Black Buck Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Black Buck Ltd filed with BSE on 21 May 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 FY26 total income of about Rs 715 crore, up 55% year-on-year, with adjusted EBITDA of Rs 190 crore, up 84%, and its first full year of PAT profitability at Rs 160 crore. Management said core businesses grew about 34% for the full year and 30% in Q4, while newer growth businesses such as super loads and vehicle finance grew around 300% year-on-year in Q4 off a smaller base. Management flagged short-term headwinds from the West Asia conflict and a temporary suspension of an OMC loyalty program affecting the fuel business, while maintaining that long-term retention and ARPU trends remain unaffected.
Numbers mentioned
Total income: 715 crores (FY26)
p. 4
“Diving into a summary of numbers of last financial year on a Gross Income level we've done close to about 715 crores in total income which is growth of about 55% on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Adjusted EBITDA: 190 crores (FY26)
p. 4
“On a EBITDA basis we have done close to 190 crores which is a 84% growth on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
PAT: 160 crores (FY26)
p. 4
“We have done 160 crores in PAT in the full year financial FY 25-26.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Monthly transacting customers growth: 13% (FY26 vs FY25)
p. 4
“We grew in our transacting customers by 13% on a year-on-year basis to close to 8.2 lakh monthly transacting customers across the whole year.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Power users growth: 22% (FY26 vs FY25)
p. 4
“Users who use more than two services who are our power users, we've compounded at 22% year on year.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Tolling GTV growth: 27% (FY26)
p. 4
“The GTV of tolling for us in the last full year grew at about 27% on a year-on-year basis in a very matured and penetrated industry largely driven by a strong product play and a distribution play.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Q4 revenue growth (overall): 52% (Q4 FY26 year-on-year)
p. 4
“more talking about the recent quarter of FY26, the last quarter Q4 FY26, year-on-year growth on the Q4FY26 basis, we did about close to 52% on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Core business growth: 30% (Q4 FY26 year-on-year)
p. 4
“core businesses grew by about close to 30% on a year-on-year basis in the last quarter.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Core business growth: 34% (FY26)
p. 4
“On a full year, 34%.”
Rajesh Kumar Naidu Yabaji, page 4 of the filed PDF · View the filing
Growth business growth: 300% (Q4 FY26 year-on-year)
p. 5
“Coming to the growth businesses on a year-on-year basis they grew roughly close to about 300% in the Q4 of last year.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Vehicle finance disbursal growth: 25% (Q4 FY26)
p. 5
“On top of that the disbursal further grew by 25%.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Adjusted EBITDA: 50.2 crores (Q4 FY26)
p. 5
“we delivered 50.2 crores of adjusted EBITDA in the last quarter.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Adjusted EBITDA growth: 30% (Q4 FY26 year-on-year)
p. 5
“On a recent quarter basis there the growth in profitability is 30% on a year-on-year basis”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Net revenue growth: 31% (Q4 FY26 year-on-year)
p. 6
“Net revenue growth 31% on the recent quarter on a year-on-year basis.”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Free cash flow: 185-190 crores (FY26)
p. 7
“So, in the full year of financial year, we've delivered close to 185 -190 crores of free cash flow which has been a consistent trend of EBITDA to adjusted EBITDA to free cash flow conversion for us.”
Rajesh Kumar Naidu Yabaji, page 7 of the filed PDF · View the filing
Assets managed by vehicle finance partners: 600 crores (FY26)
p. 9
“Close to 600 crores is the assets managed by our partners overall in our books.”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
Own book share of vehicle finance assets: 10% (FY26)
p. 9
“About 10 percentage is basically on our books.”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
Tolling GTV share of total payment GTV: 90%
p. 13
“I think broadly you can assume 90%ish basically.”
Rajesh Kumar Naidu Yabaji, page 13 of the filed PDF · View the filing
NETC CV growth (industry): 16% (FY26)
p. 4
“which when you compare to the NETC CV growth which was about 16% so still driving 11 percentage points delta over the industry growth”
Rajesh Kumar Naidu Yabaji, page 4 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 business investment mode — no longer in investment mode, generating cash flows · by end of this financial year
stated as an aspiration by Rajesh Kumar Naidu Yabaji
p. 5
“Vehicle finance business probably by the end of this financial year would no longer be in the investment mode and would start probably churning cash flows which will also enable us to move that into a core business kind of a trajectory from a narrative perspective.”
Rajesh Kumar Naidu Yabaji, page 5 of the filed PDF · View the filing
Middle East conflict impact on growth — short-term
stated conditionally by Rajesh Kumar Naidu Yabaji
p. 6
“we believe that the west Asia conflict which is a widespread conflict not only for us but for the whole Indian economy will have short-term headwinds with anticipated drag on trade movement”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Fuel loyalty program impact — next quarter
stated conditionally by Rajesh Kumar Naidu Yabaji
p. 6
“Some of this impact has already been absorbed in the last quarter's profitability and some of this impact will show up in the next quarter as well”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Headline revenue growth guidance
stated firmly by Rajesh Kumar Naidu Yabaji
p. 15
“We generally don't give growth guidance I think this is we've typically helped you guys to plot how to look at the business, how it will scale, etc. But we have decided not to give guidance on our numbers.”
Rajesh Kumar Naidu Yabaji, page 15 of the filed PDF · View the filing
Super loads scaling — one to two years
stated as an aspiration by Rajesh Kumar Naidu Yabaji
p. 16
“we can expect that we don't know when is it one year down the line or two years down the line but that's the goal.”
Rajesh Kumar Naidu Yabaji, page 16 of the filed PDF · View the filing
Splitting core vs growth business profitability disclosure
stated as an aspiration by Rajesh Kumar Naidu Yabaji
p. 17
“we believe it's still too early we will evaluate this down the line when can we improve the visibility”
Rajesh Kumar Naidu Yabaji, page 17 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 unit economics strengthen with tenured manpower and they can plot a future P&L, but declined to share specific numbers.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Atul Borse: Are Bangalore and Hyderabad super loads hubs operating at break-even, with any quantifiable metric?
p. 8
“I think we are able to do that strongly and I think that's all we can share at this point in time.”
Rajesh Kumar Naidu Yabaji, page 8 of the filed PDF · View the filing
Yes, teams continue to scale in existing cities, which is a deliberate choice over faster break-even.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Atul Borse: Are you continuing to invest in manpower in existing super loads cities?
p. 9
“We continue to scale teams rapidly in the existing cities also. If we stop that we can break even very fast but that's not the objective.”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
Management described an asset-light co-lending model with partners, with about 10% on BlackBuck's own book used for new experiments.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Atul Borse: What is the vehicle finance book size and strategy?
p. 9
“So, our book we will only use for newer experiments and to probably launch new partnerships.”
Rajesh Kumar Naidu Yabaji, page 9 of the filed PDF · View the filing
CFO said working capital days remain robust with no material change in payables.
Answered by Satyakam
Asked by Atul Borse: What is driving the improvement in working capital / payables?
p. 9
“Working capital days always has been pretty robust for us.”
Satyakam, page 9 of the filed PDF · View the filing
Management clarified MLFF collection remains prepaid via FASTag and only changes the acquirer ecosystem, not the issuer ecosystem BlackBuck operates in.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Raghav Mittal: How does MLFF affect BlackBuck's relevance given it targets postpaid style tolling?
p. 10
“100 % of our revenues are from the issuer ecosystem.”
Rajesh Kumar Naidu Yabaji, page 10 of the filed PDF · View the filing
Management estimated over 99% of payments are prepaid based on informal information.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Raghav Mittal: What percentage of MLFF payments are prepaid today?
p. 11
“Whatever offline information we've received we believe 99% plus of the payments are prepaid.”
Rajesh Kumar Naidu Yabaji, page 11 of the filed PDF · View the filing
Management said AIS device sales doubled sequentially due to mandates, while basic GPS growth is slower and fuel sensor is a newer growing category.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Ritwik Agarwal: What is driving telematics device growth across product categories?
p. 12
“The AIS device because it's a mandatory device in various different geographies is seeing a very strong growth as we also gave you a narrative that over the sequential quarter, we doubled the AIS numbers as well”
Rajesh Kumar Naidu Yabaji, page 12 of the filed PDF · View the filing
Management confirmed yes, margin softness stems from stepped-up investment in growth businesses.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Jitu Punjabi: Are softer margins a function of higher investment into growth businesses?
p. 13
“Of course. Yes.”
Rajesh Kumar Naidu Yabaji, page 13 of the filed PDF · View the filing
Management declined to provide growth guidance, describing growth as an outcome rather than a target.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Jitu Punjabi: What growth rate is the company comfortable guiding to over the next year or two?
p. 15
“We generally don't give growth guidance I think this is we've typically helped you guys to plot how to look at the business, how it will scale, etc. But we have decided not to give guidance on our numbers.”
Rajesh Kumar Naidu Yabaji, page 15 of the filed PDF · View the filing
Management said three SMB-side employees left after long tenures, one to start his own company and another for health/balance reasons.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Jitu Punjabi: Can you explain the recent senior team departures?
p. 15
“One of them left to pursue building his own company, one of them left to pursue sort of more balance on health etc so that's the context.”
Rajesh Kumar Naidu Yabaji, page 15 of the filed PDF · View the filing
Management acknowledged the pace could have been faster and said scaling depends on confidence to go all-out across newer hubs, without a firm timeline.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Ankush Agarwal: When will super loads net revenue scale meaningfully from current run-rate?
p. 16
“I think the pace of super loads definitely could have been much stronger.”
Rajesh Kumar Naidu Yabaji, page 16 of the filed PDF · View the filing
Management said the margin is a composite outcome of core profit generation minus investment spend, difficult to pin to a single number.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Ankush Agarwal: Is around 30% adjusted EBITDA margin the level to expect over the next year or two given growth investments?
p. 17
“I would say that it's hard to put a number to this, but the way to look at it is that it's an outcome metric and it is determined by X + Y and X minus Y”
Rajesh Kumar Naidu Yabaji, page 17 of the filed PDF · View the filing
Management agreed with the request but said it is too early to provide that visibility.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Ankush Agarwal: Can the company disclose separate profitability for core vs growth businesses?
p. 17
“Fully agree with you but we believe it's still too early we will evaluate this down the line when can we improve the visibility”
Rajesh Kumar Naidu Yabaji, page 17 of the filed PDF · View the filing
Management said it expects a drag on growth rather than a decline, given the compounding nature of most revenue.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Abhishek Banerjee: How severe is the Middle East conflict impact on revenue - slowdown or decline?
p. 18
“I think there'll be a drag on growth, right?”
Rajesh Kumar Naidu Yabaji, page 18 of the filed PDF · View the filing
Management said their differentiation is digital-first distribution and real-time data from the mobile app enabling fast loan disbursal.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Abhishek Banerjee: What is BlackBuck's right to win in vehicle finance given competition from NBFCs?
p. 18
“our vehicle finance play is largely predicated on being a digital first company being our mobile app is in the pocket of large number of fleet operators across the country.”
Rajesh Kumar Naidu Yabaji, page 18 of the filed PDF · View the filing
Management confirmed the credit performance risk sits with the lending partner, and BlackBuck earns origination and collection fees.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Abhishek Banerjee: Does BlackBuck bear credit risk on the vehicle finance loans?
p. 19
“Yes, that is completely with the lending partner, and we make origination fee and a collection fee depending on how well the portfolio behaves for them.”
Rajesh Kumar Naidu Yabaji, page 19 of the filed PDF · View the filing
Management said all businesses, including newer ones, are contribution margin positive even while in investment mode at the EBITDA level.
Answered by Rajesh Kumar Naidu Yabaji
Asked by Avnish Tiwari: Are growth businesses profitable at the contribution margin level?
p. 19
“So, most or all our businesses across regardless they are new or experiments or whatever we are always contribution margin positive.”
Rajesh Kumar Naidu Yabaji, page 19 of the filed PDF · View the filing
Risks flagged
Short-term drag on trade movement and growth from the West Asia conflict
p. 6
“we believe that the west Asia conflict which is a widespread conflict not only for us but for the whole Indian economy will have short-term headwinds with anticipated drag on trade movement”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Temporary suspension of OMC loyalty program affecting the fuel business
p. 6
“we have a fuel business which is basically built on top of the loyalty program which OMC's work on and they have suspended their loyalty program temporarily.”
Rajesh Kumar Naidu Yabaji, page 6 of the filed PDF · View the filing
Slower-than-expected pace of super loads scaling
p. 16
“I think the pace of super loads definitely could have been much stronger.”
Rajesh Kumar Naidu Yabaji, page 16 of the filed PDF · View the filing
Vehicle finance business is not expected to be a nonlinear growth business due to partner risk-taking behavior
p. 18
“we believe that it may not be a nonlinear business and we have to work with the partners with their own approach to cycles, with their own credit writing frameworks and delinquency management.”
Rajesh Kumar Naidu Yabaji, page 18 of the filed PDF · View the filing
Inventory-driven drag on intercity truck movement observed into April and May
p. 18
“going into April and May we're finding some kind of drag on it in taking off.”
Rajesh Kumar Naidu Yabaji, page 18 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.