Black Buck Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Black Buck Ltd filed with BSE on 03 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
BlackBuck reported total income growth of about 38% year-on-year in Q1 FY27, with EBITDA growing 23% to close to Rs 50 crore and PAT growing 25% to Rs 42 crore. Management said core businesses like tolling and telematics continued to compound despite macro headwinds in April, while the newer super loads and vehicle finance growth businesses accelerated sequential growth to 44% from 20% in the prior quarter. Management also described telematics device sales reaching a record quarter and reiterated that vehicle finance is expected to reach profitability by the end of the financial year.
Numbers mentioned
Total income growth: 38% (Q1 FY27 YoY)
p. 3
“So, at a summary basis, on the total income of the company, we grew by about 38% on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 3 of the filed PDF · View the filing
EBITDA: closer to 50 crores (Q1 FY27)
p. 3
“On the EBITDA, we grew by 23% on a year-on-year basis, reaching closer to 50 crores of EBITDA this quarter.”
Rajesh Kumar Naidu Yabaji, page 3 of the filed PDF · View the filing
PAT: 42 crores (Q1 FY27)
p. 4
“On a PAT basis, we grew 25% on a year-on-year basis, reaching 42 crores on PAT basis.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Monthly average transacting customers: close to about 900,000 (Q1 FY27)
p. 4
“we had close to about 900,000 monthly average transacting customers on the platform this quarter, which is a 13% growth on a year-on-year basis”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
GTV of tolling growth: 16% (Q1 FY27 YoY)
p. 4
“GTV of tolling, which is one of the lead metrics of how the flow through on the platform is happening, on that we grew by about 16% on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Number of tolling transactions growth: 12% YoY, down 3% sequentially (Q1 FY27)
p. 4
“Going into, if you see the metric on number of tolling transactions, which has grown by 12% on a year-on-year basis and has actually declined sequential quarter by 3%, largely because of the headwinds.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Revenue from operations growth: 42% (Q1 FY27 YoY)
p. 5
“By doing all of this, revenue from operations, which is at a gross level, we've grown by about 42% on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Net revenues growth: 25% (Q1 FY27 YoY)
p. 5
“Coming to net revenues, year on year basis, we've grown by 25%.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Contribution margin: 93% (Q1 FY27)
p. 5
“Contribution margin continues to be at that 93% level, showing the quality of business we continue to build.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Adjusted EBITDA: 55 crores (Q1 FY27)
p. 5
“And on an adjusted EBITDA basis, we have grown from 47 crores to 55 crores this quarter from a year on year perspective, 16% growth, on a year on year basis.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Core business revenue growth: 21% (Q1 FY27 YoY)
p. 5
“If we split that out, the core businesses grew by about 21% year on year, continued to maintain its growth path while the industry trends were negative, which is a strong metric, and tolling in that continued to deliver 16% on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Growth business sequential growth: 44% (Q1 FY27 sequential)
p. 6
“This quarter, that number of 20% has accelerated to 44% on a sequential basis, which is largely delivered by compounding in obviously both the businesses, both in super loads and vehicle finance.”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Super loads sequential growth: closer to 50% (Q1 FY27 sequential)
p. 8
“It has been closer to 50% on a sequential basis up from 23- 24% a quarter back.”
Rajesh Kumar Naidu Yabaji, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Vehicle finance profitability — convergence into profitability · by end of FY27
stated firmly by Rajesh Kumar Naidu Yabaji
p. 6
“and as we've maintained beginning of this year that vehicle finance would converge into profitability by the end of this financial year and that continues to happen.”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Super loads reporting disclosure — start reporting super loads standalone metrics · three to four quarters
stated conditionally by Rajesh Kumar Naidu Yabaji
p. 14
“Probably we are, we are probably three to four quarters down the line. I think we'll get there.”
Rajesh Kumar Naidu Yabaji, page 14 of the filed PDF · View the filing
Effective tax rate — set off between current tax and deferred tax · next two quarters
stated firmly by Satyakam G N
p. 18
“But at least for the next two quarters, you should expect largely that there will be a set off between the current tax and the deferred tax.”
Satyakam G N, page 18 of the filed PDF · View the filing
Fuel business recovery
stated conditionally by Rajesh Kumar Naidu Yabaji
p. 9
“But I would say that till the time some of this fully stabilizes, we don't see full recovery happening on the fuel.”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the business has expanded to 14 cities and is in a strong investment phase, with sequential growth accelerating to close to 50%.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Gaurav Malhotra: What is the traction and outlook for super loads beyond Bangalore and Hyderabad hubs?
p. 7
“So now we're present in 14 cities and, we are in a very strong investment phase and the growth outlook of next one year, obviously, we would be doing everything it takes to sort of mature our first four cities”
Rajesh Kumar Naidu Yabaji, page 7 of the filed PDF · View the filing
Management said tolling has largely normalized while fuel recovery remains partial and uncertain.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Atul Borse: Will macro headwinds in tolling and fuelling taper in Q2 FY27?
p. 8
“Most of that impact largely has got normalized. So, I would say that the narrative on something, we need to be a bit cautious, which we iterated last quarter, that cautiousness has gone away and largely BAU has got restored.”
Rajesh Kumar Naidu Yabaji, page 8 of the filed PDF · View the filing
Management said it does not see a near-term threat given the operational complexity of the business model.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Atul Borse: Does Delhivery's potential entry into tolling, fuelling and vehicle financing threaten BlackBuck?
p. 9
“we don't see much of near time, near term threat, but yes, we'll always be cautiously watching, how things are moving”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
Management said user growth comes from first-time use cases in tolling, telematics and marketplace, while super loads usage time is inherently low given its early scale.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Abhisek Banerjee: What is driving transacting user growth and how does super loads usage compare to other products?
p. 11
“So, that will never move the metric on basically usage.”
Rajesh Kumar Naidu Yabaji, page 11 of the filed PDF · View the filing
Management said a hub becomes strongly relevant around 5,000 loads a month and Bangalore is more than halfway there after about 1.5-2 years.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Monica Joshi: What is the target loads-per-month milestone for super load hubs and where does Bangalore stand?
p. 12
“we believe that in a hub, being able to do 5,000 loads a month, which is roughly about 250 loads a day, 200, 250 loads a day, is a place where some of these become really relevant.”
Rajesh Kumar Naidu Yabaji, page 12 of the filed PDF · View the filing
Management said first renewals are in the early 70% range and stabilize in the 80s by the second and third renewal.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Monica Joshi: How do telematics device renewal rates stabilize over time?
p. 15
“First renewals are roughly in the range of early 70. And as the second renewal and the third renewal keeps coming in, it goes in the 80s.”
Rajesh Kumar Naidu Yabaji, page 15 of the filed PDF · View the filing
Management described reducing headcount in KYC operations by 85% and cost by 65-70% through AI implementation.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Atul Borse: What AI-led productivity gains has the company achieved?
p. 17
“We've seen, we've been able to reduce the headcounts in these desks by like 85%. We've been able to reduce cost by like sixty-five to 70%”
Rajesh Kumar Naidu Yabaji, page 17 of the filed PDF · View the filing
Management attributed the rise to investment in telematics devices depreciated over two years amid a strong quarter of device sales.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Lokesh Manik: Why has depreciation cost increased?
p. 18
“telematics needs investment in the device, which we depreciate over a period of two years. So, you see the depreciation typically goes up in the short term.”
Rajesh Kumar Naidu Yabaji, page 18 of the filed PDF · View the filing
Management said the GTV metric now reflects only tolling, having excluded the fuelling component due to uncertainty in that business.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Lokesh Manik: Why did the reported GTV figure change from last year's presentation?
p. 18
“we have taken out the fuel component and we have given the GTV of Tolling, and I think we've also provided across, like, yeah, so, basically largely what you're seeing right now is only the tolling part”
Rajesh Kumar Naidu Yabaji, page 18 of the filed PDF · View the filing
Risks flagged
Macro headwinds affecting truck movement impacted tolling volumes in April
p. 4
“As we highlighted in the last earnings call, that some macro headwinds were impacting the whole logistics movements.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Fuel business remains uncertain and has not fully recovered
p. 9
“But I would say that till the time some of this fully stabilizes, we don't see full recovery happening on the fuel.”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
High volatility in truck movement metrics during April
p. 8
“So, we are observing a very sharp contraction in the normalized metrics in the month of April.”
Rajesh Kumar Naidu Yabaji, page 8 of the filed PDF · View the filing
Sequential decline in tolling transactions due to headwinds
p. 4
“has actually declined sequential quarter by 3%, largely because of the headwinds”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Sequential PAT decline due to deferred tax asset recognized in prior quarter
p. 5
“Just wanted to highlight that on PAT numbers which you have seen in the headline, sequentially you would see a decline largely because of the deferred tax asset which has got recognized in the previous quarter.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.