 280 | 34 | 29 | 32 | 66 | 42 |
| -2.15 | -1.06 | -4.75 | 1.76 | -19.66 | -2.80 | 15.67 | 1.85 | 1.60 | 1.74 | 3.60 | 2.31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 1,791 | 2,236 | 867 | 119 | 176 | 297 | 427 | 652 | 713 | |
| 2,097 | 2,656 | 1,066 | 351 | 409 | 463 | 333 | 485 | 560 | |
| Operating Profit | -307 | -420 | -200 | -232 | -234 | -166 | 93 | 167 | 152 |
| OPM % | -17.13% | -18.79% | -23.03% | -194.22% | -133.01% | -55.94% | 21.91% | 25.59% | 21.36% |
| 12 | 54 | 26 | 38 | 21 | 28 | -338 | 59 | 59 | |
| Interest | 48 | 76 | 57 | 21 | 4 | 3 | 4 | 6 | 6 |
| Depreciation | 3 | 10 | 11 | 15 | 20 | 25 | 34 | 53 | 66 |
| Profit before Tax | -345 | -452 | -241 | -230 | -237 | -167 | -283 | 167 | 164 |
| Tax % | -0.00% | -0.02% | -0.02% | -0.10% | -0.07% | -0.05% | 86.47% | 4.26% | -3.02% |
| Net Profit | -345 | -452 | -241 | -230 | -237 | -167 | -38 | 160 | 169 |
| EPS | -33522.00 | -43909.00 | -23515.00 | -16.51 | -15.86 | -19394.90 | -0.46 | 8.83 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -6%
- 3 Years:
- 55%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -53%
- 3 Years:
- -36%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 18 |
| 431 | 450 | 202 | 426 | 135 | 154 | 1,076 | 1,356 | |
| 528 | 551 | 399 | 199 | 176 | 182 | 27 | 47 | |
| Trade Payables | 39 | 24 | 19 | 27 | 16 | 15 | 18 | 38 |
| 330 | 115 | 144 | 248 | 327 | 303 | 51 | 37 | |
| Total Liabilities | 1,328 | 1,140 | 765 | 900 | 654 | 654 | 1,188 | 1,496 |
| 8 | 23 | 15 | 21 | 31 | 39 | 45 | 116 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| 256 | 300 | 50 | 236 | 211 | 60 | 57 | 50 | |
| 0 | 0 | 0 | 0 | 0 | 21 | 27 | 27 | |
| Cash & Bank | 479 | 198 | 231 | 191 | 172 | 336 | 705 | 638 |
| 585 | 618 | 467 | 451 | 241 | 198 | 354 | 661 | |
| Total Assets | 1,328 | 1,140 | 765 | 900 | 654 | 654 | 1,188 | 1,496 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| -475 | -418 | 23 | -84 | -122 | 45 | 58 | 169 | |
| Cash from Investing | -271 | -21 | 178 | -219 | 169 | 19 | -467 | -171 |
| Cash from Financing | 1,060 | 173 | -213 | 282 | -37 | -14 | 384 | -11 |
| 298 | -284 | 24 | -15 | 13 | 50 | -25 | -13 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - BLACKBUCK LIMITED has informed the Exchange about General Updates
2026-09-11 - BLACKBUCK LIMITED has informed the Exchange regarding Outcome of Board Meeting held on September 11, 2026.
2026-09-01 - BLACKBUCK LIMITED has informed the Exchange about Schedule of meet
2026-08-27 - BLACKBUCK LIMITED has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - BLACKBUCK LIMITED has informed the Exchange about Letter to shareholders who have not registered email address
2026-08-25 - BLACKBUCK LIMITED has informed the Exchange regarding 'Business Responsibility and Sustainability Report for the financial year ended March 31, 2026'.
2026-08-25 - BLACKBUCK LIMITED has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026
2026-08-25 - BLACKBUCK LIMITED has informed the Exchange regarding Allotment of 17143 Shares.
2026-08-22 - BLACKBUCK LIMITED has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for BLACKBUCK
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BlackBuck Ltd.
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